773 W Homer St · Freeport, IL 61032

$94,900

2 bd · 1.0 ba · 912 sqft · SingleFamily · 9 Days on market

Built 1927 5,663 sqft lot Est $83k · 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 +24.5/30.0
• DSCR +7.9/10.0
• 1% rule +6.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.0/15.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step up to the inviting front porch of this charming home. Inside, the living room flows seamlessly into the dining area, creating an open and welcoming space. To the left side of the home, you'll find two bedrooms and the full bathroom. Toward the back of the dining room is the kitchen which offers access to a rear entry with steps leading to the backyard and a door to the basement. Out the back door you will find a covered landing which the sidewalk then leads you to the one stall detached garage.

Key facts

• Kitchen
• Front porch
• Living room

Tags

• FRONT PORCH
• LIVING ROOM
• DINING AREA
• KITCHEN
• REAR ENTRY
• BACKYARD

Property features AI

Exterior

• Parking: Detached concrete garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence (house); Residential property
• Exterior features: Shingle roof

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Electric cooktop; Refrigerator; Gas water heater; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 8.8% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 197 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% 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.
• 4 sale attempts since 10y 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 $28k; list at $95k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,900

Questions for the listing agent

1. Built in 1927 — 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. 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?
5. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $82,992
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
721 W American St	0.14mi	2/1.0	900 (-1%)	12mo	$60,000	$67	81
520 W American St	0.34mi	2/1.0	924 (+1%)	11mo	$61,000	$66	72
833 W Empire St	0.30mi	3/1.0 (+1)	928 (+2%)	12mo	$110,000	$119	68
1485 S Burchard Ave	0.61mi	2/1.0	919 (+1%)	6mo	$84,000	$91	65
934 Jefferson Dr	0.45mi	3/1.0 (+1)	864 (-5%)	2mo	$100,000	$116	64
436 W Garfield St	0.70mi	2/1.0	914 (+0%)	6mo	$128,500	$141	62
334 W Evelyn St	0.51mi	2/1.0	816 (-10%)	12mo	$72,000	$88	48
1018 W Langdon St	0.73mi	3/1.0 (+1)	875 (-4%)	7mo	$97,850	$112	48
402 N Apple Ave	0.60mi	3/1.0 (+1)	966 (+6%)	12mo	$86,000	$89	47
325 W Evelyn St	0.54mi	2/1.0	816 (-10%)	12mo	$66,000	$81	47
538 W Addison St	0.42mi	3/1.0 (+1)	1,022 (+12%)	12mo	$41,500	$41	45
516 W Garfield St	0.67mi	2/1.0	1,028 (+13%)	8mo	$120,000	$117	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-2,988
• Equity at exit: $14,150

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $13,388
• Equity at exit: $8,205

Cash invested: $26,572 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 197
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,070 high
• Mortgage (P&I): −$498
• Tax from tax record: −$114 /mo · $1,370/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $194

Break-even live

Break-even rent $825

Max offer price $94,900

Occupancy floor 77%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	43d	1	0.70mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	43d	1	0.70mi
11 1/2 N Van Buren Ave Apt 301 Freeport, IL	1.0	1.0	600	$650	$1.08	43d	1	0.75mi
1436 W American St Freeport, IL	2.0	1.0	714	$1,100	$1.54	43d	1	0.83mi
601 N Winnebago Ave Freeport, IL	3.0	1.0	784	$1,225	$1.56	43d	1	0.96mi
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	43d	1	0.97mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	21d	1	1.04mi
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	1.33mi

Listing history 8 events

1. 2026-06-18
   days on market $94,900 Active 9 DOM
2. 2026-06-17
   days on market $94,900 Active 8 DOM
3. 2026-06-16
   days on market $94,900 Active 7 DOM
4. 2026-06-15
   days on market $94,900 Active 6 DOM
5. 2026-06-13
   days on market $94,900 Active 4 DOM
6. 2026-06-12
   days on market $94,900 Active 3 DOM
7. 2026-06-09
   remarks 504-char remark

   Show marketing remark (504 chars)

   Step up to the inviting front porch of this charming home. Inside, the living room flows seamlessly into the dining area, creating an open and welcoming space. To the left side of the home, you'll find two bedrooms and the full bathroom. Toward the back of the dining room is the kitchen which offers access to a rear entry with steps leading to the backyard and a door to the basement. Out the back door you will find a covered landing which the sidewalk then leads you to the one stall detached garage.

8. 2026-06-09
   listed $94,900 Active 1 DOM

   Show marketing remark (504 chars)

   Step up to the inviting front porch of this charming home. Inside, the living room flows seamlessly into the dining area, creating an open and welcoming space. To the left side of the home, you'll find two bedrooms and the full bathroom. Toward the back of the dining room is the kitchen which offers access to a rear entry with steps leading to the backyard and a door to the basement. Out the back door you will find a covered landing which the sidewalk then leads you to the one stall detached garage.

ⓘ 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: $1,370 · $114/mo
• Projected year-2 tax: $1,762 · $147/mo
• Expected delta: +$392/yr (+$33/mo · 28.6%)

ⓘ 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 ≥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: $12,846
• − Mortgage interest: −$5,316
• − Property taxes: −$1,370
• − Insurance: −$474
• − Repairs & maintenance: −$1,028
• − Management: −$1,028
• − Depreciation: −$2,761
• Taxable income: $869
• Est. tax owed @ 24.0%: −$209
• After-tax cash flow: $2,123/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• 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

+233.0% since first listed

7 events — show timeline

• 2026-06-09 Listed $94,900 MRED as Distributed by MLS Grid
• 2026-06-09 Listed $94,900 NWIAR
• 2025-07-23 Listing Removed — MRED as Distributed by MLS Grid
• 2025-06-25 Listed — MRED as Distributed by MLS Grid
• 2016-10-14 Sold (Public Records) $27,500 Public Records
• 2016-10-13 Sold (MLS) $28,500 NWIAR
• 2016-09-13 Listed $28,500 NWIAR

Property tax history

+1.1%/yr

Latest (2024): $1,370 · +23.5% YoY. Source: county tax records.