316 E Melbourne Ave · Peoria, IL 61603

$44,900

2 bd · 1.0 ba · 616 sqft · SingleFamily public records · 38 Days on market

Built 1930 3,920 sqft lot $73/sqft · at area comps Est $46k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• 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 MLS

Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

Key facts

• Updated bungalow
• New carpet
• Newer roof

Tags

• UPDATED BUNGALOW
• MAINTENANCE FREE VINYL SIDING
• NEWER ROOF
• LARGE ENCLOSED FRONT PORCH
• INTERIOR COMPLETELY REPAINTED
• NEW CARPET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.4% 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+, schools F, 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.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 9 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 $310 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 5512% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $35k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.24% ✓
• Cap rate: 19.41%
• Cash-on-cash: 46.86%
• DSCR: 3.08
• GRM: 3.7

CMA / ARV

• ARV (median comp): $45,910
• List price: $44,900
• Delta: -2.20%
• 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
729 E Seneca Pl	0.36mi	2/1.0	620 (+1%)	5mo	$69,500	$112	78
900 E Virginia Ave	0.56mi	2/1.0	616 (0%)	7mo	$20,000	$32	68
713 E Gift Ave	0.37mi	2/1.0	676 (+10%)	7mo	$56,500	$84	61
1118 E Melbourne Ave	0.63mi	1/— (-1)	648 (+5%)	4mo	$12,500	$19	54
720 E Gift Ave	0.41mi	2/1.0	700 (+14%)	6mo	$72,500	$104	53
202 E Forrest Hill Ave	0.12mi	1/1.0 (-1)	528 (-14%)	18mo	$28,500	$54	51
907 E Gift Ave	0.52mi	2/1.0	676 (+10%)	13mo	$55,000	$81	48
2627 N California Ave	0.28mi	1/1.0 (-1)	677 (+10%)	20mo	$41,250	$61	48
814 E Gift Ave	0.49mi	2/1.0	688 (+12%)	14mo	$57,000	$83	46
1101 E Melbourne Ave	0.58mi	3/1.0 (+1)	680 (+10%)	10mo	$41,000	$60	43
911 E Tripp Ave	0.62mi	1/1.0 (-1)	541 (-12%)	20mo	$26,250	$49	28
2613 N Ellis St	0.69mi	1/1.5 (-1)	684 (+11%)	18mo	$44,000	$64	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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 44.7%
• Equity multiple: 2.95×
• Total profit: $24,498
• Equity at exit: $6,695

10-year hold

• IRR: 50.9%
• Equity multiple: 6.07×
• Total profit: $63,697
• Equity at exit: $3,882

Cash invested: $12,572 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,005 high
• Mortgage (P&I): −$235
• Tax from tax record: −$49 /mo · $583/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $491

Break-even live

Break-even rent $383

Max offer price $44,900

Occupancy floor 46%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	21d	1	1.08mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	13d	4	1.11mi
811 E Lake Ave Peoria Heights, IL	2.0	1.0	576	$875	$1.52	13d	1	1.17mi
249 E Oak Cliff Ct Unit 4 Peoria, IL	2.0	1.0	600	$800	$1.33	13d	1	1.21mi
2214 N Linsley St Peoria, IL	2.0	1.0	575	$550	$0.96	43d	1	1.21mi
1505 N Peoria Ave Peoria, IL	1.0	1.0	525	$1,006	$1.92	13d	4	1.29mi
4020 N Bryer Pl Peoria, IL	2.0	1.0	720	$1,250	$1.74	21d	1	1.31mi
4809 Knoxville Ave Apt 2C Peoria, IL	1.0	1.0	700	$850	$1.21	21d	1	1.49mi
4809 Knoxville Ave Unit 4819 4B, 5A, & 5B Peoria, IL	3.0	2.0	700	$1,800	$2.57	13d	1	1.49mi

Listing history 10 events

1. 2026-05-07
   historical $800
2. 2026-05-05
   status Pending 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

3. 2026-05-01
   listed $800
4. 2026-04-28
   status Active 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

5. 2026-04-15
   status Pending 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

6. 2026-03-27
   status Active 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

7. 2026-03-25
   status Pending 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

8. 2026-03-13
   listed $44,900 Active 425-char remark

   Show marketing remark (425 chars)

   Affordable and updated 2 bedroom bungalow in great location near Knoxville/Forrest Hill. Amenities include; maintenance free vinyl siding, newer roof, large enclosed front porch, interior completely repainted throughout, new carpet in the living room and bedrooms, luxury vinyl plank flooring in the kitchen-laundry room-bathroom, new plumbing throughout, new kitchen cabinets and tops, move-in ready! Agent owned. $44,900

9. 2021-08-06
   historical
10. 2003-11-20
    soldstatus $35,000

ⓘ 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: $583 · $49/mo
• Projected year-2 tax: $801 · $67/mo
• Expected delta: +$218/yr (+$18/mo · 37.5%)

ⓘ 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: $12,055
• − Mortgage interest: −$2,515
• − Property taxes: −$583
• − Insurance: −$224
• − Repairs & maintenance: −$964
• − Management: −$964
• − Depreciation: −$1,306
• Taxable income: $5,498
• Est. tax owed @ 24.0%: −$1,319
• After-tax cash flow: $4,571/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

+28.3% since first listed

10 events — show timeline

• 2026-05-07 Rental Removed $800 RMLSA
• 2026-05-05 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-01 Listed for Rent $800 RMLSA
• 2026-04-28 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-15 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-27 Relisted — RMLSA as Distributed by MLS Grid
• 2026-03-25 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-13 Listed $44,900 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2003-11-20 Sold (Public Records) $35,000 Public Records

Property tax history

+0.3%/yr

Latest (2024): $583 · +14.2% YoY. Source: county tax records.