190 Laurel Ave · Galesburg, IL 61401

$49,900

3 bd · 1.0 ba · 840 sqft · Other public records · 64 Days on market

Built 1896 10,692 sqft lot $59/sqft · 27% below area Est $68k · 27% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't let the word "fixer-upper" fool you — most of the hard work is already done. This 3-bedroom, 1-bathroom home offers an incredible opportunity for owner-occupants and investors alike, with all the major systems already updated, 4 additional lots for over 1/3 of an acre, and priced under $50K! New electrical, plumbing, furnace, water heater, replacement windows, and interior and exterior doors mean you can focus your time and money on the fun stuff - finishes, paint, and making it your own. And the original hardwood floors are already there, adding instant character and charm throughout. Outside, you'll love the oversized double lot - plenty of room to enjoy, entertain, garden, or simply spread out. Outdoor space like this is hard to find at this price point. Whether you're looking for a primary residence with built-in equity potential or your next investment project, this one checks the boxes. Sweat equity opportunities like this don't last long - schedule your showing today.

Key facts

• 0.25 acre lot
• Built 1896
• Listed 63 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.1% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, commute F.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 191 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Knox County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago 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.
• Current owner paid $14k; list at $50k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.17% ✓
• Cap rate: 19.13%
• Cash-on-cash: 45.85%
• DSCR: 3.04
• GRM: 3.8

CMA / ARV

• ARV (median comp): $68,225
• List price: $49,900
• Delta: -26.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 37.6%
• Equity multiple: 2.60×
• Total profit: $22,415
• Equity at exit: $7,440

10-year hold

• IRR: 44.2%
• Equity multiple: 5.21×
• Total profit: $58,891
• Equity at exit: $4,314

Cash invested: $13,972 (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 61401

• Active inventory: 191
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,081 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$21
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $478

Break-even live

Break-even rent $475

Max offer price $49,900

Occupancy floor 51%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $49,900 Active 64 DOM
2. 2026-06-17
   days on market $49,900 Active 63 DOM
3. 2026-06-16
   days on market $49,900 Active 62 DOM
4. 2026-06-16
   status $49,900 Active 61 DOM
5. 2026-05-31
   statusdays on market $49,900 Pending 61 DOM
6. 2026-03-30
   listed $49,900 Active 1013-char remark

   Show marketing remark (1013 chars)

   Don't let the word "fixer-upper" fool you — most of the hard work is already done. This 3-bedroom, 1-bathroom home offers an incredible opportunity for owner-occupants and investors alike, with all the major systems already updated, 4 additional lots for over 1/3 of an acre, and priced under $50K! New electrical, plumbing, furnace, water heater, replacement windows, and interior and exterior doors mean you can focus your time and money on the fun stuff - finishes, paint, and making it your own. And the original hardwood floors are already there, adding instant character and charm throughout. Outside, you'll love the oversized double lot - plenty of room to enjoy, entertain, garden, or simply spread out. Outdoor space like this is hard to find at this price point. Whether you're looking for a primary residence with built-in equity potential or your next investment project, this one checks the boxes. Sweat equity opportunities like this don't last long - schedule your showing today.

7. 2025-12-17
   historical
8. 2021-09-15
   soldstatus $14,000
9. 2021-08-06
   historical
10. 2002-06-17
    soldstatus $17,900
11. 2002-05-11
    listed $19,900

ⓘ 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: $447 · $37/mo
• Projected year-2 tax: $790 · $66/mo
• Expected delta: +$343/yr (+$29/mo · 76.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,966
• − Mortgage interest: −$2,795
• − Property taxes: −$447
• − Insurance: −$916
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$1,452
• Taxable income: $5,282
• Est. tax owed @ 24.0%: −$1,268
• After-tax cash flow: $4,472/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• Rent YoY: —
• Metro: —
• 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

+150.8% since first listed

6 events — show timeline

• 2026-03-30 Listed $49,900 RMLSA as Distributed by MLS Grid
• 2025-12-17 Listing Removed — MRED as Distributed by MLS Grid
• 2021-09-15 Sold (Public Records) $14,000 Public Records
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2002-06-17 Sold (MLS) $17,900 RMLSA as Distributed by MLS Grid
• 2002-05-11 Listed $19,900 RMLSA as Distributed by MLS Grid

Property tax history

+27.5%/yr

Latest (2024): $447 · +0.9% YoY. Source: county tax records.