913 S 15th St · Freeport, IL 61032

$80,000

2 bd · 1.0 ba · 864 sqft · Other · 35 Days on market

Built 1935 436 sqft lot $93/sqft · 40% above area Est $57k · 40% over ↓ 20% since listing

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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 +3.6/5.0
• 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 MLS

Welcome to this newly listed two-bedroom home offering charm and plenty of room to grow-literally. Located on multiple lots, this property provides extra outdoor space perfect for gardening and gathering. There is potential for a great space and home. This is a functional layout with two cozy bedrooms and one full bathroom. Come and check it out.

Key facts

• Extra outdoor space
• Multiple lots
• 2 garage spots

Tags

• MULTIPLE LOTS
• EXTRA OUTDOOR SPACE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential house
• Construction: No year built provided
• Exterior features: Shingle roof; Public water; Public sewer

Interior

• Kitchen: Refrigerator; Gas cooktop
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas cooktop; Gas water heater; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 5.8% in Freeport — 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 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: 197 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $553 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.62% ✓
• Cap rate: 13.35%
• Cash-on-cash: 25.20%
• DSCR: 2.12
• GRM: 5.1

CMA / ARV

• ARV (median comp): $57,048
• List price: $80,000
• Delta: 49.00%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 1.76×
• Total profit: $17,018
• Equity at exit: $11,928

10-year hold

• IRR: 27.1%
• Equity multiple: 3.39×
• Total profit: $53,480
• Equity at exit: $6,917

Cash invested: $22,400 (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: 197
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,295 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $470

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 59%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	0.59mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	21d	1	1.03mi
11 1/2 N Van Buren Ave Apt 301 Freeport, IL	1.0	1.0	600	$650	$1.08	44d	1	1.47mi

Listing history 29 events

1. 2026-06-18
   days on market $80,000 Active 35 DOM
2. 2026-06-17
   days on market $80,000 Active 34 DOM
3. 2026-06-16
   days on market $80,000 Active 33 DOM
4. 2026-06-15
   days on market $80,000 Active 32 DOM
5. 2026-06-13
   days on market $80,000 Active 30 DOM
6. 2026-06-12
   days on marketlisting id $80,000 Active 29 DOM
7. 2026-06-09
   days on market $80,000 Active 26 DOM
8. 2026-06-08
   days on market $80,000 Active 25 DOM
9. 2026-06-07
   days on market $80,000 Active 24 DOM
10. 2026-06-07
    pricedays on market $80,000 Active 23 DOM
11. 2026-06-04
    days on market $85,000 Active 20 DOM
12. 2026-06-02
    days on market $85,000 Active 19 DOM
13. 2026-06-01
    days on market $85,000 Active 18 DOM
14. 2026-05-31
    days on market $85,000 Active 17 DOM
15. 2026-05-31
    days on market $85,000 Active 16 DOM
16. 2026-05-13
    listed $85,000 Active 349-char remark

    Show marketing remark (349 chars)

    Welcome to this newly listed two-bedroom home offering charm and plenty of room to grow-literally. Located on multiple lots, this property provides extra outdoor space perfect for gardening and gathering. There is potential for a great space and home. This is a functional layout with two cozy bedrooms and one full bathroom. Come and check it out.

17. 2026-05-13
    listed $85,000 Active 348-char remark

    Show marketing remark (349 chars)

    Welcome to this newly listed two-bedroom home offering charm and plenty of room to grow-literally. Located on multiple lots, this property provides extra outdoor space perfect for gardening and gathering. There is potential for a great space and home. This is a functional layout with two cozy bedrooms and one full bathroom. Come and check it out.

18. 2026-04-22
    historical
19. 2026-04-12
    status Active
20. 2026-04-05
    historical Contingent - Continue to Show
21. 2026-03-28
    price $85,000
22. 2026-03-28
    price
23. 2026-01-19
    price $96,000
24. 2026-01-19
    price
25. 2025-12-22
    price $99,000
26. 2025-12-22
    price
27. 2025-11-04
    price $99,900
28. 2025-11-04
    price
29. 2025-10-10
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $15,544
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$2,327
• Taxable income: $4,648
• Est. tax owed @ 24.0%: −$1,116
• After-tax cash flow: $4,530/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

-19.9% since first listed

16 events — show timeline

• 2026-06-05 Price Changed $80,000 NWIAR
• 2026-06-05 Price Changed $80,000 MRED as Distributed by MLS Grid
• 2026-05-13 Listed $85,000 MRED as Distributed by MLS Grid
• 2026-05-13 Listed $85,000 NWIAR
• 2026-04-22 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-12 Relisted — MRED as Distributed by MLS Grid
• 2026-04-05 Contingent — MRED as Distributed by MLS Grid
• 2026-03-28 Price Changed $85,000 NWIAR
• 2026-03-28 Price Changed — MRED as Distributed by MLS Grid
• 2026-01-19 Price Changed $96,000 NWIAR
• 2026-01-19 Price Changed — MRED as Distributed by MLS Grid
• 2025-12-22 Price Changed $99,000 NWIAR
• 2025-12-22 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-04 Price Changed $99,900 NWIAR
• 2025-11-04 Price Changed — MRED as Distributed by MLS Grid
• 2025-10-10 Listed — MRED as Distributed by MLS Grid