2230 E 24th St · Granite City, IL 62040

$70,000

8 bd · 16.0 ba · — sqft · SingleFamily · 73 Days on market

Built 1910 10,375 sqft lot Est $120k · 42% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

Key facts

• Eat-in kitchens
• Large bathroom
• Large lot

Tags

• HIGH CEILINGS
• EAT-IN KITCHENS
• FULL BASEMENT
• LARGE BATHROOM
• GARDEN TUB
• LARGE LOT

What this means for you Summary

Snapshot

• This is a 8-bed/16.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.5% vs local median 7.0% in Granite City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.7%/yr); 191 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.65% ✓
• Cap rate: 21.46%
• Cash-on-cash: 54.18%
• DSCR: 3.41
• GRM: 3.1

CMA / ARV

• ARV (median comp): $119,921
• List price: $70,000
• Delta: -41.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 50.8%
• Equity multiple: 3.18×
• Total profit: $42,659
• Equity at exit: $10,437

10-year hold

• IRR: 55.6%
• Equity multiple: 6.12×
• Total profit: $100,295
• Equity at exit: $6,052

Cash invested: $19,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 191
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,854 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$184 /mo · $2,203/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $885

Break-even live

Break-even rent $734

Max offer price $70,000

Occupancy floor 47%

Sensitivity live

Price	-10% $925	-5% $905	+0% $885	+5% $865	+10% $845
Rent	-10% $738	-5% $812	+0% $885	+5% $958	+10% $1,031
Rate	-1.0pp $920	-0.5pp $903	base $885	+0.5pp $867	+1.0pp $848

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $70,000 Active 73 DOM
2. 2026-06-18
   days on market $70,000 Active 70 DOM
3. 2026-06-17
   days on market $70,000 Active 69 DOM
4. 2026-06-16
   days on market $70,000 Active 68 DOM
5. 2026-06-15
   days on market $70,000 Active 67 DOM
6. 2026-06-13
   days on market $70,000 Active 65 DOM
7. 2026-06-13
   pricedays on market $70,000 Active 64 DOM
8. 2026-06-09
   days on market $75,000 Active 61 DOM
9. 2026-06-08
   days on market $75,000 Active 60 DOM
10. 2026-06-07
    days on market $75,000 Active 59 DOM
11. 2026-06-05
    days on market $75,000 Active 56 DOM
12. 2026-06-03
    days on market $75,000 Active 55 DOM
13. 2026-06-02
    days on market $75,000 Active 54 DOM
14. 2026-06-01
    days on market $75,000 Active 53 DOM
15. 2026-05-31
    days on market $75,000 Active 52 DOM
16. 2026-05-07
    price $79,500 565-char remark

    Show marketing remark (565 chars)

    This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

17. 2026-05-04
    status Active 565-char remark

    Show marketing remark (565 chars)

    This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

18. 2026-05-01
    status Active 565-char remark

    Show marketing remark (565 chars)

    This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

19. 2026-04-14
    historical Active Under Contract 565-char remark

    Show marketing remark (565 chars)

    This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

20. 2026-04-07
    listed $85,000 Active 565-char remark

    Show marketing remark (565 chars)

    This 4 unit multi-family is waiting to be brought back to its former glory. The main level offers two units with high ceilings, eat-in kitchens, living rooms, and 1 bed/1 bath. The upper two units are studios with eat-in kitchens. The full basement offers storage, a large bathroom with garden tub, shared furnaces and hot water heater. The large lot has plenty of space for parking and storage in the 3 car deep garage. Great income potential in a good location. Property to be sold AS IS, seller to offer no warranties, repairs or inspections including occupancy.

21. 2008-11-05
    soldstatus $70,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $2,203 · $184/mo
• Projected year-2 tax: $2,203 · $184/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,251
• − Mortgage interest: −$3,921
• − Property taxes: −$2,203
• − Insurance: −$350
• − Repairs & maintenance: −$1,780
• − Management: −$1,780
• − Depreciation: −$2,036
• Taxable income: $10,180
• Est. tax owed @ 24.0%: −$2,443
• After-tax cash flow: $8,177/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment C Housing A+ Health & safety C User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-IL
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

+13.6% since first listed

6 events — show timeline

• 2026-05-07 Price Changed $79,500 MARIS as Distributed by MLS Grid
• 2026-05-04 Relisted — MARIS as Distributed by MLS Grid
• 2026-05-01 Relisted — MARIS as Distributed by MLS Grid
• 2026-04-14 Contingent — MARIS as Distributed by MLS Grid
• 2026-04-07 Listed $85,000 MARIS as Distributed by MLS Grid
• 2008-11-05 Sold (Public Records) $70,000 Public Records

Property tax history

+3.4%/yr

Latest (2024): $2,203 · +4.3% YoY. Source: county tax records.