2206 Locust Ave · Alton, IL 62002

$92,000

3 bd · 1.5 ba · 1,740 sqft · MultiFamily public records · 1 Days on market

Built 1935 10,349 sqft lot

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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 +7.5/15.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

Great Investment Opportunity. 2206 Locust St is a duplex that includes one unit that is 2 bedroom, 1 bath with laundry, newer electrical, plumbing, furnace is all within a few years old. Kitchen has quartz countertops and custom cabinets, appliances that are there will stay. Newer hardwoods throughout besides bathroom has tile, and laundry room is vinyl plank. Bathroom recently remodeled. Was rented for $800 w/ utilities separate. The basement area was rented w/ the front unit for additional storage/living space. Back (Second) unit is possible 3 bedroom 1 bath, has electrical, plumbing, water lines, and furnace is same age as front unit. The water heater is new and there, but not yet hooked up. This unit is blank and ready to be put back together however the future owner sees fit for additional income. There is also a covered porch and off street parking for both sides of the duplex. BEING SOLD AS-IS. Please note A/C units are not installed but seller can give credit for new units.

Key facts

• Covered porch
• Custom cabinetry
• Quartz countertops

Tags

• COVERED PORCH
• NEW A C UNIT
• NEWER HOT WATER HEATER
• QUARTZ COUNTERTOPS
• CUSTOM CABINETRY
• NEWER HARDWOOD FLOORING

Property features AI

Finance

• Other: Above-grade finished area listed from public records
• Financial info: No second mortgage indicated; One of the two units is currently leased
• HOA & community: Community contains 2 units

Exterior

• Parking: Driveway; Gravel parking; Off-street parking (outside)
• Utilities: Public water; Sewer connected; Natural gas connected; Electricity connected (Ameren)
• Home design: Duplex (residential income property); 2-4 units subtype; Private ownership; Facing GPS-friendly address: 2206 Locust Ave, Alton IL 62002
• Construction: Vinyl siding; Architectural shingle roof
• Exterior features: City street frontage; Driveway with gravel, off-street parking (outside)

Interior

• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; One level
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $511/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Cap rate 19.6% vs local median 6.4% in Alton — 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 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime F, amenities D-.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alton High School (math 20% / reading 25%, grade F, #317 of 693 statewide, top 46%, 1,990 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Madison County population projected at -18% 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 $26k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.30% ✓
• Cap rate: 19.63%
• Cash-on-cash: 47.62%
• DSCR: 3.12
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 3.38×
• Total profit: $61,411
• Equity at exit: $13,717

10-year hold

• IRR: 58.1%
• Equity multiple: 8.31×
• Total profit: $188,338
• Equity at exit: $7,954

Cash invested: $25,760 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,115 high
• Mortgage (P&I): −$482
• Tax from tax record: −$128 /mo · $1,535/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $1,022

Break-even live

Break-even rent $821

Max offer price $92,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,114
Total (2 units)			$2,115

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2016 Salu St Alton, IL	3.0	1.0	1073	$1,100	$1.03	16d	1	0.27mi
3303 Jackson St Alton, IL	2.0	1.0	1050	$1,295	$1.23	43d	1	1.14mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $92,000 Active 1 DOM

ⓘ 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: $1,535 · $128/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$277/yr (+$23/mo · 18.0%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,380
• − Mortgage interest: −$5,153
• − Property taxes: −$1,535
• − Insurance: −$460
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$2,676
• Taxable income: $11,495
• Est. tax owed @ 24.0%: −$2,759
• After-tax cash flow: $9,507/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• Metro: St. Louis, MO-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

+22.7% since first listed

5 events — show timeline

• 2026-06-18 Listed $92,000 MARIS as Distributed by MLS Grid
• 2026-06-18 Coming Soon $92,000 MARIS as Distributed by MLS Grid
• 2024-03-15 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2024-02-13 Pending — MARIS as Distributed by MLS Grid
• 2024-02-07 Listed $75,000 MARIS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $1,535 · +6.4% YoY. Source: county tax records.