2202 Mills Ave · Alton, IL 62002

$115,000

3 bd · 1.0 ba · 804 sqft · SingleFamily public records · 93 Days on market

Built 1926 8,250 sqft lot $143/sqft · 88% above area Est $121k · at est.

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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 +16.1/30.0
• ARV discount +9.7/15.0
• DSCR +5.0/10.0
• 1% rule +4.6/10.0
• 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

Listing remarks MLS

Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

Key facts

• 8,250 sq ft lot
• Built 1926
• Listed 92 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $59 ($703/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 $110k (4.3% below list).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.

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-, schools F, crime F.
• 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.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 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.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 8.7

CMA / ARV

• ARV (median comp): $121,015
• List price: $115,000
• Delta: -4.97%
• 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
2116 Mills Ave	0.02mi	2/1.0 (-1)	780 (-3%)	7mo	$34,000	$44	84
560 Highland Ave	0.46mi	3/1.5	828 (+3%)	2mo	$6,000	$7	70
600 Lampert St	0.41mi	2/1.0 (-1)	824 (+2%)	3mo	$1,500	$2	70
301 Main St	0.62mi	3/2.0	802 (-0%)	6mo	$27,000	$34	61
1053 Washington Ave	0.25mi	3/1.5	918 (+14%)	2mo	$99,900	$109	61
1521 Seminary St	0.63mi	2/1.0 (-1)	810 (+1%)	7mo	$107,500	$133	58
1108 Harrison St	0.45mi	2/1.0 (-1)	864 (+8%)	4mo	$65,000	$75	58
2614 Denny Ave	0.56mi	2/1.0 (-1)	750 (-7%)	2mo	$85,000	$113	56
2814 Grandview Ave	0.70mi	2/1.0 (-1)	756 (-6%)	0mo	$69,900	$92	52
516 Sering Ave	0.59mi	2/1.0 (-1)	875 (+9%)	2mo	$110,000	$126	51
510 Marsh Ave	0.66mi	2/1.0 (-1)	726 (-10%)	1mo	$31,700	$44	47
3006 Watalee St	0.74mi	2/1.0 (-1)	720 (-10%)	7mo	$35,000	$49	37

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: -7.2%
• Equity multiple: 0.72×
• Total profit: $-9,060
• Equity at exit: $17,147

10-year hold

• IRR: 7.8%
• Equity multiple: 1.73×
• Total profit: $23,506
• Equity at exit: $9,943

Cash invested: $32,200 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,101 high
• Mortgage (P&I): −$603
• Tax from tax record: −$160 /mo · $1,923/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $59

Break-even live

Break-even rent $1,027

Max offer price $115,000

Occupancy floor 90%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2222 Brown St Alton, IL	4.0	2.0	1025	$1,050	$1.02	7d	1	0.23mi
2418 Sanford Ave Alton, IL	2.0	1.0	958	$875	$0.91	20d	1	0.26mi
306 Lampert St Alton, IL	2.0	1.0	925	$1,000	$1.08	1d	1	0.51mi
504 Cherry St Alton, IL	2.0	1.0	1000	$895	$0.90	43d	1	0.82mi
3305 Franor St Alton, IL	2.0	1.0	1000	$549	$0.55	1d	1	1.00mi
2016 Salu St Alton, IL	3.0	1.0	1073	$1,100	$1.03	15d	1	1.07mi
3303 Jackson St Alton, IL	2.0	1.0	1050	$1,295	$1.23	43d	1	1.10mi
3400 Milton Dr Alton, IL	2.0	1.5	972	$1,350	$1.39	3d	1	1.31mi
1110 George St Alton, IL	2.0	1.0	780	$1,019	$1.31	43d	1	1.36mi

Listing history 19 events

1. 2026-06-01
   days on market $115,000 Active 93 DOM
2. 2026-05-31
   days on market $115,000 Active 92 DOM
3. 2026-03-29
   price $115,000 591-char remark

   Show marketing remark (591 chars)

   Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

4. 2026-03-20
   price $120,000 591-char remark

   Show marketing remark (591 chars)

   Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

5. 2026-03-01
   listed $130,000 Active 591-char remark

   Show marketing remark (591 chars)

   Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

6. 2026-02-17
   price $130,000 591-char remark

   Show marketing remark (591 chars)

   Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

7. 2026-02-13
   historical $115,000 591-char remark

   Show marketing remark (591 chars)

   Welcome to 2202 Mills Ave, Alton IL! This 3 bed/1 bath two-story home offers a large foyer/entrance with built-in bookcases, formal dining room, kitchen with dishwasher, range/oven, and refrigerator included, and a roomy living room. The upper level features 3 generous sized bedrooms, and a full bath. In the full, unfinished basement you will find the laundry hookup with plenty of room for storage. Recent updates include a new furnace, hot water heater and fencing. Enjoy the outdoors from the cover rear porch. The great location and square footage make this one you don't want to miss!

8. 2023-12-20
   soldstatus $80,000
9. 2023-12-13
   soldstatus Closed 169-char remark

   Show marketing remark (169 chars)

   Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

10. 2023-11-20
    status Pending 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

11. 2023-11-09
    price $84,900 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

12. 2023-09-26
    price $89,900 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

13. 2023-09-10
    status Active 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

14. 2023-05-03
    historical 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

15. 2023-04-14
    historical Active Under Contract 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

16. 2023-03-27
    listed $92,500 Active 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

17. 2023-03-11
    historical $92,500 169-char remark

    Show marketing remark (169 chars)

    Cute renovated 3 bed 1 bath home. New kitchen and bathroom. Hardwood floors Nice foyer entry with built in bookcase. Covered back porch and fenced backyard. New carport.

18. 2005-05-25
    soldstatus $55,000
19. 1997-07-03
    soldstatus $43,500

ⓘ 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: $1,923 · $160/mo
• Projected year-2 tax: $2,267 · $189/mo
• Expected delta: +$344/yr (+$29/mo · 17.9%)

ⓘ 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: $13,213
• − Mortgage interest: −$6,442
• − Property taxes: −$1,923
• − Insurance: −$575
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − Depreciation: −$3,345
• Taxable loss: −$1,187
• Est. tax savings @ 24.0%: +$285
• After-tax cash flow: $988/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

+164.4% since first listed

17 events — show timeline

• 2026-03-29 Price Changed $115,000 MARIS as Distributed by MLS Grid
• 2026-03-20 Price Changed $120,000 MARIS as Distributed by MLS Grid
• 2026-03-01 Listed $130,000 MARIS as Distributed by MLS Grid
• 2026-02-17 Price Changed $130,000 MARIS as Distributed by MLS Grid
• 2026-02-13 Coming Soon $115,000 MARIS as Distributed by MLS Grid
• 2023-12-20 Sold (Public Records) $80,000 Public Records
• 2023-12-13 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2023-11-20 Pending — MARIS as Distributed by MLS Grid
• 2023-11-09 Price Changed $84,900 MARIS as Distributed by MLS Grid
• 2023-09-26 Price Changed $89,900 MARIS as Distributed by MLS Grid
• 2023-09-10 Relisted — MARIS as Distributed by MLS Grid
• 2023-05-03 Delisted — MARIS as Distributed by MLS Grid
• 2023-04-14 Contingent — MARIS as Distributed by MLS Grid
• 2023-03-27 Listed $92,500 MARIS as Distributed by MLS Grid
• 2023-03-11 Coming Soon $92,500 MARIS as Distributed by MLS Grid
• 2005-05-25 Sold (Public Records) $55,000 Public Records
• 1997-07-03 Sold (Public Records) $43,500 Public Records

Property tax history

+4.7%/yr

Latest (2024): $1,923 · -15.1% YoY. Source: county tax records.