615 Central Ave · Alton, IL 62002

$95,000

2 bd · 1.0 ba · 1,284 sqft · SingleFamily · 111 Days on market

Built 1947 2,970 sqft lot $74/sqft · 17% above area Est $82k · 17% 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 +19.8/30.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully renovated and income-producing! This spacious 2 bed, 1 bath home offers over 1,200 sq ft of living space and has been thoughtfully updated throughout. Renovations completed in 2023 include new flooring, fresh paint, a brand-new kitchen, and a new furnace — providing low-maintenance ownership and added peace of mind. Currently operating as a rental, this managed property presents a strong opportunity for investors seeking a turnkey addition to their portfolio. With generous room sizes and a functional layout, this home combines modern updates with reliable rental potential.

Key facts

• Fully renovated
• New furnace
• Fresh paint

Tags

• FULLY RENOVATED
• NEW FLOORING
• FRESH PAINT
• BRAND NEW KITCHEN
• NEW FURNACE
• INCOME PRODUCING

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 $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 6.4% in Alton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime F, amenities D-.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: North Elementary School (math 11% / reading 8%, grade F, #1,603 of 2,056 statewide, top 78%, 603 students, 0% FRL); Alton Middle School (math 10% / reading 11%, grade F, #580 of 665 statewide, top 88%, 1,241 students, 0% FRL); Alton High School (math 20% / reading 25%, grade F, #317 of 693 statewide, top 46%, 1,990 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $20k; list at $95k implies a 375% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 1.03% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.14%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (median comp): $81,511
• List price: $95,000
• Delta: 16.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 Cherry St	0.15mi	3/1.0 (+1)	1,350 (+5%)	4mo	$39,900	$30	76
616 E 8th St	0.37mi	2/1.0	1,212 (-6%)	5mo	$22,000	$18	69
707 Silver St	0.18mi	3/1.0 (+1)	1,100 (-14%)	5mo	$77,500	$70	59
1127 Putnam St	0.32mi	3/1.0 (+1)	1,120 (-13%)	4mo	$39,900	$36	56
1111 Vernie Ave	0.55mi	3/1.0 (+1)	1,326 (+3%)	10mo	$149,900	$113	56
1015 Marie Ave	0.41mi	3/2.0 (+1)	1,344 (+5%)	11mo	$37,500	$28	55
1202 Rock Springs Dr	0.55mi	2/2.0	1,190 (-7%)	6mo	$119,900	$101	53
1213 Diamond St	0.43mi	3/1.0 (+1)	1,115 (-13%)	1mo	$34,900	$31	52
1418 Fletcher St	0.51mi	3/1.0 (+1)	1,110 (-14%)	1mo	$82,500	$74	48
1130 Putnam St	0.33mi	3/1.0 (+1)	1,099 (-14%)	11mo	$77,500	$71	46
301 E 7th St	0.66mi	2/2.0	1,200 (-6%)	10mo	$159,900	$133	46
1418 Cooper St	0.49mi	2/1.0	1,100 (-14%)	10mo	$55,900	$51	45

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-2,952
• Equity at exit: $14,165

10-year hold

• IRR: 11.8%
• Equity multiple: 2.14×
• Total profit: $30,383
• Equity at exit: $8,214

Cash invested: $26,600 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $979 high
• Mortgage (P&I): −$498
• Tax from tax record: −$122 /mo · $1,462/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $114

Break-even live

Break-even rent $835

Max offer price $95,000

Occupancy floor 83%

Sensitivity live

Price	-10% $168	-5% $141	+0% $114	+5% $87	+10% $60
Rent	-10% $37	-5% $75	+0% $114	+5% $153	+10% $191
Rate	-1.0pp $162	-0.5pp $138	base $114	+0.5pp $89	+1.0pp $64

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 Cherry St Alton, IL	2.0	1.0	1000	$895	$0.90	46d	1	0.08mi
1106 George St Unit 1106 Alton, IL	3.0	1.5	1750	$1,196	$0.68	0d	1	0.72mi
2418 Sanford Ave Alton, IL	2.0	1.0	958	$875	$0.91	22d	1	0.96mi
306 Lampert St Alton, IL	2.0	1.0	925	$1,000	$1.08	0d	1	0.98mi
2016 Salu St Alton, IL	3.0	1.0	1073	$1,100	$1.03	18d	1	1.40mi

Listing history 25 events

1. 2026-06-22
   days on market $95,000 Active 111 DOM
2. 2026-06-21
   days on market $95,000 Active 110 DOM
3. 2026-06-18
   days on market $95,000 Active 107 DOM
4. 2026-06-17
   days on market $95,000 Active 106 DOM
5. 2026-06-16
   days on market $95,000 Active 105 DOM
6. 2026-06-15
   days on market $95,000 Active 104 DOM
7. 2026-06-13
   days on market $95,000 Active 102 DOM
8. 2026-06-09
   days on market $95,000 Active 98 DOM
9. 2026-06-08
   days on market $95,000 Active 97 DOM
10. 2026-06-07
    days on market $95,000 Active 96 DOM
11. 2026-06-03
    days on market $95,000 Active 92 DOM
12. 2026-06-02
    days on market $95,000 Active 91 DOM
13. 2026-06-01
    days on market $95,000 Active 90 DOM
14. 2026-05-31
    days on market $95,000 Active 89 DOM
15. 2026-03-03
    listed $95,000 Active 592-char remark

    Show marketing remark (592 chars)

    Fully renovated and income-producing! This spacious 2 bed, 1 bath home offers over 1,200 sq ft of living space and has been thoughtfully updated throughout. Renovations completed in 2023 include new flooring, fresh paint, a brand-new kitchen, and a new furnace — providing low-maintenance ownership and added peace of mind. Currently operating as a rental, this managed property presents a strong opportunity for investors seeking a turnkey addition to their portfolio. With generous room sizes and a functional layout, this home combines modern updates with reliable rental potential.

16. 2023-09-18
    soldstatus $20,000
17. 2023-09-15
    status Pending 150-char remark

    Show marketing remark (150 chars)

    Contractor special. This home is priced to sell. With the right tools this would be a great property again. Sold as is. Call you favorite agent today.

18. 2023-09-08
    soldstatus Closed 150-char remark

    Show marketing remark (150 chars)

    Contractor special. This home is priced to sell. With the right tools this would be a great property again. Sold as is. Call you favorite agent today.

19. 2023-08-08
    historical Active Under Contract 150-char remark

    Show marketing remark (150 chars)

    Contractor special. This home is priced to sell. With the right tools this would be a great property again. Sold as is. Call you favorite agent today.

20. 2023-07-14
    listed $24,900 Active 150-char remark

    Show marketing remark (150 chars)

    Contractor special. This home is priced to sell. With the right tools this would be a great property again. Sold as is. Call you favorite agent today.

21. 2023-07-07
    historical $24,900 150-char remark

    Show marketing remark (150 chars)

    Contractor special. This home is priced to sell. With the right tools this would be a great property again. Sold as is. Call you favorite agent today.

22. 2021-07-19
    soldstatus Closed
23. 2021-07-01
    status Pending
24. 2021-06-25
    listed $45,000 Active
25. 1993-07-27
    soldstatus $28,500

ⓘ 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: $1,462 · $122/mo
• Projected year-2 tax: $1,809 · $151/mo
• Expected delta: +$347/yr (+$29/mo · 23.8%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 20 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,748
• − Mortgage interest: −$5,321
• − Property taxes: −$1,462
• − Insurance: −$475
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,764
• Taxable loss: −$153
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $1,403/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

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 (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

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: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• 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

+233.3% since first listed

11 events — show timeline

• 2026-03-03 Listed $95,000 MARIS as Distributed by MLS Grid
• 2023-09-18 Sold (Public Records) $20,000 Public Records
• 2023-09-15 Pending — MARIS as Distributed by MLS Grid
• 2023-09-08 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2023-08-08 Contingent — MARIS as Distributed by MLS Grid
• 2023-07-14 Listed $24,900 MARIS as Distributed by MLS Grid
• 2023-07-07 Coming Soon $24,900 MARIS as Distributed by MLS Grid
• 2021-07-19 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2021-07-01 Pending — MARIS as Distributed by MLS Grid
• 2021-06-25 Listed $45,000 MARIS as Distributed by MLS Grid
• 1993-07-27 Sold (Public Records) $28,500 Public Records

Property tax history

+8.2%/yr

Latest (2024): $1,462 · +6.4% YoY. Source: county tax records.