2321 Washington Ave · Granite City, IL 62040

$140,000

1 bd · 2.0 ba · 600 sqft · SingleFamily public records · 8 Days on market

Built 1918 4,791 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +4.6/30.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Unique opportunity in Granite City! Currently configured as four income-producing units, this versatile property offers multiple possibilities for investors, owner-occupants, or those seeking a multi-generational living arrangement. The main residence features a spacious 2-bedroom, 2-bath layout with a living room, kitchen, and full basement. The upper level offers a separate 1-bedroom, 1-bath living space complete with its own kitchen, breakfast nook, and living area. A detached two-story garage building includes a one-car garage and two additional efficiency-style living spaces, each with a private bath. Currently utilized as four separate rental units, the property generates multiple str

Key facts

• 4,791 sq ft lot
• Garage
• Built 1918

Property features AI

Finance

• Other: No pool; Lease not considered

Exterior

• Parking: Garage faces front; 1-car garage
• Utilities: Public water; Public sewer; Electric service by Ameren; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Single family residence (quadruplex structure); One and one-half levels; Residential property
• Construction: Brick construction; Architectural shingle roof; Concrete perimeter foundation; Built information sourced from public records
• Exterior features: Patio; Porch; Privacy fencing; Level lot; Concrete road frontage on a city street

Interior

• Kitchen: Oven, Range, Free-Standing Refrigerator
• Bedrooms: 10 total bedrooms (2 on main level, 3 upper level, 5 lower level; 5 combined main and upper)
• Flooring: Carpet; Vinyl
• Bathrooms: 4 full bathrooms, 1 half bathroom (main level has 1 full and 1 half; upper level has 3 full)
• Heating & cooling: Forced air heating; Ceiling fans for cooling
• Interior features: Oven, Range, Free-Standing Refrigerator; Basement with walk-out access; No fireplace
• Laundry & utility: Laundry located in bathroom

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-358 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (45.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $74k (47.2% below list).
• Recommended offer: $74k (47.2% below list) — sets the bar for 1% rule.
• Cap rate 3.2% vs local median 7.0% in Granite City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% of the median local income ($60k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,949 (47.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.53% ✗
• Cap rate: 3.23%
• Cash-on-cash: -10.95%
• DSCR: 0.51
• GRM: 15.8

CMA / ARV

• ARV (on-the-fly): $39,000
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 Bromley Ave	0.13mi	2/1.0 (+1)	616 (+3%)	18mo	$40,000	$65	66
2625 Hodges Ave	0.68mi	1/1.0	640 (+7%)	17mo	$24,900	$39	39
2622 Lincoln Ave	0.65mi	2/1.0 (+1)	656 (+9%)	13mo	$50,000	$76	34

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: -37.6%
• Equity multiple: -0.18×
• Total profit: $-46,441
• Equity at exit: $20,874

10-year hold

• IRR: -64.6%
• Equity multiple: -0.88×
• Total profit: $-73,685
• Equity at exit: $12,105

Cash invested: $39,200 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $739 high
• Mortgage (P&I): −$734
• Tax from tax record: −$149 /mo · $1,791/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$155
• Net cashflow: $-358

Break-even live

Break-even rent $1,192

Max offer price $76,835

Occupancy floor —

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1215 22nd St Unit 1223 Granite City, IL	1.0	1.0	600	$550	$0.92	21d	1	0.40mi
1215 22nd St Unit 1227 Granite City, IL	1.0	1.0	600	$600	$1.00	43d	1	0.40mi
1709 Edison Ave Unit 1709 Granite City, IL	1.0	1.0	700	$800	$1.14	14d	1	0.94mi
2734 Center St Unit D Granite City, IL	1.0	1.0	680	$1,025	$1.51	12d	1	0.95mi
2512 W 24th St Granite City, IL	1.0	1.0	650	$495	$0.76	23d	1	1.30mi
2000 Meridian Ave Granite City, IL	1.0	1.0	488	$950	$1.95	14d	1	1.33mi

Listing history 14 events

1. 2026-06-18
   days on market $140,000 Active 8 DOM
2. 2026-06-17
   days on market $140,000 Active 7 DOM
3. 2026-06-16
   days on market $140,000 Active 6 DOM
4. 2026-06-15
   days on market $140,000 Active 5 DOM
5. 2026-06-13
   days on market $140,000 Active 3 DOM
6. 2026-06-13
   statusdays on market $140,000 Active 2 DOM
7. 2026-06-09
   days on market $140,000 Coming Soon 11 DOM
8. 2026-06-08
   days on market $140,000 Coming Soon 10 DOM
9. 2026-06-07
   days on market $140,000 Coming Soon 9 DOM
10. 2026-06-05
    days on market $140,000 Coming Soon 6 DOM
11. 2026-06-03
    days on market $140,000 Coming Soon 5 DOM
12. 2026-06-02
    days on market $140,000 Coming Soon 4 DOM
13. 2026-06-01
    days on market $140,000 Coming Soon 3 DOM
14. 2026-05-31
    days on market $140,000 Coming Soon 2 DOM

ⓘ 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: $1,791 · $149/mo
• Projected year-2 tax: $2,484 · $207/mo
• Expected delta: +$694/yr (+$58/mo · 38.7%)

ⓘ 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 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,874
• − Mortgage interest: −$7,842
• − Property taxes: −$1,791
• − Insurance: −$700
• − Repairs & maintenance: −$710
• − Management: −$710
• − Depreciation: −$4,073
• Taxable loss: −$6,952
• Est. tax savings @ 24.0%: +$1,668
• After-tax cash flow: $-2,622/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

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: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• 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

1 event — show timeline

• 2026-05-29 Coming Soon $140,000 MARIS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $1,791 · +1.6% YoY. Source: county tax records.