415 N Town Ave · Princeville, IL 61559

$389,000

8 bd · 4.0 ba · 3,800 sqft · MultiFamily · 46 Days on market

Built 1973 Good condition

---

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).

• Cash flow +15.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Condition / age +3.8/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Exceptional investment opportunity in Princeville featuring a well-maintained quadplex loving owned & cared for by the same family since 1973! Pride of ownership is evident throughout this property that offers 4 fully occupied units in an outstanding location directly across from both the grade school & high school making it highly desirable for tenants seeking convenience & small-town living w/ quick access to Peoria & Galesburg. Each unit offers approx. 950 finished sq ft of living space w/ an excellent flr plan featuring 2 BR 1 full BA, generously sized family rm, comfortable BR spaces & back patios for outdoor enjoyment. All 4 units include attached garage

Key facts

• Attached garage
• Fully occupied units
• Laundry hookups

Tags

• WELL MAINTAINED QUADPLEX
• FULLY OCCUPIED UNITS
• ATTACHED GARAGE
• ADDITIONAL STORAGE AREAS
• PARTIAL UNFINISHED BASEMENTS
• LAUNDRY HOOKUPS

Property features AI

Finance

• Financial info: Four rental units with current rents: Unit 1 $750, Unit 2 $825, Unit 3 $845, Unit 4 $750

Exterior

• Parking: Attached parking totaling 4 spaces; Each unit includes 1 covered parking space
• Utilities: Public water; Public sewer
• Home design: Residential income property; One-story quadruplex; Built in 1973
• Construction: Built 1973
• Exterior features: Level lot; Paved road access; Shingle roof

Interior

• Bedrooms: Four 2-bedroom units
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central air conditioning; Forced-air heating; Gas water heater
• Interior features: Storage; High-speed internet
• Laundry & utility: Private laundry in units; Unit washer/dryer hook-ups

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $389k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive. Per door: $39/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $360k (7.5% below list).
• Recommended offer: $360k (7.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#461 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Princeville CUSD 326 (rural): math 42% / reading 38% proficiency, ranked #136 of 620 in IL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Princeville Elem School (math 37% / reading 37%, grade F, #457 of 2,056 statewide, top 24%, 318 students, 0% FRL); Princeville High School (math 47% / reading 37%, grade F, #76 of 693 statewide, top 12%, 332 students, 0% FRL) — zoned schools average 0% FRL vs 18% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 12 active listings in the ZIP; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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

• It's been on market 46 days — a 3% lower offer ($377k) is reasonable based on typical stale-listing flexibility.

Recommended offer $359,900 (7.5% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 7% 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 1973 — 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. 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 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: 0.93% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.6%
• Equity multiple: 0.51×
• Total profit: $-53,114
• Equity at exit: $58,001

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-33,325
• Equity at exit: $33,634

Cash invested: $108,920 (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 61559

• Home prices YoY: -17.4%
• Active inventory: 12
• Price-to-rent: 36.0×

Monthly cashflow live

• Estimated rent: $3,599 medium
• Mortgage (P&I): −$2,040
• Tax est. 1.5%: −$486 /mo · $5,835/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $155

Break-even live

Break-even rent $3,403

Max offer price $389,000

Occupancy floor 91%

Sensitivity live

Price	-10% $424	-5% $289	+0% $155	+5% $21	+10% $-114
Rent	-10% $-129	-5% $13	+0% $155	+5% $297	+10% $439
Rate	-1.0pp $351	-0.5pp $254	base $155	+0.5pp $54	+1.0pp $-48

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,600
Total (4 units)			$3,599

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $389,000 Under Contract 46 DOM
2. 2026-06-21
   days on market $389,000 Under Contract 45 DOM
3. 2026-06-21
   days on market $389,000 Under Contract 44 DOM
4. 2026-06-18
   days on market $389,000 Under Contract 42 DOM
5. 2026-06-17
   days on market $389,000 Under Contract 41 DOM
6. 2026-06-16
   days on market $389,000 Under Contract 40 DOM
7. 2026-06-15
   days on market $389,000 Under Contract 39 DOM
8. 2026-06-13
   days on market $389,000 Under Contract 37 DOM
9. 2026-06-12
   days on market $389,000 Under Contract 36 DOM
10. 2026-06-09
    days on market $389,000 Under Contract 33 DOM
11. 2026-06-08
    days on market $389,000 Under Contract 32 DOM
12. 2026-06-07
    days on market $389,000 Under Contract 31 DOM
13. 2026-06-05
    days on market $389,000 Under Contract 29 DOM
14. 2026-06-04
    days on market $389,000 Under Contract 27 DOM
15. 2026-06-02
    days on market $389,000 Under Contract 26 DOM
16. 2026-06-01
    days on market $389,000 Under Contract 25 DOM
17. 2026-05-31
    days on market $389,000 Under Contract 24 DOM
18. 2026-05-31
    days on market $389,000 Under Contract 23 DOM
19. 2026-05-07
    listed $389,000 Active 1542-char remark

ⓘ 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: $43,188
• − Mortgage interest: −$21,790
• − Property taxes: −$5,835
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,455
• − Management: −$3,455
• − Depreciation: −$11,316
• Taxable loss: −$4,608
• Est. tax savings @ 24.0%: +$1,106
• After-tax cash flow: $2,965/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minor repairs needed. Painting the exterior and replacing the carpeted flooring will significantly increase its value.

Repairs flagged

• Minor Paint — The exterior siding and paint appear to be in good condition with no visible damage or wear.
• Minor Flooring — The flooring in the interior appears to be carpeted and in average condition.

Value-add opportunities

• Both Paint the exterior siding and trim — Painting the exterior siding and trim will improve the curb appeal and increase the property's resale and rental value.
• Both Replace carpeted flooring with hardwood or tile — Replacing the carpeted flooring with hardwood or tile will improve the interior aesthetics and increase the property's resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · The exterior siding and paint appear to be in good condition with no visible damage or wear.	Minor	$500–3,000
Flooring · The flooring in the interior appears to be carpeted and in average condition.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint the exterior siding and trim — Painting the exterior siding and trim will improve the curb appeal and increase the property's resale and rental value. ↑
• Both Replace carpeted flooring with hardwood or tile — Replacing the carpeted flooring with hardwood or tile will improve the interior aesthetics and increase the property's resale and rental value. ↑

ⓘ 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: Princeville CUSD 326
• NCES district ID: 1732770
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 38% ▼ -10.00%
• Median HH income: $62,163
• Composite: 35.68/100
• National rank: #4873
• State rank: #136 of 620 in IL

Livability — Princeville

• Score: 68/100
• State rank: #461
• US rank: #9576

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B- Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeville, IL
• Population (ZIP): 3,726

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Italian 2% Romanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -45.98%
• Current HPI: 218.4389
• 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

2 events — show timeline

• 2026-05-26 Contingent — RMLSA as Distributed by MLS Grid
• 2026-05-07 Listed $389,000 RMLSA as Distributed by MLS Grid