1415 5th Ave · Rockford, IL 61104

$119,900

6 bd · 4.0 ba · — sqft · MultiFamily · 74 Days on market

Built 1900 Est $131k · 9% under

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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
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Check out this investment opportunity at 1415 5th Ave in Rockford, IL. This duplex offers steady rental income with room to increase value. The lower unit is clean and move-in ready with no work needed. Tenant in place now with a month to month lease. The upper unit could benefit from updates, giving you a chance to raise rent and improve overall value. Utilities are set up efficiently: gas is split 50/50 between tenants, electric is separately metered and paid by tenants, and the landlord currently covers water, sewer, and garbage—leaving room to adjust for better returns. Located in a solid rental area, this property offers both reliable income and future growth potential.

Key facts

• Solid rental area
• Built 1900
• Listed 74 days

Tags

• CLEAN AND MOVE-IN READY
• SOLID RENTAL AREA

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $639/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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 (+9.7%/yr); 67 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,659/mo this rent would consume 94% of the median local household income ($34k/yr) (locally 1406% 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 $829 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $95k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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: 2.22% ✓
• Cap rate: 19.09%
• Cash-on-cash: 45.72%
• DSCR: 3.03
• GRM: 3.8

CMA / ARV

• ARV (median comp): $131,086
• List price: $119,900
• Delta: -8.53%
• 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
420 8th St	0.29mi	6/4.0	—	4mo	$235,000	—	70
903 11	0.22mi	6/2.0	—	4mo	$160,000	—	66
140 Summit St	0.48mi	6/4.0	—	1mo	$235,000	—	64
140-142 Summit St	0.48mi	6/4.0	—	1mo	$235,000	—	64
628 9th St	0.17mi	7/5.0 (+1)	—	9mo	$190,000	—	63
517 8th St	0.29mi	6/2.0	—	8mo	$128,500	—	59
1241 6th Ave	0.20mi	5/2.0 (-1)	—	8mo	$185,000	—	58
1021 7th St	0.51mi	6/2.5	—	5mo	$105,000	—	54
1602 E State St	0.47mi	6/6.0	2,000	7mo	$740,000	$370	52
1014 11th Ave	0.58mi	6/2.0	—	1mo	$65,000	—	51
1013 7th St	0.50mi	5/2.0 (-1)	2,490	4mo	$93,000	$37	48
508 S 4th St	0.59mi	7/2.0 (+1)	—	10mo	$125,000	—	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 48.5%
• Equity multiple: 3.27×
• Total profit: $76,117
• Equity at exit: $17,877

10-year hold

• IRR: 56.1%
• Equity multiple: 8.01×
• Total profit: $235,274
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.5×

Monthly cashflow live

• Estimated rent: $2,659 high
• Mortgage (P&I): −$629
• Tax from tax record: −$143 /mo · $1,715/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $1,279

Break-even live

Break-even rent $1,040

Max offer price $119,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,347	-5% $1,313	+0% $1,279	+5% $1,245	+10% $1,211
Rent	-10% $1,069	-5% $1,174	+0% $1,279	+5% $1,384	+10% $1,489
Rate	-1.0pp $1,339	-0.5pp $1,309	base $1,279	+0.5pp $1,248	+1.0pp $1,216

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,660
Total (2 units)			$2,659

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 Paris Ave Rockford, IL	5.0	3.5	—	$2,200	—	21d	1	1.05mi

Listing history 16 events

1. 2026-06-13
   status $119,900 Pending 74 DOM
2. 2026-06-10
   days on market $119,900 Active 74 DOM
3. 2026-06-09
   days on market $119,900 Active 73 DOM
4. 2026-06-08
   days on market $119,900 Active 72 DOM
5. 2026-06-07
   days on market $119,900 Active 71 DOM
6. 2026-06-03
   days on market $119,900 Active 67 DOM
7. 2026-06-02
   days on market $119,900 Active 66 DOM
8. 2026-06-01
   days on market $119,900 Active 65 DOM
9. 2026-05-31
   days on market $119,900 Active 64 DOM
10. 2026-05-30
    days on market $119,900 Active 63 DOM
11. 2026-04-19
    price $119,900 690-char remark

    Show marketing remark (690 chars)

    Check out this investment opportunity at 1415 5th Ave in Rockford, IL. This duplex offers steady rental income with room to increase value. The lower unit is clean and move-in ready with no work needed. Tenant in place now with a month to month lease. The upper unit could benefit from updates, giving you a chance to raise rent and improve overall value. Utilities are set up efficiently: gas is split 50/50 between tenants, electric is separately metered and paid by tenants, and the landlord currently covers water, sewer, and garbage—leaving room to adjust for better returns. Located in a solid rental area, this property offers both reliable income and future growth potential.

12. 2026-03-28
    listed $124,900 Active 690-char remark

    Show marketing remark (690 chars)

    Check out this investment opportunity at 1415 5th Ave in Rockford, IL. This duplex offers steady rental income with room to increase value. The lower unit is clean and move-in ready with no work needed. Tenant in place now with a month to month lease. The upper unit could benefit from updates, giving you a chance to raise rent and improve overall value. Utilities are set up efficiently: gas is split 50/50 between tenants, electric is separately metered and paid by tenants, and the landlord currently covers water, sewer, and garbage—leaving room to adjust for better returns. Located in a solid rental area, this property offers both reliable income and future growth potential.

13. 2025-12-27
    price $130,000
14. 2025-12-16
    price $135,000
15. 2024-03-27
    soldstatus $95,000
16. 1995-01-10
    soldstatus $34,500

ⓘ 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: $1,715 · $143/mo
• Projected year-2 tax: $2,218 · $185/mo
• Expected delta: +$503/yr (+$42/mo · 29.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $31,908
• − Mortgage interest: −$6,716
• − Property taxes: −$1,715
• − Insurance: −$600
• − Repairs & maintenance: −$2,553
• − Management: −$2,553
• − Depreciation: −$3,488
• Taxable income: $14,284
• Est. tax owed @ 24.0%: −$3,428
• After-tax cash flow: $11,919/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): 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

+247.5% since first listed

6 events — show timeline

• 2026-04-19 Price Changed $119,900 NWIAR
• 2026-03-28 Listed $124,900 NWIAR
• 2025-12-27 Price Changed $130,000 NWIAR
• 2025-12-16 Price Changed $135,000 NWIAR
• 2024-03-27 Sold (Public Records) $95,000 Public Records
• 1995-01-10 Sold (Public Records) $34,500 Public Records

Property tax history

-0.8%/yr

Latest (2024): $1,715 · +3.5% YoY. Source: county tax records.