2229 Broadway St · Rockford, IL 61104

$169,500

4 bd · 2.0 ba · 1,492 sqft · SingleFamily · 10 Days on market

Built 1915 6,098 sqft lot $114/sqft · 41% above area Est $120k · 41% over

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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 +17.9/30.0
• DSCR +5.6/10.0
• Rent growth +4.9/5.0
• 1% rule +4.8/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/ double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022. * * Please submit H & B by Monday 10/7. Decision 10/8 * *

Key facts

• Large kitchen
• Newer windows
• Additional full bath

Tags

• NEW AC
• NEWER WINDOWS
• SPACIOUS LIVING ROOM
• LARGE KITCHEN
• STAINLESS STEEL APPLIANCES
• ADDITIONAL FULL BATH

Property features AI

Exterior

• Parking: Detached concrete driveway; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (house); 2 stories
• Exterior features: Shingle roof; Lot approximately 0.14 acres

Interior

• Kitchen: Gas cooktop; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas cooktop; Microwave; Refrigerator; Gas water heater; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (2.2% below list).
• Recommended offer: $166k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 6.1% in Rockford — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rolling Green (math 8% / reading 7%, grade F, #1,627 of 2,056 statewide, top 81%, 486 students, 0% FRL); Bernard W Flinn Middle School (math 5% / reading 9%, grade F, #627 of 665 statewide, top 95%, 830 students, 0% FRL); Rockford East High School (math 7% / reading 13%, grade F, #528 of 693 statewide, top 82%, 1,718 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+9.7%/yr); 69 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $1,658/mo this rent would consume 59% of the median local household income ($34k/yr) (locally 1406% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $47k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,774 (2.2% below list)

Questions for the listing agent

1. Built in 1915 — 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. 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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $119,840
• List price: $169,500
• Delta: 41.44%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2229 Broadway St	0.00mi	4/2.0	1,492 (0%)	0mo	$169,500	$114	100
2317 11th Ave	0.22mi	4/1.0	1,612 (+8%)	1mo	$166,000	$103	72
1519 13th St	0.45mi	4/2.0	1,550 (+4%)	2mo	$166,000	$107	71
2205 18th Ave	0.32mi	3/1.0 (-1)	1,355 (-9%)	0mo	$107,000	$79	60
1615 15th Ave	0.57mi	3/1.0 (-1)	1,451 (-3%)	1mo	$149,000	$103	59
2322 11th Ave	0.24mi	3/1.0 (-1)	1,307 (-12%)	3mo	$156,000	$119	57
1910 25th St	0.57mi	3/2.0 (-1)	1,601 (+7%)	2mo	$205,000	$128	54
620 17th St	0.62mi	4/2.0	1,336 (-10%)	2mo	$199,000	$149	52
509 Shaw St	0.72mi	3/1.0 (-1)	1,528 (+2%)	5mo	$110,000	$72	49
3016 12th Ave	0.64mi	3/2.0 (-1)	1,362 (-9%)	5mo	$149,000	$109	46
2111 23rd St	0.52mi	3/1.0 (-1)	1,320 (-12%)	2mo	$145,730	$110	46
1011 15th St	0.42mi	3/1.0 (-1)	1,274 (-15%)	2mo	$155,000	$122	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.80×
• Total profit: $-9,549
• Equity at exit: $25,273

10-year hold

• IRR: 9.7%
• Equity multiple: 1.91×
• Total profit: $43,410
• Equity at exit: $14,655

Cash invested: $47,460 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 69
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,658 high
• Mortgage (P&I): −$889
• Tax from tax record: −$207 /mo · $2,480/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $143

Break-even live

Break-even rent $1,476

Max offer price $169,500

Occupancy floor 86%

Sensitivity live

Price	-10% $239	-5% $191	+0% $143	+5% $95	+10% $47
Rent	-10% $12	-5% $78	+0% $143	+5% $209	+10% $274
Rate	-1.0pp $229	-0.5pp $187	base $143	+0.5pp $100	+1.0pp $55

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1202 18th St Unit 3 Rockford, IL	3.0	1.0	1500	$1,700	$1.13	15d	1	0.24mi
1004 15th St Rockford, IL	4.0	1.5	1267	$1,450	$1.14	23d	1	0.45mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	15d	1	0.70mi
333 S Gardiner Ave Unit AVE2 Rockford, IL	4.0	1.0	1306	$1,600	$1.23	45d	1	0.88mi
1351 7th Ave Rockford, IL	4.0	2.0	1040	$2,000	$1.92	45d	1	0.90mi
1231 11th Ave Rockford, IL	4.0	1.0	1284	$1,450	$1.13	45d	1	0.92mi
708 29th St Rockford, IL	3.0	2.0	1800	$1,600	$0.89	23d	1	0.93mi
1119 9th Ave Unit 1W Rockford, IL	3.0	1.0	1155	$1,600	$1.39	45d	1	1.09mi
2217 8th St Rockford, IL	3.0	1.0	1260	$1,500	$1.19	45d	1	1.15mi

Listing history 9 events

1. 2026-05-11
   status Pending 383-char remark
2. 2026-05-01
   listed $169,500 Active 383-char remark
3. 2024-10-22
   soldstatus $102,500
4. 2024-10-18
   soldstatus $102,500 Closed 571-char remark

   Show marketing remark (571 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022.

5. 2024-10-18
   soldstatus $102,500 Closed

   Show marketing remark (571 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022.

6. 2024-10-08
   status Pending

   Show marketing remark (571 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022.

7. 2024-10-08
   status Pending 571-char remark

   Show marketing remark (571 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022.

8. 2024-10-04
   listed $102,500 Active

   Show marketing remark (637 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/ double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022. * * Please submit H & B by Monday 10/7. Decision 10/8 * *

9. 2024-10-03
   listed $102,500 Active 571-char remark

   Show marketing remark (571 chars)

   Welcome to this inviting 4-bedroom, 2 full bath home boasting 1,439 sq ft of living space, rich with original woodwork and classic charm. This home offers 4 bedrooms and 2 full bathrooms. A generously sized kitchen provides ample space for dining and has plenty of storage. This home also has three full decks and a covered front porch, ideal for relaxing or entertaining. 2.5 car garage, fenced in back yard w/double gate entrance for more parking if needed. New Roof on both the house and garage (2024), Furnace 2021, New Carpet in LR & DR 2024, Water heater 2022.

ⓘ 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: $2,480 · $207/mo
• Projected year-2 tax: $3,164 · $264/mo
• Expected delta: +$684/yr (+$57/mo · 27.6%)

ⓘ 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 2/10 Low 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: $19,893
• − Mortgage interest: −$9,495
• − Property taxes: −$2,480
• − Insurance: −$848
• − Repairs & maintenance: −$1,591
• − Management: −$1,591
• − Depreciation: −$4,931
• Taxable loss: −$1,043
• Est. tax savings @ 24.0%: +$250
• After-tax cash flow: $1,972/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• Metro: Rockford, 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

+65.4% since first listed

10 events — show timeline

• 2026-06-15 Sold (MLS) $169,500 NWIAR
• 2026-05-11 Pending — NWIAR
• 2026-05-01 Listed $169,500 NWIAR
• 2024-10-22 Sold (Public Records) $102,500 Public Records
• 2024-10-18 Sold (MLS) $102,500 MRED as Distributed by MLS Grid
• 2024-10-18 Sold (MLS) $102,500 NWIAR
• 2024-10-08 Pending — NWIAR
• 2024-10-08 Pending — MRED as Distributed by MLS Grid
• 2024-10-04 Listed $102,500 NWIAR
• 2024-10-03 Listed $102,500 MRED as Distributed by MLS Grid

Property tax history

+8.9%/yr

Latest (2025): $2,480 · +84.2% YoY. Source: county tax records.