305 W Virginia Ave · Peoria, IL 61603

$38,999

4 bd · 1.0 ba · 2,444 sqft · SingleFamily public records · 14 Days on market

Built 1864 6,969 sqft lot $16/sqft · 70% below area ↓ 40% 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 +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing Potential Awaits! This spacious property offers incredible versatility; ideal as a large single-family home or a potential multifamily duplex, currently residential zoning. Featuring 4 (possibly 5) bedrooms and just under 2,500 sq ft, there’s room to bring your vision to life. Property is fully gutted inside. The main floor includes a bedroom with well-preserved original wood flooring, adding character and charm. Recent updates include electrical, newer HVAC, and some updated windows, helping take care of the big-ticket items. Upstairs, you’ll find a convenient kitchenette, opening the door for multi-generational living or rental potential. 2-car garage and original built-ins throughout the home add both function and timeless appeal. While the property does need some TLC, much of the major work has already been completed, a great opportunity for investors or buyers looking to build equity.

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1864

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $698 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Cap rate 27.8% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($42k/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 $269 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $11k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1864 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,999

Questions for the listing agent

1. Built in 1864 — 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: 3.45% ✓
• Cap rate: 27.77%
• Cash-on-cash: 76.72%
• DSCR: 4.41
• GRM: 2.4

CMA / ARV

• ARV (median comp): $131,535
• List price: $38,999
• Delta: -70.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 W Virginia Ave	0.00mi	4/1.0	2,443 (-0%)	1mo	$33,500	$14	99
2134 N Bigelow St	0.36mi	5/2.0 (+1)	2,402 (-2%)	2mo	$124,000	$52	69
2625 N Linn St	0.11mi	5/2.0 (+1)	2,608 (+7%)	8mo	$128,000	$49	68
714 W Meadows Pl	0.58mi	3/2.0 (-1)	2,416 (-1%)	1mo	$100,000	$41	62
3007 N Sheridan Rd	0.47mi	3/2.0 (-1)	2,489 (+2%)	8mo	$150,000	$60	60
408 W Forrest Hill Ave	0.41mi	3/2.5 (-1)	2,283 (-7%)	4mo	$230,000	$101	55
3227 N Knoxville Ave	0.57mi	4/3.5	2,507 (+3%)	6mo	$300,000	$120	54
502 W Melbourne Ave	0.37mi	3/1.5 (-1)	2,132 (-13%)	6mo	$185,000	$87	49
917 W Brons Ave	0.63mi	3/2.0 (-1)	2,240 (-8%)	1mo	$22,000	$10	47
429 E Frye Ave	0.63mi	5/2.0 (+1)	2,664 (+9%)	1mo	$122,222	$46	46
406 W Lawndale Ave	0.55mi	5/2.0 (+1)	2,100 (-14%)	1mo	$245,000	$117	41
124 E Orchard Pl	0.75mi	3/2.0 (-1)	2,656 (+9%)	8mo	$177,000	$67	35

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 77.4%
• Equity multiple: 4.56×
• Total profit: $38,890
• Equity at exit: $5,815

10-year hold

• IRR: 81.1%
• Equity multiple: 9.63×
• Total profit: $94,203
• Equity at exit: $3,372

Cash invested: $10,920 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,346 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$144 /mo · $1,730/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $698

Break-even live

Break-even rent $462

Max offer price $38,999

Occupancy floor 43%

Sensitivity live

Price	-10% $720	-5% $709	+0% $698	+5% $687	+10% $676
Rent	-10% $592	-5% $645	+0% $698	+5% $751	+10% $804
Rate	-1.0pp $718	-0.5pp $708	base $698	+0.5pp $688	+1.0pp $678

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1806 N Peoria Ave Peoria, IL	4.0	1.5	1668	$894	$0.54	14d	1	0.78mi

Listing history 18 events

1. 2026-05-08
   status Pending 923-char remark

   Show marketing remark (923 chars)

   Amazing Potential Awaits! This spacious property offers incredible versatility; ideal as a large single-family home or a potential multifamily duplex, currently residential zoning. Featuring 4 (possibly 5) bedrooms and just under 2,500 sq ft, there’s room to bring your vision to life. Property is fully gutted inside. The main floor includes a bedroom with well-preserved original wood flooring, adding character and charm. Recent updates include electrical, newer HVAC, and some updated windows, helping take care of the big-ticket items. Upstairs, you’ll find a convenient kitchenette, opening the door for multi-generational living or rental potential. 2-car garage and original built-ins throughout the home add both function and timeless appeal. While the property does need some TLC, much of the major work has already been completed, a great opportunity for investors or buyers looking to build equity.

2. 2026-05-04
   price $38,999 923-char remark

   Show marketing remark (923 chars)

   Amazing Potential Awaits! This spacious property offers incredible versatility; ideal as a large single-family home or a potential multifamily duplex, currently residential zoning. Featuring 4 (possibly 5) bedrooms and just under 2,500 sq ft, there’s room to bring your vision to life. Property is fully gutted inside. The main floor includes a bedroom with well-preserved original wood flooring, adding character and charm. Recent updates include electrical, newer HVAC, and some updated windows, helping take care of the big-ticket items. Upstairs, you’ll find a convenient kitchenette, opening the door for multi-generational living or rental potential. 2-car garage and original built-ins throughout the home add both function and timeless appeal. While the property does need some TLC, much of the major work has already been completed, a great opportunity for investors or buyers looking to build equity.

3. 2026-04-23
   listed $50,000 Active 923-char remark

   Show marketing remark (923 chars)

   Amazing Potential Awaits! This spacious property offers incredible versatility; ideal as a large single-family home or a potential multifamily duplex, currently residential zoning. Featuring 4 (possibly 5) bedrooms and just under 2,500 sq ft, there’s room to bring your vision to life. Property is fully gutted inside. The main floor includes a bedroom with well-preserved original wood flooring, adding character and charm. Recent updates include electrical, newer HVAC, and some updated windows, helping take care of the big-ticket items. Upstairs, you’ll find a convenient kitchenette, opening the door for multi-generational living or rental potential. 2-car garage and original built-ins throughout the home add both function and timeless appeal. While the property does need some TLC, much of the major work has already been completed, a great opportunity for investors or buyers looking to build equity.

4. 2026-04-21
   historical $50,000 923-char remark

   Show marketing remark (923 chars)

   Amazing Potential Awaits! This spacious property offers incredible versatility; ideal as a large single-family home or a potential multifamily duplex, currently residential zoning. Featuring 4 (possibly 5) bedrooms and just under 2,500 sq ft, there’s room to bring your vision to life. Property is fully gutted inside. The main floor includes a bedroom with well-preserved original wood flooring, adding character and charm. Recent updates include electrical, newer HVAC, and some updated windows, helping take care of the big-ticket items. Upstairs, you’ll find a convenient kitchenette, opening the door for multi-generational living or rental potential. 2-car garage and original built-ins throughout the home add both function and timeless appeal. While the property does need some TLC, much of the major work has already been completed, a great opportunity for investors or buyers looking to build equity.

5. 2022-09-20
   soldstatus $40,000
6. 2022-09-16
   soldstatus $40,000 Closed 250-char remark

   Show marketing remark (250 chars)

   Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

7. 2022-08-18
   historical Under Contract 250-char remark

   Show marketing remark (250 chars)

   Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

8. 2022-08-12
   price $42,900 250-char remark

   Show marketing remark (250 chars)

   Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

9. 2022-07-21
   price $45,900 250-char remark

   Show marketing remark (250 chars)

   Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

10. 2022-06-30
    price $49,900 250-char remark

    Show marketing remark (250 chars)

    Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

11. 2022-06-14
    price $54,000 250-char remark

    Show marketing remark (250 chars)

    Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

12. 2022-06-07
    listed $59,000 Active 250-char remark

    Show marketing remark (250 chars)

    Great Investment Property!! This 4 bedroom, 2-story home is a great price for the amount of square feet, plus large 2 car garage, and covered front porch! Updates include furnace (2019), newer A/C, vinyl siding, replacement windows, and roof (2008).

13. 2021-08-06
    historical
14. 2021-08-06
    historical
15. 2021-08-06
    historical
16. 2005-09-16
    soldstatus $54,000
17. 2005-09-15
    soldstatus $54,000
18. 2005-03-04
    listed $65,000

ⓘ 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: $1,730 · $144/mo
• Projected year-2 tax: $1,730 · $144/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 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,148
• − Mortgage interest: −$2,185
• − Property taxes: −$1,730
• − Insurance: −$195
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$1,135
• Taxable income: $8,320
• Est. tax owed @ 24.0%: −$1,997
• After-tax cash flow: $6,381/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• Metro: Peoria, 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

-40.0% since first listed

18 events — show timeline

• 2026-05-08 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-04 Price Changed $38,999 RMLSA as Distributed by MLS Grid
• 2026-04-23 Listed $50,000 RMLSA as Distributed by MLS Grid
• 2026-04-21 Coming Soon $50,000 RMLSA as Distributed by MLS Grid
• 2022-09-20 Sold (Public Records) $40,000 Public Records
• 2022-09-16 Sold (MLS) $40,000 RMLSA as Distributed by MLS Grid
• 2022-08-18 Contingent — RMLSA as Distributed by MLS Grid
• 2022-08-12 Price Changed $42,900 RMLSA as Distributed by MLS Grid
• 2022-07-21 Price Changed $45,900 RMLSA as Distributed by MLS Grid
• 2022-06-30 Price Changed $49,900 RMLSA as Distributed by MLS Grid
• 2022-06-14 Price Changed $54,000 RMLSA as Distributed by MLS Grid
• 2022-06-07 Listed $59,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2005-09-16 Sold (Public Records) $54,000 Public Records
• 2005-09-15 Sold (MLS) $54,000 RMLSA as Distributed by MLS Grid
• 2005-03-04 Listed $65,000 RMLSA as Distributed by MLS Grid

Property tax history

-2.6%/yr

Latest (2024): $1,730 · +4.8% YoY. Source: county tax records.