511 W Loucks Ave · Peoria, IL 61603

$99,900

3 bd · 2.0 ba · 1,952 sqft · MultiFamily public records · 41 Days on market

Built 1925 4,791 sqft lot $51/sqft · 25% above area Est $80k · 25% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2-UNIT MULTIFAMILY OPPORTUNITY IN A CONVENIENT PEORIA LOCATION! MAIN LEVEL UNIT FEATURES A SPACIOUS LIVING AREA WITH HARDWOOD FLOORING, FORMAL DINING SPACE, 1 BEDROOM & 1 FULL BATH. UPPER LEVEL UNIT OFFERS 2 BEDROOMS & 1 FULL BATH WITH GREAT NATURAL LIGHT THROUGHOUT. COMMON LAUNDRY AREA AVAILABLE FOR TENANT USE. BOTH UNITS ARE CURRENTLY RENTED AT $750 EACH PER MONTH PROVIDING IMMEDIATE INCOME POTENTIAL. SEPARATE LIVING SPACES MAKE THIS A GREAT OPTION FOR OWNER-OCCUPANTS OR INVESTORS LOOKING TO EXPAND THEIR PORTFOLIO. CONVENIENTLY LOCATED NEAR SHOPPING, DINING, & INTERSTATE ACCESS. DON’T MISS THIS SOLID INCOME-PRODUCING PROPERTY!

Key facts

• Hardwood flooring
• Great natural light
• Common laundry area

Tags

• MULTIFAMILY OPPORTUNITY
• HARDWOOD FLOORING
• FORMAL DINING SPACE
• GREAT NATURAL LIGHT
• COMMON LAUNDRY AREA
• SEPARATE LIVING SPACES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $944 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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 (+3.5%/yr); 104 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $2,164/mo this rent would consume 62% of the median local household income ($42k/yr) (locally 849% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 3.5% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.17% ✓
• Cap rate: 17.64%
• Cash-on-cash: 40.51%
• DSCR: 2.80
• GRM: 3.8

CMA / ARV

• ARV (median comp): $79,878
• List price: $99,900
• Delta: 25.07%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 W Loucks Ave	0.00mi	3/2.0	1,952 (0%)	0mo	$81,000	$41	100
2315 N Sheridan Rd	0.20mi	4/2.0 (+1)	1,920 (-2%)	4mo	$50,000	$26	80
2400 N Sheridan Rd	0.16mi	4/2.0 (+1)	2,156 (+10%)	11mo	$71,000	$33	61
2315 N Bigelow St	0.22mi	4/2.0 (+1)	2,200 (+13%)	23mo	$78,900	$36	44

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 37.6%
• Equity multiple: 2.61×
• Total profit: $45,110
• Equity at exit: $14,895

10-year hold

• IRR: 44.4%
• Equity multiple: 5.34×
• Total profit: $121,494
• Equity at exit: $8,638

Cash invested: $27,972 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,164 high
• Mortgage (P&I): −$524
• Tax from tax record: −$200 /mo · $2,396/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $944

Break-even live

Break-even rent $969

Max offer price $99,900

Occupancy floor 51%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,164
Total (2 units)			$2,164

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 W McClure Ave Peoria, IL	3.0	1.0	1400	$1,200	$0.86	20d	1	0.34mi
2210 Knoxville Ave #2212 Peoria, IL	2.0	1.0	1284	$950	$0.74	43d	1	0.44mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	13d	1	0.56mi
1413 W Gilbert Ave Peoria, IL	2.0	2.0	1428	$1,500	$1.05	13d	1	0.80mi
1806 N Peoria Ave Peoria, IL	4.0	1.5	1668	$894	$0.54	13d	1	0.81mi
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	43d	1	1.00mi

Listing history 3 events

1. 2026-04-16
   listed $99,900 Active 654-char remark

   Show marketing remark (654 chars)

   2-UNIT MULTIFAMILY OPPORTUNITY IN A CONVENIENT PEORIA LOCATION! MAIN LEVEL UNIT FEATURES A SPACIOUS LIVING AREA WITH HARDWOOD FLOORING, FORMAL DINING SPACE, 1 BEDROOM & 1 FULL BATH. UPPER LEVEL UNIT OFFERS 2 BEDROOMS & 1 FULL BATH WITH GREAT NATURAL LIGHT THROUGHOUT. COMMON LAUNDRY AREA AVAILABLE FOR TENANT USE. BOTH UNITS ARE CURRENTLY RENTED AT $750 EACH PER MONTH PROVIDING IMMEDIATE INCOME POTENTIAL. SEPARATE LIVING SPACES MAKE THIS A GREAT OPTION FOR OWNER-OCCUPANTS OR INVESTORS LOOKING TO EXPAND THEIR PORTFOLIO. CONVENIENTLY LOCATED NEAR SHOPPING, DINING, & INTERSTATE ACCESS. DON’T MISS THIS SOLID INCOME-PRODUCING PROPERTY!

2. 2018-11-28
   soldstatus $69,500
3. 2017-03-10
   soldstatus $60,000

ⓘ 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: $2,396 · $200/mo
• Projected year-2 tax: $2,396 · $200/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 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: $25,968
• − Mortgage interest: −$5,596
• − Property taxes: −$2,396
• − Insurance: −$500
• − Repairs & maintenance: −$2,077
• − Management: −$2,077
• − Depreciation: −$2,906
• Taxable income: $10,415
• Est. tax owed @ 24.0%: −$2,500
• After-tax cash flow: $8,833/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): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

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 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 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: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• 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

+66.5% since first listed

3 events — show timeline

• 2026-04-16 Listed $99,900 RMLSA as Distributed by MLS Grid
• 2018-11-28 Sold (Public Records) $69,500 Public Records
• 2017-03-10 Sold (Public Records) $60,000 Public Records

Property tax history

+0.7%/yr

Latest (2024): $2,396 · +4.8% YoY. Source: county tax records.