455 S State Ave · Freeport, IL 61032

$37,500

3 bd · 1.0 ba · 1,440 sqft · Other · 320 Days on market

Built 1897 2,614 sqft lot $26/sqft · 27% below area Est $51k · 27% under ↓ 10% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Attention landlords! This 2-story home features 3 bedrooms, 1 bathroom and 1440 sqft. Hardwood flooring in the living room and newer vinyl plank flooring in the dining room. Tenant occupied until end of the year. Newer roof and main floor laundry. Sold as-is.

Key facts

• Hardwood flooring
• Newer roof
• Main floor laundry

Tags

• HARDWOOD FLOORING
• VINYL PLANK FLOORING
• NEWER ROOF
• MAIN FLOOR LAUNDRY

🏷️ Possibly a rental listed for sale. The $37,500 price doesn't fit this home's estimated sale value (~$51,054) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $38k.

Deal economics

• At list price, monthly cash flow is $760 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.6% 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: schools F, 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.
• Market conditions: 205 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $259 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 320 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 320 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.47% ✓
• Cap rate: 30.60%
• Cash-on-cash: 86.81%
• DSCR: 4.86
• GRM: 2.4

CMA / ARV

• ARV (median comp): $51,054
• List price: $37,500
• Delta: -11.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 87.3%
• Equity multiple: 5.03×
• Total profit: $42,325
• Equity at exit: $5,591

10-year hold

• IRR: 90.4%
• Equity multiple: 10.45×
• Total profit: $99,253
• Equity at exit: $3,242

Cash invested: $10,500 (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: 205
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,303 high
• Mortgage (P&I): −$197
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $760

Break-even live

Break-even rent $341

Max offer price $37,500

Occupancy floor 37%

Sensitivity live

Price	-10% $781	-5% $770	+0% $760	+5% $749	+10% $738
Rent	-10% $657	-5% $708	+0% $760	+5% $811	+10% $862
Rate	-1.0pp $778	-0.5pp $769	base $760	+0.5pp $750	+1.0pp $740

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: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	44d	1	0.31mi
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	0.48mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	44d	1	0.64mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	44d	1	0.76mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	44d	1	0.80mi
837 W Stephenson St Freeport, IL	2.0	1.0	1330	$1,000	$0.75	44d	1	0.95mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	44d	1	1.10mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	44d	1	1.10mi

Listing history 22 events

1. 2026-06-21
   remarks 259-char remark
2. 2026-06-21
   pricedays on marketlisting id $37,500 Active 320 DOM
3. 2026-06-18
   days on market $40,000 Active 21 DOM
4. 2026-06-17
   days on market $40,000 Active 20 DOM
5. 2026-06-16
   days on market $40,000 Active 19 DOM
6. 2026-06-15
   days on market $40,000 Active 18 DOM
7. 2026-06-13
   days on market $40,000 Active 16 DOM
8. 2026-06-12
   days on market $40,000 Active 15 DOM
9. 2026-06-09
   days on market $40,000 Active 12 DOM
10. 2026-06-08
    days on market $40,000 Active 11 DOM
11. 2026-06-07
    days on market $40,000 Active 10 DOM
12. 2026-06-07
    days on market $40,000 Active 9 DOM
13. 2026-06-04
    days on market $40,000 Active 6 DOM
14. 2026-06-02
    days on market $40,000 Active 5 DOM
15. 2026-06-01
    days on market $40,000 Active 4 DOM
16. 2026-05-31
    days on market $40,000 Active 3 DOM
17. 2026-05-31
    days on market $40,000 Active 2 DOM
18. 2026-02-04
    historical
19. 2025-09-30
    price $45,000 259-char remark

    Show marketing remark (259 chars)

    Attention landlords! This 2-story home features 3 bedrooms, 1 bathroom and 1440 sqft. Hardwood flooring in the living room and newer vinyl plank flooring in the dining room. Tenant occupied until end of the year. Newer roof and main floor laundry. Sold as-is.

20. 2025-09-30
    price

    Show marketing remark (259 chars)

    Attention landlords! This 2-story home features 3 bedrooms, 1 bathroom and 1440 sqft. Hardwood flooring in the living room and newer vinyl plank flooring in the dining room. Tenant occupied until end of the year. Newer roof and main floor laundry. Sold as-is.

21. 2025-08-05
    listed $50,000 Active 259-char remark

    Show marketing remark (259 chars)

    Attention landlords! This 2-story home features 3 bedrooms, 1 bathroom and 1440 sqft. Hardwood flooring in the living room and newer vinyl plank flooring in the dining room. Tenant occupied until end of the year. Newer roof and main floor laundry. Sold as-is.

22. 2025-08-04
    listed Active

ⓘ 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: $686 · $57/mo
• Projected year-2 tax: $769 · $64/mo
• Expected delta: +$82/yr (+$7/mo · 12.0%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,631
• − Mortgage interest: −$2,101
• − Property taxes: −$686
• − Insurance: −$188
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$1,091
• Taxable income: $9,064
• Est. tax owed @ 24.0%: −$2,175
• After-tax cash flow: $6,939/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

-10.0% since first listed

5 events — show timeline

• 2026-02-04 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-30 Price Changed $45,000 NWIAR
• 2025-09-30 Price Changed — MRED as Distributed by MLS Grid
• 2025-08-05 Listed $50,000 NWIAR
• 2025-08-04 Listed — MRED as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2024): $686 · +21.8% YoY. Source: county tax records.