2704 N Prospect Rd · Peoria, IL 61603

$99,900

4 bd · 1.0 ba · 1,549 sqft · SingleFamily public records · 3 Days on market

Built 1924 $64/sqft · 31% above area Est $76k · 31% over

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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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +6.5/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Location, charm, and endless potential! This one checks all the boxes. Nestled right on Prospect Road, this classic bungalow offers 4 bedrooms and over 1,500 sq ft of living space with that timeless character you just can't find in new construction. There's even a 2 car detached garage for extra storage or parking. Step outside and you're minutes from the best Peoria and Peoria Heights has to offer, great restaurants, lively nightlife, and local hotspots. Quick interstate access makes getting around a breeze, and downtown Peoria is just a straight shot away. If you love being close to everything, this is your spot!

Key facts

• Classic bungalow
• Minutes from peoria
• Downtown peoria

Tags

• CLASSIC BUNGALOW
• 2 CAR DETACHED GARAGE
• QUICK INTERSTATE ACCESS
• MINUTES FROM PEORIA
• DOWNTOWN PEORIA

Property features AI

Exterior

• Parking: Detached 2-car garage; On-street parking
• Utilities: Public water and public sewer
• Home design: Single family residence; Built in 1924; Total living area approximately 1549
• Construction: Shingle roof; No (not new construction)
• Exterior features: Level lot; Shingle roof; Front porch (approx. 18.11 x 14.3)

Interior

• Kitchen: Kitchen with vinyl flooring
• Bedrooms: 3 bedrooms; Bedroom 1 on Main level (11.8 x 9.6) with egress window; Bedroom 2 on Upper level (14.2 x 13.1) with egress window; Bedroom 3 on Upper level (11.11 x 11.4) with egress window
• Flooring: Hardwood flooring in living areas and most bedrooms; Vinyl flooring in kitchen and office; Other flooring in basement laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Gas water heater
• Interior features: Unfinished basement; Dishwasher, Dryer, Refrigerator, Washer
• Laundry & utility: Laundry room in basement (21.6 x 17.6)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 9.5% 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: 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 (+3.5%/yr); 104 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 3.5% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $99,900

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: 1.15% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.58%
• DSCR: 1.52
• GRM: 7.2

CMA / ARV

• ARV (median comp): $76,125
• List price: $99,900
• Delta: 31.23%
• 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
2704 N Prospect Rd	0.00mi	3/2.0 (-1)	1,549 (0%)	0mo	$110,000	$71	91
1215 E Seneca Pl	0.10mi	3/1.5 (-1)	1,616 (+4%)	4mo	$77,000	$48	78
1016 E Virginia Ave	0.27mi	3/2.5 (-1)	1,427 (-8%)	1mo	$83,000	$58	63
2405 N Atlantic Ave	0.30mi	3/1.0 (-1)	1,388 (-10%)	5mo	$50,000	$36	60
1101 E Elmhurst Ave	0.36mi	3/2.0 (-1)	1,690 (+9%)	1mo	$150,000	$89	58
812 E Seneca Pl	0.37mi	3/3.0 (-1)	1,640 (+6%)	3mo	$161,500	$98	58
3223 N Wisconsin Ave	0.62mi	4/2.0	1,447 (-7%)	1mo	$44,900	$31	55
618 E Virginia Ave	0.61mi	3/1.0 (-1)	1,472 (-5%)	5mo	$87,000	$59	54
904 E Seneca Pl	0.33mi	3/1.5 (-1)	1,765 (+14%)	2mo	$107,000	$61	52
923 E London Ave	0.70mi	3/2.0 (-1)	1,620 (+5%)	0mo	$156,240	$96	50
1203 E Fairoaks Ave	0.50mi	3/2.0 (-1)	1,712 (+10%)	4mo	$140,000	$82	47
3011 N Delaware Ave	0.43mi	3/2.0 (-1)	1,355 (-12%)	4mo	$90,000	$66	47

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.06×
• Total profit: $1,553
• Equity at exit: $14,895

10-year hold

• IRR: 11.5%
• Equity multiple: 1.92×
• Total profit: $25,781
• Equity at exit: $8,638

Cash invested: $27,972 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,148 high
• Mortgage (P&I): −$524
• Tax from tax record: −$72 /mo · $863/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $270

Break-even live

Break-even rent $807

Max offer price $99,900

Occupancy floor 72%

Sensitivity live

Price	-10% $326	-5% $298	+0% $270	+5% $242	+10% $213
Rent	-10% $179	-5% $224	+0% $270	+5% $315	+10% $361
Rate	-1.0pp $320	-0.5pp $295	base $270	+0.5pp $244	+1.0pp $218

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
526 Fairholm Ave Peoria, IL	3.0	2.0	1174	$925	$0.79	44d	1	0.78mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	14d	1	0.84mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	14d	1	0.85mi
1806 N Peoria Ave Peoria, IL	4.0	1.5	1668	$894	$0.54	14d	1	1.16mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	21d	1	1.27mi

Listing history 2 events

1. 2026-05-09
   status Pending 622-char remark
2. 2026-05-06
   listed $99,900 Active 622-char remark

ⓘ 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: $863 · $72/mo
• Projected year-2 tax: $1,565 · $130/mo
• Expected delta: +$702/yr (+$59/mo · 81.4%)

ⓘ 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: $13,782
• − Mortgage interest: −$5,596
• − Property taxes: −$863
• − Insurance: −$500
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$2,906
• Taxable income: $1,712
• Est. tax owed @ 24.0%: −$411
• After-tax cash flow: $2,827/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): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

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 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 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: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• 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

+10.1% since first listed

3 events — show timeline

• 2026-06-08 Sold (MLS) $110,000 RMLSA as Distributed by MLS Grid
• 2026-05-09 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-06 Listed $99,900 RMLSA as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $863 · +136.7% YoY. Source: county tax records.