500 NE Madison Ave · Peoria, IL 61603

$1,750,000

128 bd · 64.0 ba · 17,982 sqft · MultiFamily · 296 Days on market

Good condition 10,454 sqft lot $97/sqft · 222% above area

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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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great opportunity to own an Historic 14 multi-family close to Downtown and Hospitals. Consistent demand and stays full. 16 unit available across the street as well as3single family homes. See also MLS PA1259507

Key facts

• 0.24 acre lot
• 30 parking spots
• Listed 295 days

What this means for you Summary

Snapshot

• This is a 16 × 8-bed/?-bath units multifamily listed at $1.75M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $1.75M).
• Recommended offer: $1.54M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 (+3.5%/yr); 104 active listings in the ZIP; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $23,345/mo this rent would consume 673% of the median local household income ($42k/yr) (locally 849% 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 $12k of loan paydown is wiped out by about $52k 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 $490k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 296 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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 $200k; list at $1.75M implies a 775% gain — meaningful room to come down on a strong offer.

Recommended offer $1,540,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 296 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.33% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.55%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $544,315
• List price: $1,750,000
• Delta: 221.50%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $132,694
• Equity at exit: $260,931

10-year hold

• IRR: 16.7%
• Equity multiple: 2.40×
• Total profit: $685,579
• Equity at exit: $151,308

Cash invested: $490,000 (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: 99.9×

Monthly cashflow live

• Estimated rent: $23,345 medium
• Mortgage (P&I): −$9,177
• Tax est. 1.5%: −$2,188 /mo · $26,250/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,902
• Net cashflow: $6,349

Break-even live

Break-even rent $15,309

Max offer price $1,750,000

Occupancy floor 68%

Sensitivity live

Price	-10% $7,558	-5% $6,953	+0% $6,349	+5% $5,744	+10% $5,139
Rent	-10% $4,504	-5% $5,427	+0% $6,349	+5% $7,271	+10% $8,193
Rate	-1.0pp $7,230	-0.5pp $6,794	base $6,349	+0.5pp $5,895	+1.0pp $5,434

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

Units	Beds	Baths	Est. rent
▸ 16× units	8	—	$23,344
Total (16 units)			$23,345

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $1,750,000 Active 296 DOM
2. 2026-06-18
   days on market $1,750,000 Active 295 DOM
3. 2026-06-17
   days on market $1,750,000 Active 294 DOM
4. 2026-06-16
   days on market $1,750,000 Active 293 DOM
5. 2026-06-15
   days on market $1,750,000 Active 292 DOM
6. 2026-06-14
   days on market $1,750,000 Active 290 DOM
7. 2026-06-13
   days on market $1,750,000 Active 289 DOM
8. 2026-06-10
   days on market $1,750,000 Active 287 DOM
9. 2026-06-09
   days on market $1,750,000 Active 286 DOM
10. 2026-06-08
    days on market $1,750,000 Active 285 DOM
11. 2026-06-07
    days on market $1,750,000 Active 284 DOM
12. 2026-06-03
    days on market $1,750,000 Active 280 DOM
13. 2026-06-02
    days on market $1,750,000 Active 279 DOM
14. 2026-06-01
    days on market $1,750,000 Active 278 DOM
15. 2026-05-31
    days on market $1,750,000 Active 277 DOM
16. 2026-05-30
    days on market $1,750,000 Active 276 DOM
17. 2025-08-27
    listed $1,750,000 Active 211-char remark

    Show marketing remark (211 chars)

    Great opportunity to own an Historic 14 multi-family close to Downtown and Hospitals. Consistent demand and stays full. 16 unit available across the street as well as3single family homes. See also MLS PA1259507

18. 2021-08-06
    historical
19. 2021-08-06
    historical
20. 2003-04-18
    soldstatus $200,000
21. 2002-09-09
    listed $329,000

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

Taxation est. · year 1

• Rental income: $280,140
• − Mortgage interest: −$98,027
• − Property taxes: −$26,250
• − Insurance: −$8,750
• − Repairs & maintenance: −$22,411
• − Management: −$22,411
• − Depreciation: −$50,909
• Taxable income: $51,381
• Est. tax owed @ 24.0%: −$12,332
• After-tax cash flow: $63,853/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 · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed. It offers a great opportunity for investors looking to enhance its curb appeal and rental value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both update kitchen appliances — modernizes kitchen and improves rental appeal
• Both install smart home devices — attracts tech-savvy buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both update kitchen appliances — modernizes kitchen and improves rental appeal ↑
• Both install smart home devices — attracts tech-savvy buyers and renters ↑

ⓘ 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): 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

+431.9% since first listed

5 events — show timeline

• 2025-08-27 Listed $1,750,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2003-04-18 Sold (MLS) $200,000 RMLSA as Distributed by MLS Grid
• 2002-09-09 Listed $329,000 RMLSA as Distributed by MLS Grid