140 Summit St · Rockford, IL 61107

$225,000

24 bd · 16.0 ba · — sqft · MultiFamily · 6 Days on market

Built 1900 5,227 sqft 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
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Fully occupied 4-unit building in a convenient Rockford location just minutes from UW Health and downtown Rockford! This property has two 2-bedroom units and two 1-bedroom units, making it a great addition to any investment portfolio. Recent updates include a new main water line, newer water heaters in 2017 and 2025, newer vinyl windows, and vinyl siding for lower-maintenance ownership. With all units currently occupied, this property provides immediate rental income and long-term investment potential.

Key facts

• New main water line
• Rockford location
• Newer water heaters

Tags

• 4 UNIT BUILDING
• ROCKFORD LOCATION
• NEW MAIN WATER LINE
• NEWER WATER HEATERS
• NEWER VINYL WINDOWS
• VINYL SIDING

Property features AI

Finance

• Other: Special service area: No; Possession at closing
• Financial info: Four-unit building; Current rents listed for units: $750, $800, $750, $750; Some units show security deposit listed as $0; Lease details indicate tenants pay electric and gas

Exterior

• Parking: 2 parking spaces (total)
• Utilities: Public water; Public sewer
• Home design: Two-to-four unit property; Fee simple ownership; 100+ years old; Built before 1978
• Construction: Vinyl siding
• Exterior features: Lot approximately 66 x 84; Less than 0.25 acre lot

Interior

• Kitchen: Each unit equipped with stove and refrigerator
• Bedrooms: 6 bedrooms total; Units include two 2-bedroom units (second floor) and two 1-bedroom units (first floor)
• Bathrooms: 4 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: 18 total rooms; Unfinished full basement
• Laundry & utility: Tenant pays electric and gas for each unit

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $505/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Cap rate 17.1% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: C Henry Bloom Elem School (math 12% / reading 8%, grade F, #1,517 of 2,056 statewide, top 78%, 410 students, 0% FRL); Abraham Lincoln Middle School (math 3% / reading 7%, grade F, #636 of 665 statewide, top 98%, 699 students, 0% FRL); Rockford East High School (math 7% / reading 13%, grade F, #528 of 693 statewide, top 82%, 1,718 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.9%/yr); 157 active listings in the ZIP; solid renter incomes; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $4,402/mo this rent would consume 67% of the median local household income ($79k/yr) (locally 981% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.96% ✓
• Cap rate: 17.07%
• Cash-on-cash: 38.50%
• DSCR: 2.71
• GRM: 4.3

CMA / ARV

• ARV (median comp): $122,610
• List price: $225,000
• Delta: 83.51%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.92% rent growth · sell at horizon

5-year hold

• IRR: 37.8%
• Equity multiple: 2.68×
• Total profit: $105,598
• Equity at exit: $33,548

10-year hold

• IRR: 45.8%
• Equity multiple: 6.01×
• Total profit: $315,748
• Equity at exit: $19,454

Cash invested: $63,000 (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 61107

• Home prices YoY: -20.1%
• Rents YoY: 5.9%
• Active inventory: 157
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $4,402 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$183 /mo · $2,190/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $2,021

Break-even live

Break-even rent $1,843

Max offer price $225,000

Occupancy floor 49%

Sensitivity live

Price	-10% $2,149	-5% $2,085	+0% $2,021	+5% $1,958	+10% $1,894
Rent	-10% $1,674	-5% $1,847	+0% $2,021	+5% $2,195	+10% $2,369
Rate	-1.0pp $2,135	-0.5pp $2,079	base $2,021	+0.5pp $1,963	+1.0pp $1,904

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,318
▸ 2× units	1	1	$2,086
Total (4 units)			$4,402

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-06
   status Pending 506-char remark

   Show marketing remark (507 chars)

   Fully occupied 4-unit building in a convenient Rockford location just minutes from UW Health and downtown Rockford! This property has two 2-bedroom units and two 1-bedroom units, making it a great addition to any investment portfolio. Recent updates include a new main water line, newer water heaters in 2017 and 2025, newer vinyl windows, and vinyl siding for lower-maintenance ownership. With all units currently occupied, this property provides immediate rental income and long-term investment potential.

2. 2026-05-06
   status Pending 507-char remark

   Show marketing remark (507 chars)

   Fully occupied 4-unit building in a convenient Rockford location just minutes from UW Health and downtown Rockford! This property has two 2-bedroom units and two 1-bedroom units, making it a great addition to any investment portfolio. Recent updates include a new main water line, newer water heaters in 2017 and 2025, newer vinyl windows, and vinyl siding for lower-maintenance ownership. With all units currently occupied, this property provides immediate rental income and long-term investment potential.

3. 2026-04-30
   listed $225,000 Active 506-char remark

   Show marketing remark (507 chars)

   Fully occupied 4-unit building in a convenient Rockford location just minutes from UW Health and downtown Rockford! This property has two 2-bedroom units and two 1-bedroom units, making it a great addition to any investment portfolio. Recent updates include a new main water line, newer water heaters in 2017 and 2025, newer vinyl windows, and vinyl siding for lower-maintenance ownership. With all units currently occupied, this property provides immediate rental income and long-term investment potential.

4. 2026-04-30
   listed $225,000 Active 507-char remark

   Show marketing remark (507 chars)

   Fully occupied 4-unit building in a convenient Rockford location just minutes from UW Health and downtown Rockford! This property has two 2-bedroom units and two 1-bedroom units, making it a great addition to any investment portfolio. Recent updates include a new main water line, newer water heaters in 2017 and 2025, newer vinyl windows, and vinyl siding for lower-maintenance ownership. With all units currently occupied, this property provides immediate rental income and long-term investment potential.

5. 2004-07-08
   soldstatus $127,000
6. 2002-04-04
   soldstatus $119,000
7. 2001-10-12
   soldstatus $20,000
8. 1994-06-06
   soldstatus $51,000
9. 1994-06-06
   soldstatus $51,000

ⓘ 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: $2,190 · $183/mo
• Projected year-2 tax: $3,649 · $304/mo
• Expected delta: +$1,459/yr (+$122/mo · 66.6%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $52,824
• − Mortgage interest: −$12,603
• − Property taxes: −$2,190
• − Insurance: −$1,125
• − Repairs & maintenance: −$4,226
• − Management: −$4,226
• − Depreciation: −$6,545
• Taxable income: $21,908
• Est. tax owed @ 24.0%: −$5,258
• After-tax cash flow: $18,999/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 30,765
• Household income: $78,574
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 981.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 15% Black 9% Two or more races 9% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 83% English-only · Spanish 11% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.46%
• Current HPI: 248.8598
• Rent YoY: ▲ 5.92%
• Metro: Rockford, 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

+360.8% since first listed

12 events — show timeline

• 2026-05-29 Sold (Public Records) $235,000 Public Records
• 2026-05-26 Sold (MLS) $235,000 MRED as Distributed by MLS Grid
• 2026-05-26 Sold (MLS) $235,000 NWIAR
• 2026-05-06 Pending — MRED as Distributed by MLS Grid
• 2026-05-06 Pending — NWIAR
• 2026-04-30 Listed $225,000 MRED as Distributed by MLS Grid
• 2026-04-30 Listed $225,000 NWIAR
• 2004-07-08 Sold (Public Records) $127,000 Public Records
• 2002-04-04 Sold (Public Records) $119,000 Public Records
• 2001-10-12 Sold (Public Records) $20,000 Public Records
• 1994-06-06 Sold (Public Records) $51,000 Public Records
• 1994-06-06 Sold (Public Records) $51,000 Public Records

Property tax history

-2.9%/yr

Latest (2025): $2,190 · +14.2% YoY. Source: county tax records.