1768 S Hance Dr #8 · Freeport, IL 61032

$61,900

2 bd · 1.0 ba · 875 sqft · Condo · 94 Days on market

Built 1981 $71/sqft · 8% below area Est $68k · 8% under $150/mo HOA · 15% of rent

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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 +23.2/30.0
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +7.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Second floor unit, 2 bedroom, 1 bath condo, eat-in kitchen, nice size Living Rm. Wall A/C. Laundry & storage room in the building. One car detached garage. plus one parking space in the back lot. tenant pays electricity. Great location, stores and restaurants within walking distance.

Key facts

• Large living rm
• Eat-in kitchen
• $150 HOA

Tags

• EAT-IN KITCHEN
• LARGE LIVING RM
• LAUNDRY & STORAGE ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($971 rent vs $62k).
• Recommended offer: $56k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $428 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.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $28k; list at $62k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $56,329 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
9. 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.
10. 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: 1.57% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.75%
• DSCR: 1.34
• GRM: 5.3

CMA / ARV

• ARV (median comp): $67,644
• List price: $61,900
• Delta: -8.49%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-2,750
• Equity at exit: $9,229

10-year hold

• IRR: 5.7%
• Equity multiple: 1.43×
• Total profit: $7,409
• Equity at exit: $5,352

Cash invested: $17,332 (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: 5.3×

Monthly cashflow live

• Estimated rent: $971 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$26
• HOA: −$150
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $112

Break-even live

Break-even rent $830

Max offer price $61,900

Occupancy floor 83%

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	43d	1	0.04mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	43d	1	0.51mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	43d	1	0.51mi
1436 W American St Freeport, IL	2.0	1.0	714	$1,100	$1.54	43d	1	1.08mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $61,900 Active 94 DOM
2. 2026-06-17
   days on market $61,900 Active 93 DOM
3. 2026-06-16
   days on market $61,900 Active 92 DOM
4. 2026-06-15
   days on market $61,900 Active 91 DOM
5. 2026-06-13
   days on market $61,900 Active 89 DOM
6. 2026-06-12
   days on market $61,900 Active 88 DOM
7. 2026-06-09
   days on market $61,900 Active 85 DOM
8. 2026-06-08
   days on market $61,900 Active 84 DOM
9. 2026-06-07
   days on market $61,900 Active 83 DOM
10. 2026-06-07
    days on market $61,900 Active 82 DOM
11. 2026-06-04
    days on market $61,900 Active 79 DOM
12. 2026-06-02
    days on market $61,900 Active 78 DOM
13. 2026-06-01
    days on market $61,900 Active 77 DOM
14. 2026-05-31
    days on market $61,900 Active 76 DOM
15. 2026-05-31
    days on market $61,900 Active 75 DOM
16. 2026-03-15
    listed $61,900 Active 292-char remark

    Show marketing remark (292 chars)

    Second floor unit, 2 bedroom, 1 bath condo, eat-in kitchen, nice size Living Rm. Wall A/C. Laundry & storage room in the building. One car detached garage. plus one parking space in the back lot. tenant pays electricity. Great location, stores and restaurants within walking distance.

17. 2018-06-01
    soldstatus $27,900 342-char remark

    Show marketing remark (342 chars)

    This two bedroom, one bath upper condo needs paint and carpet but has a great layout. Newer glass sliding door, newer windows. Condo has its own deck. Large kitchen has dishwasher, stove, and refrigerator. One stall garage with unit. Laundry room for everyone's use and individual storage lockers on main floor level. Dues are $100 per month.

18. 2018-06-01
    soldstatus $26,505

    Show marketing remark (342 chars)

    This two bedroom, one bath upper condo needs paint and carpet but has a great layout. Newer glass sliding door, newer windows. Condo has its own deck. Large kitchen has dishwasher, stove, and refrigerator. One stall garage with unit. Laundry room for everyone's use and individual storage lockers on main floor level. Dues are $100 per month.

19. 2018-05-11
    listed $27,900 342-char remark

    Show marketing remark (342 chars)

    This two bedroom, one bath upper condo needs paint and carpet but has a great layout. Newer glass sliding door, newer windows. Condo has its own deck. Large kitchen has dishwasher, stove, and refrigerator. One stall garage with unit. Laundry room for everyone's use and individual storage lockers on main floor level. Dues are $100 per month.

ⓘ 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: $1,861 · $155/mo
• Projected year-2 tax: $1,861 · $155/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 ≥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: $11,656
• − Mortgage interest: −$3,467
• − Property taxes: −$1,861
• − Insurance: −$310
• − Repairs & maintenance: −$932
• − Management: −$932
• − HOA: −$1,800
• − Depreciation: −$1,801
• Taxable income: $553
• Est. tax owed @ 24.0%: −$133
• After-tax cash flow: $1,210/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

+121.9% since first listed

4 events — show timeline

• 2026-03-15 Listed $61,900 MRED as Distributed by MLS Grid
• 2018-06-01 Sold (Public Records) $26,505 Public Records
• 2018-06-01 Sold (MLS) $27,900 NWIAR
• 2018-05-11 Listed $27,900 NWIAR

Property tax history

+17.6%/yr

Latest (2024): $1,861 · +21.8% YoY. Source: county tax records.