405 N Apple Ave · Freeport, IL 61032

$89,900

4 bd · 1.5 ba · 1,820 sqft · SingleFamily · 52 Days on market

Built 1928 5,227 sqft lot $49/sqft · 29% above area Est $70k · 29% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

Key facts

• Deck
• Updated kitchen
• Bright 4-season room

Tags

• UPDATED KITCHEN
• ENCLOSED FRONT PORCH
• BRIGHT 4-SEASON ROOM
• DECK
• CONVENIENT CARPORT

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $622 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y ago; this cycle's ask has dropped $89.81M (100%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $90k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1928 — 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. 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.
6. 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.
7. 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: 1.59% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• GRM: 5.2

CMA / ARV

• ARV (median comp): $69,568
• List price: $89,900
• Delta: 29.23%
• 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
510-512 N Brick Ave	0.14mi	4/2.0	1,921 (+6%)	0mo	$25,000	$13	82
445 N Nursery Ave	0.10mi	4/1.5	1,712 (-6%)	11mo	$91,500	$53	76
815 W Douglas St	0.32mi	3/1.5 (-1)	1,704 (-6%)	8mo	$110,000	$65	62
25 W Pleasant St	0.65mi	4/1.0	1,788 (-2%)	8mo	$28,000	$16	58
509 W Chestnut St	0.63mi	4/1.0	1,702 (-6%)	9mo	$55,555	$33	50
933 W Stephenson St	0.55mi	3/2.0 (-1)	1,994 (+10%)	5mo	$165,000	$83	47
644 W Elk St	0.44mi	4/2.5	1,589 (-13%)	9mo	$60,000	$38	47
639 W Elk St	0.47mi	4/2.0	2,064 (+13%)	9mo	$120,000	$58	46
840 W Homer St	0.63mi	3/1.5 (-1)	1,640 (-10%)	8mo	$115,000	$70	43
603 S Galena Ave	0.61mi	4/1.0	2,075 (+14%)	5mo	$27,000	$13	42
337 W American St	0.71mi	3/1.0 (-1)	1,630 (-10%)	9mo	$91,000	$56	35
806 S Oak Ave	0.66mi	3/2.0 (-1)	1,567 (-14%)	10mo	$63,000	$40	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.56×
• Total profit: $14,019
• Equity at exit: $13,404

10-year hold

• IRR: 22.8%
• Equity multiple: 2.95×
• Total profit: $49,179
• Equity at exit: $7,773

Cash invested: $25,172 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,429 high
• Mortgage (P&I): −$471
• Tax from tax record: −$172 /mo · $2,063/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $448

Break-even live

Break-even rent $862

Max offer price $89,900

Occupancy floor 64%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	43d	1	0.03mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	43d	1	0.10mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	43d	1	0.59mi
434 1/2 S State Ave Freeport, IL	3.0	2.0	2544	$1,595	$0.63	43d	1	0.68mi
404 E Prospect Ter Freeport, IL	4.0	2.0	2560	$1,525	$0.60	21d	1	1.01mi

Listing history 31 events

1. 2026-06-18
   days on market $89,900 Active 52 DOM
2. 2026-06-17
   days on market $89,900 Active 51 DOM
3. 2026-06-16
   days on marketlisting id $89,900 Active 50 DOM
4. 2026-06-15
   days on market $89,900 Active 78 DOM
5. 2026-06-13
   days on market $89,900 Active 76 DOM
6. 2026-06-12
   days on market $89,900 Active 75 DOM
7. 2026-06-09
   days on market $89,900 Active 72 DOM
8. 2026-06-08
   days on market $89,900 Active 71 DOM
9. 2026-06-07
   days on market $89,900 Active 70 DOM
10. 2026-06-07
    days on market $89,900 Active 69 DOM
11. 2026-06-04
    days on market $89,900 Active 66 DOM
12. 2026-06-02
    days on market $89,900 Active 65 DOM
13. 2026-06-01
    days on market $89,900 Active 64 DOM
14. 2026-05-31
    days on market $89,900 Active 63 DOM
15. 2026-05-31
    days on market $89,900 Active 62 DOM
16. 2026-05-06
    status Active 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

17. 2026-05-04
    status Active 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

18. 2026-04-07
    status Pending 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

19. 2026-04-06
    historical Contingent - Continue to Show 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

20. 2026-03-30
    price $89,900 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

21. 2026-03-30
    listed $89,900,000 Active 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

22. 2026-03-28
    listed $89,900 Active 560-char remark

    Show marketing remark (560 chars)

    Spacious 4-bedroom, 2-bath home with great updates and versatile living spaces! The updated kitchen offers a fresh, modern feel and flows nicely into the main living areas-perfect for everyday living and entertaining. Enjoy extra space with an enclosed front porch and a bright 4-season room, ideal for relaxing year-round. Step out onto the deck for easy outdoor enjoyment, plus take advantage of the convenient carport out back. Fresh paint throughout gives the home a clean, updated look. A great opportunity to add your personal touch and make it your own!

23. 2020-01-24
    soldstatus $53,105
24. 2020-01-23
    soldstatus $55,900 Closed Sale
25. 2020-01-23
    soldstatus $55,900
26. 2019-12-16
    status Pending
27. 2019-10-15
    price $55,900
28. 2019-05-29
    status Reactivated
29. 2019-05-25
    historical
30. 2019-05-24
    listed $68,000 New
31. 2019-05-24
    listed $55,900

ⓘ 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: $2,063 · $172/mo
• Projected year-2 tax: $2,063 · $172/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $17,145
• − Mortgage interest: −$5,036
• − Property taxes: −$2,063
• − Insurance: −$450
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$2,615
• Taxable income: $4,239
• Est. tax owed @ 24.0%: −$1,017
• After-tax cash flow: $4,358/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

+60.8% since first listed

16 events — show timeline

• 2026-05-06 Relisted — NWIAR
• 2026-05-04 Relisted — MRED as Distributed by MLS Grid
• 2026-04-07 Pending — NWIAR
• 2026-04-06 Contingent — MRED as Distributed by MLS Grid
• 2026-03-30 Price Changed $89,900 NWIAR
• 2026-03-30 Listed $89,900,000 NWIAR
• 2026-03-28 Listed $89,900 MRED as Distributed by MLS Grid
• 2020-01-24 Sold (Public Records) $53,105 Public Records
• 2020-01-23 Sold (MLS) $55,900 MRED as Distributed by MLS Grid
• 2020-01-23 Sold (MLS) $55,900 NWIAR
• 2019-12-16 Pending — MRED as Distributed by MLS Grid
• 2019-10-15 Price Changed $55,900 MRED as Distributed by MLS Grid
• 2019-05-29 Relisted — MRED as Distributed by MLS Grid
• 2019-05-25 Listing Removed — MRED as Distributed by MLS Grid
• 2019-05-24 Listed $68,000 MRED as Distributed by MLS Grid
• 2019-05-24 Listed $55,900 NWIAR

Property tax history

+0.2%/yr

Latest (2024): $2,063 · +34.6% YoY. Source: county tax records.