2624 N Prospect Rd · Peoria, IL 61603

$59,900

2 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 10 Days on market

Built 1920 6,534 sqft lot Est $73k · 18% 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 MLS

BEDROOM HOME. NEW FURNACE 4 YEARS OLD. THE WOOD FLOORS HAVE BEEN REFINISHED RECENTLY. 2 CAR DETACHED GARAGE. PRIVACY FENCED BACKYARD. FRONT PORCH. HUGE UPSTAIRS BATHROOM.

Key facts

• 6,534 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $60k).
• Cap rate 11.9% 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; 8 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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.
• Current owner paid $30k; list at $60k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.57% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.01%
• DSCR: 1.89
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $73,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2405 N Atlantic Ave	0.23mi	3/1.0 (+1)	1,388 (+10%)	5mo	$50,000	$36	63
829 E Mcclure Ave	0.35mi	2/1.0	1,412 (+12%)	0mo	$35,000	$25	63
2606 N Wisconsin Ave	0.41mi	2/1.0	1,372 (+9%)	4mo	$90,000	$66	62
2206 N Wisconsin Ave	0.52mi	3/2.0 (+1)	1,217 (-3%)	0mo	$30,000	$25	61
1016 E Virginia Ave	0.22mi	3/2.5 (+1)	1,427 (+13%)	1mo	$83,000	$58	56
805 Abington St	0.61mi	2/1.0	1,344 (+7%)	6mo	$52,500	$39	56
2709 N California Ave	0.69mi	3/1.0 (+1)	1,232 (-2%)	4mo	$78,400	$64	56
3011 N Delaware Ave	0.46mi	3/2.0 (+1)	1,355 (+8%)	4mo	$90,000	$66	54
1015 E Fairoaks Ave	0.59mi	3/2.0 (+1)	1,200 (-5%)	3mo	$148,000	$123	53
2136 N Delaware St	0.49mi	3/1.0 (+1)	1,130 (-10%)	3mo	$47,500	$42	52
1118 E London Ave	0.72mi	2/2.0	1,116 (-11%)	2mo	$139,900	$125	42
1619 NE Glendale Ave	0.74mi	2/1.0	1,098 (-13%)	5mo	$45,000	$41	40

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: 12.8%
• Equity multiple: 1.51×
• Total profit: $8,618
• Equity at exit: $8,931

10-year hold

• IRR: 22.1%
• Equity multiple: 2.94×
• Total profit: $32,564
• Equity at exit: $5,179

Cash invested: $16,772 (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: 5.3×

Monthly cashflow live

• Estimated rent: $943 high
• Mortgage (P&I): −$314
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $280

Break-even live

Break-even rent $589

Max offer price $59,900

Occupancy floor 65%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	13d	1	0.40mi
505 E Virginia Ave Peoria, IL	2.0	2.0	1204	$758	$0.63	13d	1	0.66mi
526 Fairholm Ave Peoria, IL	3.0	2.0	1174	$925	$0.79	44d	1	0.74mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	13d	1	0.75mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	13d	1	0.79mi
2210 Knoxville Ave #2212 Peoria, IL	2.0	1.0	1284	$950	$0.74	44d	1	0.96mi
506 Caroline St Unit B Peoria, IL	2.0	1.0	1000	$900	$0.90	13d	1	0.97mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	21d	1	1.15mi

Listing history 11 events

1. 2026-04-27
   status Pending
2. 2026-04-17
   listed $59,900 Active
3. 2026-04-16
   historical $59,900
4. 2024-11-07
   historical $950
5. 2024-08-30
   listed $950
6. 2022-02-03
   price $795
7. 2021-08-06
   historical
8. 2018-12-05
   soldstatus $29,900 170-char remark

   Show marketing remark (170 chars)

   BEDROOM HOME. NEW FURNACE 4 YEARS OLD. THE WOOD FLOORS HAVE BEEN REFINISHED RECENTLY. 2 CAR DETACHED GARAGE. PRIVACY FENCED BACKYARD. FRONT PORCH. HUGE UPSTAIRS BATHROOM.

9. 2018-09-28
   listed $34,900 170-char remark

   Show marketing remark (170 chars)

   BEDROOM HOME. NEW FURNACE 4 YEARS OLD. THE WOOD FLOORS HAVE BEEN REFINISHED RECENTLY. 2 CAR DETACHED GARAGE. PRIVACY FENCED BACKYARD. FRONT PORCH. HUGE UPSTAIRS BATHROOM.

10. 2004-12-06
    soldstatus $39,000
11. 2004-10-29
    listed $39,900

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $1,519 · $127/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: $11,321
• − Mortgage interest: −$3,355
• − Property taxes: −$1,519
• − Insurance: −$300
• − Repairs & maintenance: −$906
• − Management: −$906
• − Depreciation: −$1,743
• Taxable income: $2,593
• Est. tax owed @ 24.0%: −$622
• After-tax cash flow: $2,733/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

+50.1% since first listed

11 events — show timeline

• 2026-04-27 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-17 Listed $59,900 RMLSA as Distributed by MLS Grid
• 2026-04-16 Coming Soon $59,900 RMLSA as Distributed by MLS Grid
• 2024-11-07 Rental Removed $950 APPFOLIO
• 2024-08-30 Listed for Rent $950 APPFOLIO
• 2022-02-03 Price Changed $795 RENT.
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2018-12-05 Sold (MLS) $29,900 RMLSA as Distributed by MLS Grid
• 2018-09-28 Listed $34,900 RMLSA as Distributed by MLS Grid
• 2004-12-06 Sold (MLS) $39,000 RMLSA as Distributed by MLS Grid
• 2004-10-29 Listed $39,900 RMLSA as Distributed by MLS Grid

Property tax history

-0.7%/yr

Latest (2024): $1,519 · +4.8% YoY. Source: county tax records.