223 NE Rock Island Ave · Peoria, IL 61603

$25,000

3 bd · 1.0 ba · 984 sqft · SingleFamily public records · 2 Days on market

Built 1915 9,000 sqft lot Est $31k · 21% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

IN ESTATE * SOLD AS - IS * GOOD INVESTMENT PROPERTY * WONDERFUL NEW BATHROOM * NEW FLOORING IN KITCHEN * NEW CARPET IN LIVING/DINING ROOMS * REST OF THE HOUSE NEEDS WORK * COULD BE NICE RENTAL/INCOME PROPERTY * YARD SHED * DOUBLE LOT * STOVE - FRIDGE - WASHER - DRYER STAY * ADD TO YOUR PORTFOLIO * LOOK TODAY *

Key facts

• New bathroom
• New carpet
• New flooring

Tags

• NEW BATHROOM
• NEW FLOORING
• NEW CARPET
• YARD SHED
• DOUBLE LOT

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: On-street parking (no garage)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1915
• Construction: Shingle roof
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Kitchen with vinyl flooring; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level); Bedroom 1 approx. 10 x 13 with egress window; Bedroom 2 approx. 10 x 12 with egress window
• Flooring: Carpet in living areas and bedrooms; Vinyl in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Gas water heater heating system
• Interior features: Attic storage; Full, unfinished basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Cap rate 36.4% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 4.14% ✓
• Cap rate: 36.41%
• Cash-on-cash: 107.56%
• DSCR: 5.79
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $31,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 NE Rock Island Ave	0.00mi	2/1.0 (-1)	984 (0%)	0mo	$25,000	$25	95
2507 NE Madison Ave	0.17mi	3/1.0	1,000 (+2%)	3mo	$24,000	$24	87
632 Haungs Ave	0.19mi	2/1.5 (-1)	1,005 (+2%)	1mo	$29,900	$30	80
2806 NE Madison Ave	0.32mi	2/2.0 (-1)	976 (-1%)	3mo	$24,000	$25	72
600 Spitznagle Ave	0.16mi	2/1.0 (-1)	924 (-6%)	10mo	$37,000	$40	70
3310 NE Madison Ave	0.64mi	2/1.0 (-1)	970 (-1%)	5mo	$31,000	$32	58
1235 E Seneca Pl	0.75mi	3/1.0	1,062 (+8%)	3mo	$62,000	$58	49
803 Caroline St	0.67mi	2/1.0 (-1)	910 (-8%)	4mo	$49,000	$54	48
1619 NE Glendale Ave	0.53mi	2/1.0 (-1)	1,098 (+12%)	5mo	$45,000	$41	47
502 Caroline St	0.66mi	2/1.0 (-1)	912 (-7%)	9mo	$14,000	$15	45
522 Homestead Ave	0.66mi	4/1.0 (+1)	1,111 (+13%)	7mo	$73,000	$66	37
1622 NE Jefferson St	0.58mi	2/1.5 (-1)	837 (-15%)	7mo	$26,000	$31	35

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.21×
• Total profit: $36,452
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 13.21×
• Total profit: $85,438
• Equity at exit: $2,162

Cash invested: $7,000 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,036 high
• Mortgage (P&I): −$131
• Tax from tax record: −$50 /mo · $595/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $627

Break-even live

Break-even rent $242

Max offer price $25,000

Occupancy floor 34%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	13d	1	0.07mi
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	13d	1	0.56mi
506 Caroline St Unit B Peoria, IL	2.0	1.0	1000	$900	$0.90	13d	1	0.64mi
737 E Gift Ave Unit 737 Peoria, IL	2.0	1.0	800	$1,125	$1.41	44d	1	1.05mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	21d	1	1.16mi

Listing history 1 events

1. 2026-05-25
   listed $25,000 Active

ⓘ 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: $595 · $50/mo
• Projected year-2 tax: $595 · $50/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,434
• − Mortgage interest: −$1,400
• − Property taxes: −$595
• − Insurance: −$125
• − Repairs & maintenance: −$995
• − Management: −$995
• − Depreciation: −$727
• Taxable income: $7,597
• Est. tax owed @ 24.0%: −$1,823
• After-tax cash flow: $5,706/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• Metro: Peoria, 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

1 event — show timeline

• 2026-05-25 Listed $25,000 RMLSA as Distributed by MLS Grid

Property tax history

-0.0%/yr

Latest (2024): $595 · -3.9% YoY. Source: county tax records.