993 Willard St · Galesburg, IL 61401

$35,000

3 bd · 2.5 ba · 1,524 sqft · SingleFamily public records · 12 Days on market

Built 1876 0.35 ac lot ↓ 30% since listing

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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 +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Check out the potential of this late 1800's built 3BR, 3BA 1.5 story in the heart of Galesburg. Located on a large corner lot, this home has loads of old world charm with most if not all of the original wood trim, doors, hardwood flooring and more. Formal entry with access to the living room, formal dining room and den. The large kitchen offers two exits to the outside, access to a half bath, and access to a family room with another bath and basement entry as well as entry to the attached garage. Upstairs you'll find 3 bedrooms and a large full bath that has been updated at some point. Home is being sold as-is.

Key facts

• Original wood trim
• Hardwood flooring
• Large corner lot

Tags

• LARGE CORNER LOT
• ORIGINAL WOOD TRIM
• HARDWOOD FLOORING
• FORMAL ENTRY
• LARGE KITCHEN
• FAMILY ROOM

Property features AI

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1876; Living area approximately 2028 total; Driveway/parking located on Dudley Street
• Construction: Original construction (not new)
• Exterior features: Shingle roof; Corner, level lot; Paved road access

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms (all on the upper level)
• Flooring: Hardwood flooring in most living areas and bedrooms; Vinyl flooring in the kitchen
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Multiple heating systems (2+)
• Interior features: Wood burning stove in the living room; Partial, unfinished basement; One fireplace
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Cap rate 25.2% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galesburg Senior High School (math 19% / reading 24%, grade F, #345 of 693 statewide, top 50%, 1,762 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 191 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Knox County population projected at -19% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1876 — 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: 2.86% ✓
• Cap rate: 25.22%
• Cash-on-cash: 67.60%
• DSCR: 4.01
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $115,824
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1150 Bateman St	0.20mi	3/1.5	1,440 (-6%)	3mo	$114,900	$80	75
441 Greenleaf St	0.17mi	4/1.5 (+1)	1,404 (-8%)	6mo	$139,900	$100	65
911 Brown Ave	0.26mi	3/2.0	1,704 (+12%)	2mo	$165,000	$97	65
1528 N Seminary St	0.53mi	2/2.0 (-1)	1,525 (+0%)	5mo	$112,000	$73	64
633 E Grove St	0.38mi	3/2.0	1,640 (+8%)	6mo	$85,000	$52	63
1357 Willard St	0.35mi	3/2.0	1,332 (-13%)	1mo	$90,000	$68	60
1013 Washington Ave	0.35mi	3/2.0	1,310 (-14%)	0mo	$100,000	$76	58
968 E Grove St	0.49mi	3/1.0	1,643 (+8%)	0mo	$70,000	$43	58
1045 Johnston St	0.40mi	3/1.0	1,380 (-9%)	3mo	$138,000	$100	57
653 N Cedar St	0.64mi	3/1.0	1,474 (-3%)	2mo	$117,000	$79	57
730 N Cedar St	0.65mi	3/1.0	1,452 (-5%)	7mo	$87,000	$60	50
1262 N Broad St	0.61mi	3/2.0	1,702 (+12%)	6mo	$55,000	$32	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 67.0%
• Equity multiple: 4.01×
• Total profit: $29,502
• Equity at exit: $5,219

10-year hold

• IRR: 71.2%
• Equity multiple: 8.25×
• Total profit: $71,016
• Equity at exit: $3,026

Cash invested: $9,800 (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 61401

• Active inventory: 191
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$40 /mo · $478/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $552

Break-even live

Break-even rent $301

Max offer price $35,000

Occupancy floor 40%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1156 E Losey St Galesburg, IL	3.0	1.0	1500	$1,000	$0.67	44d	1	0.55mi

Listing history 11 events

1. 2026-06-18
   days on market $35,000 Under Contract 12 DOM
2. 2026-06-17
   days on market $35,000 Under Contract 11 DOM
3. 2026-06-16
   days on market $35,000 Under Contract 10 DOM
4. 2026-06-16
   status $35,000 Under Contract 9 DOM
5. 2026-06-15
   days on market $35,000 Active 9 DOM
6. 2026-06-13
   days on market $35,000 Active 7 DOM
7. 2026-06-12
   days on market $35,000 Active 6 DOM
8. 2026-06-09
   days on market $35,000 Active 3 DOM
9. 2026-06-08
   days on market $35,000 Active 2 DOM
10. 2026-06-07
    remarks 618-char remark
11. 2026-06-07
    listed $35,000 Active 1 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: $478 · $40/mo
• Projected year-2 tax: $636 · $53/mo
• Expected delta: +$158/yr (+$13/mo · 33.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,000
• − Mortgage interest: −$1,961
• − Property taxes: −$478
• − Insurance: −$175
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$1,018
• Taxable income: $6,448
• Est. tax owed @ 24.0%: −$1,548
• After-tax cash flow: $5,077/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• 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

-30.0% since first listed

3 events — show timeline

• 2026-06-06 Listed $35,000 RMLSA as Distributed by MLS Grid
• 2004-08-16 Sold (MLS) $48,000 RMLSA as Distributed by MLS Grid
• 2004-03-29 Listed $50,000 RMLSA as Distributed by MLS Grid

Property tax history

-0.1%/yr

Latest (2024): $478 · -4.3% YoY. Source: county tax records.