402 S Walnut Ave · Freeport, IL 61032

$85,000

3 bd · 1.0 ba · 1,412 sqft · Other · 71 Days on market

Built 1857 0.26 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unlock the Potential! This 3-bedroom, 1-bath home with a spacious 2-car garage is ready for its next chapter. This home offers solid bones, a layout full of possibility, and a sizable lot. Bring your vision and ideas! This property is a prime opportunity to build equity with a little TLC. The generous garage space is perfect for storage, hobbies, or future upgrades, and the lot provides room to dream—inside and out. Bring your creativity and make this house a home! Home is to be sold As-is. Seller will do no repairs.

Key facts

• Spacious garage
• Sizable lot
• 0.26 acre lot

Tags

• SPACIOUS GARAGE
• SIZABLE LOT
• GENEROUS GARAGE SPACE

Property features AI

Finance

• Other: Property not marked as rebuilt or rehabbed
• Financial info: Special service area: No
• HOA & community: No master association required

Exterior

• Parking: Detached garage; 2 garage spaces; Space for about 4 vehicles total
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Estimated living area
• Construction: Vinyl siding exterior; Asphalt roof; Built over 100 years ago; Some below-grade finished area and unfinished basement areas
• Exterior features: Lot roughly 0.25–0.49 acre; Lot dimensions approximately 65.5 x 181 x 65.5 x 181

Interior

• Kitchen: Kitchen on the main level (approx. 12 x 11)
• Bedrooms: 3 bedrooms total; Master bedroom on the main level; Second-level bedrooms measure about 11 x 11 and 10 x 11
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Partially finished, full basement; Separate dining room; 7 total rooms
• Laundry & utility: Laundry room (location unspecified)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $85k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Center Elem School (math 27% / reading 27%, grade F, #749 of 2,056 statewide, top 40%, 248 students, 0% FRL); Freeport Middle School (math 6% / reading 7%, grade F, #632 of 665 statewide, top 95%, 485 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 197 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $35k; list at $85k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1857 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1857 — 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. 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.
7. 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.
8. 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: 1.52% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.66%
• DSCR: 2.01
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 15.5%
• Equity multiple: 1.62×
• Total profit: $14,858
• Equity at exit: $12,674

10-year hold

• IRR: 24.2%
• Equity multiple: 3.09×
• Total profit: $49,834
• Equity at exit: $7,349

Cash invested: $23,800 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 197
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,292 high
• Mortgage (P&I): −$446
• Tax from tax record: −$90 /mo · $1,086/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $449

Break-even live

Break-even rent $724

Max offer price $85,000

Occupancy floor 60%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	44d	1	0.19mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	44d	1	0.40mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	44d	1	0.45mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	44d	1	0.52mi
837 W Stephenson St Freeport, IL	2.0	1.0	1330	$1,000	$0.75	44d	1	0.60mi
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	0.82mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	44d	1	0.93mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	44d	1	0.93mi

Listing history 12 events

1. 2026-06-18
   days on market $85,000 Active 71 DOM
2. 2026-06-17
   days on market $85,000 Active 70 DOM
3. 2026-06-16
   days on market $85,000 Active 69 DOM
4. 2026-06-15
   days on market $85,000 Active 68 DOM
5. 2026-06-13
   days on market $85,000 Active 66 DOM
6. 2026-06-12
   days on marketlisting id $85,000 Active 65 DOM
7. 2026-06-09
   days on market $85,000 Active 7 DOM
8. 2026-06-08
   days on market $85,000 Active 6 DOM
9. 2026-06-07
   days on market $85,000 Active 5 DOM
10. 2026-06-07
    days on market $85,000 Active 4 DOM
11. 2026-06-03
    remarks 522-char remark
12. 2026-06-03
    listed $85,000 Active 1 DOM

ⓘ 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: $1,086 · $90/mo
• Projected year-2 tax: $1,508 · $126/mo
• Expected delta: +$422/yr (+$35/mo · 38.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,509
• − Mortgage interest: −$4,761
• − Property taxes: −$1,086
• − Insurance: −$425
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$2,473
• Taxable income: $4,283
• Est. tax owed @ 24.0%: −$1,028
• After-tax cash flow: $4,365/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• Rent YoY: —
• Metro: —
• 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

+142.9% since first listed

7 events — show timeline

• 2026-06-02 Relisted — NWIAR
• 2026-06-02 Listed $85,000 MRED as Distributed by MLS Grid
• 2025-12-17 Delisted — NWIAR
• 2025-12-16 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-22 Listed $85,000 NWIAR
• 2025-10-22 Listed — MRED as Distributed by MLS Grid
• 2016-07-27 Sold (Public Records) $35,000 Public Records

Property tax history

+9.4%/yr

Latest (2024): $1,086 · +43.8% YoY. Source: county tax records.