902 N Horsman St · Rockford, IL 61101

$40,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily · 40 Days on market

Built 1910 4,356 sqft lot $40/sqft · 38% below area Est $64k · 38% under

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

Listing remarks MLS

Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 6.1% in Rockford — 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 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: schools F, crime F, amenities 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.
• Market conditions: 76 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $8k; list at $40k implies a 371% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
7. 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.
8. 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.
9. 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: 3.38% ✓
• Cap rate: 28.68%
• Cash-on-cash: 79.97%
• DSCR: 4.56
• GRM: 2.5

CMA / ARV

• ARV (median comp): $64,366
• List price: $40,000
• Delta: -37.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
902 N Horsman St	0.00mi	3/1.0	1,008 (0%)	0mo	$35,000	$35	100
1029 Woodlawn Ave	0.25mi	3/1.0	1,121 (+11%)	11mo	$70,666	$63	61
1816 N Winnebago St	0.73mi	2/1.0 (-1)	1,009 (+0%)	6mo	$76,000	$75	55
933 Ridge Ave	0.40mi	2/1.0 (-1)	915 (-9%)	8mo	$90,000	$98	54
1710 N Winnebago St	0.66mi	3/1.0	1,077 (+7%)	8mo	$119,000	$110	51
2515 N Knight Ave	0.69mi	3/1.0	957 (-5%)	12mo	$85,000	$89	49
444 Forest Ave	0.59mi	3/1.5	875 (-13%)	5mo	$44,000	$50	45
1619 Evergreen St	0.59mi	2/1.0 (-1)	1,116 (+11%)	8mo	$61,500	$55	43
1611 N Horsman St	0.56mi	2/1.5 (-1)	1,114 (+10%)	7mo	$123,750	$111	43
1719 Carney Ave	0.72mi	2/1.0 (-1)	894 (-11%)	0mo	$50,000	$56	42
2903 Yonge St	0.65mi	3/1.0	1,116 (+11%)	11mo	$108,500	$97	42
1316 Arthur Ave Ave	0.72mi	3/1.0	912 (-10%)	12mo	$70,000	$77	40

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: 80.2%
• Equity multiple: 4.67×
• Total profit: $41,105
• Equity at exit: $5,964

10-year hold

• IRR: 83.6%
• Equity multiple: 9.68×
• Total profit: $97,206
• Equity at exit: $3,458

Cash invested: $11,200 (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 61101

• Home prices YoY: -25.4%
• Active inventory: 76
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,354 high
• Mortgage (P&I): −$210
• Tax from tax record: −$97 /mo · $1,161/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $746

Break-even live

Break-even rent $409

Max offer price $40,000

Occupancy floor 40%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
728 N Winnebago St Rockford, IL	4.0	1.0	1250	$1,600	$1.28	13d	1	0.23mi
2422 Benderwirt Ave Unit 2422-1 Rockford, IL	2.0	1.0	1150	$1,025	$0.89	43d	1	0.38mi
920 N Church St Rockford, IL	2.0	1.0	750	$1,295	$1.73	13d	4	0.50mi
922 N Church St Rockford, IL	2.0	2.0	1150	$1,450	$1.26	43d	1	0.52mi
1146 Fairview Ave Rockford, IL	4.0	1.5	1344	$1,250	$0.93	21d	1	0.54mi
1614 Pauline Ave Rockford, IL	2.0	1.0	956	$1,400	$1.46	43d	1	0.57mi
913 N Main St Rockford, IL	2.0	1.0–2.0	1050	$2,300	$2.19	21d	1	0.64mi
1904 Auburn St Unit 1904-4 Rockford, IL	2.0	1.0	800	$1,050	$1.31	43d	1	0.66mi
203 Carlton Ter Rockford, IL	2.0	1.0	900	$1,250	$1.39	21d	1	0.69mi
1121 N Church St Rockford, IL	2.0	1.0	900	$1,200	$1.33	21d	1	0.71mi
418 Orchard Park Rockford, IL	3.0	1.0	1232	$1,500	$1.22	13d	1	0.76mi
912 Furman St Rockford, IL	2.0	1.0	1000	$1,300	$1.30	13d	1	0.78mi
1617 Vermont St Rockford, IL	2.0	1.0	1375	$1,325	$0.96	43d	1	0.79mi
1401 N Court St Rockford, IL	2.0	1.0	850	$950	$1.12	43d	1	0.80mi
1510 School St Unit 1 Rockford, IL	3.0	1.5	1400	$1,200	$0.86	43d	1	0.83mi
1116 Irving Ave Unit 1116-301 Rockford, IL	2.0	1.0	800	$950	$1.19	21d	1	0.92mi
207 N Central Ave Rockford, IL	4.0	1.5	1296	$1,500	$1.16	13d	1	0.96mi
607 N 2nd St Unit 607-6 Rockford, IL	2.0	1.0	875	$950	$1.09	43d	1	1.02mi
924 N Sunset Ave Rockford, IL	2.0	1.0	725	$1,050	$1.45	13d	1	1.10mi
2011 School St Rockford, IL	3.0	1.0	950	$1,500	$1.58	43d	1	1.14mi
2330 Kilburn Ave Rockford, IL	2.0–3.0	1.0–2.0	950	$1,199	$1.26	13d	1	1.14mi
1832 N Main St Rockford, IL	2.0–3.0	1.0–2.0	872	$1,199	$1.37	13d	1	1.14mi
1826 Green St Rockford, IL	2.0	1.0	1000	$1,300	$1.30	21d	1	1.24mi
314 N Longwood St Rockford, IL	2.0	1.0	1060	$1,100	$1.04	43d	1	1.26mi
2222 Andrews St Rockford, IL	4.0	1.0	1400	$1,600	$1.14	13d	1	1.29mi
1112 Crosby St Rockford, IL	2.0	1.0	1000	$1,050	$1.05	21d	1	1.30mi
2305 School St Unit 2305-7 Rockford, IL	2.0	1.0	875	$995	$1.14	43d	1	1.32mi
2208 Fremont St Rockford, IL	3.0	1.0	938	$1,400	$1.49	13d	1	1.34mi
2308 Fremont St Rockford, IL	3.0	1.0	1320	$1,600	$1.21	43d	1	1.39mi
1138 Revell Ave Rockford, IL	2.0	1.0	900	$800	$0.89	43d	1	1.40mi
2215 Hecker Ave Unit 2215 Rockford, IL	3.0	1.0	800	$1,095	$1.37	43d	1	1.43mi
2403 Elm St Rockford, IL	2.0	1.0	1373	$1,400	$1.02	43d	1	1.44mi
2403 Elm St Rockford, IL	2.0	1.0	1373	$1,400	$1.02	13d	1	1.44mi
2315 Green St Rockford, IL	3.0	1.0	1290	$1,600	$1.24	43d	1	1.49mi

Listing history 7 events

1. 2026-05-08
   status Active 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

2. 2026-05-08
   status Active 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

3. 2026-05-04
   status Pending 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

4. 2026-05-04
   status Pending 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

5. 2026-04-14
   listed $40,000 Active 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

6. 2026-04-14
   listed $40,000 Active 307-char remark

   Show marketing remark (307 chars)

   Attention investors and rehabbers! Opportunity awaits with this 2-story home featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. The property needs major rehab work and is currently condemned, making it best suited for experienced buyers ready to take on a full renovation. Cash only. Sold as-is.

7. 2004-07-09
   soldstatus $8,500

ⓘ 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: $1,161 · $97/mo
• Projected year-2 tax: $1,161 · $97/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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°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: $16,246
• − Mortgage interest: −$2,241
• − Property taxes: −$1,161
• − Insurance: −$200
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$1,164
• Taxable income: $8,882
• Est. tax owed @ 24.0%: −$2,132
• After-tax cash flow: $6,825/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): 19,318
• Household income: $46,163
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 1170.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 16% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 14% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 2% Portuguese 2%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 13% Other Indo-European 1% 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: ▼ -69.58%
• Current HPI: 204.8946
• Rent YoY: —
• 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

+370.6% since first listed

7 events — show timeline

• 2026-05-08 Relisted — NWIAR
• 2026-05-08 Relisted — MRED as Distributed by MLS Grid
• 2026-05-04 Pending — NWIAR
• 2026-05-04 Pending — MRED as Distributed by MLS Grid
• 2026-04-14 Listed $40,000 MRED as Distributed by MLS Grid
• 2026-04-14 Listed $40,000 NWIAR
• 2004-07-09 Sold (Public Records) $8,500 Public Records

Property tax history

+0.4%/yr

Latest (2024): $1,161 · +3.5% YoY. Source: county tax records.