108-110 E Iroquois St · Freeport, IL 61032

$89,900

6 bd · 2.0 ba · — sqft · Other · 112 Days on market

Built 1922 3,049 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sharp duplex consisting of two 3 BR units. Tenants pay all utilities, you pay taxes and insurance only. Newer roof, ready to make you money. Come see it today !

Key facts

• Brand new deck
• Keypad locks
• Keyless entry

Tags

• WELL-MAINTAINED DUPLEX
• SEPARATE BASEMENTS
• BRAND NEW DECK
• MODERN EXTERIOR LIGHT FIXTURES
• KEYPAD LOCKS
• KEYLESS ENTRY

Property features AI

Finance

• Other: Two units in building; Both units are 3-bedroom, 1-bath layouts; Unit 1 (upper): includes stove, refrigerator, washer and dryer; tenant pays all utilities; rent $850/month; security deposit $700; lease expires April 1, 2026; Unit 2 (upper): includes stove, refrigerator, microwave; tenant pays all utilities; lease expiration N/A
• Financial info: No special service area; Current annual tax information available (tax year 2024)

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-to-four unit property; Fee simple ownership; More than 100 years old; Built before 1978
• Construction: Other construction materials
• Exterior features: Lot smaller than 0.25 acre; Lot dimensions: 3120

Interior

• Kitchen: Stove; Refrigerator; Microwave
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms (building total)
• Heating & cooling: Natural gas heating
• Interior features: Unfinished full basement; 3 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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: schools F, 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.
• Market conditions: 197 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $622 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $61k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1922 — 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. 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.
7. 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.
8. 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: 1.81% ✓
• Cap rate: 14.77%
• Cash-on-cash: 30.29%
• DSCR: 2.35
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 2.03×
• Total profit: $25,939
• Equity at exit: $13,404

10-year hold

• IRR: 32.7%
• Equity multiple: 3.97×
• Total profit: $74,860
• Equity at exit: $7,773

Cash invested: $25,172 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,625 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$140 /mo · $1,674/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $635

Break-even live

Break-even rent $821

Max offer price $89,900

Occupancy floor 56%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 1/2 S Chicago Ave Freeport, IL	5.0	2.0	2672	$1,625	$0.61	43d	1	0.41mi

Listing history 12 events

1. 2026-04-29
   status Pending
2. 2026-04-03
   price $89,900
3. 2026-03-14
   status Active
4. 2026-03-09
   status Pending
5. 2026-03-05
   price $94,900
6. 2026-01-02
   listed $99,900 Active
7. 2025-12-22
   historical
8. 2024-04-04
   historical $825
9. 2024-02-13
   listed $825
10. 2022-04-29
    soldstatus $61,000 160-char remark

    Show marketing remark (160 chars)

    Sharp duplex consisting of two 3 BR units. Tenants pay all utilities, you pay taxes and insurance only. Newer roof, ready to make you money. Come see it today !

11. 2022-02-28
    listed $65,790 160-char remark

    Show marketing remark (160 chars)

    Sharp duplex consisting of two 3 BR units. Tenants pay all utilities, you pay taxes and insurance only. Newer roof, ready to make you money. Come see it today !

12. 2022-02-28
    listed Active

    Show marketing remark (160 chars)

    Sharp duplex consisting of two 3 BR units. Tenants pay all utilities, you pay taxes and insurance only. Newer roof, ready to make you money. Come see it today !

ⓘ 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: $1,674 · $140/mo
• Projected year-2 tax: $1,857 · $155/mo
• Expected delta: +$183/yr (+$15/mo · 11.0%)

ⓘ 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 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: $19,500
• − Mortgage interest: −$5,036
• − Property taxes: −$1,674
• − Insurance: −$450
• − Repairs & maintenance: −$1,560
• − Management: −$1,560
• − Depreciation: −$2,615
• Taxable income: $6,605
• Est. tax owed @ 24.0%: −$1,585
• After-tax cash flow: $6,039/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

+36.6% since first listed

12 events — show timeline

• 2026-04-29 Pending — MRED as Distributed by MLS Grid
• 2026-04-03 Price Changed $89,900 MRED as Distributed by MLS Grid
• 2026-03-14 Relisted — MRED as Distributed by MLS Grid
• 2026-03-09 Pending — MRED as Distributed by MLS Grid
• 2026-03-05 Price Changed $94,900 MRED as Distributed by MLS Grid
• 2026-01-02 Listed $99,900 MRED as Distributed by MLS Grid
• 2025-12-22 Listing Removed — MRED as Distributed by MLS Grid
• 2024-04-04 Rental Removed $825 TURBOTENANT
• 2024-02-13 Listed for Rent $825 TURBOTENANT
• 2022-04-29 Sold (MLS) $61,000 NWIAR
• 2022-02-28 Listed — MRED as Distributed by MLS Grid
• 2022-02-28 Listed $65,790 NWIAR

Property tax history

+25.0%/yr

Latest (2024): $1,674 · +7.3% YoY. Source: county tax records.