5548 Spring Brook Rd · Rockford, IL 61114

$185,000

2 bd · 2.0 ba · 1,684 sqft · Other · 31 Days on market

Built 1970

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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 +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful, spacious, comfortable and safe. .. this condo has it all! Enjoy 1730 sq. ft. of living space on the first level at Harbour Royale Condominiums! Unit #104 in the front of the building and has a great open feel to the main living space. The large living room with a gas fireplace to take the chill off in the morning, has sliding glass doors to a nice patio with easy access to the yard you can enjoy, but don't have to mow! The dining room is central to the unit. open between the spacious kitchen and living room. The kitchen offers lots of surface space, cabinets and drawers. All appliances stay. A unique feature to this unit is the 11 x 7 storage room adjacent to the kitchen, which the current owner has used as a work/hobby room. Huge primary bedroom with walk-in closet, a second closet and full bath with walk-in shower. There is a nice size 2nd bedroom, a den, full main bath and a laundry/utility room! There are more large closets in the units entry hallway. New AC unit on roof this year. Parking is easy & safe with the underground heated garage. Enjoy using the beautiful community deck overlooking a nice lake (not visible from this unit)! There is also a community room, exercise room, a library sitting area and lovely updated lobby where you can meet & greet or relax! Sorry, no pets. Sold "As Is".

Key facts

• Built 1970
• Listed 31 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $185k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (1.8% below list).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Spring Creek Elem School (math 17% / reading 22%, grade F, #1,054 of 2,056 statewide, top 54%, 501 students, 0% FRL); Eisenhower Middle School (math 9% / reading 17%, grade F, #540 of 665 statewide, top 82%, 961 students, 0% FRL); Guilford High School (math 15% / reading 28%, grade F, #345 of 693 statewide, top 50%, 2,071 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 74 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

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.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 7y 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 $144k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 8.5

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-8,702
• Equity at exit: $27,584

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $19,589
• Equity at exit: $15,995

Cash invested: $51,800 (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 61114

• Home prices YoY: -27.1%
• Active inventory: 74
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,816 high
• Mortgage (P&I): −$970
• Tax from tax record: −$52 /mo · $625/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $335

Break-even live

Break-even rent $1,392

Max offer price $185,000

Occupancy floor 77%

Sensitivity live

Price	-10% $440	-5% $388	+0% $335	+5% $283	+10% $231
Rent	-10% $192	-5% $264	+0% $335	+5% $407	+10% $479
Rate	-1.0pp $429	-0.5pp $382	base $335	+0.5pp $287	+1.0pp $239

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5548 Spring Brook Rd Unit 5548 Rockford, IL	2.0	2.0	1730	$1,650	$0.95	14d	1	0.02mi
6538 Spring Brook Rd Unit S212 Rockford, IL	2.0	2.5	1960	$2,150	$1.10	45d	1	1.04mi
3273 Kimball Rd Unit 1 Rockford, IL	2.0	1.5	1100	$1,600	$1.45	45d	1	1.08mi
3273 Kimball Rd Rockford, IL	2.0	1.0	1100	$1,600	$1.45	45d	1	1.08mi
4016 Eaton Dr Unit 1232695P Rockford, IL	3.0	3.0	1722	$4,169	$2.42	14d	1	1.44mi

Listing history 40 events

1. 2026-06-16
   status $185,000 Under Contract 31 DOM
2. 2026-06-15
   days on market $185,000 Active 31 DOM
3. 2026-06-14
   days on market $185,000 Active 29 DOM
4. 2026-06-13
   days on market $185,000 Active 28 DOM
5. 2026-06-10
   days on market $185,000 Active 26 DOM
6. 2026-06-09
   days on market $185,000 Active 25 DOM
7. 2026-06-08
   days on market $185,000 Active 24 DOM
8. 2026-06-07
   days on market $185,000 Active 23 DOM
9. 2026-06-03
   days on market $185,000 Active 19 DOM
10. 2026-06-02
    days on market $185,000 Active 18 DOM
11. 2026-06-01
    days on market $185,000 Active 17 DOM
12. 2026-05-31
    days on market $185,000 Active 16 DOM
13. 2026-05-30
    days on market $185,000 Active 15 DOM
14. 2026-05-16
    listed $185,000 Active 450-char remark
15. 2023-12-28
    soldstatus $144,000 Closed 1350-char remark

    Show marketing remark (1350 chars)

    Beautiful, spacious, comfortable and safe. .. this condo has it all! Enjoy 1730 sq. ft. of living space on the first level at Harbour Royale Condominiums! Unit #104 in the front of the building and has a great open feel to the main living space. The large living room with a gas fireplace to take the chill off in the morning, has sliding glass doors to a nice patio with easy access to the yard you can enjoy, but don't have to mow! The dining room is central to the unit. open between the spacious kitchen and living room. The kitchen offers lots of surface space, cabinets and drawers. All appliances stay. A unique feature to this unit is the 11 x 7 storage room adjacent to the kitchen, which the current owner has used as a work/hobby room. Huge primary bedroom with walk-in closet, a second closet and full bath with walk-in shower. There is a nice size 2nd bedroom, a den, full main bath and a laundry/utility room! There are more large closets in the units entry hallway. New AC unit on roof this year. Parking is easy & safe with the underground heated garage. Enjoy using the beautiful community deck overlooking a nice lake (not visible from this unit)! There is also a community room, exercise room, a library sitting area and lovely updated lobby where you can meet & greet or relax! Sorry, no pets. Sold "As Is".

16. 2023-11-22
    status Pending 1350-char remark

    Show marketing remark (1350 chars)

    Beautiful, spacious, comfortable and safe. .. this condo has it all! Enjoy 1730 sq. ft. of living space on the first level at Harbour Royale Condominiums! Unit #104 in the front of the building and has a great open feel to the main living space. The large living room with a gas fireplace to take the chill off in the morning, has sliding glass doors to a nice patio with easy access to the yard you can enjoy, but don't have to mow! The dining room is central to the unit. open between the spacious kitchen and living room. The kitchen offers lots of surface space, cabinets and drawers. All appliances stay. A unique feature to this unit is the 11 x 7 storage room adjacent to the kitchen, which the current owner has used as a work/hobby room. Huge primary bedroom with walk-in closet, a second closet and full bath with walk-in shower. There is a nice size 2nd bedroom, a den, full main bath and a laundry/utility room! There are more large closets in the units entry hallway. New AC unit on roof this year. Parking is easy & safe with the underground heated garage. Enjoy using the beautiful community deck overlooking a nice lake (not visible from this unit)! There is also a community room, exercise room, a library sitting area and lovely updated lobby where you can meet & greet or relax! Sorry, no pets. Sold "As Is".

17. 2023-11-17
    listed $144,000 Active 1350-char remark

    Show marketing remark (1350 chars)

    Beautiful, spacious, comfortable and safe. .. this condo has it all! Enjoy 1730 sq. ft. of living space on the first level at Harbour Royale Condominiums! Unit #104 in the front of the building and has a great open feel to the main living space. The large living room with a gas fireplace to take the chill off in the morning, has sliding glass doors to a nice patio with easy access to the yard you can enjoy, but don't have to mow! The dining room is central to the unit. open between the spacious kitchen and living room. The kitchen offers lots of surface space, cabinets and drawers. All appliances stay. A unique feature to this unit is the 11 x 7 storage room adjacent to the kitchen, which the current owner has used as a work/hobby room. Huge primary bedroom with walk-in closet, a second closet and full bath with walk-in shower. There is a nice size 2nd bedroom, a den, full main bath and a laundry/utility room! There are more large closets in the units entry hallway. New AC unit on roof this year. Parking is easy & safe with the underground heated garage. Enjoy using the beautiful community deck overlooking a nice lake (not visible from this unit)! There is also a community room, exercise room, a library sitting area and lovely updated lobby where you can meet & greet or relax! Sorry, no pets. Sold "As Is".

18. 2023-04-17
    soldstatus $139,250 Closed

    Show marketing remark (998 chars)

    Beautiful first floor condo at Harbour Royal, 2148 SF, 3 bedrooms, 2 full baths. Large eat-in kitchen, all appliances stay. Open floor plan with dining area, living room w/ gas fireplace. Slider door & main door to the balcony. Plenty of closets for storing your needs and treasures and a separate storage room just a couple doors away. Master bedroom and bath remodeled. Built in shelves/cabinets, walk in tub, WIC. First floor laundry w/ washer & dryer. Amenities include a library in the mezzanine, an exercise room, community room for social events/your large family gatherings, beautiful foyer, deck for summer enjoyment. Heated garage for one vehicle, plenty of space for additional car in parking lot. HOA includes gas for fireplace, water, waste water, soft water, garage service, lawncare, snow removal, common area cleaning & bldg maintenance. Member dues for Spring Lake Assoc $365/yr. Close to shopping, I-90, restaurants. (CLUTTER WILL BE REMOVED 2/26/23). SOLD AS IS

19. 2023-03-21
    status Pending

    Show marketing remark (998 chars)

    Beautiful first floor condo at Harbour Royal, 2148 SF, 3 bedrooms, 2 full baths. Large eat-in kitchen, all appliances stay. Open floor plan with dining area, living room w/ gas fireplace. Slider door & main door to the balcony. Plenty of closets for storing your needs and treasures and a separate storage room just a couple doors away. Master bedroom and bath remodeled. Built in shelves/cabinets, walk in tub, WIC. First floor laundry w/ washer & dryer. Amenities include a library in the mezzanine, an exercise room, community room for social events/your large family gatherings, beautiful foyer, deck for summer enjoyment. Heated garage for one vehicle, plenty of space for additional car in parking lot. HOA includes gas for fireplace, water, waste water, soft water, garage service, lawncare, snow removal, common area cleaning & bldg maintenance. Member dues for Spring Lake Assoc $365/yr. Close to shopping, I-90, restaurants. (CLUTTER WILL BE REMOVED 2/26/23). SOLD AS IS

20. 2023-02-23
    listed $142,500 Active

    Show marketing remark (998 chars)

    Beautiful first floor condo at Harbour Royal, 2148 SF, 3 bedrooms, 2 full baths. Large eat-in kitchen, all appliances stay. Open floor plan with dining area, living room w/ gas fireplace. Slider door & main door to the balcony. Plenty of closets for storing your needs and treasures and a separate storage room just a couple doors away. Master bedroom and bath remodeled. Built in shelves/cabinets, walk in tub, WIC. First floor laundry w/ washer & dryer. Amenities include a library in the mezzanine, an exercise room, community room for social events/your large family gatherings, beautiful foyer, deck for summer enjoyment. Heated garage for one vehicle, plenty of space for additional car in parking lot. HOA includes gas for fireplace, water, waste water, soft water, garage service, lawncare, snow removal, common area cleaning & bldg maintenance. Member dues for Spring Lake Assoc $365/yr. Close to shopping, I-90, restaurants. (CLUTTER WILL BE REMOVED 2/26/23). SOLD AS IS

21. 2022-06-30
    soldstatus $139,000
22. 2022-04-13
    listed $144,900
23. 2022-02-10
    soldstatus $150,000
24. 2021-12-29
    listed $149,900
25. 2021-08-06
    soldstatus $142,900
26. 2021-07-07
    listed $141,900
27. 2021-04-09
    soldstatus $106,000
28. 2021-03-22
    soldstatus $120,000
29. 2021-01-04
    listed $112,500
30. 2020-12-18
    soldstatus $126,900
31. 2020-09-09
    listed $124,500
32. 2020-08-31
    listed $129,900
33. 2019-11-19
    soldstatus $102,500
34. 2019-09-04
    listed $110,000
35. 2019-05-21
    soldstatus $110,000
36. 2019-05-20
    soldstatus $115,000
37. 2019-04-22
    listed $120,000
38. 2019-04-03
    listed $119,900
39. 2002-08-30
    soldstatus $138,000
40. 2002-06-06
    soldstatus $134,000

ⓘ 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: $625 · $52/mo
• Projected year-2 tax: $2,412 · $201/mo
• Expected delta: +$1,787/yr (+$149/mo · 286.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $21,793
• − Mortgage interest: −$10,363
• − Property taxes: −$625
• − Insurance: −$925
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − Depreciation: −$5,382
• Taxable income: $1,011
• Est. tax owed @ 24.0%: −$243
• After-tax cash flow: $3,782/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• City population: 147,297
• Population (ZIP): 15,026

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Black 10% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.00%
• Current HPI: 225.8485
• 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

+38.1% since first listed

28 events — show timeline

• 2026-06-16 Pending — FSBO.com
• 2026-05-16 Listed $185,000 FSBO.com
• 2023-12-28 Sold (MLS) $144,000 NWIAR
• 2023-11-22 Pending — NWIAR
• 2023-11-17 Listed $144,000 NWIAR
• 2023-04-17 Sold (MLS) $139,250 NWIAR
• 2023-03-21 Pending — NWIAR
• 2023-02-23 Listed $142,500 NWIAR
• 2022-06-30 Sold (MLS) $139,000 NWIAR
• 2022-04-13 Listed $144,900 NWIAR
• 2022-02-10 Sold (MLS) $150,000 NWIAR
• 2021-12-29 Listed $149,900 NWIAR
• 2021-08-06 Sold (MLS) $142,900 NWIAR
• 2021-07-07 Listed $141,900 NWIAR
• 2021-04-09 Sold (MLS) $106,000 NWIAR
• 2021-03-22 Sold (MLS) $120,000 NWIAR
• 2021-01-04 Listed $112,500 NWIAR
• 2020-12-18 Sold (MLS) $126,900 NWIAR
• 2020-09-09 Listed $124,500 NWIAR
• 2020-08-31 Listed $129,900 NWIAR
• 2019-11-19 Sold (MLS) $102,500 NWIAR
• 2019-09-04 Listed $110,000 NWIAR
• 2019-05-21 Sold (MLS) $110,000 NWIAR
• 2019-05-20 Sold (MLS) $115,000 NWIAR
• 2019-04-22 Listed $120,000 NWIAR
• 2019-04-03 Listed $119,900 NWIAR
• 2002-08-30 Sold (Public Records) $138,000 Public Records
• 2002-06-06 Sold (Public Records) $134,000 Public Records

Property tax history

-0.0%/yr

Latest (2009): $625 · -0.0% YoY. Source: county tax records.