2002 N Ellis St · Peoria, IL 61604

$69,900

1 bd · 1.0 ba · 624 sqft · SingleFamily public records · 155 Days on market

Built 1925 4,356 sqft lot $112/sqft · 57% above area

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Why this score? — see what drove the C+ 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the heart of Peoria, 2002 North Ellis offers a perfect blend of historic charm and modern potential. This cozy 1925-built bungalow features 2 bedrooms and 1 bathroom, making it an ideal choice for a first-time homeowner looking to build equity or an investor seeking a turnkey rental opportunity. Step inside to find freshly installed new carpet and neutral tones that create a bright, move-in-ready atmosphere. The efficient floor plan maximizes every inch of its ~624 sq. ft. main level, complemented by an eat-in kitchen. The location is a standout feature, offering unparalleled convenience: Commuter's Dream: Immediate access to major highways like I-74 ensures a quick commute across the region. Downtown Proximity: Minutes away from Peoria's vibrant downtown riverfront, medical centers, and dining. Local Amenities: Walking distance to Peoria Central High School and public transit. With a private backyard and off-street parking, this home is a rare find at this price point. Whether you're starting your homeownership journey or expanding your portfolio, 2002 N Ellis is ready for its next chapter.

Key facts

• Efficient floor plan
• Private backyard
• Eat-in kitchen

Tags

• FRESHLY INSTALLED NEW CARPET
• EFFICIENT FLOOR PLAN
• EAT-IN KITCHEN
• PRIVATE BACKYARD
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($871 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.3%/yr); 180 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $20k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $70k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.62%
• DSCR: 1.61
• GRM: 6.7

CMA / ARV

• ARV (median comp): $44,616
• List price: $69,900
• Delta: 56.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2309 N Flora Ave	0.27mi	1/1.0	600 (-4%)	8mo	$47,000	$78	74
417 W Nebraska Ave	0.14mi	2/1.0 (+1)	672 (+8%)	8mo	$50,000	$74	69
1803 N Broadway St	0.34mi	1/1.0	616 (-1%)	23mo	$23,000	$37	63
2222 N Ellis St	0.22mi	2/1.0 (+1)	704 (+13%)	4mo	$35,000	$50	60
1808 N Broadway St	0.30mi	1/1.5	646 (+4%)	23mo	$28,500	$44	59
1703 N Valley Ave	0.55mi	2/1.0 (+1)	676 (+8%)	9mo	$28,000	$41	48
1717 N Valley Ave	0.53mi	2/1.0 (+1)	676 (+8%)	13mo	$18,000	$27	46
2613 N Ellis St	0.51mi	1/1.5	684 (+10%)	18mo	$44,000	$64	44
1715 N Bourland Ave	0.50mi	2/1.0 (+1)	676 (+8%)	20mo	$24,466	$36	41
1629 N Bourland Ave	0.52mi	2/1.0 (+1)	676 (+8%)	21mo	$32,000	$47	39
1013 W Hanssler Pl	0.71mi	2/1.0 (+1)	704 (+13%)	7mo	$55,000	$78	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.3% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.11×
• Total profit: $2,214
• Equity at exit: $10,422

10-year hold

• IRR: 11.8%
• Equity multiple: 1.90×
• Total profit: $17,692
• Equity at exit: $6,044

Cash invested: $19,572 (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 61604

• Home prices YoY: -24.6%
• Rents YoY: 2.3%
• Active inventory: 180
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $871 high
• Mortgage (P&I): −$367
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $222

Break-even live

Break-even rent $590

Max offer price $69,900

Occupancy floor 69%

Sensitivity live

Price	-10% $262	-5% $242	+0% $222	+5% $202	+10% $183
Rent	-10% $153	-5% $188	+0% $222	+5% $257	+10% $291
Rate	-1.0pp $257	-0.5pp $240	base $222	+0.5pp $204	+1.0pp $186

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	22d	1	0.35mi
2214 N Linsley St Peoria, IL	2.0	1.0	575	$550	$0.96	45d	1	0.45mi
1703 N Valley Ave Peoria, IL	2.0	1.0	676	$1,200	$1.78	14d	1	0.55mi
1505 N Peoria Ave Peoria, IL	1.0	1.0	525	$1,006	$1.92	14d	4	0.68mi
905 N Sheridan Rd Unit F Peoria, IL	1.0	1.0	650	$900	$1.38	45d	1	0.96mi
711 Morton St Apt A Peoria, IL	—	1.0	400	$655	$1.64	14d	1	1.17mi

Listing history 13 events

1. 2026-01-21
   price $69,900 1119-char remark

   Show marketing remark (1119 chars)

   Located in the heart of Peoria, 2002 North Ellis offers a perfect blend of historic charm and modern potential. This cozy 1925-built bungalow features 2 bedrooms and 1 bathroom, making it an ideal choice for a first-time homeowner looking to build equity or an investor seeking a turnkey rental opportunity. Step inside to find freshly installed new carpet and neutral tones that create a bright, move-in-ready atmosphere. The efficient floor plan maximizes every inch of its ~624 sq. ft. main level, complemented by an eat-in kitchen. The location is a standout feature, offering unparalleled convenience: Commuter's Dream: Immediate access to major highways like I-74 ensures a quick commute across the region. Downtown Proximity: Minutes away from Peoria's vibrant downtown riverfront, medical centers, and dining. Local Amenities: Walking distance to Peoria Central High School and public transit. With a private backyard and off-street parking, this home is a rare find at this price point. Whether you're starting your homeownership journey or expanding your portfolio, 2002 N Ellis is ready for its next chapter.

2. 2025-12-22
   listed $79,900 Active 1119-char remark

   Show marketing remark (1119 chars)

   Located in the heart of Peoria, 2002 North Ellis offers a perfect blend of historic charm and modern potential. This cozy 1925-built bungalow features 2 bedrooms and 1 bathroom, making it an ideal choice for a first-time homeowner looking to build equity or an investor seeking a turnkey rental opportunity. Step inside to find freshly installed new carpet and neutral tones that create a bright, move-in-ready atmosphere. The efficient floor plan maximizes every inch of its ~624 sq. ft. main level, complemented by an eat-in kitchen. The location is a standout feature, offering unparalleled convenience: Commuter's Dream: Immediate access to major highways like I-74 ensures a quick commute across the region. Downtown Proximity: Minutes away from Peoria's vibrant downtown riverfront, medical centers, and dining. Local Amenities: Walking distance to Peoria Central High School and public transit. With a private backyard and off-street parking, this home is a rare find at this price point. Whether you're starting your homeownership journey or expanding your portfolio, 2002 N Ellis is ready for its next chapter.

3. 2021-08-06
   historical
4. 2021-08-06
   historical
5. 2021-08-06
   historical
6. 2021-08-06
   historical
7. 2020-11-09
   soldstatus $16,500
8. 2020-11-09
   soldstatus $16,500
9. 2020-08-04
   listed $19,500
10. 2020-08-04
    listed $19,500
11. 2018-04-18
    historical
12. 2007-02-02
    soldstatus $10,500
13. 2007-01-14
    listed $10,500

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $1,214 · $101/mo
• Expected delta: +$373/yr (+$31/mo · 44.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,448
• − Mortgage interest: −$3,915
• − Property taxes: −$840
• − Insurance: −$350
• − Repairs & maintenance: −$836
• − Management: −$836
• − Depreciation: −$2,033
• Taxable income: $1,638
• Est. tax owed @ 24.0%: −$393
• After-tax cash flow: $2,273/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 28,313
• Household income: $52,414
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 815.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 29% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.15%
• Current HPI: 165.8838
• Rent YoY: ▲ 2.30%
• Metro: Peoria, 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

+565.7% since first listed

13 events — show timeline

• 2026-01-21 Price Changed $69,900 RMLSA as Distributed by MLS Grid
• 2025-12-22 Listed $79,900 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2020-11-09 Sold (MLS) $16,500 MRED as Distributed by MLS Grid
• 2020-11-09 Sold (MLS) $16,500 RMLSA as Distributed by MLS Grid
• 2020-08-04 Listed $19,500 MRED as Distributed by MLS Grid
• 2020-08-04 Listed $19,500 RMLSA as Distributed by MLS Grid
• 2018-04-18 Listing Removed — RMLSA as Distributed by MLS Grid
• 2007-02-02 Sold (MLS) $10,500 RMLSA as Distributed by MLS Grid
• 2007-01-14 Listed $10,500 RMLSA as Distributed by MLS Grid

Property tax history

-2.6%/yr

Latest (2024): $840 · +4.8% YoY. Source: county tax records.