1334 S Blackhawk Ave · Freeport, IL 61032

$165,000

4 bd · 2.5 ba · 2,483 sqft · SingleFamily · 5 Days on market

Built 1944 0.25 ac lot

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Why this score? — see what drove the D 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 +16.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• 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

Spacious 4 bedroom, 2.5 bath, 1.5-story with a 2-stall garage. Main floor living room, dining room, kitchen with eat-in table space, bedroom, full bath with stall shower and a family room/den that could be a 5th bedroom. Upper level consists of 3 bedrooms, full bath, attic fan and attic storage space. The lower level has a rec room, laundry area and a half bath. Off of the kitchen leads to the backyard where there is a concrete patio and a greenhouse. Furnace and A/C 2020, shingled part of roof in 2025 and flat part of roof is 3-4 years old.

Key facts

• Attic fan
• Family room
• Concrete patio

Tags

• EAT-IN TABLE SPACE
• FAMILY ROOM
• ATTIC FAN
• ATTIC STORAGE SPACE
• CONCRETE PATIO
• GREENHOUSE

Property features AI

Exterior

• Parking: Attached or detached 2-car garage with concrete parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Partial finished below-grade area (308 below-grade finished area)
• Exterior features: Shingle roof; Quarter-acre lot

Interior

• Kitchen: Gas cooktop; Dishwasher; Microwave; Refrigerator; Garbage disposal
• Bathrooms: Two full bathrooms; One half bathroom; One main-level bathroom
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Gas cooktop; Dishwasher; Garbage disposal; Microwave; Refrigerator; Water softener; Gas water heater; Partial basement (finished area below grade)
• Laundry & utility: Washer; Dryer; Water softener; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (3.9% below list).
• Recommended offer: $159k (3.9% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 5.8% in Freeport — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 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.
• Zoned schools: Blackhawk Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 307 students, 0% FRL); Freeport Middle School (math 6% / reading 7%, grade F, #632 of 665 statewide, top 95%, 485 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 206 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $1k of loan paydown is wiped out by about $5k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,616 (3.9% below list)

Questions for the listing agent

1. Built in 1944 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.96% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.86%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $101,803
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1308 S Walnut Ave	0.16mi	3/1.5 (-1)	2,464 (-1%)	21mo	$135,000	$55	65
1248 S Walnut Ave	0.20mi	3/1.5 (-1)	2,394 (-4%)	15mo	$81,900	$34	63
21 W Empire St	0.39mi	4/2.0	2,307 (-7%)	13mo	$165,000	$72	57
1437 S Plum Ave	0.13mi	3/1.5 (-1)	2,184 (-12%)	11mo	$140,000	$64	56
1031 S Chicago Ave	0.50mi	4/2.0	2,328 (-6%)	14mo	$49,000	$21	53
737 W Pleasant St	0.58mi	4/1.5	2,372 (-4%)	13mo	$97,200	$41	50
1254 S Carroll Ave	0.57mi	5/3.0 (+1)	2,390 (-4%)	13mo	$200,000	$84	49
428 S West Ave	0.74mi	4/3.0	2,678 (+8%)	12mo	$225,000	$84	40
618 S Carroll Ave	0.68mi	3/1.5 (-1)	2,630 (+6%)	16mo	$85,000	$32	36
1303 S High Ave	0.63mi	4/1.5	2,207 (-11%)	18mo	$55,000	$25	34
9 W Washington St	0.69mi	5/2.0 (+1)	2,120 (-15%)	9mo	$40,000	$19	29
1424 S Float St	0.66mi	3/1.5 (-1)	2,760 (+11%)	17mo	$60,000	$22	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-19,710
• Equity at exit: $24,602

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-8,044
• Equity at exit: $14,266

Cash invested: $46,200 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 206
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,586 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$209 /mo · $2,509/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $110

Break-even live

Break-even rent $1,447

Max offer price $165,000

Occupancy floor 88%

Sensitivity live

Price	-10% $203	-5% $157	+0% $110	+5% $63	+10% $17
Rent	-10% $-15	-5% $47	+0% $110	+5% $173	+10% $235
Rate	-1.0pp $193	-0.5pp $152	base $110	+0.5pp $67	+1.0pp $24

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 1/2 S Chicago Ave Freeport, IL	5.0	2.0	2672	$1,625	$0.61	45d	1	0.49mi
404 E Prospect Ter Freeport, IL	4.0	2.0	2560	$1,525	$0.60	23d	1	0.69mi
434 1/2 S State Ave Freeport, IL	3.0	2.0	2544	$1,595	$0.63	45d	1	0.78mi

Listing history 1 events

1. 2026-05-04
   listed $165,000 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: $2,509 · $209/mo
• Projected year-2 tax: $3,127 · $261/mo
• Expected delta: +$618/yr (+$52/mo · 24.6%)

ⓘ 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: $19,034
• − Mortgage interest: −$9,243
• − Property taxes: −$2,509
• − Insurance: −$825
• − Repairs & maintenance: −$1,523
• − Management: −$1,523
• − Depreciation: −$4,800
• Taxable loss: −$1,388
• Est. tax savings @ 24.0%: +$333
• After-tax cash flow: $1,652/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

2 events — show timeline

• 2026-05-24 Pending — NWIAR
• 2026-05-04 Listed $165,000 NWIAR

Property tax history

-2.0%/yr

Latest (2024): $2,509 · +5.6% YoY. Source: county tax records.