704 S Carroll Ave · Freeport, IL 61032

$79,900

5 bd · 1.5 ba · 1,484 sqft · Other · 29 Days on market

Built 1917 5,227 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

Back on the Market with new low price! 4 bedroom with one bedroom on main floor. Hardwood floors throughout. Roof in need of repair. Back corner of fascia has damage. Property sold "as is. " where is.

Key facts

• Large yard
• Spacious lot
• Additional parcel

Tags

• LARGE YARD
• SPACIOUS LOT
• ADDITIONAL PARCEL
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Exterior features: Shingle roof

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Electric cooktop; Gas water heater; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.2% 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: 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.
• Zoned schools: Blackhawk Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 307 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 197 active listings in the ZIP; 2 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 $552 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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 $1k; list at $80k implies a 7890% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1917 — 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. 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.
5. 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.
6. 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: 1.78% ✓
• Cap rate: 15.18%
• Cash-on-cash: 31.75%
• DSCR: 2.41
• GRM: 4.7

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: 26.7%
• Equity multiple: 2.11×
• Total profit: $24,756
• Equity at exit: $11,913

10-year hold

• IRR: 34.3%
• Equity multiple: 4.13×
• Total profit: $70,128
• Equity at exit: $6,908

Cash invested: $22,372 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$78 /mo · $936/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $592

Break-even live

Break-even rent $671

Max offer price $79,900

Occupancy floor 53%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	43d	1	0.73mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	43d	1	0.85mi

Listing history 21 events

1. 2026-06-18
   days on market $79,900 Active 29 DOM
2. 2026-06-17
   days on market $79,900 Active 28 DOM
3. 2026-06-16
   days on market $79,900 Active 27 DOM
4. 2026-06-15
   days on market $79,900 Active 26 DOM
5. 2026-06-13
   days on market $79,900 Active 24 DOM
6. 2026-06-12
   days on market $79,900 Active 23 DOM
7. 2026-06-09
   days on market $79,900 Active 20 DOM
8. 2026-06-08
   days on market $79,900 Active 19 DOM
9. 2026-06-07
   days on market $79,900 Active 18 DOM
10. 2026-06-07
    days on market $79,900 Active 17 DOM
11. 2026-06-04
    days on market $79,900 Active 14 DOM
12. 2026-06-02
    days on market $79,900 Active 13 DOM
13. 2026-06-01
    days on market $79,900 Active 12 DOM
14. 2026-05-31
    days on market $79,900 Active 11 DOM
15. 2026-05-31
    days on market $79,900 Active 10 DOM
16. 2026-05-20
    listed $79,900 Active
17. 2016-12-01
    soldstatus $1,000 210-char remark

    Show marketing remark (210 chars)

    Back on the Market with new low price! 4 bedroom with one bedroom on main floor. Hardwood floors throughout. Roof in need of repair. Back corner of fascia has damage. Property sold "as is. " where is.

18. 2016-08-19
    listed $2,500 210-char remark

    Show marketing remark (210 chars)

    Back on the Market with new low price! 4 bedroom with one bedroom on main floor. Hardwood floors throughout. Roof in need of repair. Back corner of fascia has damage. Property sold "as is. " where is.

19. 2007-09-17
    soldstatus $5,000 139-char remark

    Show marketing remark (139 chars)

    FORECLOSURE- FIXER/UPPER. LARGE HOME IN NEED OF REPAIR. PRICED TO SELL. .. .. .. USE AS IS RIDER NO SURVEY PROVIDED BANK RIDERS REQUIRED

20. 2007-09-11
    historical 139-char remark

    Show marketing remark (139 chars)

    FORECLOSURE- FIXER/UPPER. LARGE HOME IN NEED OF REPAIR. PRICED TO SELL. .. .. .. USE AS IS RIDER NO SURVEY PROVIDED BANK RIDERS REQUIRED

21. 2007-01-22
    listed $10,000 139-char remark

    Show marketing remark (139 chars)

    FORECLOSURE- FIXER/UPPER. LARGE HOME IN NEED OF REPAIR. PRICED TO SELL. .. .. .. USE AS IS RIDER NO SURVEY PROVIDED BANK RIDERS REQUIRED

ⓘ 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: $936 · $78/mo
• Projected year-2 tax: $1,375 · $115/mo
• Expected delta: +$439/yr (+$37/mo · 46.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,046
• − Mortgage interest: −$4,476
• − Property taxes: −$936
• − Insurance: −$400
• − Repairs & maintenance: −$1,364
• − Management: −$1,364
• − Depreciation: −$2,324
• Taxable income: $6,183
• Est. tax owed @ 24.0%: −$1,484
• After-tax cash flow: $5,618/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

+699.0% since first listed

6 events — show timeline

• 2026-05-20 Listed $79,900 NWIAR
• 2016-12-01 Sold (MLS) $1,000 NWIAR
• 2016-08-19 Listed $2,500 NWIAR
• 2007-09-17 Sold (MLS) $5,000 MRED as Distributed by MLS Grid
• 2007-09-11 Listing Removed — MRED as Distributed by MLS Grid
• 2007-01-22 Listed $10,000 MRED as Distributed by MLS Grid

Property tax history

+12.5%/yr

Latest (2024): $936 · +24.3% YoY. Source: county tax records.