187 Goulding St · East Alton, IL 62024

$54,900

2 bd · None ba · 1,288 sqft · MultiFamily public records · 204 Days on market

Built 1920 4,499 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

GREAT INVESTMENT!!! Duplex and single family, total of 3 units. VACANT AND READY FOR REHAB!!! Separate electric, water and gas meters, no utility expenses! Close to a big city!!! CHEAP TO MAINTAIN!!! PROPERTY WILL GENERATE A 23%+ NET RETURN ON INVESTMENT!!! OVER $30K IN VALUE ADD!!! Do not miss out on this investment opportunity.

Key facts

• 4,499 sq ft lot
• Built 1920
• Listed 204 days

Property features AI

Finance

• Other: Two total units; Approximately 1,288 total living area (owner-reported); Lot size ~0.1033 acres
• Financial info: Seller may consider concessions

Exterior

• Home design: Residential income property (2–4 units); Duplex
• Construction: Vinyl siding; Asphalt roof; Brick/mortar foundation; Built area reported by owner

Interior

• Kitchen: Cooktop
• Bedrooms: No bedrooms listed
• Flooring: Ceramic tile
• Bathrooms: No bathrooms listed
• Heating & cooling: Wall/Window Unit(s)
• Interior features: Cooktop; Ceramic tile flooring; Wall/window air conditioning units

What this means for you Summary

Snapshot

• This is a 2-bed/?-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#418 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, crime D, amenities F.
• East Alton-Wood River Chsd 14 (suburban): math 10% / reading 20% proficiency, ranked #793 of 919 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: East Alton-Wood River High Sch (math 8% / reading 12%, grade F, #567 of 693 statewide, top 83%, 537 students, 0% FRL).
• Market conditions: 38 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Madison County population projected at -18% 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 $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $22k; list at $55k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 D 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. 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?
9. 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.
10. 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.
11. 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: 4.46% ✓
• Cap rate: 39.01%
• Cash-on-cash: 116.86%
• DSCR: 6.20
• GRM: 1.9

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: —
• Equity multiple: 6.63×
• Total profit: $86,515
• Equity at exit: $8,186

10-year hold

• IRR: —
• Equity multiple: 13.91×
• Total profit: $198,393
• Equity at exit: $4,747

Cash invested: $15,372 (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 62024

• Home prices YoY: -18.8%
• Active inventory: 38
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,447 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$125 /mo · $1,505/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $1,497

Break-even live

Break-even rent $552

Max offer price $54,900

Occupancy floor 34%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$2,448
Total (3 units)			$2,447

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
176 S Pence St East Alton, IL	2.0	1.0	1000	$1,100	$1.10	1d	1	0.03mi
140 Illinois St East Alton, IL	2.0	1.0	960	$695	$0.72	1d	1	0.60mi
121 Cardot St East Alton, IL	3.0	1.0	937	$1,200	$1.28	21d	1	0.87mi
3400 Milton Dr Alton, IL	2.0	1.5	972	$1,350	$1.39	4d	1	1.33mi

Listing history 18 events

1. 2026-06-18
   days on market $54,900 Active 204 DOM
2. 2026-06-17
   days on market $54,900 Active 203 DOM
3. 2026-06-16
   days on market $54,900 Active 202 DOM
4. 2026-06-15
   days on market $54,900 Active 201 DOM
5. 2026-06-13
   days on market $54,900 Active 199 DOM
6. 2026-06-12
   days on market $54,900 Active 198 DOM
7. 2026-06-09
   days on market $54,900 Active 195 DOM
8. 2026-06-08
   days on market $54,900 Active 194 DOM
9. 2026-06-07
   days on market $54,900 Active 193 DOM
10. 2026-06-05
    days on market $54,900 Active 191 DOM
11. 2026-06-03
    days on market $54,900 Active 189 DOM
12. 2026-06-02
    days on market $54,900 Active 188 DOM
13. 2026-06-01
    days on market $54,900 Active 187 DOM
14. 2026-05-31
    days on market $54,900 Active 186 DOM
15. 2026-04-14
    price $54,900
16. 2025-11-26
    listed $79,900 Active
17. 2025-11-10
    soldstatus $22,500
18. 2022-10-03
    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: $1,505 · $125/mo
• Projected year-2 tax: $1,505 · $125/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 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,364
• − Mortgage interest: −$3,075
• − Property taxes: −$1,505
• − Insurance: −$274
• − Repairs & maintenance: −$2,349
• − Management: −$2,349
• − Depreciation: −$1,597
• Taxable income: $18,214
• Est. tax owed @ 24.0%: −$4,371
• After-tax cash flow: $13,592/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: East Alton-Wood River Chsd 14
• NCES district ID: 1712990
• Math proficiency: 10% ▬ 0.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $35,977
• Composite: 15.86/100
• National rank: #14315
• State rank: #793 of 919 in IL

Livability — East Alton

• Score: 69/100
• State rank: #418
• US rank: #8569

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Alton, IL
• City population: 9,465
• Population (ZIP): 9,465

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Lithuanian 4% Iranian 2% Italian 1%
• Foreign-born: 0%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.18%
• Current HPI: 216.1273
• 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

+174.5% since first listed

4 events — show timeline

• 2026-04-14 Price Changed $54,900 MARIS as Distributed by MLS Grid
• 2025-11-26 Listed $79,900 MARIS as Distributed by MLS Grid
• 2025-11-10 Sold (Public Records) $22,500 Public Records
• 2022-10-03 Sold (Public Records) $20,000 Public Records

Property tax history

+2.8%/yr

Latest (2024): $1,505 · +5.4% YoY. Source: county tax records.