1248 Ottawa Ave · Ottawa, IL 61350

$179,000

6 bd · 3.0 ba · 2,545 sqft · SingleFamily public records · 2 Days on market

Built 1906 0.30 ac lot

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Why this score? — see what drove the D+ 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 +18.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +5.8/10.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors! 3 unit apartment building ready for new ownership. Currently upstairs unit occupied with lower 2 units vacant. Great location on a large lot with plenty of parking. Separate electric and gas meter for each unit, lots of potential for cashflows with minor improvements.

Key facts

• Plenty of parking
• Large lot
• 0.3 acre lot

Tags

• 3 UNIT APARTMENT BUILDING
• LARGE LOT
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Cap rate 7.5% vs local median 3.1% in Ottawa — 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 77/100 on livability (#172 in IL, #3,175 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, amenities D, commute F.
• Ottawa Twp Hsd 140 (town): math 25% / reading 30% proficiency, ranked #545 of 919 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ottawa Township High School (math 17% / reading 27%, grade F, #319 of 693 statewide, top 50%, 1,261 students, 0% FRL).
• Market conditions: 208 active listings in the ZIP; solid renter incomes; 82 units permitted in LaSalle County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• LaSalle County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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: property tax is 2.8% of price; built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,000

Questions for the listing agent

1. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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. 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?
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: 1.13% ✓
• Cap rate: 7.46%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• GRM: 7.4

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-17,816
• Equity at exit: $26,689

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-696
• Equity at exit: $15,477

Cash invested: $50,120 (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 61350

• Home prices YoY: -31.5%
• Active inventory: 208
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,026 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$414 /mo · $4,971/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $173

Break-even live

Break-even rent $1,807

Max offer price $179,000

Occupancy floor 86%

Sensitivity live

Price	-10% $275	-5% $224	+0% $173	+5% $123	+10% $72
Rent	-10% $13	-5% $93	+0% $173	+5% $253	+10% $333
Rate	-1.0pp $264	-0.5pp $219	base $173	+0.5pp $127	+1.0pp $80

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-07
   status Pending
2. 2026-05-04
   listed $179,000 Active
3. 2026-04-02
   historical Contingent - Continue to Show
4. 2026-04-02
   historical
5. 2026-03-12
   status Active
6. 2025-12-24
   historical Contingent - Continue to Show
7. 2025-11-24
   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: $4,971 · $414/mo
• Projected year-2 tax: $4,971 · $414/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $24,317
• − Mortgage interest: −$10,027
• − Property taxes: −$4,971
• − Insurance: −$895
• − Repairs & maintenance: −$1,945
• − Management: −$1,945
• − Depreciation: −$5,207
• Taxable loss: −$673
• Est. tax savings @ 24.0%: +$162
• After-tax cash flow: $2,242/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: Ottawa Twp Hsd 140
• NCES district ID: 1730330
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $47,828
• Composite: 26.85/100
• National rank: #12528
• State rank: #545 of 919 in IL

Livability — Ottawa

• Score: 77/100
• State rank: #172
• US rank: #3175

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottawa, IL
• County: La Salle County · 41,676 people
• City population: 23,713
• Metro: Ottawa, IL
• Population (ZIP): 23,713
• Household income: $77,921
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 628.0

Population outlook (LaSalle County) Hauer SSP2

• Today (2025): 107,080 people
• By 2030: 104,196 · -2.7%
• By 2040: 97,413 · -9.0%
• By 2050: 90,294 · -15.7%
• By 2075: 76,252 · -28.8%
• By 2100: 61,339 · -42.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 6% Portuguese 5% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · LaSalle

• 2024 margin: R (+18.5) · D 40.1% · R 58.6% · Other 1.3%
• 2008→2024 swing: -29.6pp toward R · 2008: 11.1pp · 2024: -18.5pp
• All cycles: 2024: R+18.5 2020: R+14.3 2016: R+14.4 2012: R+0.4 2008: D+11.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.46%
• Current HPI: 183.6833
• Rent YoY: —
• Metro: Ottawa, 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

7 events — show timeline

• 2026-05-07 Pending — MRED as Distributed by MLS Grid
• 2026-05-04 Listed $179,000 MRED as Distributed by MLS Grid
• 2026-04-02 Contingent — MRED as Distributed by MLS Grid
• 2026-04-02 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-12 Relisted — MRED as Distributed by MLS Grid
• 2025-12-24 Contingent — MRED as Distributed by MLS Grid
• 2025-11-24 Listed — MRED as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2024): $4,971 · -2.2% YoY. Source: county tax records.