1655 S Chicago Ave · Freeport, IL 61032

$131,655

2 bd · 2.0 ba · 1,212 sqft · SingleFamily · 7 Days on market

Built 1952 6,970 sqft lot Est $93k · 41% over

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Why this score? — see what drove the F 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 +15.4/30.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Immaculately kept 2-bedroom Ranch home with 2 extra rooms, could be used for office, toy room or storage. Laundry Chute, Pantry, Oak Hardwood Flooring, Cedar-lined closet, Wash Tub by Washer & Dryer, Firepit & Garden Shed (out back) are added bonuses, as well as walk-up attic for more storage! Cozy & conveniently close to stores, located on a corner lot, with welcoming back yard area, this property provides! Upgrades include in Roof, Gutters & Front Window 2010 - Furnace & Air Conditioner 2015 - Garage Door 2017 - Plumbing & Garden Shed 2018 - April Aire 2024. Wooden Shelving & Stand-Up Freezer in LL stay. Buyer to verify measurements & sq ft.

Key facts

• Pantry
• Laundry chute
• Firepit

Tags

• LAUNDRY CHUTE
• PANTRY
• OAK HARDWOOD FLOORING
• CEDAR-LINED CLOSET
• WASH TUB BY WASHER
• FIREPIT

Property features AI

Exterior

• Parking: Attached garage; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (house); Residential property
• Exterior features: Shingle roof

Interior

• Kitchen: Gas cooktop; Microwave; Refrigerator
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Water softener; Full basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $52 ($621/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (11.5% below list).
• Recommended offer: $117k (11.5% below list) — sets the bar for 1% rule.

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: schools F, 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.
• Market conditions: 205 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $910 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,543 (11.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.89% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.68%
• DSCR: 1.07
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $93,324
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1474 S Carroll Ave	0.19mi	2/2.5	1,204 (-1%)	6mo	$115,000	$96	83
1468 S Carroll Ave	0.20mi	2/1.0	1,220 (+1%)	8mo	$94,000	$77	79
1452 S High Ave	0.26mi	2/1.0	1,238 (+2%)	5mo	$10	—	76
1727 S Oak Ave	0.15mi	2/1.0	1,112 (-8%)	9mo	$112,500	$101	67
1478 S High Ave	0.22mi	3/1.0 (+1)	1,122 (-7%)	4mo	$150,000	$134	65
316 E Jefferson St	0.38mi	2/1.0	1,175 (-3%)	10mo	$59,000	$50	64
1327 S Walnut Ave	0.43mi	3/1.0 (+1)	1,218 (+0%)	11mo	$62,500	$51	61
510 W Dewey St	0.49mi	3/2.0 (+1)	1,109 (-8%)	1mo	$150,000	$135	57
1430 S Blackhawk Ave	0.51mi	3/1.0 (+1)	1,260 (+4%)	8mo	$136,500	$108	54
727 E Garden St	0.66mi	2/1.0	1,280 (+6%)	4mo	$92,500	$72	53
429 W American St	0.72mi	3/2.0 (+1)	1,158 (-4%)	8mo	$23,000	$20	47
803 E Illinois St	0.73mi	3/1.0 (+1)	1,388 (+14%)	5mo	$95,000	$68	28

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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-18,045
• Equity at exit: $19,630

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-11,499
• Equity at exit: $11,383

Cash invested: $36,863 (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: 205
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,165 high
• Mortgage (P&I): −$690
• Tax from tax record: −$124 /mo · $1,484/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $52

Break-even live

Break-even rent $1,100

Max offer price $131,655

Occupancy floor 91%

Sensitivity live

Price	-10% $126	-5% $89	+0% $52	+5% $14	+10% $-23
Rent	-10% $-40	-5% $6	+0% $52	+5% $98	+10% $144
Rate	-1.0pp $118	-0.5pp $85	base $52	+0.5pp $18	+1.0pp $-17

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: $32,914
• Closing costs: $3,950
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	45d	1	0.62mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	45d	1	0.62mi
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	45d	1	0.77mi
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	22d	1	0.90mi
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	45d	1	1.02mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	45d	1	1.05mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	22d	1	1.08mi
837 W Stephenson St Freeport, IL	2.0	1.0	1330	$1,000	$0.75	45d	1	1.36mi

Listing history 2 events

1. 2026-05-31
   statusdays on market $131,655 Pending 7 DOM
2. 2026-05-22
   listed $131,655 Active

ⓘ 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: $1,484 · $124/mo
• Projected year-2 tax: $2,236 · $186/mo
• Expected delta: +$752/yr (+$63/mo · 50.7%)

ⓘ 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: $13,985
• − Mortgage interest: −$7,375
• − Property taxes: −$1,484
• − Insurance: −$658
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$3,830
• Taxable loss: −$1,599
• Est. tax savings @ 24.0%: +$384
• After-tax cash flow: $1,005/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

1 event — show timeline

• 2026-05-22 Listed $131,655 NWIAR

Property tax history

-2.6%/yr

Latest (2024): $1,484 · -0.1% YoY. Source: county tax records.