518 Ridge St · Alton, IL 62002

$200,000

9 bd · 5.1 ba · — sqft · MultiFamily · 408 Days on market

Built 1940 Poor condition 6,303 sqft lot Est $139k · 44% over ↓ 17% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Schools +1.1/10.0
• Condition / age +1.0/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

**BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

Key facts

• 6,303 sq ft lot
• Built 1940
• Listed 408 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $200k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $357/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 6.4% in Alton — 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 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-, schools F, crime F.
• 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.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $3,107/mo this rent would consume 61% of the median local household income ($61k/yr) (locally 960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 408 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.98%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (median comp): $138,750
• List price: $200,000
• Delta: 44.14%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 1.93×
• Total profit: $52,358
• Equity at exit: $29,821

10-year hold

• IRR: 32.7%
• Equity multiple: 4.72×
• Total profit: $208,464
• Equity at exit: $17,292

Cash invested: $56,000 (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: 16.1×

Monthly cashflow live

• Estimated rent: $3,107 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $1,072

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 60%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,108
Total (3 units)			$3,107

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $200,000 Active 408 DOM
2. 2026-06-17
   days on market $200,000 Active 407 DOM
3. 2026-06-16
   days on market $200,000 Active 406 DOM
4. 2026-06-15
   days on market $200,000 Active 405 DOM
5. 2026-06-13
   days on market $200,000 Active 403 DOM
6. 2026-06-09
   days on market $200,000 Active 399 DOM
7. 2026-06-08
   days on market $200,000 Active 398 DOM
8. 2026-06-07
   days on market $200,000 Active 397 DOM
9. 2026-06-03
   days on market $200,000 Active 393 DOM
10. 2026-06-02
    days on market $200,000 Active 392 DOM
11. 2026-06-01
    days on market $200,000 Active 391 DOM
12. 2026-05-31
    days on market $200,000 Active 390 DOM
13. 2026-04-03
    price $200,000 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

14. 2026-03-09
    status Active 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

15. 2026-01-13
    historical Active Under Contract 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

16. 2025-11-17
    price $230,000 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

17. 2025-11-17
    status Active 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

18. 2025-10-23
    historical Active Under Contract 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

19. 2025-09-19
    status Active 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

20. 2025-07-28
    historical Active Under Contract 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

21. 2025-05-06
    listed $240,000 Active 770-char remark

    Show marketing remark (770 chars)

    **BACK ON MARKET - NO FAULT OF SELLER** THIS IS A MULTI-PACKAGE DEAL! 518-521 Ridge St and 600 Ridge St (These are mixed-use Commercial / Residential Units - 9 Units Total) & 2 additional, vacant lots. Additional parcel numbers included in sale: 23-2-07-12-17-304-008, 23-2-07-12-17-304-010 & 23-2-07-12-17-304-011. LISTED TAXES reflect ONLY 518-521 Ridge St. Gross Operating Income, Net Income and Total Expense reflect Jan - Dec, 2024. Seller updated all but one of the residential units. 520 1/2 Ridge St is vacant and able to be shown. DO NOT DISTURB OTHER TENANTS; Viewing of occupied unit(s) to be coordinated upon an accepted offer. Property being sold as-is, where-is. Information is assumed accurate; Buyer or Buyer's Agent to verify all information.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,284
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,983
• − Management: −$2,983
• − Depreciation: −$5,818
• Taxable income: $10,297
• Est. tax owed @ 24.0%: −$2,471
• After-tax cash flow: $10,397/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to improve its condition and increase its resale and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major roof inspection — Old roof may need replacement
• Major flooring replacement — Worn-out tiles in kitchen and living areas
• Major painting — Painted walls need fresh coats
• Major bathroom updates — Old fixtures and dated design
• Major kitchen updates — Basic appliances and outdated cabinetry
• Major HVAC/mechanicals — No visible signs of recent maintenance

Value-add opportunities

• Both exterior siding and roof replacement — Improves curb appeal and structural integrity
• Both flooring replacement — Enhances living space and resale value
• Both painting and interior updates — Freshens up the interior and improves rental appeal
• Both HVAC/mechanicals — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
roof inspection · Old roof may need replacement	Major	$15,000–50,000
flooring replacement · Worn-out tiles in kitchen and living areas	Major	$15,000–50,000
painting · Painted walls need fresh coats	Major	$15,000–50,000
bathroom updates · Old fixtures and dated design	Major	$15,000–50,000
kitchen updates · Basic appliances and outdated cabinetry	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior siding and roof replacement — Improves curb appeal and structural integrity ↑
• Both flooring replacement — Enhances living space and resale value ↑
• Both painting and interior updates — Freshens up the interior and improves rental appeal ↑
• Both HVAC/mechanicals — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.7% since first listed

9 events — show timeline

• 2026-04-03 Price Changed $200,000 MARIS as Distributed by MLS Grid
• 2026-03-09 Relisted — MARIS as Distributed by MLS Grid
• 2026-01-13 Contingent — MARIS as Distributed by MLS Grid
• 2025-11-17 Price Changed $230,000 MARIS as Distributed by MLS Grid
• 2025-11-17 Relisted — MARIS as Distributed by MLS Grid
• 2025-10-23 Contingent — MARIS as Distributed by MLS Grid
• 2025-09-19 Relisted — MARIS as Distributed by MLS Grid
• 2025-07-28 Contingent — MARIS as Distributed by MLS Grid
• 2025-05-06 Listed $240,000 MARIS as Distributed by MLS Grid