83 Garfield Ave · Galesburg, IL 61401

$23,000

4 bd · 2.0 ba · 974 sqft · SingleFamily public records · 42 Days on market

Built 1894 0.25 ac lot

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Why this score? — see what drove the C 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• 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

Submit All Offers on Auction Dot Com Great Opportunity in Galesburg! Spacious 4-bedroom, 2 full bathroom home offering a functional layout with one bedroom on the main level and three additional bedrooms upstairs-perfect for flexible living arrangements. This property features a full basement for added storage or potential finishing, 1st floor laundry along with a detached 2-car garage. Recently leased to the owner's son, offering immediate occupancy flexibility depending on buyer needs. Solid home with a roof replaced in 2014. Being sold AS-IS, making it an excellent opportunity for investors or buyers looking to add value with updates and personal touches. Don't miss this chance to own a well-sized home with great potential!

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1894

🔨 Auction listing. The $23,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $98,522 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $23k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $23k).
• Recommended offer: $22k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: 198 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $681 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y 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 $5k; list at $23k implies a 360% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,310 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 1.11% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 7.5

CMA / ARV

• ARV (median comp): $98,522
• List price: $23,000
• Delta: -76.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
544 W Tompkins St	0.24mi	3/2.0 (-1)	1,010 (+4%)	10mo	$17,500	$17	69
580 Lawrence Ave	0.54mi	3/1.5 (-1)	1,000 (+3%)	8mo	$120,500	$121	56
1286 W Losey St	0.71mi	3/1.0 (-1)	1,057 (+8%)	1mo	$112,000	$106	43
1123 W Losey St	0.63mi	3/2.0 (-1)	1,094 (+12%)	12mo	$115,000	$105	35
818 Olive St	0.64mi	3/1.0 (-1)	1,040 (+7%)	20mo	$113,000	$109	33
1489 W Main St	0.72mi	3/1.5 (-1)	1,120 (+15%)	3mo	$120,000	$107	32
732 Hawkinson Ave	0.68mi	3/2.0 (-1)	1,104 (+13%)	13mo	$112,000	$101	30
909 Olive St	0.69mi	3/1.0 (-1)	1,056 (+8%)	23mo	$140,000	$133	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $466
• Equity at exit: $14,690

10-year hold

• IRR: 10.1%
• Equity multiple: 1.78×
• Total profit: $21,485
• Equity at exit: $8,518

Cash invested: $27,586 (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: 198
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$517
• Tax from tax record: −$51 /mo · $614/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $258

Break-even live

Break-even rent $771

Max offer price $98,522

Occupancy floor 71%

Sensitivity live

Price	-10% $314	-5% $286	+0% $258	+5% $231	+10% $203
Rent	-10% $172	-5% $215	+0% $258	+5% $302	+10% $345
Rate	-1.0pp $308	-0.5pp $283	base $258	+0.5pp $233	+1.0pp $207

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: $24,630
• Closing costs: $2,956
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-02
   pricestatusdays on market $23,000 Pending 42 DOM
2. 2026-06-01
   days on market $5,000 Auction 41 DOM
3. 2026-05-31
   days on market $5,000 Auction 40 DOM
4. 2026-05-31
   days on market $5,000 Auction 39 DOM
5. 2026-04-22
   price $5,000 736-char remark

   Show marketing remark (736 chars)

   Submit All Offers on Auction Dot Com Great Opportunity in Galesburg! Spacious 4-bedroom, 2 full bathroom home offering a functional layout with one bedroom on the main level and three additional bedrooms upstairs-perfect for flexible living arrangements. This property features a full basement for added storage or potential finishing, 1st floor laundry along with a detached 2-car garage. Recently leased to the owner's son, offering immediate occupancy flexibility depending on buyer needs. Solid home with a roof replaced in 2014. Being sold AS-IS, making it an excellent opportunity for investors or buyers looking to add value with updates and personal touches. Don't miss this chance to own a well-sized home with great potential!

6. 2026-04-21
   listed $23,000 Active 736-char remark

   Show marketing remark (736 chars)

   Submit All Offers on Auction Dot Com Great Opportunity in Galesburg! Spacious 4-bedroom, 2 full bathroom home offering a functional layout with one bedroom on the main level and three additional bedrooms upstairs-perfect for flexible living arrangements. This property features a full basement for added storage or potential finishing, 1st floor laundry along with a detached 2-car garage. Recently leased to the owner's son, offering immediate occupancy flexibility depending on buyer needs. Solid home with a roof replaced in 2014. Being sold AS-IS, making it an excellent opportunity for investors or buyers looking to add value with updates and personal touches. Don't miss this chance to own a well-sized home with great potential!

7. 2014-11-21
   soldstatus $4,995 220-char remark

   Show marketing remark (220 chars)

   Freshly painted with new wood floors throughout. first floor laundry. Fenced yard with deck and above ground pool. All pool equipment stays. (IE-Insured with an escrow of $3850.00) ''As-Is'' ''Equal Housing Opportunity''

8. 2014-10-24
   listed $34,560 220-char remark

   Show marketing remark (220 chars)

   Freshly painted with new wood floors throughout. first floor laundry. Fenced yard with deck and above ground pool. All pool equipment stays. (IE-Insured with an escrow of $3850.00) ''As-Is'' ''Equal Housing Opportunity''

9. 2014-10-21
   soldstatus $4,121
10. 2014-05-13
    listed $34,560
11. 2007-11-13
    soldstatus $50,000
12. 2007-11-12
    soldstatus $50,000
13. 2007-09-05
    listed $58,500
14. 1999-04-18
    soldstatus $38,500
15. 1998-12-16
    listed $42,500

ⓘ 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: $614 · $51/mo
• Projected year-2 tax: $614 · $51/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 (unshaded) · 0% 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,174
• − Mortgage interest: −$5,519
• − Property taxes: −$614
• − Insurance: −$493
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$2,866
• Taxable income: $1,575
• Est. tax owed @ 24.0%: −$378
• After-tax cash flow: $2,723/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

-88.2% since first listed

11 events — show timeline

• 2026-04-22 Price Changed $5,000 MRED as Distributed by MLS Grid
• 2026-04-21 Listed $23,000 MRED as Distributed by MLS Grid
• 2014-11-21 Sold (MLS) $4,995 RMLSA as Distributed by MLS Grid
• 2014-10-24 Listed $34,560 RMLSA as Distributed by MLS Grid
• 2014-10-21 Sold (MLS) $4,121 RMLSA as Distributed by MLS Grid
• 2014-05-13 Listed $34,560 RMLSA as Distributed by MLS Grid
• 2007-11-13 Sold (Public Records) $50,000 Public Records
• 2007-11-12 Sold (MLS) $50,000 RMLSA as Distributed by MLS Grid
• 2007-09-05 Listed $58,500 RMLSA as Distributed by MLS Grid
• 1999-04-18 Sold (MLS) $38,500 RMLSA as Distributed by MLS Grid
• 1998-12-16 Listed $42,500 RMLSA as Distributed by MLS Grid

Property tax history

-4.0%/yr

Latest (2024): $614 · -4.3% YoY. Source: county tax records.