520 E Melbourne Ave · Peoria, IL 61603

$64,900

3 bd · 1.0 ba · 1,172 sqft · SingleFamily public records · 3 Days on market

Built 1935 5,227 sqft lot $55/sqft · 21% above area Est $54k · 21% 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 +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 520 E Melbourne, where comfort, convenience, and opportunity come together in a way that just feels easy. This 3 bedroom, 1 bathroom home offers a warm and inviting atmosphere with spaces that feel practical, comfortable, and ready for whatever chapter comes next. Whether you’re planting roots for the first time or searching for a smart addition to your investment portfolio, this property offers versatility with a move-right-in feel. The home blends everyday functionality with charm, creating spaces that feel bright, welcoming, and easy to enjoy. From quiet mornings at home to evenings spent relaxing after a long day, there’s a simplicity here that makes life feel man

Key facts

• 5,227 sq ft lot
• Built 1935
• Listed 3 days

Property features AI

Finance

• Other: Subdivision: Forrest Park; Directions: East Forrest Hill Ave to North Indiana Ave to East Melbourne Ave
• HOA & community: No association fee

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential zoning; Built in 1935; Total living area 1172
• Construction: Shingle roof; Unfinished basement
• Exterior features: Level lot; Paved road access; Shingle roof

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 3 bedrooms (main and upper/lower levels noted in room breakdown)
• Flooring: Luxury vinyl plank in some rooms; Hardwood in living and dining areas
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Forced air heating; Gas water heater
• Interior features: Cable available; Ceiling fan(s); Unfinished basement; Has basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 13.4% 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+, 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.
• Zoned schools: Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($42k/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 $449 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 + 3.5% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $33k; list at $65k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.71% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.50%
• DSCR: 2.13
• GRM: 4.9

CMA / ARV

• ARV (median comp): $53,558
• List price: $64,900
• Delta: 21.18%
• 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
222 E Odell Pl	0.24mi	3/1.0	1,088 (-7%)	1mo	$98,000	$90	76
315 E Elmhurst Ave	0.19mi	3/1.5	1,046 (-11%)	2mo	$111,000	$106	70
308 E Corrington Ave	0.21mi	2/1.0 (-1)	1,284 (+10%)	2mo	$94,600	$74	68
1015 E Fairoaks Ave	0.55mi	3/2.0	1,200 (+2%)	3mo	$148,000	$123	64
718 E London Ave	0.48mi	2/1.0 (-1)	1,103 (-6%)	1mo	$67,000	$61	62
2206 N Wisconsin Ave	0.65mi	3/2.0	1,217 (+4%)	0mo	$30,000	$25	59
1026 E Richwoods Blvd	0.55mi	4/1.5 (+1)	1,226 (+5%)	1mo	$132,000	$108	59
1002 E Willcox Ave	0.41mi	3/2.0	1,023 (-13%)	1mo	$89,000	$87	55
624 E Paris Ave	0.53mi	2/1.0 (-1)	1,074 (-8%)	2mo	$67,000	$62	54
2624 N Prospect Rd	0.66mi	2/1.0 (-1)	1,260 (+8%)	0mo	$74,500	$59	52
1118 E London Ave	0.71mi	2/2.0 (-1)	1,116 (-5%)	2mo	$139,900	$125	48
1101 E Paris Ave	0.74mi	2/1.0 (-1)	1,292 (+10%)	0mo	$114,000	$88	43

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 1.81×
• Total profit: $14,668
• Equity at exit: $9,677

10-year hold

• IRR: 28.4%
• Equity multiple: 3.58×
• Total profit: $46,898
• Equity at exit: $5,611

Cash invested: $18,172 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,112 high
• Mortgage (P&I): −$340
• Tax from tax record: −$125 /mo · $1,503/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $386

Break-even live

Break-even rent $624

Max offer price $64,900

Occupancy floor 60%

Sensitivity live

Price	-10% $423	-5% $404	+0% $386	+5% $368	+10% $349
Rent	-10% $298	-5% $342	+0% $386	+5% $430	+10% $474
Rate	-1.0pp $419	-0.5pp $403	base $386	+0.5pp $369	+1.0pp $352

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
737 E Gift Ave Unit 737 Peoria, IL	2.0	1.0	800	$1,125	$1.41	44d	1	0.33mi
505 E Virginia Ave Peoria, IL	2.0	2.0	1204	$758	$0.63	14d	1	0.38mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	14d	1	0.58mi
2210 Knoxville Ave #2212 Peoria, IL	2.0	1.0	1284	$950	$0.74	44d	1	0.71mi
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	14d	1	0.89mi
3912 N Atlantic Ave Peoria Heights, IL	2.0	1.0	825	$1,100	$1.33	44d	1	0.94mi
2207 N Ellis St Peoria, IL	2.0	1.0	864	$999	$1.16	14d	1	1.04mi
126 E Lake Ave Peoria, IL	2.0	1.0	950	$1,050	$1.11	14d	9	1.08mi
814 W McClure Ave Peoria, IL	3.0	1.0	1148	$1,100	$0.96	44d	1	1.08mi
812 W Macqueen Ave Peoria, IL	2.0	1.0	822	$795	$0.97	44d	1	1.10mi
228 E Oak Cliff Ct Unit A2 Peoria, IL	2.0	1.0	1000	$1,050	$1.05	14d	1	1.13mi
913 W McClure Ave Peoria, IL	3.0	1.0	1400	$1,200	$0.86	22d	1	1.15mi
813 E Sciota Ave Peoria Heights, IL	2.0	2.0	800	$1,400	$1.75	14d	1	1.18mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	44d	1	1.18mi
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	22d	1	1.21mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	14d	4	1.22mi
903 W Brons Ave Peoria, IL	3.0	1.0	971	$995	$1.02	44d	1	1.24mi
811 W Purtscher Dr Peoria, IL	3.0	1.0	864	$1,100	$1.27	44d	1	1.28mi
905 E Marietta Ave Unit A Peoria Heights, IL	2.0	2.0	1200	$1,600	$1.33	14d	1	1.31mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	22d	1	1.34mi
526 Fairholm Ave Peoria, IL	3.0	2.0	1174	$925	$0.79	44d	1	1.39mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	14d	1	1.41mi
4020 N Bryer Pl Peoria, IL	2.0	1.0	720	$1,250	$1.74	22d	1	1.43mi
506 Caroline St Unit B Peoria, IL	2.0	1.0	1000	$900	$0.90	14d	1	1.45mi
1413 W Gilbert Ave Peoria, IL	2.0	2.0	1428	$1,500	$1.05	14d	1	1.48mi

Listing history 5 events

1. 2026-05-14
   historical $64,900 13-char remark
2. 2026-05-06
   historical $1,100
3. 2026-05-03
   price $1,100
4. 2026-05-02
   listed $1,200
5. 1999-02-01
   soldstatus $33,000

ⓘ 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: $1,503 · $125/mo
• Projected year-2 tax: $1,503 · $125/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 4/10 Moderate FEMA zone X · 20% 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: $13,348
• − Mortgage interest: −$3,635
• − Property taxes: −$1,503
• − Insurance: −$324
• − Repairs & maintenance: −$1,068
• − Management: −$1,068
• − Depreciation: −$1,888
• Taxable income: $3,861
• Est. tax owed @ 24.0%: −$927
• After-tax cash flow: $3,706/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: 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): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

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 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 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: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• 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

+96.7% since first listed

7 events — show timeline

• 2026-05-23 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-20 Listed $64,900 RMLSA as Distributed by MLS Grid
• 2026-05-14 Coming Soon $64,900 RMLSA as Distributed by MLS Grid
• 2026-05-06 Rental Removed $1,100 BUILDIUM
• 2026-05-03 Price Changed $1,100 BUILDIUM
• 2026-05-02 Listed for Rent $1,200 BUILDIUM
• 1999-02-01 Sold (Public Records) $33,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,503 · +6.4% YoY. Source: county tax records.