2900 Iowa St · Granite City, IL 62040

$114,900

3 bd · 1.0 ba · 936 sqft · SingleFamily public records · 188 Days on market

Built 1925 5,000 sqft lot $123/sqft · 20% above area Est $96k · 20% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +6.4/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

Key facts

• 5,000 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising (+1.7%/yr); 191 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $794 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $115k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.14% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.84%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (median comp): $95,920
• List price: $114,900
• Delta: 19.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2900 Iowa St	0.00mi	2/1.0 (-1)	936 (0%)	0mo	$114,900	$123	95
2535 E 28th St	0.19mi	3/2.0	1,013 (+8%)	2mo	$85,000	$84	72
2653 Grand Ave	0.42mi	2/1.0 (-1)	954 (+2%)	1mo	$142,000	$149	71
2807 Iowa St	0.15mi	2/1.0 (-1)	848 (-9%)	2mo	$69,500	$82	71
2823 Marshall Ave	0.40mi	3/1.0	888 (-5%)	3mo	$49,900	$56	70
2968 Oregon Ave	0.55mi	2/1.0 (-1)	951 (+2%)	3mo	$129,900	$137	64
200 Wilson Park Ln	0.68mi	3/1.0	900 (-4%)	1mo	$145,000	$161	61
1917 Joy Ave	0.62mi	3/1.0	875 (-6%)	1mo	$118,900	$136	59
1904 Joy Ave	0.58mi	2/1.0 (-1)	875 (-6%)	0mo	$79,900	$91	57
2311 E 25th St	0.65mi	2/2.0 (-1)	896 (-4%)	2mo	$99,000	$110	52
14 Wilson Park Dr	0.62mi	2/1.0 (-1)	825 (-12%)	1mo	$50,000	$61	46
2300 Edwards St	0.74mi	2/2.0 (-1)	1,026 (+10%)	2mo	$99,900	$97	39

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-1,851
• Equity at exit: $17,132

10-year hold

• IRR: 6.7%
• Equity multiple: 1.47×
• Total profit: $15,274
• Equity at exit: $9,934

Cash invested: $32,172 (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: 191
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,306 high
• Mortgage (P&I): −$603
• Tax from tax record: −$91 /mo · $1,094/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $291

Break-even live

Break-even rent $939

Max offer price $114,900

Occupancy floor 73%

Sensitivity live

Price	-10% $356	-5% $323	+0% $291	+5% $258	+10% $226
Rent	-10% $187	-5% $239	+0% $291	+5% $342	+10% $394
Rate	-1.0pp $348	-0.5pp $320	base $291	+0.5pp $261	+1.0pp $231

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.43mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	44d	1	0.64mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	8d	1	0.72mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	15d	1	0.76mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	18d	1	0.80mi
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	8d	1	0.94mi

Listing history 10 events

1. 2026-05-05
   historical Active Under Contract 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

2. 2026-04-23
   price $114,900 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

3. 2026-04-09
   status Active 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

4. 2026-02-26
   price $116,900 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

5. 2025-12-02
   price $119,900 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

6. 2025-11-09
   listed $126,900 Active 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

7. 2025-11-08
   historical $126,900 464-char remark

   Show marketing remark (464 chars)

   Nicely updated home on corner lot with detached garage. Home has been recently updated with all new kitchen, New Shower surround,all new flooring, Paint. New HVAC and Hot Water Heater. Electric and Plumbing have been updated. This home really looks great. 2 large bedrooms with large Dining room and enclosed front porch. Does have ramp in rear of home if needed for Wheel Chair access. Has a large open unfinished lower level should you decide to finish yourself.

8. 2025-04-17
   soldstatus $45,000
9. 2013-09-26
   soldstatus $48,000
10. 2002-11-12
    soldstatus $25,500

ⓘ 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: $1,094 · $91/mo
• Projected year-2 tax: $1,851 · $154/mo
• Expected delta: +$757/yr (+$63/mo · 69.2%)

ⓘ 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: $15,678
• − Mortgage interest: −$6,436
• − Property taxes: −$1,094
• − Insurance: −$574
• − Repairs & maintenance: −$1,254
• − Management: −$1,254
• − Depreciation: −$3,343
• Taxable income: $1,723
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $3,073/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

+350.6% since first listed

10 events — show timeline

• 2026-05-05 Contingent — MARIS as Distributed by MLS Grid
• 2026-04-23 Price Changed $114,900 MARIS as Distributed by MLS Grid
• 2026-04-09 Relisted — MARIS as Distributed by MLS Grid
• 2026-02-26 Price Changed $116,900 MARIS as Distributed by MLS Grid
• 2025-12-02 Price Changed $119,900 MARIS as Distributed by MLS Grid
• 2025-11-09 Listed $126,900 MARIS as Distributed by MLS Grid
• 2025-11-08 Coming Soon $126,900 MARIS as Distributed by MLS Grid
• 2025-04-17 Sold (Public Records) $45,000 Public Records
• 2013-09-26 Sold (Public Records) $48,000 Public Records
• 2002-11-12 Sold (Public Records) $25,500 Public Records

Property tax history

+0.8%/yr

Latest (2024): $1,094 · +279.0% YoY. Source: county tax records.