954 N Church St · Rockford, IL 61103

$209,900

20 bd · 16.0 ba · — sqft · MultiFamily · 94 Days on market

Built 1900

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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 +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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 MLS

Quadruplex featuring four individual units with dedicated parking spaces. Unit 2 offers 2 bedrooms, 1 bathroom, and a living room, while the other three units each include 1 bedroom and 1 bathroom. Conveniently located near downtown Rockford with easy access to shopping, dining, and local amenities. Great investment opportunity with one vacant unit.

Key facts

• Local amenities
• 5 parking spots
• Built 1900

Tags

• DEDICATED PARKING SPACES
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $210k).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 29.7% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.1%/yr); 103 active listings in the ZIP; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $6,948/mo this rent would consume 163% of the median local household income ($51k/yr) (locally 1402% 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.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $136k; list at $210k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $191,009 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.31% ✓
• Cap rate: 29.70%
• Cash-on-cash: 83.60%
• DSCR: 4.72
• GRM: 2.5

CMA / ARV

• ARV (median comp): $134,571
• List price: $209,900
• Delta: 55.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 89.5%
• Equity multiple: 5.48×
• Total profit: $263,564
• Equity at exit: $31,297

10-year hold

• IRR: 93.6%
• Equity multiple: 13.47×
• Total profit: $732,721
• Equity at exit: $18,148

Cash invested: $58,772 (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 61103

• Home prices YoY: -27.3%
• Rents YoY: 8.1%
• Active inventory: 103
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $6,948 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$206 /mo · $2,473/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,459
• Net cashflow: $4,095

Break-even live

Break-even rent $1,765

Max offer price $209,900

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$6,948
Total (4 units)			$6,948

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-19
   days on market $209,900 Active 94 DOM
2. 2026-06-18
   days on market $209,900 Active 93 DOM
3. 2026-06-17
   days on market $209,900 Active 92 DOM
4. 2026-06-16
   days on market $209,900 Active 91 DOM
5. 2026-06-15
   days on market $209,900 Active 90 DOM
6. 2026-06-14
   days on market $209,900 Active 88 DOM
7. 2026-06-13
   days on market $209,900 Active 87 DOM
8. 2026-06-10
   days on market $209,900 Active 85 DOM
9. 2026-06-09
   days on market $209,900 Active 84 DOM
10. 2026-06-08
    days on market $209,900 Active 83 DOM
11. 2026-06-07
    days on market $209,900 Active 82 DOM
12. 2026-06-03
    days on market $209,900 Active 78 DOM
13. 2026-06-02
    days on market $209,900 Active 77 DOM
14. 2026-06-01
    days on market $209,900 Active 76 DOM
15. 2026-05-31
    days on market $209,900 Active 75 DOM
16. 2026-05-30
    days on market $209,900 Active 74 DOM
17. 2026-05-04
    price $209,900 351-char remark

    Show marketing remark (351 chars)

    Quadruplex featuring four individual units with dedicated parking spaces. Unit 2 offers 2 bedrooms, 1 bathroom, and a living room, while the other three units each include 1 bedroom and 1 bathroom. Conveniently located near downtown Rockford with easy access to shopping, dining, and local amenities. Great investment opportunity with one vacant unit.

18. 2026-04-20
    price $219,900 351-char remark

    Show marketing remark (351 chars)

    Quadruplex featuring four individual units with dedicated parking spaces. Unit 2 offers 2 bedrooms, 1 bathroom, and a living room, while the other three units each include 1 bedroom and 1 bathroom. Conveniently located near downtown Rockford with easy access to shopping, dining, and local amenities. Great investment opportunity with one vacant unit.

19. 2026-04-07
    price $225,000 351-char remark

    Show marketing remark (351 chars)

    Quadruplex featuring four individual units with dedicated parking spaces. Unit 2 offers 2 bedrooms, 1 bathroom, and a living room, while the other three units each include 1 bedroom and 1 bathroom. Conveniently located near downtown Rockford with easy access to shopping, dining, and local amenities. Great investment opportunity with one vacant unit.

20. 2026-03-17
    listed $239,900 Active 351-char remark

    Show marketing remark (351 chars)

    Quadruplex featuring four individual units with dedicated parking spaces. Unit 2 offers 2 bedrooms, 1 bathroom, and a living room, while the other three units each include 1 bedroom and 1 bathroom. Conveniently located near downtown Rockford with easy access to shopping, dining, and local amenities. Great investment opportunity with one vacant unit.

21. 2024-04-24
    soldstatus $135,500 Closed 557-char remark

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

22. 2024-04-24
    soldstatus $135,500 Closed

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

23. 2024-03-22
    status Pending

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

24. 2024-03-22
    status Pending 557-char remark

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

25. 2024-03-01
    listed $129,900 Active 557-char remark

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

26. 2024-03-01
    listed $129,900 Active

    Show marketing remark (557 chars)

    Introducing a quadruplex featuring four individual units, positioned as an exceptional investment opportunity. Designed to cater to single-family living, each unit offers ample space and comfort, complemented by spacious backyards and convenient rear parking spaces. Additionally, the property has a storage shed, enhancing its functionality and appeal. Conveniently located near downtown Rockford, as well as gyms, entertainment centers, and an array of restaurants, this quadruplex promises unparalleled accessibility to the vibrant heartbeat of the city.

27. 2021-11-03
    soldstatus $114,000
28. 2021-11-03
    soldstatus $114,000 Closed
29. 2021-09-16
    status Pending
30. 2021-09-02
    listed $119,000
31. 2021-09-02
    listed $119,000 Active
32. 2006-11-08
    soldstatus $58,000
33. 2006-11-08
    soldstatus $86,500
34. 1997-08-01
    soldstatus $58,000
35. 1997-08-01
    soldstatus $58,000

ⓘ 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: $2,473 · $206/mo
• Projected year-2 tax: $3,619 · $302/mo
• Expected delta: +$1,146/yr (+$95/mo · 46.3%)

ⓘ 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 2/10 Low 7 d/yr ≥102°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: $83,376
• − Mortgage interest: −$11,758
• − Property taxes: −$2,473
• − Insurance: −$1,050
• − Repairs & maintenance: −$6,670
• − Management: −$6,670
• − Depreciation: −$6,106
• Taxable income: $48,649
• Est. tax owed @ 24.0%: −$11,676
• After-tax cash flow: $37,460/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
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 22,869
• Household income: $51,161
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1402.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Black 25% Two or more races 13% Hispanic / Latino 12%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Portuguese 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1%

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: ▼ -81.02%
• Current HPI: 215.8559
• Rent YoY: ▲ 8.11%
• Metro: Rockford, 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

+261.9% since first listed

19 events — show timeline

• 2026-05-04 Price Changed $209,900 NWIAR
• 2026-04-20 Price Changed $219,900 NWIAR
• 2026-04-07 Price Changed $225,000 NWIAR
• 2026-03-17 Listed $239,900 NWIAR
• 2024-04-24 Sold (MLS) $135,500 MRED as Distributed by MLS Grid
• 2024-04-24 Sold (MLS) $135,500 NWIAR
• 2024-03-22 Pending — MRED as Distributed by MLS Grid
• 2024-03-22 Pending — NWIAR
• 2024-03-01 Listed $129,900 MRED as Distributed by MLS Grid
• 2024-03-01 Listed $129,900 NWIAR
• 2021-11-03 Sold (MLS) $114,000 MRED as Distributed by MLS Grid
• 2021-11-03 Sold (MLS) $114,000 NWIAR
• 2021-09-16 Pending — MRED as Distributed by MLS Grid
• 2021-09-02 Listed $119,000 MRED as Distributed by MLS Grid
• 2021-09-02 Listed $119,000 NWIAR
• 2006-11-08 Sold (Public Records) $86,500 Public Records
• 2006-11-08 Sold (Public Records) $58,000 Public Records
• 1997-08-01 Sold (Public Records) $58,000 Public Records
• 1997-08-01 Sold (Public Records) $58,000 Public Records

Property tax history

+0.1%/yr

Latest (2024): $2,473 · +35.4% YoY. Source: county tax records.