2946 Cannon St · Rockford, IL 61109

$109,900

3 bd · 1.5 ba · 1,440 sqft · SingleFamily · 43 Days on market

Built 1920 6,970 sqft lot Est $171k · 36% 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +7.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated 3 bedroom, 1.5 bath home featuring new vinyl flooring throughout the main level, new trim, and most windows recently replaced. The updated bathrooms add a modern touch, while the upstairs offers newly installed carpet for added comfort. The kitchen has been fully refreshed with brand new cabinets and stunning granite countertops. Enjoy the spacious living room and dining area with a sliding door that leads to the porch and a generously sized backyard — ideal for bonfires, gatherings, and making great memories. A storage shed is also included for added convenience. The 1 car garage has been newly rebuilt. Conveniently located near shopping, dining, a

Key facts

• Updated bathrooms
• Granite countertops
• Brand new cabinets

Tags

• NEW VINYL FLOORING
• UPDATED BATHROOMS
• NEWLY INSTALLED CARPET
• BRAND NEW CABINETS
• GRANITE COUNTERTOPS
• SPACIOUS LIVING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Riverdahl Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 561 students, 0% FRL); Rockford Envrnmntl Science Acad (math 0% / reading 7%, grade F, #652 of 665 statewide, top 98%, 1,051 students, 0% FRL); Jefferson High School (math 3% / reading 9%, grade F, #608 of 693 statewide, top 88%, 2,114 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 84 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $110k implies a 450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.25% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $171,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2946 Cannon St	0.00mi	3/1.5	1,440 (0%)	1mo	$115,000	$80	99
2939 Cannon St	0.03mi	3/1.0	1,498 (+4%)	2mo	$150,000	$100	88
2710 Kinsey St	0.36mi	2/1.5 (-1)	1,458 (+1%)	2mo	$115,500	$79	75
2827 Bildahl St	0.44mi	4/2.5 (+1)	1,393 (-3%)	0mo	$192,000	$138	65
2031 Sandy Hollow Rd	0.59mi	3/1.5	1,466 (+2%)	7mo	$181,000	$123	64
2717 20th St	0.59mi	3/1.0	1,407 (-2%)	3mo	$149,000	$106	64
2820 Hanson St	0.20mi	2/2.0 (-1)	1,290 (-10%)	3mo	$120,000	$93	63
3429 Ed Vera Dr. Dr	0.65mi	3/2.0	1,467 (+2%)	5mo	$200,000	$136	61
2832 19th St	0.52mi	3/1.5	1,264 (-12%)	1mo	$185,000	$146	54
3220 18th St	0.53mi	3/1.0	1,250 (-13%)	2mo	$155,000	$124	50
3437 Southworth Ct Ct	0.63mi	2/1.5 (-1)	1,320 (-8%)	4mo	$157,500	$119	48
3245 9th St	0.60mi	3/1.0	1,250 (-13%)	1mo	$105,000	$84	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-708
• Equity at exit: $16,386

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $21,557
• Equity at exit: $9,502

Cash invested: $30,772 (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 61109

• Home prices YoY: -19.7%
• Active inventory: 84
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,372 high
• Mortgage (P&I): −$576
• Tax from tax record: −$194 /mo · $2,332/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $268

Break-even live

Break-even rent $1,033

Max offer price $109,900

Occupancy floor 76%

Sensitivity live

Price	-10% $330	-5% $299	+0% $268	+5% $237	+10% $205
Rent	-10% $159	-5% $213	+0% $268	+5% $322	+10% $376
Rate	-1.0pp $323	-0.5pp $296	base $268	+0.5pp $239	+1.0pp $210

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1418 22nd Ave Rockford, IL	2.0	1.0	950	$1,200	$1.26	44d	1	0.88mi
1420 22nd Ave Rockford, IL	2.0	1.0	950	$1,200	$1.26	44d	1	0.88mi
1211 21st Pl Rockford, IL	2.0	1.0	1040	$1,350	$1.30	44d	1	1.00mi
1209 21st Pl Rockford, IL	2.0	1.0	1040	$1,350	$1.30	44d	1	1.00mi
2217 8th St Rockford, IL	3.0	1.0	1260	$1,500	$1.19	44d	1	1.04mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	14d	1	1.25mi
914 18th Ave Rockford, IL	2.0	1.0	1123	$900	$0.80	44d	1	1.40mi

Listing history 8 events

1. 2026-04-22
   status Pending
2. 2026-04-15
   status Active
3. 2026-04-07
   status Pending
4. 2026-04-01
   price $109,900
5. 2026-03-23
   price $119,900
6. 2026-03-17
   price $129,900
7. 2026-03-02
   listed $139,900 Active
8. 1996-11-15
   soldstatus $20,000

ⓘ 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: $2,332 · $194/mo
• Projected year-2 tax: $2,413 · $201/mo
• Expected delta: +$81/yr (+$7/mo · 3.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $16,467
• − Mortgage interest: −$6,156
• − Property taxes: −$2,332
• − Insurance: −$550
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$3,197
• Taxable income: $1,597
• Est. tax owed @ 24.0%: −$383
• After-tax cash flow: $2,828/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 26,768
• Household income: $62,973
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 941.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Hispanic / Latino 21% Black 13% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 17% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Portuguese 2%
• Foreign-born: 13% · Canada, Philippines, China
• Languages at home: 79% English-only · Spanish 16% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.42%
• Current HPI: 296.0019
• Rent YoY: —
• Metro: Rockford, 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

+449.5% since first listed

8 events — show timeline

• 2026-04-22 Pending — NWIAR
• 2026-04-15 Relisted — NWIAR
• 2026-04-07 Pending — NWIAR
• 2026-04-01 Price Changed $109,900 NWIAR
• 2026-03-23 Price Changed $119,900 NWIAR
• 2026-03-17 Price Changed $129,900 NWIAR
• 2026-03-02 Listed $139,900 NWIAR
• 1996-11-15 Sold (Public Records) $20,000 Public Records

Property tax history

+2.2%/yr

Latest (2024): $2,332 · +7.0% YoY. Source: county tax records.