718 Seminary St · Rockford, IL 61104

$320,000

24 bd · 12.0 ba · — sqft · MultiFamily · 43 Days on market

Built 1927

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks MLS

Turnkey Furnished Rental Portfolio – Fully Occupied with Proven Income & Excellent Reviews. Exceptional opportunity to acquire a fully stabilized 6-unit furnished rental property with consistent occupancy, strong income performance, and a well-established reputation. This property operates as a successful mid-term rental portfolio catering to travel professionals and extended-stay tenants, generating approximately $115,200 in effective gross income and an estimated Net Operating Income of $100,680. All units are fully furnished, consistently occupied, and supported by excellent tenant reviews, reflecting the quality and care put into the property. Well-maintained and professionally managed, this asset offers a true turnkey, plug-and-play investment with immediate cash flow. The property can be purchased individually or together as part of a package with 712 Seminary Street and 722 Seminary Street.

Key facts

• 3 parking spots
• Built 1927
• Listed 43 days

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/2.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $5k ($66k/yr) — positive. Per door: $912/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.8% 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: Rents rising fast (+9.7%/yr); 67 active listings in the ZIP; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $9,437/mo this rent would consume 335% of the median local household income ($34k/yr) (locally 1406% 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 $10k 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 + 8.0% rent growth), your $90k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 15y 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 $85k; list at $320k implies a 276% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $310,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.95% ✓
• Cap rate: 26.82%
• Cash-on-cash: 73.30%
• DSCR: 4.26
• GRM: 2.8

CMA / ARV

• ARV (median comp): $103,330
• List price: $320,000
• Delta: 209.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 78.5%
• Equity multiple: 4.87×
• Total profit: $346,601
• Equity at exit: $47,713

10-year hold

• IRR: 83.3%
• Equity multiple: 11.91×
• Total profit: $977,663
• Equity at exit: $27,668

Cash invested: $89,600 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 67
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $9,437 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$171 /mo · $2,049/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,982
• Net cashflow: $5,473

Break-even live

Break-even rent $2,509

Max offer price $320,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 6× units	4	2	$9,438
Total (6 units)			$9,437

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-04-06
   listed $320,000 Active 922-char remark

   Show marketing remark (922 chars)

   Turnkey Furnished Rental Portfolio – Fully Occupied with Proven Income & Excellent Reviews. Exceptional opportunity to acquire a fully stabilized 6-unit furnished rental property with consistent occupancy, strong income performance, and a well-established reputation. This property operates as a successful mid-term rental portfolio catering to travel professionals and extended-stay tenants, generating approximately $115,200 in effective gross income and an estimated Net Operating Income of $100,680. All units are fully furnished, consistently occupied, and supported by excellent tenant reviews, reflecting the quality and care put into the property. Well-maintained and professionally managed, this asset offers a true turnkey, plug-and-play investment with immediate cash flow. The property can be purchased individually or together as part of a package with 712 Seminary Street and 722 Seminary Street.

2. 2026-04-06
   listed Active

   Show marketing remark (922 chars)

   Turnkey Furnished Rental Portfolio – Fully Occupied with Proven Income & Excellent Reviews. Exceptional opportunity to acquire a fully stabilized 6-unit furnished rental property with consistent occupancy, strong income performance, and a well-established reputation. This property operates as a successful mid-term rental portfolio catering to travel professionals and extended-stay tenants, generating approximately $115,200 in effective gross income and an estimated Net Operating Income of $100,680. All units are fully furnished, consistently occupied, and supported by excellent tenant reviews, reflecting the quality and care put into the property. Well-maintained and professionally managed, this asset offers a true turnkey, plug-and-play investment with immediate cash flow. The property can be purchased individually or together as part of a package with 712 Seminary Street and 722 Seminary Street.

3. 2021-10-08
   soldstatus $85,000
4. 2021-08-03
   listed $89,000
5. 2016-02-25
   soldstatus $29,900
6. 2016-02-22
   soldstatus $30,550 Closed Sale
7. 2016-02-22
   soldstatus $30,550
8. 2016-01-27
   status Pending
9. 2016-01-15
   listed $29,900 New
10. 2016-01-15
    listed $29,900
11. 2012-03-14
    soldstatus $120,000
12. 2012-03-09
    soldstatus $120,000 Closed Sale
13. 2012-01-26
    status Pending
14. 2012-01-10
    status Reactivated
15. 2011-11-30
    status Pending
16. 2011-11-23
    historical Contingent
17. 2011-11-09
    listed $59,900 New
18. 2011-11-03
    historical
19. 2011-06-23
    listed New
20. 2008-10-23
    soldstatus $234,000
21. 1997-07-08
    soldstatus $23,000
22. 1992-10-27
    soldstatus $23,000
23. 1992-10-27
    soldstatus $23,000
24. 1989-03-15
    soldstatus $42,000
25. 1989-03-15
    soldstatus $42,000

ⓘ 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: $2,049 · $171/mo
• Projected year-2 tax: $4,656 · $388/mo
• Expected delta: +$2,608/yr (+$217/mo · 127.3%)

ⓘ 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 2/10 Low 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: $113,244
• − Mortgage interest: −$17,925
• − Property taxes: −$2,049
• − Insurance: −$1,600
• − Repairs & maintenance: −$9,060
• − Management: −$9,060
• − Depreciation: −$9,309
• Taxable income: $64,242
• Est. tax owed @ 24.0%: −$15,418
• After-tax cash flow: $50,258/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): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% 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: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• 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

+661.9% since first listed

25 events — show timeline

• 2026-04-06 Listed $320,000 NWIAR
• 2026-04-06 Listed — MRED as Distributed by MLS Grid
• 2021-10-08 Sold (MLS) $85,000 NWIAR
• 2021-08-03 Listed $89,000 NWIAR
• 2016-02-25 Sold (Public Records) $29,900 Public Records
• 2016-02-22 Sold (MLS) $30,550 MRED as Distributed by MLS Grid
• 2016-02-22 Sold (MLS) $30,550 NWIAR
• 2016-01-27 Pending — MRED as Distributed by MLS Grid
• 2016-01-15 Listed $29,900 MRED as Distributed by MLS Grid
• 2016-01-15 Listed $29,900 NWIAR
• 2012-03-14 Sold (Public Records) $120,000 Public Records
• 2012-03-09 Sold (MLS) $120,000 MRED as Distributed by MLS Grid
• 2012-01-26 Pending — MRED as Distributed by MLS Grid
• 2012-01-10 Relisted — MRED as Distributed by MLS Grid
• 2011-11-30 Pending — MRED as Distributed by MLS Grid
• 2011-11-23 Contingent — MRED as Distributed by MLS Grid
• 2011-11-09 Listed $59,900 MRED as Distributed by MLS Grid
• 2011-11-03 Listing Removed — MRED as Distributed by MLS Grid
• 2011-06-23 Listed — MRED as Distributed by MLS Grid
• 2008-10-23 Sold (Public Records) $234,000 Public Records
• 1997-07-08 Sold (Public Records) $23,000 Public Records
• 1992-10-27 Sold (Public Records) $23,000 Public Records
• 1992-10-27 Sold (Public Records) $23,000 Public Records
• 1989-03-15 Sold (Public Records) $42,000 Public Records
• 1989-03-15 Sold (Public Records) $42,000 Public Records

Property tax history

-0.5%/yr

Latest (2024): $2,049 · +3.5% YoY. Source: county tax records.