3407 Boulder Ridge Dr · Champaign, IL 61822

$315,000

4 bd · 3.5 ba · 2,545 sqft · MultiFamily · 27 Days on market

Built 2019 4,180 sqft lot $12/mo HOA · 1% of rent

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This beautifully maintained zero-lot home in Boulder Ridge offers finished living space on all three levels with 4 bedrooms and 3.5 baths. The main level features soaring ceilings, abundant natural light, a spacious living room with fireplace, and an eat-in kitchen with a large island and ample cabinet space. The main-floor primary suite includes a walk-in closet, dual vanities, and private bath, along with convenient main-floor laundry and a half bath. Upstairs, the loft overlooks the living area and works well as a second family room, office, or play space, plus two additional bedrooms and a full bath. The finished basement adds a large rec room, fourth bedroom, and another full bath. Conveniently located near parks, shopping, restaurants, bus lines, the interstate, the University of Illinois Urbana-Champaign, and Carle Foundation Hospital, this move-in ready home offers space, comfort, and convenience.

Key facts

• Large island
• Eat-in kitchen
• Ample cabinet space

Tags

• FINISHED LIVING SPACE
• SPACIOUS LIVING ROOM
• EAT-IN KITCHEN
• LARGE ISLAND
• AMPLE CABINET SPACE
• MAIN-FLOOR PRIMARY SUITE

Property features AI

Finance

• Other: Fee simple ownership; Not currently leased; Two units in building (this is part of a 1/2 duplex)
• HOA & community: Master association fee $135 per year; Pets allowed (cats and dogs permitted)

Exterior

• Parking: Attached garage (garage owned) with 2 spaces; Concrete driveway; Garage door opener
• Utilities: Public water; Public sewer
• Home design: Attached single (1/2 duplex); Entry level is first floor; Approximately 6–10 years old
• Construction: Vinyl siding; Asphalt roof; Concrete perimeter foundation; Built within last 6–10 years
• Exterior features: Patio; Zero lot line

Interior

• Kitchen: Kitchen with island; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (plus possible 4th); Basement bedroom (below grade)
• Flooring: Carpet in bedrooms and recreation room; Luxury vinyl in living areas, kitchen, dining, and laundry
• Bathrooms: 3 full bathrooms; 1 half bathroom; Double sink in at least one bath; Basement bathroom present
• Heating & cooling: Forced air heating; Central air conditioning; Gas-log fireplace in living room
• Interior features: First-floor bedroom; First-floor full bathroom; Walk-in closet(s); Finished full basement; Recreation room in basement (19 x 34); Loft on second floor (9 x 9); Kitchen/dining combo; Living room with fireplace
• Laundry & utility: Main-level laundry (in unit)

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Recommended offer: $310k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.8% in Champaign — 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 83/100 on livability (#44 in IL, #902 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Champaign CUSD 4 (urban): math 24% / reading 26% proficiency, ranked #333 of 620 in IL (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Centennial High School (math 26% / reading 27%, grade F, #241 of 693 statewide, top 35%, 1,444 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 126 active listings in the ZIP; solid renter incomes; 573 units permitted in Champaign County in 2024 (359 in 5+ unit buildings).
• At $3,976/mo this rent would consume 48% of the median local household income ($99k/yr) (locally 733% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Champaign County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $88k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $260k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $310,275 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• GRM: 6.6

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: 6.5%
• Equity multiple: 1.25×
• Total profit: $22,381
• Equity at exit: $46,968

10-year hold

• IRR: 15.9%
• Equity multiple: 2.29×
• Total profit: $113,877
• Equity at exit: $27,235

Cash invested: $88,200 (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 61822

• Home prices YoY: -15.6%
• Active inventory: 126
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,976 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$192 /mo · $2,306/yr
• Insurance: −$131
• HOA: −$12
• Vacancy / Maint / Mgmt: −$835
• Net cashflow: $1,154

Break-even live

Break-even rent $2,516

Max offer price $315,000

Occupancy floor 66%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,976
Total (2 units)			$3,976

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $12 · $144/yr

Listing history 19 events

1. 2026-06-18
   days on market $315,000 Active 27 DOM
2. 2026-06-17
   days on market $315,000 Active 26 DOM
3. 2026-06-16
   days on market $315,000 Active 25 DOM
4. 2026-06-15
   statusdays on marketlisting id $315,000 Active 24 DOM
5. 2026-06-05
   statusdays on market $315,000 Pending 14 DOM
6. 2026-06-03
   days on market $315,000 Active 13 DOM
7. 2026-06-02
   days on market $315,000 Active 12 DOM
8. 2026-06-01
   days on market $315,000 Active 11 DOM
9. 2026-05-31
   days on market $315,000 Active 10 DOM
10. 2026-05-30
    days on market $315,000 Active 9 DOM
11. 2026-05-22
    listed $315,000 Active 918-char remark

    Show marketing remark (918 chars)

    This beautifully maintained zero-lot home in Boulder Ridge offers finished living space on all three levels with 4 bedrooms and 3.5 baths. The main level features soaring ceilings, abundant natural light, a spacious living room with fireplace, and an eat-in kitchen with a large island and ample cabinet space. The main-floor primary suite includes a walk-in closet, dual vanities, and private bath, along with convenient main-floor laundry and a half bath. Upstairs, the loft overlooks the living area and works well as a second family room, office, or play space, plus two additional bedrooms and a full bath. The finished basement adds a large rec room, fourth bedroom, and another full bath. Conveniently located near parks, shopping, restaurants, bus lines, the interstate, the University of Illinois Urbana-Champaign, and Carle Foundation Hospital, this move-in ready home offers space, comfort, and convenience.

12. 2023-03-24
    soldstatus $260,000
13. 2023-03-22
    soldstatus $260,000 Closed 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

14. 2023-02-22
    status Pending 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

15. 2023-02-21
    status Active 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

16. 2023-02-21
    price $260,000 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

17. 2022-12-21
    status Pending 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

18. 2022-12-12
    price $257,000 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

19. 2022-10-17
    listed $265,000 Active 607-char remark

    Show marketing remark (607 chars)

    All ready for new owners- plenty of space, nearly new. Be the second owner of this 4 bed 3.5 bath zerolot. Open floor plan, fireplace in great room , large eat in kitchen and first floor master. There is a convenient 1/2 bath on the first floor and a laundry room that includes the washer and dryer. the loft area upstairs offers many potential uses. There you will also find 2 more bedrooms and a full bath. The finished basement has a large family room and additional bedroom and bath. So much living space, beautiful finishes. The seller is offering $1000 buyer closing cost credit! Come take a look!

ⓘ 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: $2,306 · $192/mo
• Projected year-2 tax: $4,728 · $394/mo
• Expected delta: +$2,422/yr (+$202/mo · 105.0%)

ⓘ 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 ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,712
• − Mortgage interest: −$17,645
• − Property taxes: −$2,306
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,817
• − Management: −$3,817
• − HOA: −$144
• − Depreciation: −$9,164
• Taxable income: $9,244
• Est. tax owed @ 24.0%: −$2,219
• After-tax cash flow: $11,626/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: Champaign CUSD 4
• NCES district ID: 1709420
• Math proficiency: 24% ▼ -7.00%
• Reading proficiency: 26% ▼ -7.00%
• Median HH income: $45,797
• Composite: 21.66/100
• National rank: #8281
• State rank: #333 of 620 in IL

Livability — Champaign

• Score: 83/100
• State rank: #44
• US rank: #902

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Champaign, IL
• County: Champaign County · 182,148 people
• City population: 96,852
• Metro: Champaign-Urbana, IL
• Population (ZIP): 27,642
• Household income: $99,006
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 733.0

Population outlook (Champaign County) Hauer SSP2

• Today (2025): 223,848 people
• By 2030: 231,416 · +3.4%
• By 2040: 244,321 · +9.1%
• By 2050: 256,432 · +14.6%
• By 2075: 285,823 · +27.7%
• By 2100: 296,406 · +32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Asian 17% Black 14% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 76% English-only · Chinese 6% Spanish 4% Other Asian/Pacific 3%

Political lean MEDSL · Champaign

• 2024 margin: Strong D (+24.1) · D 61.3% · R 37.2% · Other 1.5%
• 2008→2024 swing: +6.6pp toward D · 2008: 17.5pp · 2024: 24.1pp
• All cycles: 2024: D+24.1 2020: D+22.8 2016: D+18.4 2012: D+6.8 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.60%
• Current HPI: 203.8781
• Rent YoY: —
• Metro: Champaign-Urbana, 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

+18.9% since first listed

9 events — show timeline

• 2026-05-22 Listed $315,000 CIBR
• 2023-03-24 Sold (Public Records) $260,000 Public Records
• 2023-03-22 Sold (MLS) $260,000 MRED as Distributed by MLS Grid
• 2023-02-22 Pending — MRED as Distributed by MLS Grid
• 2023-02-21 Relisted — MRED as Distributed by MLS Grid
• 2023-02-21 Price Changed $260,000 MRED as Distributed by MLS Grid
• 2022-12-21 Pending — MRED as Distributed by MLS Grid
• 2022-12-12 Price Changed $257,000 MRED as Distributed by MLS Grid
• 2022-10-17 Listed $265,000 MRED as Distributed by MLS Grid

Property tax history

+57.2%/yr

Latest (2023): $2,306 · -73.4% YoY. Source: county tax records.