1822 E State St · Rockford, IL 61104

$135,000

2 bd · 1.5 ba · 1,856 sqft · SingleFamily · 16 Days on market

Built 1950 Fair condition 7,405 sqft lot $73/sqft · 7% below area Est $146k · 7% under ↓ 4% since listing

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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).

• Cash flow +15.6/30.0
• ARV discount +10.9/15.0
• Rent growth +4.9/5.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Livability +3.1/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Ranch with Spanish Flair and Unique History. Originally designed as both a dental office and private residence, this one-of-a-kind ranch-style home blends character, functionality, and vintage charm. Offering 1 bedroom and 1.5 baths with approximately 1,856 sq ft, the home features beautiful original woodwork, classic tile, and parquet wood floors throughout. A converted (wood stove) fireplace adds warmth and personality, while abundant built-in bookshelves provide both storage and charm in nearly every room. Everything is easily accessible on one level. The exterior layout centers around a private courtyard, creating a nice outdoor retreat. Additional highlights include an attached one car garage, a storage shed, and convenient driveway access from both State Street and N Highland. With some TLC, this property offers a rare opportunity to restore and personalize a truly unique home. Sold as-is.

Key facts

• Unique history
• Storage shed
• One level access

Tags

• UNIQUE HISTORY
• CONVERTED FIREPLACE
• PRIVATE COURTYARD
• BUILT-IN BOOKSHELVES
• ONE LEVEL ACCESS
• STORAGE SHED

Property features AI

Exterior

• Parking: Attached garage (1 space); Asphalt driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residential home; House
• Construction: Brick construction
• Exterior features: Shingle roof; 0.17-acre lot

Interior

• Kitchen: Gas cooktop; Dishwasher; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas cooktop, Dishwasher, Refrigerator, Gas water heater; Wood-burning fireplace (1)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $58 ($693/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 $125k (7.1% below list).
• Recommended offer: $125k (7.1% below list) — sets the bar for 1% rule.

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: C Henry Bloom Elem School (math 12% / reading 8%, grade F, #1,517 of 2,056 statewide, top 78%, 410 students, 0% FRL); Abraham Lincoln Middle School (math 3% / reading 7%, grade F, #636 of 665 statewide, top 98%, 699 students, 0% FRL); Rockford East High School (math 7% / reading 13%, grade F, #528 of 693 statewide, top 82%, 1,718 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: Rents rising fast (+9.7%/yr); 67 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• This rent runs 45% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 16 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,408 (7.1% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1950 — 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: 0.93% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.83%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $145,943
• List price: $135,000
• Delta: -7.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1822 E State St	0.00mi	2/1.5	1,856 (0%)	1mo	$130,000	$70	99
1846 2nd Ave	0.17mi	3/2.0 (+1)	1,708 (-8%)	1mo	$195,000	$114	71
212 N Gardiner Ave	0.10mi	3/1.5 (+1)	1,595 (-14%)	2mo	$105,500	$66	65
423 N Highland Ave	0.27mi	3/1.5 (+1)	1,709 (-8%)	5mo	$199,000	$116	65
634 13th St	0.47mi	3/2.0 (+1)	1,920 (+3%)	5mo	$100,000	$52	61
314 N London Ave	0.22mi	3/1.0 (+1)	1,622 (-13%)	0mo	$185,000	$114	61
1611 Jackson St	0.34mi	3/2.5 (+1)	2,029 (+9%)	1mo	$195,000	$96	59
422 N Gardiner Ave	0.28mi	3/2.5 (+1)	2,082 (+12%)	4mo	$274,000	$132	54
206 12th St	0.24mi	3/2.0 (+1)	1,580 (-15%)	6mo	$155,000	$98	53
2622 Hooker Ave	0.66mi	2/1.0	2,080 (+12%)	4mo	$130,000	$63	44
2609 Somerset Ln	0.60mi	3/2.0 (+1)	1,642 (-12%)	4mo	$185,000	$113	43
233 N Calvin Park Blvd	0.73mi	3/1.5 (+1)	1,656 (-11%)	6mo	$230,000	$139	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.69×
• Total profit: $-11,549
• Equity at exit: $20,129

10-year hold

• IRR: 7.1%
• Equity multiple: 1.66×
• Total profit: $24,923
• Equity at exit: $11,672

Cash invested: $37,800 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 67
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,254 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $58

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 90%

Sensitivity live

Price	-10% $151	-5% $104	+0% $58	+5% $11	+10% $-36
Rent	-10% $-41	-5% $8	+0% $58	+5% $107	+10% $157
Rate	-1.0pp $126	-0.5pp $92	base $58	+0.5pp $23	+1.0pp $-13

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2021 2nd Ave Rockford, IL	2.0	1.0	1250	$1,000	$0.80	14d	1	0.24mi
1202 18th St Unit 3 Rockford, IL	3.0	1.0	1500	$1,700	$1.13	14d	1	0.84mi
708 29th St Rockford, IL	3.0	2.0	1800	$1,600	$0.89	21d	1	1.19mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	14d	1	1.31mi
913 N Main St Rockford, IL	2.0	1.0–2.0	1050	$2,300	$2.19	21d	1	1.32mi

Listing history 4 events

1. 2026-05-16
   status Pending 917-char remark

   Show marketing remark (920 chars)

   Charming Ranch with Spanish Flair and Unique History. Originally designed as both a dental office and private residence, this one-of-a-kind ranch-style home blends character, functionality, and vintage charm. Offering 1 bedroom and 1.5 baths with approximately 1,856 sq ft, the home features beautiful original woodwork, classic tile, and parquet wood floors throughout. A converted (wood stove) fireplace adds warmth and personality, while abundant built-in bookshelves provide both storage and charm in nearly every room. Everything is easily accessible on one level. The exterior layout centers around a private courtyard, creating a nice outdoor retreat. Additional highlights include an attached one car garage, a storage shed, and convenient driveway access from both State Street and N Highland. With some TLC, this property offers a rare opportunity to restore and personalize a truly unique home. Sold as-is.

2. 2026-05-16
   status Pending 920-char remark

   Show marketing remark (920 chars)

   Charming Ranch with Spanish Flair and Unique History. Originally designed as both a dental office and private residence, this one-of-a-kind ranch-style home blends character, functionality, and vintage charm. Offering 1 bedroom and 1.5 baths with approximately 1,856 sq ft, the home features beautiful original woodwork, classic tile, and parquet wood floors throughout. A converted (wood stove) fireplace adds warmth and personality, while abundant built-in bookshelves provide both storage and charm in nearly every room. Everything is easily accessible on one level. The exterior layout centers around a private courtyard, creating a nice outdoor retreat. Additional highlights include an attached one car garage, a storage shed, and convenient driveway access from both State Street and N Highland. With some TLC, this property offers a rare opportunity to restore and personalize a truly unique home. Sold as-is.

3. 2026-04-30
   listed $135,000 Active 917-char remark

   Show marketing remark (920 chars)

   Charming Ranch with Spanish Flair and Unique History. Originally designed as both a dental office and private residence, this one-of-a-kind ranch-style home blends character, functionality, and vintage charm. Offering 1 bedroom and 1.5 baths with approximately 1,856 sq ft, the home features beautiful original woodwork, classic tile, and parquet wood floors throughout. A converted (wood stove) fireplace adds warmth and personality, while abundant built-in bookshelves provide both storage and charm in nearly every room. Everything is easily accessible on one level. The exterior layout centers around a private courtyard, creating a nice outdoor retreat. Additional highlights include an attached one car garage, a storage shed, and convenient driveway access from both State Street and N Highland. With some TLC, this property offers a rare opportunity to restore and personalize a truly unique home. Sold as-is.

4. 2026-04-30
   listed $135,000 Active 920-char remark

   Show marketing remark (920 chars)

   Charming Ranch with Spanish Flair and Unique History. Originally designed as both a dental office and private residence, this one-of-a-kind ranch-style home blends character, functionality, and vintage charm. Offering 1 bedroom and 1.5 baths with approximately 1,856 sq ft, the home features beautiful original woodwork, classic tile, and parquet wood floors throughout. A converted (wood stove) fireplace adds warmth and personality, while abundant built-in bookshelves provide both storage and charm in nearly every room. Everything is easily accessible on one level. The exterior layout centers around a private courtyard, creating a nice outdoor retreat. Additional highlights include an attached one car garage, a storage shed, and convenient driveway access from both State Street and N Highland. With some TLC, this property offers a rare opportunity to restore and personalize a truly unique home. Sold as-is.

ⓘ 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: $15,049
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,204
• − Management: −$1,204
• − Depreciation: −$3,927
• Taxable loss: −$1,548
• Est. tax savings @ 24.0%: +$372
• After-tax cash flow: $1,065/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

Fair 45/100 Moderate rehab

This charming ranch-style home with Spanish flair requires moderate repairs and maintenance to improve its condition and increase its resale and rental value.

Repairs flagged

• Major exterior paint — Peeling paint on exterior
• Major landscaping — Overgrown landscaping

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both trim landscaping — Improves curb appeal and resale value
• Both update kitchen and bath — Modernizes spaces and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint on exterior	Major	$15,000–50,000
landscaping · Overgrown landscaping	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both trim landscaping — Improves curb appeal and resale value ↑
• Both update kitchen and bath — Modernizes spaces and increases 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: 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): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% 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: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• 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

-3.7% since first listed

6 events — show timeline

• 2026-05-22 Sold (MLS) $130,000 MRED as Distributed by MLS Grid
• 2026-05-22 Sold (MLS) $130,000 NWIAR
• 2026-05-16 Pending — NWIAR
• 2026-05-16 Pending — MRED as Distributed by MLS Grid
• 2026-04-30 Listed $135,000 MRED as Distributed by MLS Grid
• 2026-04-30 Listed $135,000 NWIAR