1507 W Barker Ave · Peoria, IL 61606

$184,900

2 bd · 3.0 ba · 2,392 sqft · SingleFamily public records · 9 Days on market

Built 1877 6,600 sqft lot $77/sqft · 11% below area Est $295k · 37% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1507 W Barker Avenue, a sprawling and versatile 7-bedroom, 3-bathroom residence that perfectly blends historic scale with a premier location. Boasting over 3,000 square feet of living area, this home is an exceptional find for owner-occupants, investors seeking a high-yield opportunity, or those looking for a "house-hack" that offers both! Ideally situated just steps from Bradley University and only minutes from Peoria’s downtown medical district, this property is perfectly positioned to serve student housing needs or healthcare professionals. The home has been thoughtfully maintained with significant recent capital improvements, including a new AC (2023), new lower level furnace (2025), new water heater (2026), and a roof replacement (2017). Newer basement windows allow natural light to brighten the lower level, while the rare addition of off-street parking for 4 vehicles provides ultimate convenience in this historic neighborhood. Whether you are looking to accommodate a large household or capitalize on a turnkey rental location, 1507 W Barker presents a fantastic opportunity with all the major updates already completed. Schedule your showing today!

Key facts

• Premier location
• New water heater
• Roof replacement

Tags

• PREMIER LOCATION
• NEW AC
• NEW LOWER LEVEL FURNACE
• NEW WATER HEATER
• ROOF REPLACEMENT
• NEWER BASEMENT WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-179 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (16.6% below list).
• Recommended offer: $153k (17.1% below list) — sets the bar for cash-flow.

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: Valeska Hinton Early Ch Ed Ctr (495 students, 0% FRL); Harold B Dawson Middle School (math 0% / reading 5%, grade F, #658 of 665 statewide, top 99%, 360 students, 0% FRL); 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: 35 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $1,542/mo this rent would consume 47% of the median local household income ($39k/yr) (locally 620% 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1877 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,230 (17.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1877 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.83% ✗
• Cap rate: 5.13%
• Cash-on-cash: -4.16%
• DSCR: 0.82
• GRM: 10.0

CMA / ARV

• ARV (median comp): $294,572
• List price: $184,900
• Delta: -37.23%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1629 W Moss Ave	0.25mi	3/2.0 (+1)	2,421 (+1%)	2mo	$190,000	$78	76
1825 W Moss Ave	0.43mi	3/2.5 (+1)	2,531 (+6%)	3mo	$100,000	$40	61
1922 W Rohmann Ave	0.40mi	3/1.5 (+1)	2,426 (+1%)	9mo	$119,900	$49	61
1823 W Moss Ave	0.42mi	3/2.5 (+1)	2,586 (+8%)	11mo	$325,000	$126	51
2206 W Rohmann Ave	0.60mi	3/3.0 (+1)	2,145 (-10%)	11mo	$167,500	$78	40
2313 W Rohmann Ave	0.71mi	3/1.5 (+1)	2,166 (-9%)	8mo	$160,000	$74	33
2229 W Callender Ave	0.67mi	3/2.5 (+1)	2,036 (-15%)	5mo	$138,000	$68	33
2102 W Alice Ave	0.54mi	3/1.5 (+1)	2,195 (-8%)	21mo	$183,000	$83	32
1213 W Armstrong Ave	0.74mi	3/1.5 (+1)	2,064 (-14%)	3mo	$64,000	$31	30
1507 W Columbia Ter	0.61mi	3/1.5 (+1)	2,075 (-13%)	13mo	$235,000	$113	28

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: -23.2%
• Equity multiple: 0.20×
• Total profit: $-41,283
• Equity at exit: $27,569

10-year hold

• IRR: -17.7%
• Equity multiple: 0.03×
• Total profit: $-50,259
• Equity at exit: $15,987

Cash invested: $51,772 (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 61606

• Home prices YoY: -34.0%
• Active inventory: 35
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,542 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$351 /mo · $4,206/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $-179

Break-even live

Break-even rent $1,769

Max offer price $153,230

Occupancy floor —

Sensitivity live

Price	-10% $-75	-5% $-127	+0% $-179	+5% $-232	+10% $-284
Rent	-10% $-301	-5% $-240	+0% $-179	+5% $-118	+10% $-57
Rate	-1.0pp $-86	-0.5pp $-132	base $-179	+0.5pp $-227	+1.0pp $-276

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1816 W Callender Ave Peoria, IL	3.0	2.0	1628	$1,650	$1.01	45d	1	0.30mi
818 W Moss Ave Peoria, IL	2.0	2.0	1580	$1,800	$1.14	15d	1	0.60mi
2847 W Howett St Peoria, IL	3.0	2.0	2000	$1,150	$0.57	45d	1	1.27mi
2523 W Nebraska Ave Peoria, IL	3.0	2.0	1600	$1,450	$0.91	23d	1	1.40mi

Listing history 28 events

1. 2026-06-22
   statusdays on market $184,900 Pending 9 DOM
2. 2026-06-19
   days on market $184,900 Active 7 DOM
3. 2026-06-18
   days on market $184,900 Active 6 DOM
4. 2026-06-17
   days on market $184,900 Active 5 DOM
5. 2026-06-16
   days on market $184,900 Active 4 DOM
6. 2026-06-15
   days on market $184,900 Active 3 DOM
7. 2026-06-13
   days on marketlisting id $184,900 Active 1 DOM
8. 2026-06-10
   days on market $184,900 Active 36 DOM
9. 2026-06-09
   days on market $184,900 Active 35 DOM
10. 2026-06-08
    days on market $184,900 Active 34 DOM
11. 2026-06-07
    days on market $184,900 Active 33 DOM
12. 2026-06-03
    days on market $184,900 Active 29 DOM
13. 2026-06-03
    price $184,900 Active 28 DOM
14. 2026-06-02
    days on market $189,900 Active 28 DOM
15. 2026-06-01
    days on market $189,900 Active 27 DOM
16. 2026-05-31
    days on market $189,900 Active 26 DOM
17. 2026-05-30
    days on market $189,900 Active 25 DOM
18. 2026-05-05
    listed $195,000 Active 1199-char remark

    Show marketing remark (1199 chars)

    Welcome to 1507 W Barker Avenue, a sprawling and versatile 7-bedroom, 3-bathroom residence that perfectly blends historic scale with a premier location. Boasting over 3,000 square feet of living area, this home is an exceptional find for owner-occupants, investors seeking a high-yield opportunity, or those looking for a "house-hack" that offers both! Ideally situated just steps from Bradley University and only minutes from Peoria’s downtown medical district, this property is perfectly positioned to serve student housing needs or healthcare professionals. The home has been thoughtfully maintained with significant recent capital improvements, including a new AC (2023), new lower level furnace (2025), new water heater (2026), and a roof replacement (2017). Newer basement windows allow natural light to brighten the lower level, while the rare addition of off-street parking for 4 vehicles provides ultimate convenience in this historic neighborhood. Whether you are looking to accommodate a large household or capitalize on a turnkey rental location, 1507 W Barker presents a fantastic opportunity with all the major updates already completed. Schedule your showing today!

19. 2023-11-21
    soldstatus $160,000
20. 2023-11-13
    soldstatus $160,000 Closed 1260-char remark

    Show marketing remark (1260 chars)

    Welcome to 1507 W Barker Avenue! With 7 bedrooms, 3 bathrooms, and ample parking space for 4 vehicles, this property offers plenty of room for a large family or potential rental income. The house spans over 3,000 square feet, providing abundant space for comfortable living. Recent updates include a new washer and dryer in 2021, as well as new back stairs for added convenience. Electric heaters have been installed in the basement bedrooms and living room in 2022, ensuring cozy warmth during colder months. Additionally, new electric heaters have been placed on the main level in the kitchen, family room, and living room. Other notable improvements include a water heater installed in 2021. The HVAC system was updated in 2018, guaranteeing optimal climate control throughout the year. The roof was also replaced in 2017. The property's basement windows have been recently upgraded, allowing natural light to flood the lower level. With an impressive rental income of $2,400 per month, this property presents an excellent investment opportunity, located in the prime location for Bradley students. Currently rented for the 2023/2024 school year. Don't miss out on this fantastic opportunity to own a spacious home with numerous updates and great potential!

21. 2023-09-25
    status Pending 1260-char remark

    Show marketing remark (1260 chars)

    Welcome to 1507 W Barker Avenue! With 7 bedrooms, 3 bathrooms, and ample parking space for 4 vehicles, this property offers plenty of room for a large family or potential rental income. The house spans over 3,000 square feet, providing abundant space for comfortable living. Recent updates include a new washer and dryer in 2021, as well as new back stairs for added convenience. Electric heaters have been installed in the basement bedrooms and living room in 2022, ensuring cozy warmth during colder months. Additionally, new electric heaters have been placed on the main level in the kitchen, family room, and living room. Other notable improvements include a water heater installed in 2021. The HVAC system was updated in 2018, guaranteeing optimal climate control throughout the year. The roof was also replaced in 2017. The property's basement windows have been recently upgraded, allowing natural light to flood the lower level. With an impressive rental income of $2,400 per month, this property presents an excellent investment opportunity, located in the prime location for Bradley students. Currently rented for the 2023/2024 school year. Don't miss out on this fantastic opportunity to own a spacious home with numerous updates and great potential!

22. 2023-09-19
    listed $165,000 Active 1260-char remark

    Show marketing remark (1260 chars)

    Welcome to 1507 W Barker Avenue! With 7 bedrooms, 3 bathrooms, and ample parking space for 4 vehicles, this property offers plenty of room for a large family or potential rental income. The house spans over 3,000 square feet, providing abundant space for comfortable living. Recent updates include a new washer and dryer in 2021, as well as new back stairs for added convenience. Electric heaters have been installed in the basement bedrooms and living room in 2022, ensuring cozy warmth during colder months. Additionally, new electric heaters have been placed on the main level in the kitchen, family room, and living room. Other notable improvements include a water heater installed in 2021. The HVAC system was updated in 2018, guaranteeing optimal climate control throughout the year. The roof was also replaced in 2017. The property's basement windows have been recently upgraded, allowing natural light to flood the lower level. With an impressive rental income of $2,400 per month, this property presents an excellent investment opportunity, located in the prime location for Bradley students. Currently rented for the 2023/2024 school year. Don't miss out on this fantastic opportunity to own a spacious home with numerous updates and great potential!

23. 2021-07-01
    soldstatus $108,750
24. 2021-06-30
    soldstatus $108,750
25. 2021-05-09
    listed $115,000
26. 2017-11-16
    soldstatus $105,000
27. 2017-11-15
    soldstatus $105,000
28. 2017-04-09
    listed $119,500

ⓘ 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: $4,206 · $351/mo
• Projected year-2 tax: $4,206 · $351/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 · 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: $18,500
• − Mortgage interest: −$10,357
• − Property taxes: −$4,206
• − Insurance: −$924
• − Repairs & maintenance: −$1,480
• − Management: −$1,480
• − Depreciation: −$5,379
• Taxable loss: −$5,327
• Est. tax savings @ 24.0%: +$1,278
• After-tax cash flow: $-873/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): 6,684
• Household income: $39,196
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 620.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Black 17% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% Chinese 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: ▼ -85.67%
• Current HPI: 166.329
• Rent YoY: —
• 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

+63.2% since first listed

11 events — show timeline

• 2026-05-05 Listed $195,000 RMLSA as Distributed by MLS Grid
• 2023-11-21 Sold (Public Records) $160,000 Public Records
• 2023-11-13 Sold (MLS) $160,000 RMLSA as Distributed by MLS Grid
• 2023-09-25 Pending — RMLSA as Distributed by MLS Grid
• 2023-09-19 Listed $165,000 RMLSA as Distributed by MLS Grid
• 2021-07-01 Sold (Public Records) $108,750 Public Records
• 2021-06-30 Sold (MLS) $108,750 RMLSA as Distributed by MLS Grid
• 2021-05-09 Listed $115,000 RMLSA as Distributed by MLS Grid
• 2017-11-16 Sold (Public Records) $105,000 Public Records
• 2017-11-15 Sold (MLS) $105,000 RMLSA as Distributed by MLS Grid
• 2017-04-09 Listed $119,500 RMLSA as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2024): $4,206 · +22.8% YoY. Source: county tax records.