2328 E 24th St · Granite City, IL 62040

$79,900

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 9 Days on market

Built 1923 6,098 sqft lot Est $70k · 14% over

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Why this score? — see what drove the D 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 +19.9/30.0
• DSCR +6.3/10.0
• 1% rule +5.5/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank owned 3BR home, being sold in as is condition only.

Key facts

• 6,098 sq ft lot
• Built 1923
• Listed 8 days

Property features AI

Finance

• Other: Property listed as residential single-family; No pool; No other structures
• Financial info: Lease not considered; No second mortgage indicated
• HOA & community: No homeowner association info provided

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric service by Ameren; Cable available; Electricity, sewer and water connected
• Home design: Single-family residence; One and one-half levels; Fixer condition
• Construction: Vinyl siding; Architectural shingle roof; Concrete perimeter foundation; Built area recorded at 1,248 above grade
• Exterior features: Enclosed patio/porch; Level lot; Concrete road frontage; City street access; Sidewalks

Interior

• Kitchen: Includes oven, range and refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Oven, Range, Refrigerator; No fireplace
• Laundry & utility: Separate laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($839 rent vs $80k).

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); 194 active listings in the ZIP; 5 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).
• This rent is only 17% of the median local income ($60k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $79,900

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.05% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $69,888
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 Bromley Ave	0.17mi	2/1.0	616 (-1%)	18mo	$40,000	$65	75
2435 Washington Ave	0.21mi	3/2.0 (+1)	648 (+4%)	4mo	$95,000	$147	72
2622 Lincoln Ave	0.37mi	2/1.0	656 (+5%)	13mo	$50,000	$76	64
2625 Hodges Ave	0.42mi	1/1.0 (-1)	640 (+3%)	17mo	$24,900	$39	57
2442 Sheridan Ave	0.27mi	2/1.0	700 (+12%)	16mo	$89,000	$127	54
2511 Washington Ave	0.23mi	2/1.0	714 (+14%)	21mo	$79,900	$112	48
2853 Ralph St	0.67mi	2/1.0	672 (+8%)	12mo	$115,000	$171	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: -9.8%
• Equity multiple: 0.65×
• Total profit: $-7,924
• Equity at exit: $11,913

10-year hold

• IRR: -2.4%
• Equity multiple: 0.85×
• Total profit: $-3,371
• Equity at exit: $6,908

Cash invested: $22,372 (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: 194
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $839 high
• Mortgage (P&I): −$419
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $96

Break-even live

Break-even rent $717

Max offer price $79,900

Occupancy floor 84%

Sensitivity live

Price	-10% $141	-5% $119	+0% $96	+5% $73	+10% $51
Rent	-10% $30	-5% $63	+0% $96	+5% $129	+10% $162
Rate	-1.0pp $136	-0.5pp $116	base $96	+0.5pp $75	+1.0pp $54

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1215 22nd St Unit 1223 Granite City, IL	1.0	1.0	600	$550	$0.92	22d	1	0.67mi
1215 22nd St Unit 1227 Granite City, IL	1.0	1.0	600	$600	$1.00	44d	1	0.67mi
2734 Center St Unit D Granite City, IL	1.0	1.0	680	$1,025	$1.51	13d	1	0.98mi
1709 Edison Ave Unit 1709 Granite City, IL	1.0	1.0	700	$800	$1.14	15d	1	1.19mi
2000 Meridian Ave Granite City, IL	1.0	1.0	488	$950	$1.95	15d	1	1.46mi

Listing history 13 events

1. 2026-06-18
   days on market $79,900 Active 9 DOM
2. 2026-06-17
   days on market $79,900 Active 8 DOM
3. 2026-06-16
   days on market $79,900 Active 7 DOM
4. 2026-06-15
   days on market $79,900 Active 6 DOM
5. 2026-06-13
   days on market $79,900 Active 4 DOM
6. 2026-06-13
   statusdays on market $79,900 Active 3 DOM
7. 2026-06-09
   days on market $79,900 Coming Soon 8 DOM
8. 2026-06-08
   days on market $79,900 Coming Soon 7 DOM
9. 2026-06-07
   days on market $79,900 Coming Soon 6 DOM
10. 2026-06-05
    days on market $79,900 Coming Soon 3 DOM
11. 2026-06-03
    days on market $79,900 Coming Soon 2 DOM
12. 2026-06-02
    remarks 463-char remark
13. 2026-06-02
    listed $79,900 Coming Soon 1 DOM

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,593 · $133/mo
• Expected delta: +$221/yr (+$18/mo · 16.1%)

ⓘ 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 6/10 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: $10,064
• − Mortgage interest: −$4,476
• − Property taxes: −$1,372
• − Insurance: −$400
• − Repairs & maintenance: −$805
• − Management: −$805
• − Depreciation: −$2,324
• Taxable loss: −$118
• Est. tax savings @ 24.0%: +$28
• After-tax cash flow: $1,179/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

+11.7% since first listed

5 events — show timeline

• 2026-06-01 Coming Soon $79,900 MARIS as Distributed by MLS Grid
• 2014-03-21 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2014-02-27 Listed $8,000 MARIS as Distributed by MLS Grid
• 2009-12-31 Sold (Public Records) $362,000 Public Records
• 1996-12-12 Sold (Public Records) $71,500 Public Records

Property tax history

+0.6%/yr

Latest (2024): $1,372 · +1.5% YoY. Source: county tax records.