717 W Pleasant St · Freeport, IL 61032

$85,000

3 bd · 2.0 ba · — sqft · Other · 184 Days on market

Built 1867 6,534 sqft lot Est $86k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +8.2/15.0
• 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

Great two-flat investment proprety with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

Key facts

• Large deck
• Spacious kitchen
• Off-street parking

Tags

• OFF-STREET PARKING
• LARGE DECK
• SPACIOUS KITCHEN
• LAUNDRY HOOKUPS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $85k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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: 197 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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 $23k; list at $85k implies a 270% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1867 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 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 1867 — 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: 1.37% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.17%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (median comp): $86,307
• List price: $85,000
• Delta: -1.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.5%
• Equity multiple: 1.33×
• Total profit: $7,931
• Equity at exit: $12,674

10-year hold

• IRR: 17.7%
• Equity multiple: 2.47×
• Total profit: $34,889
• Equity at exit: $7,349

Cash invested: $23,800 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 197
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,164 high
• Mortgage (P&I): −$446
• Tax from tax record: −$98 /mo · $1,173/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $341

Break-even live

Break-even rent $733

Max offer price $85,000

Occupancy floor 66%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	43d	1	0.16mi
833 W Pleasant St Freeport, IL	3.0	2.0	—	$1,300	—	43d	1	0.22mi
407 S Beaver Ave Freeport, IL	2.0	1.0	—	$700	—	43d	1	0.22mi
503 W Pleasant St Freeport, IL	3.0	1.0	—	$950	—	43d	1	0.24mi
837 W Stephenson St Freeport, IL	2.0	1.0	1330	$1,000	$0.75	43d	1	0.26mi
303 N West Ave Freeport, IL	3.0	1.5	—	$1,200	—	43d	1	0.37mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	43d	1	0.39mi
934 W Stephenson St Freeport, IL	3.0	1.0	—	$950	—	43d	1	0.41mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	43d	1	0.46mi
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	43d	1	0.48mi
434 1/2 S State Ave Freeport, IL	3.0	2.0	2544	$1,595	$0.63	43d	1	0.69mi
601 N Winnebago Ave Freeport, IL	3.0	1.0	784	$1,225	$1.56	43d	1	0.70mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	21d	1	0.83mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	43d	1	0.87mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	43d	1	0.87mi
404 E Prospect Ter Freeport, IL	4.0	2.0	2560	$1,525	$0.60	21d	1	0.88mi
1214 S Saxby Ave Freeport, IL	3.0	1.0	—	$995	—	43d	1	0.94mi
1432 W American St Freeport, IL	3.0	1.0	—	$1,500	—	43d	1	1.01mi
1436 W American St Freeport, IL	2.0	1.0	714	$1,100	$1.54	43d	1	1.02mi
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	1.18mi
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	43d	1	1.20mi
1021 S Columbia Ave Freeport, IL	3.0	1.0	—	$1,200	—	13d	1	1.29mi
916 E Garden St Freeport, IL	2.0	1.0	—	$1,000	—	13d	1	1.34mi
933 E Clinton St Freeport, IL	2.0	1.0	—	$1,000	—	13d	1	1.36mi

Listing history 26 events

1. 2026-06-18
   days on market $85,000 Active 184 DOM
2. 2026-06-17
   days on market $85,000 Active 183 DOM
3. 2026-06-16
   days on market $85,000 Active 182 DOM
4. 2026-06-15
   days on market $85,000 Active 181 DOM
5. 2026-06-13
   days on market $85,000 Active 179 DOM
6. 2026-06-12
   days on market $85,000 Active 178 DOM
7. 2026-06-09
   days on market $85,000 Active 175 DOM
8. 2026-06-08
   days on market $85,000 Active 174 DOM
9. 2026-06-07
   days on market $85,000 Active 173 DOM
10. 2026-06-07
    days on market $85,000 Active 172 DOM
11. 2026-06-04
    days on market $85,000 Active 169 DOM
12. 2026-06-02
    days on market $85,000 Active 168 DOM
13. 2026-06-01
    days on market $85,000 Active 167 DOM
14. 2026-05-31
    days on market $85,000 Active 166 DOM
15. 2026-05-31
    days on market $85,000 Active 165 DOM
16. 2026-04-14
    status Active 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

17. 2026-04-14
    status Active 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

18. 2026-04-08
    status Pending 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

19. 2026-04-08
    historical Contingent - Continue to Show 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

20. 2025-12-15
    listed $85,000 Active 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

21. 2025-12-15
    listed $85,000 Active 786-char remark

    Show marketing remark (786 chars)

    Great two-flat investment property with each unit offering nearly 1,000 square feet of living space. Both units feature a living room, one to two bedrooms, and a full bath, along with ample off-street parking. The property generates $1,600 per month in rental income, with tenants responsible for all utilities except water and sewer, supporting strong cash flow and reduced owner expenses. The main-floor unit offers excellent owner-occupant potential and includes a large 16' x 14' deck, spacious kitchen, and laundry hookups, making it ideal for a buyer looking to live in one unit while renting the other. A solid opportunity for investors or owner-occupants seeking rental income, mortgage offset, and long-term value. Let the tenants help pay your mortgage while you build equity.

22. 2018-07-19
    soldstatus $23,000
23. 2018-07-13
    soldstatus $24,000
24. 2018-06-16
    status Pending
25. 2018-06-12
    listed New
26. 2018-06-11
    listed $29,000

ⓘ 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: $1,173 · $98/mo
• Projected year-2 tax: $1,551 · $129/mo
• Expected delta: +$378/yr (+$32/mo · 32.3%)

ⓘ 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: $13,967
• − Mortgage interest: −$4,761
• − Property taxes: −$1,173
• − Insurance: −$425
• − Repairs & maintenance: −$1,117
• − Management: −$1,117
• − Depreciation: −$2,473
• Taxable income: $2,900
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $3,391/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

+193.1% since first listed

11 events — show timeline

• 2026-04-14 Relisted — NWIAR
• 2026-04-14 Relisted — MRED as Distributed by MLS Grid
• 2026-04-08 Pending — NWIAR
• 2026-04-08 Contingent — MRED as Distributed by MLS Grid
• 2025-12-15 Listed $85,000 NWIAR
• 2025-12-15 Listed $85,000 MRED as Distributed by MLS Grid
• 2018-07-19 Sold (Public Records) $23,000 Public Records
• 2018-07-13 Sold (MLS) $24,000 NWIAR
• 2018-06-16 Pending — MRED as Distributed by MLS Grid
• 2018-06-12 Listed — MRED as Distributed by MLS Grid
• 2018-06-11 Listed $29,000 NWIAR

Property tax history

+80.1%/yr

Latest (2024): $1,173 · -16.5% YoY. Source: county tax records.