807 E Illinois St · Freeport, IL 61032

$85,000

3 bd · 1.0 ba · 1,128 sqft · SingleFamily · 16 Days on market

Built 1954 6,534 sqft lot Est $87k · at est.

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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 +8.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming three-bedroom gem that's brimming with potential and ready for its next chapter. Whether you're a first-time buyer or a savvy investor, this property delivers opportunity on a silver platter. Inside, discover a solid foundation for your vision. The main level features three comfortable bedrooms and a full bathroom, providing a functional layout that's just waiting for your personal touch. With a little TLC, you can make this your own. Hardwood floors as well. Come and check it out.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1954

Property features AI

Finance

• Other: Fee simple ownership; Possession at closing
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage (1 garage space, 1 total parking space); Owned garage
• Utilities: Public water; Public sewer; Electric service with fuses
• Home design: Detached single-family home; One-story
• Construction: Aluminum siding; Asphalt roof; Built 71–80 years ago; Built before 1978
• Exterior features: Lot approximately 53 x 120; Lot less than 0.25 acre

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Disposal
• Bedrooms: 3 bedrooms (all on main level); Master bedroom on main level
• Bathrooms: 1 full bathroom; Basement bathroom present
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Unfinished full basement; 6 total rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $588 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 $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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.
5. 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.
6. 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: 1.57% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $86,856
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
934 E Garden St	0.11mi	3/1.0	1,258 (+12%)	1mo	$43,900	$35	74
1478 S High Ave	0.52mi	3/1.0	1,122 (-0%)	4mo	$150,000	$134	72
514 E Garden St	0.21mi	3/1.0	980 (-13%)	2mo	$150,000	$153	66
727 E Garden St	0.08mi	2/1.0 (-1)	1,280 (+14%)	4mo	$92,500	$72	66
712 S 14th Ave	0.52mi	3/1.0	1,152 (+2%)	9mo	$126,000	$109	65
1208 S Fruit Ave	0.19mi	2/1.0 (-1)	960 (-15%)	10mo	$35,500	$37	53
1452 S High Ave	0.49mi	2/1.0 (-1)	1,238 (+10%)	5mo	$10	—	52
1441 S Float Ave	0.40mi	3/1.5	966 (-14%)	4mo	$80,000	$83	52
1468 S Carroll Ave	0.55mi	2/1.0 (-1)	1,220 (+8%)	8mo	$94,000	$77	49
1474 S Carroll Ave	0.56mi	2/2.5 (-1)	1,204 (+7%)	6mo	$115,000	$96	46
1540 S Float Ave	0.54mi	2/1.0 (-1)	1,000 (-11%)	8mo	$75,000	$75	44
1602 E De Leon St	0.67mi	2/1.0 (-1)	1,030 (-9%)	6mo	$60,000	$58	44

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: 12.6%
• Equity multiple: 1.50×
• Total profit: $11,967
• Equity at exit: $12,674

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $43,724
• Equity at exit: $7,349

Cash invested: $23,800 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$446
• Tax from tax record: −$167 /mo · $2,002/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $403

Break-even live

Break-even rent $820

Max offer price $85,000

Occupancy floor 65%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	20d	1	0.27mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	20d	1	0.69mi
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	43d	1	0.77mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	43d	1	1.22mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	43d	1	1.22mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	43d	1	1.28mi
601 N Winnebago Ave Freeport, IL	3.0	1.0	784	$1,225	$1.56	43d	1	1.36mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	43d	1	1.38mi

Listing history 14 events

1. 2026-06-18
   days on market $85,000 Active 16 DOM
2. 2026-06-17
   days on market $85,000 Active 15 DOM
3. 2026-06-16
   days on market $85,000 Active 14 DOM
4. 2026-06-15
   days on market $85,000 Active 13 DOM
5. 2026-06-13
   remarks 567-char remark
6. 2026-06-13
   listing id $85,000 Active 11 DOM
7. 2026-06-12
   days on market $85,000 Active 11 DOM
8. 2026-06-09
   days on market $85,000 Active 8 DOM
9. 2026-06-08
   days on market $85,000 Active 7 DOM
10. 2026-06-07
    days on market $85,000 Active 6 DOM
11. 2026-06-07
    days on market $85,000 Active 5 DOM
12. 2026-06-04
    days on market $85,000 Active 2 DOM
13. 2026-06-02
    remarks 516-char remark
14. 2026-06-02
    listed $85,000 Active 1 DOM

ⓘ 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: $2,002 · $167/mo
• Projected year-2 tax: $2,002 · $167/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: $15,969
• − Mortgage interest: −$4,761
• − Property taxes: −$2,002
• − Insurance: −$425
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$2,473
• Taxable income: $3,752
• Est. tax owed @ 24.0%: −$901
• After-tax cash flow: $3,938/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

+0.0% since first listed

2 events — show timeline

• 2026-06-01 Listed $85,000 NWIAR
• 2026-06-01 Listed $85,000 MRED as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2024): $2,002 · +64.9% YoY. Source: county tax records.