1768 S Hance Dr #5 · Freeport, IL 61032

$61,900

2 bd · 1.0 ba · 875 sqft · Condo · 96 Days on market

Built 1981 $71/sqft · at area comps Est $65k · at est. $150/mo HOA · 15% of rent

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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
• 1% rule +10.0/10.0
• ARV discount +9.3/15.0
• DSCR +7.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Second floor unit, 2 bedroom, 1 bath condo, eat-in kitchen, nice size Living room, wall A/C. Laundry and storage room in the building. One car detached garage. Great location, stores and restaurants within walking distance.

Key facts

• Storage room
• Laundry room
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• LAUNDRY ROOM
• STORAGE ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($971 rent vs $62k).
• Recommended offer: $56k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 205 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $428 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $62k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.

Recommended offer $56,329 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
9. 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.
10. 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: 1.57% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.75%
• DSCR: 1.34
• GRM: 5.3

CMA / ARV

• ARV (median comp): $64,533
• List price: $61,900
• Delta: -4.08%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-2,750
• Equity at exit: $9,229

10-year hold

• IRR: 5.7%
• Equity multiple: 1.43×
• Total profit: $7,409
• Equity at exit: $5,352

Cash invested: $17,332 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 205
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $971 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$26
• HOA: −$150
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $112

Break-even live

Break-even rent $830

Max offer price $61,900

Occupancy floor 83%

Sensitivity live

Price	-10% $147	-5% $129	+0% $112	+5% $94	+10% $77
Rent	-10% $35	-5% $74	+0% $112	+5% $150	+10% $189
Rate	-1.0pp $143	-0.5pp $128	base $112	+0.5pp $96	+1.0pp $80

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	44d	1	0.04mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	44d	1	0.51mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	44d	1	0.51mi
1436 W American St Freeport, IL	2.0	1.0	714	$1,100	$1.54	44d	1	1.08mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $61,900 Active 96 DOM
2. 2026-06-18
   days on market $61,900 Active 94 DOM
3. 2026-06-17
   days on market $61,900 Active 93 DOM
4. 2026-06-16
   days on market $61,900 Active 92 DOM
5. 2026-06-15
   days on market $61,900 Active 91 DOM
6. 2026-06-13
   days on market $61,900 Active 89 DOM
7. 2026-06-12
   days on market $61,900 Active 88 DOM
8. 2026-06-09
   days on market $61,900 Active 85 DOM
9. 2026-06-08
   days on market $61,900 Active 84 DOM
10. 2026-06-07
    days on market $61,900 Active 83 DOM
11. 2026-06-07
    days on market $61,900 Active 82 DOM
12. 2026-06-04
    days on market $61,900 Active 79 DOM
13. 2026-06-02
    days on market $61,900 Active 78 DOM
14. 2026-06-01
    days on market $61,900 Active 77 DOM
15. 2026-05-31
    days on market $61,900 Active 76 DOM
16. 2026-05-31
    days on market $61,900 Active 75 DOM
17. 2026-03-15
    listed $61,900 Active 224-char remark

    Show marketing remark (224 chars)

    Second floor unit, 2 bedroom, 1 bath condo, eat-in kitchen, nice size Living room, wall A/C. Laundry and storage room in the building. One car detached garage. Great location, stores and restaurants within walking distance.

18. 2018-02-12
    soldstatus $38,000

ⓘ 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: $1,861 · $155/mo
• Projected year-2 tax: $1,861 · $155/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°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: $11,656
• − Mortgage interest: −$3,467
• − Property taxes: −$1,861
• − Insurance: −$310
• − Repairs & maintenance: −$932
• − Management: −$932
• − HOA: −$1,800
• − Depreciation: −$1,801
• Taxable income: $553
• Est. tax owed @ 24.0%: −$133
• After-tax cash flow: $1,210/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• 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

+62.9% since first listed

2 events — show timeline

• 2026-03-15 Listed $61,900 MRED as Distributed by MLS Grid
• 2018-02-12 Sold (Public Records) $38,000 Public Records

Property tax history

+0.7%/yr

Latest (2024): $1,861 · +21.8% YoY. Source: county tax records.