723 W Armstrong Ave · Peoria, IL 61606

$179,900

6 bd · 2.0 ba · 2,076 sqft · MultiFamily public records · 70 Days on market

Built 1930 7,405 sqft lot $87/sqft · 76% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

24-48 hr. notice for showings. Renovated duplex offering a strong investment opportunity with immediate income potential. One unit features 2 bedrooms and 1 bathroom, while the second unit offers a spacious 3-bedroom, 2-bathroom layout. Both units have been thoughtfully updated with new kitchens, modern flooring, fresh paint, and renovated bathrooms, providing a clean and move-in ready environment for tenants. Can be sold individually or as package with 315 W Nebraska/PA1265460 Each unit is currently leased, delivering steady rental income from day one. Ideal for investors looking to expand their portfolio with a low-maintenance property. All measurements are approximate and not guaranteed. Sold as-is

Key facts

• 7,405 sq ft lot
• Built 1930
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 1×3bd/2ba units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: 33 active listings in the ZIP; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $2,541/mo this rent would consume 78% of the median local household income ($39k/yr) (locally 620% 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 $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.41% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.80%
• DSCR: 1.93
• GRM: 5.9

CMA / ARV

• ARV (median comp): $102,431
• List price: $179,900
• Delta: 75.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1104 N Orange St	0.24mi	5/3.0 (-1)	2,127 (+2%)	8mo	$125,000	$59	69
1208 N Frink St	0.27mi	6/2.0	2,292 (+10%)	21mo	$142,000	$62	53
1509-1511 W Main St	0.71mi	7/3.0 (+1)	2,216 (+7%)	5mo	$245,000	$111	43
1213 N University St	0.48mi	5/3.0 (-1)	2,380 (+15%)	8mo	$225,000	$95	38

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: 13.2%
• Equity multiple: 1.52×
• Total profit: $26,418
• Equity at exit: $26,824

10-year hold

• IRR: 22.0%
• Equity multiple: 2.88×
• Total profit: $94,479
• Equity at exit: $15,554

Cash invested: $50,372 (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 61606

• Home prices YoY: -34.0%
• Active inventory: 33
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,541 high
• Mortgage (P&I): −$943
• Tax from tax record: −$116 /mo · $1,393/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $873

Break-even live

Break-even rent $1,436

Max offer price $179,900

Occupancy floor 61%

Sensitivity live

Price	-10% $975	-5% $924	+0% $873	+5% $822	+10% $771
Rent	-10% $672	-5% $773	+0% $873	+5% $973	+10% $1,074
Rate	-1.0pp $964	-0.5pp $919	base $873	+0.5pp $826	+1.0pp $779

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,205
1× unit	3	2	$1,336
Total (2 units)			$2,541

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-19
   days on market $179,900 Active 70 DOM
2. 2026-06-18
   days on market $179,900 Active 69 DOM
3. 2026-06-17
   days on market $179,900 Active 68 DOM
4. 2026-06-16
   days on market $179,900 Active 67 DOM
5. 2026-06-15
   days on market $179,900 Active 66 DOM
6. 2026-06-14
   days on market $179,900 Active 64 DOM
7. 2026-06-13
   days on market $179,900 Active 63 DOM
8. 2026-06-10
   days on market $179,900 Active 61 DOM
9. 2026-06-09
   days on market $179,900 Active 60 DOM
10. 2026-06-08
    days on market $179,900 Active 59 DOM
11. 2026-06-07
    pricedays on market $179,900 Active 58 DOM
12. 2026-06-03
    days on market $189,900 Active 54 DOM
13. 2026-06-02
    days on market $189,900 Active 53 DOM
14. 2026-06-01
    days on market $189,900 Active 52 DOM
15. 2026-05-31
    days on market $189,900 Active 51 DOM
16. 2026-05-30
    days on market $189,900 Active 50 DOM
17. 2026-05-04
    price $189,900 710-char remark

    Show marketing remark (710 chars)

    24-48 hr. notice for showings. Renovated duplex offering a strong investment opportunity with immediate income potential. One unit features 2 bedrooms and 1 bathroom, while the second unit offers a spacious 3-bedroom, 2-bathroom layout. Both units have been thoughtfully updated with new kitchens, modern flooring, fresh paint, and renovated bathrooms, providing a clean and move-in ready environment for tenants. Can be sold individually or as package with 315 W Nebraska/PA1265460 Each unit is currently leased, delivering steady rental income from day one. Ideal for investors looking to expand their portfolio with a low-maintenance property. All measurements are approximate and not guaranteed. Sold as-is

18. 2026-04-10
    listed $200,000 Active 710-char remark

    Show marketing remark (710 chars)

    24-48 hr. notice for showings. Renovated duplex offering a strong investment opportunity with immediate income potential. One unit features 2 bedrooms and 1 bathroom, while the second unit offers a spacious 3-bedroom, 2-bathroom layout. Both units have been thoughtfully updated with new kitchens, modern flooring, fresh paint, and renovated bathrooms, providing a clean and move-in ready environment for tenants. Can be sold individually or as package with 315 W Nebraska/PA1265460 Each unit is currently leased, delivering steady rental income from day one. Ideal for investors looking to expand their portfolio with a low-maintenance property. All measurements are approximate and not guaranteed. Sold as-is

19. 2026-04-10
    historical $200,000 710-char remark

    Show marketing remark (710 chars)

    24-48 hr. notice for showings. Renovated duplex offering a strong investment opportunity with immediate income potential. One unit features 2 bedrooms and 1 bathroom, while the second unit offers a spacious 3-bedroom, 2-bathroom layout. Both units have been thoughtfully updated with new kitchens, modern flooring, fresh paint, and renovated bathrooms, providing a clean and move-in ready environment for tenants. Can be sold individually or as package with 315 W Nebraska/PA1265460 Each unit is currently leased, delivering steady rental income from day one. Ideal for investors looking to expand their portfolio with a low-maintenance property. All measurements are approximate and not guaranteed. Sold as-is

20. 2025-07-08
    soldstatus $145,000 Closed 288-char remark

    Show marketing remark (288 chars)

    Newly Renovated investment opportunity! One unit features 2 bedroom 1 bathroom. Second unit features 3 bedrooms 2 bathrooms. Both have been renovated complete with new kitchen, flooring, paint and updated bathrooms! Both units with current lease in place! 24-48 hours notice for showings.

21. 2025-05-24
    status Pending 288-char remark

    Show marketing remark (288 chars)

    Newly Renovated investment opportunity! One unit features 2 bedroom 1 bathroom. Second unit features 3 bedrooms 2 bathrooms. Both have been renovated complete with new kitchen, flooring, paint and updated bathrooms! Both units with current lease in place! 24-48 hours notice for showings.

22. 2025-05-02
    price $149,900 288-char remark

    Show marketing remark (288 chars)

    Newly Renovated investment opportunity! One unit features 2 bedroom 1 bathroom. Second unit features 3 bedrooms 2 bathrooms. Both have been renovated complete with new kitchen, flooring, paint and updated bathrooms! Both units with current lease in place! 24-48 hours notice for showings.

23. 2025-05-02
    price $149,900,000 288-char remark

    Show marketing remark (288 chars)

    Newly Renovated investment opportunity! One unit features 2 bedroom 1 bathroom. Second unit features 3 bedrooms 2 bathrooms. Both have been renovated complete with new kitchen, flooring, paint and updated bathrooms! Both units with current lease in place! 24-48 hours notice for showings.

24. 2025-05-02
    listed $249,900,000 Active 288-char remark

    Show marketing remark (288 chars)

    Newly Renovated investment opportunity! One unit features 2 bedroom 1 bathroom. Second unit features 3 bedrooms 2 bathrooms. Both have been renovated complete with new kitchen, flooring, paint and updated bathrooms! Both units with current lease in place! 24-48 hours notice for showings.

25. 2023-12-08
    soldstatus $115,500
26. 2023-12-06
    soldstatus $115,500 Closed
27. 2023-11-15
    historical $775
28. 2023-11-04
    listed $775
29. 2023-10-22
    status Pending
30. 2023-10-02
    price $115,000
31. 2023-09-22
    price $119,000
32. 2023-09-08
    price $123,000
33. 2023-08-17
    listed $125,000 Active
34. 2020-05-08
    soldstatus $39,900
35. 2020-02-24
    listed $39,900
36. 2018-07-18
    soldstatus $25,000
37. 2000-09-26
    soldstatus $39,500
38. 2000-09-19
    soldstatus $39,500
39. 2000-05-19
    listed $42,900

ⓘ 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: $1,393 · $116/mo
• Projected year-2 tax: $2,738 · $228/mo
• Expected delta: +$1,345/yr (+$112/mo · 96.6%)

ⓘ 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 · 17 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: $30,492
• − Mortgage interest: −$10,077
• − Property taxes: −$1,393
• − Insurance: −$900
• − Repairs & maintenance: −$2,439
• − Management: −$2,439
• − Depreciation: −$5,233
• Taxable income: $8,010
• Est. tax owed @ 24.0%: −$1,922
• After-tax cash flow: $8,553/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): 6,684
• Household income: $39,196
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 620.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Black 17% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% Chinese 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: ▼ -85.67%
• Current HPI: 166.329
• Rent YoY: —
• 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

+342.7% since first listed

23 events — show timeline

• 2026-05-04 Price Changed $189,900 RMLSA as Distributed by MLS Grid
• 2026-04-10 Listed $200,000 RMLSA as Distributed by MLS Grid
• 2026-04-10 Coming Soon $200,000 RMLSA as Distributed by MLS Grid
• 2025-07-08 Sold (MLS) $145,000 RMLSA as Distributed by MLS Grid
• 2025-05-24 Pending — RMLSA as Distributed by MLS Grid
• 2025-05-02 Price Changed $149,900 RMLSA as Distributed by MLS Grid
• 2025-05-02 Price Changed $149,900,000 RMLSA as Distributed by MLS Grid
• 2025-05-02 Listed $249,900,000 RMLSA as Distributed by MLS Grid
• 2023-12-08 Sold (Public Records) $115,500 Public Records
• 2023-12-06 Sold (MLS) $115,500 RMLSA as Distributed by MLS Grid
• 2023-11-15 Rental Removed $775 APPFOLIO
• 2023-11-04 Listed for Rent $775 APPFOLIO
• 2023-10-22 Pending — RMLSA as Distributed by MLS Grid
• 2023-10-02 Price Changed $115,000 RMLSA as Distributed by MLS Grid
• 2023-09-22 Price Changed $119,000 RMLSA as Distributed by MLS Grid
• 2023-09-08 Price Changed $123,000 RMLSA as Distributed by MLS Grid
• 2023-08-17 Listed $125,000 RMLSA as Distributed by MLS Grid
• 2020-05-08 Sold (MLS) $39,900 RMLSA as Distributed by MLS Grid
• 2020-02-24 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2018-07-18 Sold (Public Records) $25,000 Public Records
• 2000-09-26 Sold (Public Records) $39,500 Public Records
• 2000-09-19 Sold (MLS) $39,500 RMLSA as Distributed by MLS Grid
• 2000-05-19 Listed $42,900 RMLSA as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $1,393 · +4.8% YoY. Source: county tax records.