484 Lawrence Ave · Galesburg, IL 61401

$59,900

2 bd · 1.0 ba · 900 sqft · Other public records · 41 Days on market

Built 1896 0.30 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This efficient 2 bed, 1 bath home is a great opportunity for your primary residence or generating rental income! An enclosed front porch welcomes you in and leads into a comfortable living room with space to gather. Continue into a generously sized eat-in kitchen with room for both cooking and everyday dining. The home also delivers two sizable bedrooms and a full bathroom with the primary bedroom providing access to the enclosed porch ideal for a bit of fresh air and morning coffee. Laundry is currently located in the basement but it could possibly be relocated to the kitchen if desired. Outdoors, the expansive yard is ready for summer evenings, gardening, or simply enjoying the warmer weather. A storage shed adds convenience while the patio area creates a place to unwind. Whether you are looking to add to your investment portfolio or settle in and make it your own, you don't want to miss out on this one!

Key facts

• Sizable bedrooms
• Full bathroom
• Expansive yard

Tags

• ENCLOSED FRONT PORCH
• EAT-IN KITCHEN
• SIZABLE BEDROOMS
• FULL BATHROOM
• EXPANSIVE YARD
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, commute F.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 191 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Knox County population projected at -19% 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 $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $19k; list at $60k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,103 (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. Built in 1896 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.75% ✓
• Cap rate: 13.19%
• Cash-on-cash: 24.62%
• DSCR: 2.10
• GRM: 4.8

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: 18.1%
• Equity multiple: 1.73×
• Total profit: $12,267
• Equity at exit: $8,931

10-year hold

• IRR: 26.5%
• Equity multiple: 3.33×
• Total profit: $39,137
• Equity at exit: $5,179

Cash invested: $16,772 (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 61401

• Active inventory: 191
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$144 /mo · $1,725/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $344

Break-even live

Break-even rent $611

Max offer price $59,900

Occupancy floor 62%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-02
   days on market $59,900 Under Contract 41 DOM
2. 2026-06-01
   days on market $59,900 Under Contract 40 DOM
3. 2026-05-31
   days on market $59,900 Under Contract 39 DOM
4. 2026-05-31
   days on market $59,900 Under Contract 38 DOM
5. 2026-05-07
   status Active 919-char remark

   Show marketing remark (919 chars)

   This efficient 2 bed, 1 bath home is a great opportunity for your primary residence or generating rental income! An enclosed front porch welcomes you in and leads into a comfortable living room with space to gather. Continue into a generously sized eat-in kitchen with room for both cooking and everyday dining. The home also delivers two sizable bedrooms and a full bathroom with the primary bedroom providing access to the enclosed porch ideal for a bit of fresh air and morning coffee. Laundry is currently located in the basement but it could possibly be relocated to the kitchen if desired. Outdoors, the expansive yard is ready for summer evenings, gardening, or simply enjoying the warmer weather. A storage shed adds convenience while the patio area creates a place to unwind. Whether you are looking to add to your investment portfolio or settle in and make it your own, you don't want to miss out on this one!

6. 2026-04-24
   historical Under Contract 919-char remark

   Show marketing remark (919 chars)

   This efficient 2 bed, 1 bath home is a great opportunity for your primary residence or generating rental income! An enclosed front porch welcomes you in and leads into a comfortable living room with space to gather. Continue into a generously sized eat-in kitchen with room for both cooking and everyday dining. The home also delivers two sizable bedrooms and a full bathroom with the primary bedroom providing access to the enclosed porch ideal for a bit of fresh air and morning coffee. Laundry is currently located in the basement but it could possibly be relocated to the kitchen if desired. Outdoors, the expansive yard is ready for summer evenings, gardening, or simply enjoying the warmer weather. A storage shed adds convenience while the patio area creates a place to unwind. Whether you are looking to add to your investment portfolio or settle in and make it your own, you don't want to miss out on this one!

7. 2026-04-22
   listed $59,900 Active 919-char remark

   Show marketing remark (919 chars)

   This efficient 2 bed, 1 bath home is a great opportunity for your primary residence or generating rental income! An enclosed front porch welcomes you in and leads into a comfortable living room with space to gather. Continue into a generously sized eat-in kitchen with room for both cooking and everyday dining. The home also delivers two sizable bedrooms and a full bathroom with the primary bedroom providing access to the enclosed porch ideal for a bit of fresh air and morning coffee. Laundry is currently located in the basement but it could possibly be relocated to the kitchen if desired. Outdoors, the expansive yard is ready for summer evenings, gardening, or simply enjoying the warmer weather. A storage shed adds convenience while the patio area creates a place to unwind. Whether you are looking to add to your investment portfolio or settle in and make it your own, you don't want to miss out on this one!

8. 2007-02-09
   soldstatus $19,000 107-char remark

   Show marketing remark (107 chars)

   Good investment property. 17x5 enclosed front porch. 8x8 shed. New electric box. Proerty being sold 'AS IS'

9. 2006-08-30
   listed $27,500 107-char remark

   Show marketing remark (107 chars)

   Good investment property. 17x5 enclosed front porch. 8x8 shed. New electric box. Proerty being sold 'AS IS'

ⓘ 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: $1,725 · $144/mo
• Projected year-2 tax: $1,725 · $144/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,561
• − Mortgage interest: −$3,355
• − Property taxes: −$1,725
• − Insurance: −$300
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$1,743
• Taxable income: $3,429
• Est. tax owed @ 24.0%: −$823
• After-tax cash flow: $3,306/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• 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

+117.8% since first listed

5 events — show timeline

• 2026-05-07 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-24 Contingent — RMLSA as Distributed by MLS Grid
• 2026-04-22 Listed $59,900 RMLSA as Distributed by MLS Grid
• 2007-02-09 Sold (MLS) $19,000 RMLSA as Distributed by MLS Grid
• 2006-08-30 Listed $27,500 RMLSA as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2024): $1,725 · +0.9% YoY. Source: county tax records.