602 Wood River Ave · Wood River, IL 62095

$88,500

None bd · None ba · 2,555 sqft · MultiFamily · 78 Days on market

Built 1920 Poor condition 6,250 sqft lot ↓ 5% since listing

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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 +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• 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

Need to work, but never want to leave home? This unique property offers a rare opportunity for investors, entrepreneurs, or anyone looking to create a live-work setup. The main level is ideal for a commercial storefront, office, studio, or small business, while the upstairs apartment and additional rear apartment open the door to rental income or multi-generational living. The building needs work, but the bones and layout provide a strong foundation for your vision. With some renovation and creativity, this could become a standout mixed-use property in a great location right across from the rec center, round house, and high school. apartment upstairs is 3 bedroom 1 bath, apartment on back

Key facts

• Live-work setup
• Mixed-use property
• Rental income

Tags

• LIVE-WORK SETUP
• COMMERCIAL STOREFRONT
• RENTAL INCOME
• MULTI-GENERATIONAL LIVING
• MIXED-USE PROPERTY
• ZONED B1 NEIGHBORHOOD BUSINESS

Property features AI

Finance

• Other: Lot size approximately 0.1435 acres; No existing sublease reported
• Financial info: Annual property tax approximately $1,286 (2024)

Exterior

• Utilities: Public water; Electric service by Ameren
• Home design: Residential income property (2-4 units); Above-grade finished area approximately 2,555
• Construction: Vinyl siding
• Exterior features: Public water

Interior

• Bedrooms: No bedrooms on main or upper levels
• Bathrooms: No bathrooms on main or upper levels
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Forced air heating; No central cooling

What this means for you Summary

Snapshot

• This is a multifamily listed at $88k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $83k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 5.9% in Wood River — 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 75/100 on livability (#214 in IL, #4,027 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities C-, commute D+, employment D+.
• 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: 33 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $612 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,190 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 2.72% ✓
• Cap rate: 23.82%
• Cash-on-cash: 62.58%
• DSCR: 3.78
• GRM: 3.1

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: 61.5%
• Equity multiple: 3.74×
• Total profit: $68,003
• Equity at exit: $13,196

10-year hold

• IRR: 66.1%
• Equity multiple: 7.67×
• Total profit: $165,347
• Equity at exit: $7,652

Cash invested: $24,780 (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 62095

• Home prices YoY: -22.9%
• Active inventory: 33
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,410 medium
• Mortgage (P&I): −$464
• Tax est. 1.5%: −$111 /mo · $1,328/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $1,292

Break-even live

Break-even rent $774

Max offer price $88,500

Occupancy floor 41%

Sensitivity live

Price	-10% $1,353	-5% $1,323	+0% $1,292	+5% $1,262	+10% $1,231
Rent	-10% $1,102	-5% $1,197	+0% $1,292	+5% $1,387	+10% $1,483
Rate	-1.0pp $1,337	-0.5pp $1,315	base $1,292	+0.5pp $1,269	+1.0pp $1,246

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,471
1× unit	0	0	$939
Total (2 units)			$2,410

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: $22,125
• Closing costs: $2,655
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $88,500 Active 78 DOM
2. 2026-06-17
   days on market $88,500 Active 77 DOM
3. 2026-06-16
   days on market $88,500 Active 76 DOM
4. 2026-06-15
   days on market $88,500 Active 75 DOM
5. 2026-06-13
   days on market $88,500 Active 73 DOM
6. 2026-06-13
   days on market $88,500 Active 72 DOM
7. 2026-06-09
   days on market $88,500 Active 69 DOM
8. 2026-06-08
   days on market $88,500 Active 68 DOM
9. 2026-06-07
   days on market $88,500 Active 67 DOM
10. 2026-06-03
    days on market $88,500 Active 63 DOM
11. 2026-06-02
    days on market $88,500 Active 62 DOM
12. 2026-06-01
    days on market $88,500 Active 61 DOM
13. 2026-05-31
    days on market $88,500 Active 60 DOM
14. 2026-04-29
    price $88,500
15. 2026-04-01
    listed $93,500 Active

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

Taxation est. · year 1

• Rental income: $28,920
• − Mortgage interest: −$4,957
• − Property taxes: −$1,328
• − Insurance: −$442
• − Repairs & maintenance: −$2,314
• − Management: −$2,314
• − Depreciation: −$2,575
• Taxable income: $14,991
• Est. tax owed @ 24.0%: −$3,598
• After-tax cash flow: $11,910/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.

Condition & rehab AI · 14 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and renovations to bring it up to a livable condition. The extensive work needed includes painting, flooring replacement, window replacement, HVAC system replacement, and landscaping. Once completed, the property could be a great investment opportunity for investors looking to create a live-work setup or rental income.

Repairs flagged

• Major Exposed wiring in kitchen — poses a safety hazard and needs immediate attention.
• Major Exposed plumbing in bathrooms — poses a safety hazard and needs immediate attention.
• Major Missing windows — poses a safety hazard and needs immediate attention.
• Major Exposed subflooring in bathrooms — poses a safety hazard and needs immediate attention.
• Major Exposed drywall in interior walls — poses a safety hazard and needs immediate attention.
• Major Exposed wiring in kitchen — poses a safety hazard and needs immediate attention.
• Major Exposed plumbing in bathrooms — poses a safety hazard and needs immediate attention.
• Major Exposed subflooring in bathrooms — poses a safety hazard and needs immediate attention.
• Major Exposed drywall in interior walls — poses a safety hazard and needs immediate attention.

Value-add opportunities

• Resale Painting and repainting — Fresh paint can make a significant difference in the home's appearance and value.
• Resale Flooring replacement — New flooring can improve the home's appearance and functionality.
• Resale Window replacement — New windows can improve the home's appearance and energy efficiency.
• Resale HVAC system replacement — A new HVAC system can improve the home's comfort and energy efficiency.
• Both Landscaping — A well-maintained landscape can improve the home's curb appeal and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring in kitchen · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed plumbing in bathrooms · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Missing windows · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed subflooring in bathrooms · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed drywall in interior walls · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed wiring in kitchen · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed plumbing in bathrooms · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed subflooring in bathrooms · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Exposed drywall in interior walls · poses a safety hazard and needs immediate attention.	Major	$15,000–50,000
Total estimated repair cost · 9 items		$135,000–450,000

Value-add ROI direction

• Resale Painting and repainting — Fresh paint can make a significant difference in the home's appearance and value. ↑
• Resale Flooring replacement — New flooring can improve the home's appearance and functionality. ↑
• Resale Window replacement — New windows can improve the home's appearance and energy efficiency. ↑
• Resale HVAC system replacement — A new HVAC system can improve the home's comfort and energy efficiency. ↑
• Both Landscaping — A well-maintained landscape can improve the home's curb appeal and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Wood River

• Score: 75/100
• State rank: #214
• US rank: #4027

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wood River, IL
• County: Madison County · 189,064 people
• City population: 10,726
• Metro: St. Louis, MO-IL
• Population (ZIP): 10,726
• Household income: $65,013
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 383.0

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 (87%)
• Race & ethnicity: White 87% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -64.69%
• Current HPI: 217.1264
• Rent YoY: —
• Metro: St. Louis, MO-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

-5.3% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $88,500 MARIS as Distributed by MLS Grid
• 2026-04-01 Listed $93,500 MARIS as Distributed by MLS Grid