2508 Hodges Ave · Granite City, IL 62040

$79,500

3 bd · 1.0 ba · 831 sqft · SingleFamily public records · 32 Days on market

Built 1930 3,763 sqft lot Est $78k · at est.

---

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 +6.7/15.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Good Location. move in Ready!! Excellent for single person or a couple. Perfect size for a Retiree. Could be a good Rental Investment.

Key facts

• 3,763 sq ft lot
• Built 1930
• Listed 31 days

Property features AI

Finance

• Financial info: Lease not considered

Exterior

• Utilities: Community water; Public sewer; Single phase electric; Cable available; Electricity connected; Natural gas connected; Phone available; Water connected; Sewer connected
• Home design: Single family residence; One story; Private ownership
• Construction: Brick construction; Architectural shingle roof; Block basement
• Exterior features: Covered patio/porch; Deck; Back yard fencing; City lot, level

Interior

• Kitchen: Electric cooktop; Free‑standing electric oven; Refrigerator
• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Partially finished basement with interior entry, sleeping area, storage space and walk-up access; Bonus room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $485 ($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: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 7.0% in Granite City — 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 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 191 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k 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 + 1.7% 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 32 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,115 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1930 — 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. 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?
6. 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.
7. 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.
8. 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: 1.67% ✓
• Cap rate: 13.62%
• Cash-on-cash: 26.16%
• DSCR: 2.16
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $78,114
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2729 Ralph St	0.28mi	2/1.0 (-1)	861 (+4%)	4mo	$79,900	$93	72
2807 Iowa St	0.42mi	2/1.0 (-1)	848 (+2%)	2mo	$69,500	$82	71
2311 E 25th St	0.23mi	2/2.0 (-1)	896 (+8%)	2mo	$99,000	$110	66
2111 Alexander St	0.60mi	2/1.0 (-1)	816 (-2%)	2mo	$52,050	$64	62
2205 E 24th St	0.39mi	3/1.0	736 (-11%)	5mo	$12,000	$16	58
2823 Marshall Ave	0.68mi	3/1.0	888 (+7%)	3mo	$49,900	$56	55
2428 Iowa St	0.43mi	2/1.0 (-1)	912 (+10%)	5mo	$90,000	$99	54
2653 Grand Ave	0.42mi	2/1.0 (-1)	954 (+15%)	1mo	$142,000	$149	50
2748 Myrtle Ave	0.54mi	2/1.0 (-1)	744 (-10%)	3mo	$70,000	$94	50
2900 Iowa St	0.52mi	2/1.0 (-1)	936 (+13%)	0mo	$114,900	$123	49
2914 Pershing Blvd	0.66mi	3/1.0	912 (+10%)	4mo	$114,900	$126	49
2305 State St	0.70mi	2/1.0 (-1)	771 (-7%)	5mo	$52,900	$69	46

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 1.73×
• Total profit: $16,293
• Equity at exit: $11,854

10-year hold

• IRR: 25.8%
• Equity multiple: 3.12×
• Total profit: $47,085
• Equity at exit: $6,874

Cash invested: $22,260 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 191
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,329 high
• Mortgage (P&I): −$417
• Tax from tax record: −$115 /mo · $1,376/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $485

Break-even live

Break-even rent $715

Max offer price $79,500

Occupancy floor 58%

Sensitivity live

Price	-10% $530	-5% $508	+0% $485	+5% $463	+10% $440
Rent	-10% $380	-5% $433	+0% $485	+5% $538	+10% $590
Rate	-1.0pp $525	-0.5pp $505	base $485	+0.5pp $465	+1.0pp $444

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: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	5d	1	0.15mi
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	8d	1	0.64mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	18d	1	0.68mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	15d	1	0.80mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	44d	1	0.87mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	8d	1	1.16mi

Listing history 17 events

1. 2026-06-21
   days on market $79,500 Active 32 DOM
2. 2026-06-18
   days on market $79,500 Active 29 DOM
3. 2026-06-17
   days on market $79,500 Active 28 DOM
4. 2026-06-16
   days on market $79,500 Active 27 DOM
5. 2026-06-15
   days on market $79,500 Active 26 DOM
6. 2026-06-13
   days on market $79,500 Active 24 DOM
7. 2026-06-13
   days on market $79,500 Active 23 DOM
8. 2026-06-09
   days on market $79,500 Active 20 DOM
9. 2026-06-08
   days on market $79,500 Active 19 DOM
10. 2026-06-07
    days on market $79,500 Active 18 DOM
11. 2026-06-05
    days on market $79,500 Active 15 DOM
12. 2026-06-03
    days on market $79,500 Active 14 DOM
13. 2026-06-02
    days on market $79,500 Active 13 DOM
14. 2026-06-01
    days on market $79,500 Active 12 DOM
15. 2026-05-31
    days on market $79,500 Active 11 DOM
16. 2026-05-20
    status Active
17. 2026-05-19
    listed $79,500 Active

ⓘ 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: $1,376 · $115/mo
• Projected year-2 tax: $1,590 · $133/mo
• Expected delta: +$214/yr (+$18/mo · 15.6%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,948
• − Mortgage interest: −$4,453
• − Property taxes: −$1,376
• − Insurance: −$398
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$2,313
• Taxable income: $4,856
• Est. tax owed @ 24.0%: −$1,166
• After-tax cash flow: $4,657/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

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: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• 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

2 events — show timeline

• 2026-05-20 Relisted — MARIS as Distributed by MLS Grid
• 2026-05-19 Listed $79,500 MARIS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2024): $1,376 · +1.6% YoY. Source: county tax records.