2242 7th St · Rockford, IL 61104

$175,000

4 bd · 2.0 ba · — sqft · MultiFamily · 2 Days on market

Built 1955 ↓ 47% 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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

Key facts

• All-brick
• Ranch duplex
• Cash flow

Tags

• TURNKEY
• ALL-BRICK
• RANCH DUPLEX
• CORNER LOT
• FULLY RENTED
• CASH FLOW

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.7% 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: Riverdahl Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 561 students, 0% FRL); Rockford Envrnmntl Science Acad (math 0% / reading 7%, grade F, #652 of 665 statewide, top 98%, 1,051 students, 0% FRL); Jefferson High School (math 3% / reading 9%, grade F, #608 of 693 statewide, top 88%, 2,114 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 (+9.7%/yr); 67 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,396/mo this rent would consume 85% of the median local household income ($34k/yr) (locally 1406% 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 $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

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 1955 — 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: 1.37% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.85%
• DSCR: 1.71
• GRM: 6.1

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2242 7th St	0.00mi	4/2.0	—	1mo	$170,000	—	87
2111 S 4th St	0.30mi	4/2.0	—	4mo	$151,000	—	70
2228-2230 10th St	0.29mi	4/2.0	1,188	7mo	$100,000	$84	68
1821 7th St	0.37mi	5/2.0 (+1)	—	2mo	$190,000	—	64
1126 16th Ave	0.51mi	4/2.0	—	0mo	$132,000	—	64
1627 7th St	0.51mi	4/2.0	—	4mo	$115,000	—	60
1611 S 4th St	0.59mi	4/2.0	—	2mo	$170,000	—	58
1825 S 6th St	0.37mi	5/3.0 (+1)	—	9mo	$105,100	—	54
1509 16th Ave	0.62mi	5/2.0 (+1)	—	1mo	$203,000	—	53
2642 9th St	0.49mi	4/4.0	1,497	5mo	$243,600	$163	53
1323 Broadway	0.69mi	3/2.0 (-1)	—	2mo	$75,000	—	48
829 Buckbee St	0.73mi	4/4.0	—	6mo	$160,000	—	41

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: 12.4%
• Equity multiple: 1.52×
• Total profit: $25,588
• Equity at exit: $26,093

10-year hold

• IRR: 25.0%
• Equity multiple: 3.72×
• Total profit: $133,233
• Equity at exit: $15,131

Cash invested: $49,000 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 67
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,396 high
• Mortgage (P&I): −$918
• Tax from tax record: −$255 /mo · $3,059/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $647

Break-even live

Break-even rent $1,577

Max offer price $175,000

Occupancy floor 68%

Sensitivity live

Price	-10% $746	-5% $697	+0% $647	+5% $598	+10% $548
Rent	-10% $458	-5% $553	+0% $647	+5% $742	+10% $837
Rate	-1.0pp $735	-0.5pp $692	base $647	+0.5pp $602	+1.0pp $556

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,396
Total (2 units)			$2,396

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2217 8th St Rockford, IL	3.0	1.0	1260	$1,500	$1.19	44d	1	0.10mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	14d	1	0.58mi
1612 10th St Unit 2 Rockford, IL	3.0	1.0	—	$1,250	—	44d	1	0.61mi
1231 11th Ave Rockford, IL	4.0	1.0	1284	$1,450	$1.13	44d	1	0.85mi
344 Buckbee St Rockford, IL	3.0	2.0	—	$1,300	—	44d	1	0.91mi
1119 9th Ave Unit 1W Rockford, IL	3.0	1.0	1155	$1,600	$1.39	44d	1	0.98mi
1351 7th Ave Rockford, IL	4.0	2.0	1040	$2,000	$1.92	44d	1	1.16mi
713 S 4th St Unit Upper Rockford, IL	4.0	2.0	—	$1,500	—	44d	1	1.20mi
1209 6th Ave Rockford, IL	3.0	1.0	—	$1,500	—	22d	1	1.20mi
1004 15th St Rockford, IL	4.0	1.5	1267	$1,450	$1.14	22d	1	1.27mi
1202 18th St Unit 3 Rockford, IL	3.0	1.0	1500	$1,700	$1.13	14d	1	1.30mi

Listing history 17 events

1. 2026-04-15
   status Pending
2. 2026-04-13
   listed $175,000 Active
3. 2024-09-10
   soldstatus $218,000 Closed 900-char remark

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

4. 2024-09-10
   soldstatus $218,000 Closed

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

5. 2024-07-25
   status Pending 900-char remark

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

6. 2024-07-25
   status Pending

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

7. 2024-07-24
   soldstatus $134,667
8. 2024-07-02
   listed $230,000 Active 900-char remark

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

9. 2024-07-02
   listed $230,000 Active

   Show marketing remark (900 chars)

   Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

10. 2024-07-02
    historical

    Show marketing remark (900 chars)

    Great investment opportunity! This four family has two out of the four units currently rented out at the following rents; unit 1 $650, unit 2 vacant, unit 3 vacant, and unit 4 $730 ($35 of this is pet rent). The following updates have all been done to 1106 22nd within the last two years: new water line coming into the building from the street, new blown in insulation in the attic, all new exterior doors, all new fascia and soffit, all units had the hardwoods refinished, 2 units have new hot water heaters, 4 units have new flooring in the kitchens and 2 out of the 4 units have new flooring in the bathrooms, 3 out of 4 units have new fridges, 1 new stove, 4 units repainted, 4 units have all new light fixtures. New gutters and downspouts were installed in May of 2024 and water issues in the basement are currently being addressed. Will only be showing vacant units until an offer is accepted.

11. 2024-04-29
    status Active
12. 2024-04-26
    status Pending
13. 2024-04-26
    listed Active
14. 2023-08-22
    status Pending
15. 2023-08-22
    historical
16. 2023-08-03
    listed $330,000
17. 2023-08-03
    listed Active

ⓘ 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: $3,059 · $255/mo
• Projected year-2 tax: $3,516 · $293/mo
• Expected delta: +$457/yr (+$38/mo · 14.9%)

ⓘ 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: $28,752
• − Mortgage interest: −$9,803
• − Property taxes: −$3,059
• − Insurance: −$875
• − Repairs & maintenance: −$2,300
• − Management: −$2,300
• − Depreciation: −$5,091
• Taxable income: $5,324
• Est. tax owed @ 24.0%: −$1,278
• After-tax cash flow: $6,489/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): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• 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

-47.0% since first listed

17 events — show timeline

• 2026-04-15 Pending — NWIAR
• 2026-04-13 Listed $175,000 NWIAR
• 2024-09-10 Sold (MLS) $218,000 MRED as Distributed by MLS Grid
• 2024-09-10 Sold (MLS) $218,000 NWIAR
• 2024-07-25 Pending — NWIAR
• 2024-07-25 Pending — MRED as Distributed by MLS Grid
• 2024-07-24 Sold (Public Records) $134,667 Public Records
• 2024-07-02 Listed $230,000 NWIAR
• 2024-07-02 Listing Removed — MRED as Distributed by MLS Grid
• 2024-07-02 Listed $230,000 MRED as Distributed by MLS Grid
• 2024-04-29 Relisted — MRED as Distributed by MLS Grid
• 2024-04-26 Pending — MRED as Distributed by MLS Grid
• 2024-04-26 Listed — MRED as Distributed by MLS Grid
• 2023-08-22 Pending — MRED as Distributed by MLS Grid
• 2023-08-22 Listing Removed — MRED as Distributed by MLS Grid
• 2023-08-03 Listed — MRED as Distributed by MLS Grid
• 2023-08-03 Listed $330,000 SPIBOR

Property tax history

-1.1%/yr

Latest (2024): $3,059 · +0.6% YoY. Source: county tax records.