3623 N Sterling Ave Unit B-17 · Peoria, IL 61604

$54,900

2 bd · 1.0 ba · 780 sqft · SingleFamily · 504 Days on market

Built 1970 Fair condition $70/sqft · 20% below area Est $69k · 20% under $215/mo HOA · 20% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity you do not want to miss. Well maintained 2 bd 1 bath condo. Great central location to Interstate 74, shopping and more. This condo comes with a current tenant/lease in place through 7/2026, collecting $950/mo. in rent. Assoc fee covers water, sewer, pool maintenance and more. Comes with carport. Laundry on site in building. Secure building with locked entry. Water heater replaced in 2019. Furnace in 2013. Schedule your showing today!

Key facts

• Secure building
• Central location
• Laundry on site

Tags

• CENTRAL LOCATION
• SECURE BUILDING
• LAUNDRY ON SITE
• WATER HEATER REPLACED
• FURNACE IN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 (+2.3%/yr); 180 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $380 of loan paydown is wiped out by about $2k 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 + 2.3% rent growth), your $15k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 504 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $55k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 504 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.99% ✓
• Cap rate: 12.17%
• Cash-on-cash: 21.00%
• DSCR: 1.93
• GRM: 4.2

CMA / ARV

• ARV (median comp): $68,572
• List price: $54,900
• Delta: -19.94%
• 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
3341 N Leroy Ave	0.28mi	2/1.0	768 (-2%)	5mo	$49,000	$64	80
2318 W Albany Ave	0.39mi	2/1.0	775 (-1%)	7mo	$37,500	$48	75
2050 W Wilson Ave	0.41mi	2/1.5	752 (-4%)	8mo	$84,900	$113	66
2046 W Wilson Ave	0.42mi	2/1.0	739 (-5%)	9mo	$65,000	$88	65
3444 N Gale Ave	0.23mi	3/1.0 (+1)	720 (-8%)	8mo	$78,000	$108	64
2315 W Hudson St	0.42mi	3/2.0 (+1)	791 (+1%)	6mo	$87,900	$111	64
2221 W Tripp Ave	0.33mi	1/1.0 (-1)	704 (-10%)	6mo	$61,000	$87	58
2212 W Dennis Ct	0.68mi	2/1.0	864 (+11%)	0mo	$47,000	$54	50
3302 N Gale Ave	0.45mi	1/1.0 (-1)	680 (-13%)	4mo	$54,500	$80	49
2909 N Victoria Ave	0.66mi	2/1.0	672 (-14%)	1mo	$125,000	$186	46
2029 W Forrest Hill Ave	0.58mi	2/1.0	672 (-14%)	7mo	$60,000	$89	44
3119 N Western Ave	0.68mi	2/1.0	663 (-15%)	3mo	$49,000	$74	41

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 · 2.3% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.50×
• Total profit: $7,623
• Equity at exit: $8,186

10-year hold

• IRR: 20.9%
• Equity multiple: 2.71×
• Total profit: $26,212
• Equity at exit: $4,747

Cash invested: $15,372 (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 61604

• Home prices YoY: -24.6%
• Rents YoY: 2.3%
• Active inventory: 180
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,093 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$215
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $269

Break-even live

Break-even rent $752

Max offer price $54,900

Occupancy floor 70%

Sensitivity live

Price	-10% $307	-5% $288	+0% $269	+5% $250	+10% $231
Rent	-10% $183	-5% $226	+0% $269	+5% $312	+10% $355
Rate	-1.0pp $297	-0.5pp $283	base $269	+0.5pp $255	+1.0pp $240

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3629 N Leroy Ave Unit A Peoria, IL	2.0	1.0	1000	$1,150	$1.15	44d	1	0.24mi
2805 W Larchmont Ln Peoria, IL	1.0–2.0	1.0	695	$1,060	$1.53	14d	3	0.41mi
3601 N Kingston Dr Peoria, IL	2.0	2.0	1030	$1,420	$1.38	14d	3	0.49mi
2700 W Forrest Hill Ave Peoria, IL	2.0	1.0	850	$850	$1.00	44d	1	0.51mi
2511 W Wardcliffe Dr Unit H Peoria, IL	2.0	1.0	800	$875	$1.09	44d	1	0.58mi
2920 N Rockwood Dr Apt B Peoria, IL	2.0	1.0	800	$895	$1.12	14d	1	0.58mi
4010 N Brandywine Dr Peoria, IL	1.0–2.0	1.0–2.0	797	$1,082	$1.36	14d	17	0.73mi
2610 N Renwood Ave Peoria, IL	2.0	1.0	904	$1,300	$1.44	14d	1	0.86mi
3438 W Villa Rdg Unit A Peoria, IL	2.0	1.5	874	$1,200	$1.37	22d	1	0.97mi
3444 W Dorchester Rdg Peoria, IL	2.0	2.0	1089	$1,275	$1.17	14d	1	0.98mi
2600 N Lavalle Ct Peoria, IL	1.0–3.0	1.0–2.0	803	$1,000	$1.25	14d	26	1.23mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	44d	1	1.27mi
4020 N Bryer Pl Peoria, IL	2.0	1.0	720	$1,250	$1.74	22d	1	1.28mi
1327 W Covington Ct Peoria, IL	2.0	2.0	1025	$1,295	$1.26	44d	1	1.35mi
1308 W Covington Ct Peoria, IL	2.0	1.5	975	$1,170	$1.20	22d	1	1.35mi
811 W Purtscher Dr Peoria, IL	3.0	1.0	864	$1,100	$1.27	44d	1	1.45mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	14d	4	1.45mi

HOA detail

• Monthly dues: $215 · $2,580/yr
• Likely covers: watersewerpool

Listing history 9 events

1. 2026-06-01
   days on market $54,900 Active 504 DOM
2. 2026-05-31
   days on market $54,900 Active 503 DOM
3. 2026-05-30
   days on market $54,900 Active 502 DOM
4. 2025-12-04
   status Active 460-char remark

   Show marketing remark (460 chars)

   Investment opportunity you do not want to miss. Well maintained 2 bd 1 bath condo. Great central location to Interstate 74, shopping and more. This condo comes with a current tenant/lease in place through 7/2026, collecting $950/mo. in rent. Assoc fee covers water, sewer, pool maintenance and more. Comes with carport. Laundry on site in building. Secure building with locked entry. Water heater replaced in 2019. Furnace in 2013. Schedule your showing today!

5. 2025-12-02
   historical 460-char remark

   Show marketing remark (460 chars)

   Investment opportunity you do not want to miss. Well maintained 2 bd 1 bath condo. Great central location to Interstate 74, shopping and more. This condo comes with a current tenant/lease in place through 7/2026, collecting $950/mo. in rent. Assoc fee covers water, sewer, pool maintenance and more. Comes with carport. Laundry on site in building. Secure building with locked entry. Water heater replaced in 2019. Furnace in 2013. Schedule your showing today!

6. 2025-07-01
   price $54,900 460-char remark

   Show marketing remark (460 chars)

   Investment opportunity you do not want to miss. Well maintained 2 bd 1 bath condo. Great central location to Interstate 74, shopping and more. This condo comes with a current tenant/lease in place through 7/2026, collecting $950/mo. in rent. Assoc fee covers water, sewer, pool maintenance and more. Comes with carport. Laundry on site in building. Secure building with locked entry. Water heater replaced in 2019. Furnace in 2013. Schedule your showing today!

7. 2025-01-11
   listed $59,900 Active 460-char remark

   Show marketing remark (460 chars)

   Investment opportunity you do not want to miss. Well maintained 2 bd 1 bath condo. Great central location to Interstate 74, shopping and more. This condo comes with a current tenant/lease in place through 7/2026, collecting $950/mo. in rent. Assoc fee covers water, sewer, pool maintenance and more. Comes with carport. Laundry on site in building. Secure building with locked entry. Water heater replaced in 2019. Furnace in 2013. Schedule your showing today!

8. 2021-12-23
   soldstatus $30,000 341-char remark

   Show marketing remark (341 chars)

   Looking for a cute, 2 bedroom condo in a great location? Consider Sterling Arms! Enjoy soaking up the sun by the pool. Don't worry about snow - you have a carport! Need more storage? Sterling Arms provides you with additional space for your goodies. Close to the interstate and shopping, this is an ideal spot. Call to make your appointment!

9. 2021-11-15
   listed $36,500 341-char remark

   Show marketing remark (341 chars)

   Looking for a cute, 2 bedroom condo in a great location? Consider Sterling Arms! Enjoy soaking up the sun by the pool. Don't worry about snow - you have a carport! Need more storage? Sterling Arms provides you with additional space for your goodies. Close to the interstate and shopping, this is an ideal spot. Call to make your appointment!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% 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: $13,115
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$1,049
• − Management: −$1,049
• − HOA: −$2,580
• − Depreciation: −$1,597
• Taxable income: $2,667
• Est. tax owed @ 24.0%: −$640
• After-tax cash flow: $2,588/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

A fair condition, move-in ready condo with some cosmetic updates needed to enhance curb appeal and value.

Repairs flagged

• Minor Paint — Some discoloration on exterior
• Minor Landscaping — Overgrown areas need trimming

Value-add opportunities

• Both Paint exterior and trim landscaping — Enhances curb appeal and value
• Both Replace carpet with hardwood or tile flooring — Improves aesthetics and durability
• Both Update kitchen and bathroom fixtures — Modernizes spaces and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Some discoloration on exterior	Minor	$500–3,000
Landscaping · Overgrown areas need trimming	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior and trim landscaping — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood or tile flooring — Improves aesthetics and durability ↑
• Both Update kitchen and bathroom fixtures — Modernizes spaces and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 28,313
• Household income: $52,414
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 815.0

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 0.61)
• Race & ethnicity: White 55% Black 29% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 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: ▼ -54.15%
• Current HPI: 165.8838
• Rent YoY: ▲ 2.30%
• 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

+50.4% since first listed

6 events — show timeline

• 2025-12-04 Relisted — RMLSA as Distributed by MLS Grid
• 2025-12-02 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-07-01 Price Changed $54,900 RMLSA as Distributed by MLS Grid
• 2025-01-11 Listed $59,900 RMLSA as Distributed by MLS Grid
• 2021-12-23 Sold (MLS) $30,000 RMLSA as Distributed by MLS Grid
• 2021-11-15 Listed $36,500 RMLSA as Distributed by MLS Grid