2653 Washington Ave · Granite City, IL 62040

$40,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 35 Days on market

Built 1927 4,791 sqft lot $48/sqft · 52% below 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a look at this Granite City Home, Home has 2 bedroom 1 bath, Full basement and is close to schools and shopping. Call today to find out more! Buyer to verify all MLS data including by not limited to square feet, measurements, features, exemptions/taxes, schools, etc. the property was built prior to 1978 and lead-based paint potentially exists

Key facts

• Laundry chute
• Original wood floors
• 4,791 sq ft lot

Tags

• LARGE COVERED FRONT PORCH
• ORIGINAL WOOD FLOORS
• ORIGINAL STAINED GLASS WINDOWS
• LAUNDRY CHUTE
• LOTS OF SPACE IN THE BASEMENT

Property features AI

Exterior

• Parking: Off-street parking; RV access/parking
• Utilities: Public water; Public sewer; Single phase electric; Electricity available; Water available; Natural gas not available
• Home design: Single family residence; One story
• Construction: Brick veneer and stone veneer exterior
• Exterior features: Covered patio/porch; Level lot; Dirt road access

Interior

• Kitchen: Kitchen on the main level; Gas water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Wood frame windows; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $655 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.9% vs local median 7.0% in Granite City — 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 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1927 — 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: 2.87% ✓
• Cap rate: 25.94%
• Cash-on-cash: 70.15%
• DSCR: 4.12
• GRM: 2.9

CMA / ARV

• ARV (median comp): $83,599
• List price: $40,000
• Delta: -52.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2807 Iowa St	0.27mi	2/1.0	848 (+2%)	2mo	$69,500	$82	82
2729 Ralph St	0.20mi	2/1.0	861 (+4%)	4mo	$79,900	$93	81
2311 E 25th St	0.24mi	2/2.0	896 (+8%)	2mo	$99,000	$110	71
2653 Grand Ave	0.19mi	2/1.0	954 (+15%)	1mo	$142,000	$149	66
2428 Iowa St	0.38mi	2/1.0	912 (+10%)	5mo	$90,000	$99	62
2471 Center St	0.68mi	2/1.0	810 (-3%)	3mo	$80,000	$99	61
2900 Iowa St	0.42mi	2/1.0	936 (+12%)	0mo	$114,900	$123	59
2305 State St	0.60mi	2/1.0	771 (-7%)	5mo	$52,900	$69	56
2748 Myrtle Ave	0.59mi	2/1.0	744 (-11%)	3mo	$70,000	$94	52
2954 Washington Ave	0.52mi	1/1.0 (-1)	747 (-10%)	3mo	$65,000	$87	51
2306 Benton St	0.72mi	2/1.5	888 (+7%)	5mo	$107,000	$120	49
2823 Marshall Ave	0.71mi	3/1.0 (+1)	888 (+7%)	3mo	$49,900	$56	48

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 68.2%
• Equity multiple: 4.01×
• Total profit: $33,706
• Equity at exit: $5,964

10-year hold

• IRR: 72.0%
• Equity multiple: 7.87×
• Total profit: $76,997
• Equity at exit: $3,458

Cash invested: $11,200 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,149 high
• Mortgage (P&I): −$210
• Tax from tax record: −$27 /mo · $322/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $655

Break-even live

Break-even rent $321

Max offer price $40,000

Occupancy floor 38%

Sensitivity live

Price	-10% $677	-5% $666	+0% $655	+5% $643	+10% $632
Rent	-10% $564	-5% $609	+0% $655	+5% $700	+10% $746
Rate	-1.0pp $675	-0.5pp $665	base $655	+0.5pp $644	+1.0pp $634

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	5d	1	0.06mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	18d	1	0.49mi
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	8d	1	0.53mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	15d	1	0.59mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	44d	1	0.67mi
2734 Center St Unit D Granite City, IL	1.0	1.0	680	$1,025	$1.51	13d	1	0.67mi
1215 22nd St Unit 1223 Granite City, IL	1.0	1.0	600	$550	$0.92	22d	1	0.77mi
1215 22nd St Unit 1227 Granite City, IL	1.0	1.0	600	$600	$1.00	44d	1	0.77mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	8d	1	1.00mi
1709 Edison Ave Unit 1709 Granite City, IL	1.0	1.0	700	$800	$1.14	15d	1	1.39mi

Listing history 25 events

1. 2026-06-18
   days on market $40,000 Active 35 DOM
2. 2026-06-17
   days on market $40,000 Active 34 DOM
3. 2026-06-16
   days on market $40,000 Active 33 DOM
4. 2026-06-15
   days on market $40,000 Active 32 DOM
5. 2026-06-13
   days on market $40,000 Active 30 DOM
6. 2026-06-13
   days on market $40,000 Active 29 DOM
7. 2026-06-09
   days on market $40,000 Active 26 DOM
8. 2026-06-08
   days on market $40,000 Active 25 DOM
9. 2026-06-07
   days on market $40,000 Active 24 DOM
10. 2026-06-05
    days on market $40,000 Active 21 DOM
11. 2026-06-03
    days on market $40,000 Active 20 DOM
12. 2026-06-02
    days on market $40,000 Active 19 DOM
13. 2026-06-01
    days on market $40,000 Active 18 DOM
14. 2026-05-31
    days on market $40,000 Active 17 DOM
15. 2026-05-14
    listed $40,000 Active 765-char remark
16. 2026-02-03
    status Active
17. 2026-01-13
    historical Active Under Contract
18. 2025-11-12
    status Active
19. 2025-09-11
    status Active
20. 2025-05-05
    price $40,000
21. 2025-03-14
    listed $45,000 Active
22. 2025-03-10
    historical
23. 2014-02-06
    soldstatus

    Show marketing remark (351 chars)

    Take a look at this Granite City Home, Home has 2 bedroom 1 bath, Full basement and is close to schools and shopping. Call today to find out more! Buyer to verify all MLS data including by not limited to square feet, measurements, features, exemptions/taxes, schools, etc. the property was built prior to 1978 and lead-based paint potentially exists

24. 2013-09-12
    listed $8,000

    Show marketing remark (351 chars)

    Take a look at this Granite City Home, Home has 2 bedroom 1 bath, Full basement and is close to schools and shopping. Call today to find out more! Buyer to verify all MLS data including by not limited to square feet, measurements, features, exemptions/taxes, schools, etc. the property was built prior to 1978 and lead-based paint potentially exists

25. 1994-09-21
    soldstatus $36,000

ⓘ 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: $322 · $27/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$293/yr (+$24/mo · 91.2%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,792
• − Mortgage interest: −$2,241
• − Property taxes: −$322
• − Insurance: −$200
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$1,164
• Taxable income: $7,660
• Est. tax owed @ 24.0%: −$1,838
• After-tax cash flow: $6,019/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-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

+11.1% since first listed

11 events — show timeline

• 2026-05-14 Listed $40,000 MARIS as Distributed by MLS Grid
• 2026-02-03 Relisted — MARIS as Distributed by MLS Grid
• 2026-01-13 Contingent — MARIS as Distributed by MLS Grid
• 2025-11-12 Relisted — MARIS as Distributed by MLS Grid
• 2025-09-11 Relisted — MARIS as Distributed by MLS Grid
• 2025-05-05 Price Changed $40,000 MARIS as Distributed by MLS Grid
• 2025-03-14 Listed $45,000 MARIS as Distributed by MLS Grid
• 2025-03-10 Coming Soon — MARIS as Distributed by MLS Grid
• 2014-02-06 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2013-09-12 Listed $8,000 MARIS as Distributed by MLS Grid
• 1994-09-21 Sold (Public Records) $36,000 Public Records

Property tax history

-9.1%/yr

Latest (2024): $322 · +1.4% YoY. Source: county tax records.