901 Washington Ave · Alton, IL 62002

$39,900

4 bd · 1.0 ba · 1,430 sqft · SingleFamily public records · 27 Days on market

Built 1924 5,998 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 +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

* * Investor Opportunity on a Corner Lot in Alton! * * Located on a corner lot in Alton, Illinois, this unique property offers plenty of space, character, and potential. Currently being sold as a single-family residential structure, the home has a layout that may offer flexible living arrangements, with prior use suggesting possible multi-unit potential. Buyers should independently verify zoning and permitted uses with the appropriate local authorities. The main portion of the home features hardwood floors, a spacious living area, dining room, large eat-in kitchen, and multiple bedrooms and baths. Additional areas include a small lower-level one-bedroom apartment-style space, a basement

Key facts

• 5,998 sq ft lot
• Garage
• Built 1924

Property features AI

Finance

• Financial info: Seller may consider concessions; Lease not considered

Exterior

• Parking: Attached garage (garage faces side); 1 garage space, 1 parking total
• Utilities: Public water; Public sewer; Electric service by Ameren; Electricity, natural gas, sewer, and water connected
• Home design: Single-family residence (classified as multi-family structure in records); One and one-half levels; Private ownership; Property listed as fixer condition
• Construction: Aluminum siding; Shingle roof; Block and stone foundation; Built year sourced from public records
• Exterior features: Enclosed patio/porch, front porch, and rear porch; Corner lot; Concrete road frontage on a city street

Interior

• Kitchen: Kitchen(s) present
• Bedrooms: 6 bedrooms total (2 on the main level, 3 on the upper level, 1 on the lower level)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 4 full bathrooms (2 full baths on the main level, 1 full upper-level bath, 1 full lower-level bath)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement with walk-out access; Hardwood and vinyl flooring
• Laundry & utility: Utilities connected: electricity, natural gas, water, sewer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 6.4% in Alton — 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 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime F, amenities D-.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alton High School (math 20% / reading 25%, grade F, #317 of 693 statewide, top 46%, 1,990 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 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 $276 of loan paydown is wiped out by about $1k 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 + 8.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.13% ✓
• Cap rate: 25.41%
• Cash-on-cash: 68.26%
• DSCR: 4.04
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $134,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2306 Mills Ave	0.17mi	3/1.0 (-1)	1,377 (-4%)	1mo	$119,900	$87	80
2316 Sanford Ave	0.07mi	3/1.5 (-1)	1,454 (+2%)	12mo	$165,000	$113	77
1155 Washington Ave	0.28mi	4/2.0	1,566 (+10%)	1mo	$169,000	$108	66
1012 Marie Ave	0.48mi	3/2.0 (-1)	1,497 (+5%)	3mo	$90,000	$60	59
1111 Vernie Ave	0.41mi	3/1.0 (-1)	1,326 (-7%)	10mo	$149,900	$113	56
1305 Clawson St	0.48mi	3/1.0 (-1)	1,345 (-6%)	10mo	$75,000	$56	54
2743 Hillcrest Ave	0.50mi	4/2.0	1,506 (+5%)	13mo	$169,000	$112	53
3013 Mayfield Ave	0.69mi	3/2.0 (-1)	1,400 (-2%)	4mo	$52,500	$38	52
1015 Marie Ave	0.45mi	3/2.0 (-1)	1,344 (-6%)	11mo	$37,500	$28	51
1131 Vernie Ave	0.44mi	3/2.0 (-1)	1,296 (-9%)	12mo	$90,000	$69	45
2616 Hillcrest Ave	0.35mi	3/2.0 (-1)	1,215 (-15%)	9mo	$172,900	$142	42
1516 Spaulding St	0.67mi	3/1.5 (-1)	1,218 (-15%)	6mo	$115,000	$94	32

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 73.8%
• Equity multiple: 4.64×
• Total profit: $40,669
• Equity at exit: $5,949

10-year hold

• IRR: 79.1%
• Equity multiple: 11.55×
• Total profit: $117,809
• Equity at exit: $3,450

Cash invested: $11,172 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,248 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$124 /mo · $1,493/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $636

Break-even live

Break-even rent $443

Max offer price $39,900

Occupancy floor 44%

Sensitivity live

Price	-10% $658	-5% $647	+0% $636	+5% $624	+10% $613
Rent	-10% $537	-5% $586	+0% $636	+5% $685	+10% $734
Rate	-1.0pp $656	-0.5pp $646	base $636	+0.5pp $625	+1.0pp $615

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2222 Brown St Alton, IL	4.0	2.0	1025	$1,050	$1.02	8d	1	0.35mi
2016 Salu St Alton, IL	3.0	1.0	1073	$1,100	$1.03	16d	1	1.22mi
1106 George St Unit 1106 Alton, IL	3.0	1.5	1750	$1,196	$0.68	3d	1	1.44mi

Listing history 16 events

1. 2026-06-18
   days on market $39,900 Active 27 DOM
2. 2026-06-17
   days on market $39,900 Active 26 DOM
3. 2026-06-16
   days on market $39,900 Active 25 DOM
4. 2026-06-15
   days on market $39,900 Active 24 DOM
5. 2026-06-13
   pricedays on market $39,900 Active 22 DOM
6. 2026-06-09
   days on market $48,500 Active 18 DOM
7. 2026-06-08
   days on market $48,500 Active 17 DOM
8. 2026-06-07
   days on market $48,500 Active 16 DOM
9. 2026-06-03
   days on market $48,500 Active 12 DOM
10. 2026-06-02
    days on market $48,500 Active 11 DOM
11. 2026-06-01
    days on market $48,500 Active 10 DOM
12. 2026-05-31
    days on market $48,500 Active 9 DOM
13. 2026-05-21
    historical $48,500
14. 2007-08-02
    soldstatus $175,500
15. 2007-06-18
    soldstatus $350,000
16. 2007-06-18
    soldstatus $350,000

ⓘ 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: $1,493 · $124/mo
• Projected year-2 tax: $1,493 · $124/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,973
• − Mortgage interest: −$2,235
• − Property taxes: −$1,493
• − Insurance: −$200
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$1,161
• Taxable income: $7,490
• Est. tax owed @ 24.0%: −$1,798
• After-tax cash flow: $5,829/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

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 (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

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: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• 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

-86.1% since first listed

4 events — show timeline

• 2026-05-21 Coming Soon $48,500 MARIS as Distributed by MLS Grid
• 2007-08-02 Sold (Public Records) $175,500 Public Records
• 2007-06-18 Sold (Public Records) $350,000 Public Records
• 2007-06-18 Sold (Public Records) $350,000 Public Records

Property tax history

+28.8%/yr

Latest (2024): $1,493 · +6.4% YoY. Source: county tax records.