2223 N Sheridan Rd · Peoria, IL 61604

$49,900

2 bd · 1.0 ba · 1,003 sqft · SingleFamily public records · 2 Days on market

Built 1924 4,356 sqft lot Est $61k · 18% 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 +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bed, 1 bath charmer on a corner lot in the heart of Peoria! This home has so much potential for you to come make it your own inside and out. New Furnace, A/C, and Mini split in 2023. Contact your Realtor today to schedule a showing! Home is sold strictly "As Is" with no repairs to be made by the seller.

Key facts

• 4,356 sq ft lot
• Parking
• Built 1924

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Parking pad (no garage)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1924
• Construction: Shingle roof
• Exterior features: Corner, level lot; Paved road access

Interior

• Kitchen: Refrigerator included
• Bedrooms: 3 bedrooms; Primary bedroom on upper level; Second bedroom on main level; Third bedroom on main level
• Flooring: Laminate flooring (one bedroom); Hardwood flooring (bedrooms, living and dining areas); Carpet (one bedroom); Vinyl (kitchen)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Forced air heating; Electric heating; Gas water heater
• Interior features: Ceiling fan(s); Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 17.0% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dr. C.T. Vivian Primary School (math 2% / reading 8%, grade F, #1,741 of 2,056 statewide, top 93%, 354 students, 0% FRL); Sterling Middle School (math 0% / reading 4%, grade F, #664 of 665 statewide, top 100%, 385 students, 0% FRL); Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.3%/yr); 180 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

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.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $35k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1924 — 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. 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?
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: 2.06% ✓
• Cap rate: 16.97%
• Cash-on-cash: 38.14%
• DSCR: 2.70
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $61,183
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2314 N Ellis St	0.11mi	2/1.0	928 (-8%)	3mo	$18,500	$20	80
1126 Thrush Ave	0.38mi	2/1.0	952 (-5%)	1mo	$62,500	$66	73
614 W Loucks Ave	0.27mi	3/1.0 (+1)	949 (-5%)	2mo	$38,500	$41	72
2211 N Ellis St	0.07mi	3/1.0 (+1)	1,127 (+12%)	1mo	$33,000	$29	70
617 W Hanssler Pl	0.38mi	3/1.0 (+1)	952 (-5%)	2mo	$65,000	$68	67
804 W Maywood Ave	0.55mi	3/1.0 (+1)	973 (-3%)	1mo	$134,000	$138	64
1324 W Gilbert Ave	0.73mi	2/1.0	1,016 (+1%)	3mo	$38,520	$38	62
1708 N Machin Ave	0.52mi	3/1.0 (+1)	1,075 (+7%)	3mo	$60,650	$56	57
1214 W Brons Ave	0.42mi	2/1.0	864 (-14%)	2mo	$34,900	$40	56
1131 W Nowland Ave	0.39mi	1/1.0 (-1)	880 (-12%)	0mo	$53,500	$61	56
112 E Gift Ave	0.64mi	3/2.0 (+1)	971 (-3%)	2mo	$90,000	$93	54
1126 W Gilbert Ave	0.63mi	2/1.0	878 (-12%)	2mo	$89,900	$102	48

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 · 2.3% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.40×
• Total profit: $19,508
• Equity at exit: $7,440

10-year hold

• IRR: 40.0%
• Equity multiple: 4.62×
• Total profit: $50,618
• 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 61604

• Home prices YoY: -24.6%
• Rents YoY: 2.3%
• Active inventory: 180
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,028 high
• Mortgage (P&I): −$262
• Tax from tax record: −$85 /mo · $1,024/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $444

Break-even live

Break-even rent $466

Max offer price $49,900

Occupancy floor 52%

Sensitivity live

Price	-10% $472	-5% $458	+0% $444	+5% $430	+10% $416
Rent	-10% $363	-5% $403	+0% $444	+5% $485	+10% $525
Rate	-1.0pp $469	-0.5pp $457	base $444	+0.5pp $431	+1.0pp $418

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: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2207 N Ellis St Peoria, IL	2.0	1.0	864	$999	$1.16	14d	1	0.09mi
812 W Macqueen Ave Peoria, IL	2.0	1.0	822	$795	$0.97	45d	1	0.15mi
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	22d	1	0.16mi
903 W Brons Ave Peoria, IL	3.0	1.0	971	$995	$1.02	45d	1	0.16mi
814 W McClure Ave Peoria, IL	3.0	1.0	1148	$1,100	$0.96	45d	1	0.20mi
913 W McClure Ave Peoria, IL	3.0	1.0	1400	$1,200	$0.86	22d	1	0.27mi
2023 N Underhill St Peoria, IL	3.0	1.0	1050	$1,200	$1.14	14d	1	0.43mi
2210 Knoxville Ave #2212 Peoria, IL	2.0	1.0	1284	$950	$0.74	45d	1	0.55mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	14d	1	0.71mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	45d	1	0.77mi
1413 W Gilbert Ave Peoria, IL	2.0	2.0	1428	$1,500	$1.05	14d	1	0.78mi
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	45d	1	0.82mi
505 E Virginia Ave Peoria, IL	2.0	2.0	1204	$758	$0.63	14d	1	0.85mi
511 W Elizabeth St Unit A Peoria, IL	1.0	1.0	850	$800	$0.94	45d	1	0.89mi
737 E Gift Ave Unit 737 Peoria, IL	2.0	1.0	800	$1,125	$1.41	45d	1	1.07mi
416 W Main St Unit A Peoria, IL	2.0	1.0	1050	$950	$0.90	45d	1	1.09mi
911 N Sheridan Rd Unit A4 Peoria, IL	2.0	1.0	825	$850	$1.03	45d	1	1.15mi
911 N Sheridan Rd Unit a1 Peoria, IL	2.0	1.0	825	$850	$1.03	14d	1	1.15mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	22d	1	1.16mi
1019 N Farmington Rd Unit 1017 Peoria, IL	3.0	1.0	1304	$1,600	$1.23	45d	1	1.35mi
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	14d	1	1.39mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	14d	4	1.41mi
2610 N Renwood Ave Peoria, IL	2.0	1.0	904	$1,300	$1.44	14d	1	1.44mi
811 W Purtscher Dr Peoria, IL	3.0	1.0	864	$1,100	$1.27	45d	1	1.48mi

Listing history 7 events

1. 2026-05-07
   status Pending
2. 2026-05-05
   listed $49,900 Active
3. 2024-10-07
   soldstatus $35,000 Closed 319-char remark

   Show marketing remark (319 chars)

   3 bed, 1 bath charmer on a corner lot in the heart of Peoria! This home has so much potential for you to come make it your own inside and out. New Furnace, A/C, and Mini split in 2023. Contact your Realtor today to schedule a showing! Home is sold strictly "As Is" with no repairs to be made by the seller.

4. 2024-09-24
   status Pending 319-char remark

   Show marketing remark (319 chars)

   3 bed, 1 bath charmer on a corner lot in the heart of Peoria! This home has so much potential for you to come make it your own inside and out. New Furnace, A/C, and Mini split in 2023. Contact your Realtor today to schedule a showing! Home is sold strictly "As Is" with no repairs to be made by the seller.

5. 2024-09-23
   listed $35,000 Active 319-char remark

   Show marketing remark (319 chars)

   3 bed, 1 bath charmer on a corner lot in the heart of Peoria! This home has so much potential for you to come make it your own inside and out. New Furnace, A/C, and Mini split in 2023. Contact your Realtor today to schedule a showing! Home is sold strictly "As Is" with no repairs to be made by the seller.

6. 2021-08-06
   historical
7. 2020-12-04
   soldstatus $47,000

ⓘ 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: $1,024 · $85/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$54/yr (+$5/mo · 5.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,332
• − Mortgage interest: −$2,795
• − Property taxes: −$1,024
• − Insurance: −$250
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$1,452
• Taxable income: $4,839
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $4,168/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 28,313
• Household income: $52,414
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 815.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 29% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.15%
• Current HPI: 165.8838
• Rent YoY: ▲ 2.30%
• Metro: Peoria, 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

+6.2% since first listed

7 events — show timeline

• 2026-05-07 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-05 Listed $49,900 RMLSA as Distributed by MLS Grid
• 2024-10-07 Sold (MLS) $35,000 RMLSA as Distributed by MLS Grid
• 2024-09-24 Pending — RMLSA as Distributed by MLS Grid
• 2024-09-23 Listed $35,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2020-12-04 Sold (Public Records) $47,000 Public Records

Property tax history

-0.0%/yr

Latest (2024): $1,024 · +4.7% YoY. Source: county tax records.