1016 E Virginia Ave · Peoria, IL 61603

$87,000

2 bd · 1.0 ba · 929 sqft · SingleFamily public records · 39 Days on market

Built 1920 3,720 sqft lot $94/sqft · 123% above area Est $60k · 45% over

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Why this score? — see what drove the C- 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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.4/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming bungalow- ready to moved in- all the upgrades are done for you. This home feature Oak hardwood-floor- Updates electrical plumbing, Main floor full bathroom was added, the kitchen was updated, new appliances ,title flooring ,a new base floor was added in the upper bedroom above of living room and finished the ceiling in the main floor and new flooring in some of the rooms and refinished all the hardwood floor and stairs, interior painting and updated bathrooms and landscaping, front and back stairs and porch were painted.

Key facts

• 3,720 sq ft lot
• Parking
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($991 rent vs $87k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $28k; list at $87k implies a 211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,390 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.14% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.26%
• DSCR: 1.46
• GRM: 7.3

CMA / ARV

• ARV (median comp): $59,910
• List price: $87,000
• Delta: 45.22%
• 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
2710 N California Ave	0.48mi	2/1.0	908 (-2%)	1mo	$35,100	$39	73
2811 N Wisconsin Ave	0.32mi	3/1.0 (+1)	892 (-4%)	1mo	$99,900	$112	73
412 E Republic St	0.57mi	2/1.0	925 (-0%)	1mo	$26,200	$28	72
924 E Maywood Ave	0.32mi	2/1.0	1,000 (+8%)	3mo	$70,000	$70	70
1317 E Elmhurst Ave	0.62mi	2/1.0	918 (-1%)	2mo	$44,000	$48	67
716 E Kansas St	0.57mi	2/1.0	896 (-4%)	2mo	$26,666	$30	66
603 E Thrush Ave	0.46mi	3/1.0 (+1)	960 (+3%)	3mo	$30,000	$31	66
1002 E Willcox Ave	0.19mi	3/2.0 (+1)	1,023 (+10%)	1mo	$89,000	$87	65
1235 E Seneca Pl	0.22mi	3/1.0 (+1)	1,062 (+14%)	3mo	$62,000	$58	58
2809 N California Ave	0.53mi	1/1.0 (-1)	856 (-8%)	3mo	$25,000	$29	55
112 E Gift Ave	0.66mi	3/2.0 (+1)	971 (+4%)	2mo	$90,000	$93	51
315 E Elmhurst Ave	0.73mi	3/1.5 (+1)	1,046 (+13%)	2mo	$111,000	$106	37

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-337
• Equity at exit: $12,972

10-year hold

• IRR: 9.8%
• Equity multiple: 1.77×
• Total profit: $18,826
• Equity at exit: $7,522

Cash invested: $24,360 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $991 high
• Mortgage (P&I): −$456
• Tax from tax record: −$82 /mo · $987/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $208

Break-even live

Break-even rent $727

Max offer price $87,000

Occupancy floor 74%

Sensitivity live

Price	-10% $258	-5% $233	+0% $208	+5% $184	+10% $159
Rent	-10% $130	-5% $169	+0% $208	+5% $248	+10% $287
Rate	-1.0pp $252	-0.5pp $230	base $208	+0.5pp $186	+1.0pp $163

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
737 E Gift Ave Unit 737 Peoria, IL	2.0	1.0	800	$1,125	$1.41	44d	1	0.26mi
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	14d	1	0.35mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	14d	1	0.87mi
506 Caroline St Unit B Peoria, IL	2.0	1.0	1000	$900	$0.90	14d	1	0.93mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	22d	1	1.00mi
1505 N Peoria Ave Peoria, IL	1.0	1.0	525	$1,006	$1.92	14d	4	1.08mi
3912 N Atlantic Ave Peoria Heights, IL	2.0	1.0	825	$1,100	$1.33	44d	1	1.19mi
2207 N Ellis St Peoria, IL	2.0	1.0	864	$999	$1.16	14d	1	1.21mi
812 W Macqueen Ave Peoria, IL	2.0	1.0	822	$795	$0.97	44d	1	1.35mi
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	22d	1	1.43mi
903 W Brons Ave Peoria, IL	3.0	1.0	971	$995	$1.02	44d	1	1.44mi
811 E Lake Ave Peoria Heights, IL	2.0	1.0	576	$875	$1.52	14d	1	1.48mi

Listing history 17 events

1. 2026-05-04
   status Pending 536-char remark

   Show marketing remark (536 chars)

   Charming bungalow- ready to moved in- all the upgrades are done for you. This home feature Oak hardwood-floor- Updates electrical plumbing, Main floor full bathroom was added, the kitchen was updated, new appliances ,title flooring ,a new base floor was added in the upper bedroom above of living room and finished the ceiling in the main floor and new flooring in some of the rooms and refinished all the hardwood floor and stairs, interior painting and updated bathrooms and landscaping, front and back stairs and porch were painted.

2. 2026-03-26
   listed $87,000 Active 536-char remark

   Show marketing remark (536 chars)

   Charming bungalow- ready to moved in- all the upgrades are done for you. This home feature Oak hardwood-floor- Updates electrical plumbing, Main floor full bathroom was added, the kitchen was updated, new appliances ,title flooring ,a new base floor was added in the upper bedroom above of living room and finished the ceiling in the main floor and new flooring in some of the rooms and refinished all the hardwood floor and stairs, interior painting and updated bathrooms and landscaping, front and back stairs and porch were painted.

3. 2026-03-26
   historical $87,000 536-char remark

   Show marketing remark (536 chars)

   Charming bungalow- ready to moved in- all the upgrades are done for you. This home feature Oak hardwood-floor- Updates electrical plumbing, Main floor full bathroom was added, the kitchen was updated, new appliances ,title flooring ,a new base floor was added in the upper bedroom above of living room and finished the ceiling in the main floor and new flooring in some of the rooms and refinished all the hardwood floor and stairs, interior painting and updated bathrooms and landscaping, front and back stairs and porch were painted.

4. 2025-06-27
   soldstatus $28,000 Closed 320-char remark

   Show marketing remark (320 chars)

   Attention Investors! Home is mostly gutted and ready for additional improvements! Basement has been updated and has a newly installed bathroom, Sump pump, and washer/dryer hookups. No Appliances. Overall--3 bedroom/2 bath bungalow with large basement. Large backyard, that offers 2 mulberry trees. Sold strictly AS-IS.

5. 2025-06-12
   status Pending 320-char remark

   Show marketing remark (320 chars)

   Attention Investors! Home is mostly gutted and ready for additional improvements! Basement has been updated and has a newly installed bathroom, Sump pump, and washer/dryer hookups. No Appliances. Overall--3 bedroom/2 bath bungalow with large basement. Large backyard, that offers 2 mulberry trees. Sold strictly AS-IS.

6. 2025-05-17
   listed $39,995 Active 320-char remark

   Show marketing remark (320 chars)

   Attention Investors! Home is mostly gutted and ready for additional improvements! Basement has been updated and has a newly installed bathroom, Sump pump, and washer/dryer hookups. No Appliances. Overall--3 bedroom/2 bath bungalow with large basement. Large backyard, that offers 2 mulberry trees. Sold strictly AS-IS.

7. 2021-08-06
   historical
8. 2021-08-06
   historical
9. 2021-08-06
   historical
10. 2021-08-06
    historical
11. 2021-08-06
    historical
12. 2021-04-26
    soldstatus $11,000
13. 2021-04-07
    listed $13,000
14. 2007-09-04
    soldstatus $5,500
15. 2007-07-26
    listed $6,900
16. 2000-03-24
    soldstatus $22,500
17. 2000-02-01
    listed $24,900

ⓘ 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: $987 · $82/mo
• Projected year-2 tax: $1,481 · $123/mo
• Expected delta: +$494/yr (+$41/mo · 50.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,895
• − Mortgage interest: −$4,873
• − Property taxes: −$987
• − Insurance: −$435
• − Repairs & maintenance: −$952
• − Management: −$952
• − Depreciation: −$2,531
• Taxable income: $1,166
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $2,221/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• Metro: Peoria, 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

+249.4% since first listed

17 events — show timeline

• 2026-05-04 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-26 Listed $87,000 RMLSA as Distributed by MLS Grid
• 2026-03-26 Coming Soon $87,000 RMLSA as Distributed by MLS Grid
• 2025-06-27 Sold (MLS) $28,000 RMLSA as Distributed by MLS Grid
• 2025-06-12 Pending — RMLSA as Distributed by MLS Grid
• 2025-05-17 Listed $39,995 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-04-26 Sold (MLS) $11,000 RMLSA as Distributed by MLS Grid
• 2021-04-07 Listed $13,000 RMLSA as Distributed by MLS Grid
• 2007-09-04 Sold (MLS) $5,500 RMLSA as Distributed by MLS Grid
• 2007-07-26 Listed $6,900 RMLSA as Distributed by MLS Grid
• 2000-03-24 Sold (MLS) $22,500 RMLSA as Distributed by MLS Grid
• 2000-02-01 Listed $24,900 RMLSA as Distributed by MLS Grid

Property tax history

+0.2%/yr

Latest (2024): $987 · +4.8% YoY. Source: county tax records.