1501 W Marlene Ave · Peoria, IL 61614

$138,900

3 bd · 1.0 ba · 1,464 sqft · SingleFamily public records · 2 Days on market

Built 1950 0.27 ac lot Est $163k · 15% under

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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 +14.0/30.0
• ARV discount +14.0/15.0
• Rent growth +5.0/5.0
• 1% rule +4.5/10.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Less than a 1/4 mile from the Metro Center, this adorable home sits amongst beautiful homes and wooded lots. Occupied by the current owner for over 50 years, this home is ready for all your Pinterest & Instagram-inspired home renovation ideas! The basement has been taken down to the studs & is the perfect blank canvas to create that finished basement hang-out you've always wanted. Original hardwood floors are ready to be finished with the color of your choice and the white walls throughout are ready for color! A very large backyard is awaiting patio plans and the detached garage offers a nice amount of extra storage - there's also plenty of parking in the oversized driveway as well. Updates include the furnace in 2014, water heater in 2016 and refrigerator in 2021. If you've been looking for that "sweat-equity" type of home in a convenient central location, this is it. We'd love for you to come explore the possibilities. Home is sold in as-is condition.

Key facts

• 0.27 acre lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; 1950 construction; One or more basement levels (full unfinished basement)
• Construction: Built in 1950; Full unfinished basement
• Exterior features: Level lot; Shingle roof

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (bedrooms located on upper and main levels; one bedroom with laminate flooring and egress window)
• Flooring: Hardwood (main level); Laminate (upper level bedroom and other areas); Vinyl (kitchen)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $17 ($208/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 $132k (5.1% below list).
• Recommended offer: $132k (5.1% below list) — sets the bar for 1% rule.

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: Valeska Hinton Early Ch Ed Ctr (495 students, 0% FRL); Reservoir Gifted School (math 79% / reading 82%, grade A+, #2 of 665 statewide, top 0%, 277 students, 0% FRL); Richwoods High School (math 30% / reading 35%, grade F, #152 of 693 statewide, top 22%, 1,580 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.
• Zoned-school proficiency averages 56% at this address vs 12% district-wide (+44 pts) — the actual schools serving this property are materially stronger than the Peoria SD 150 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+10.3%/yr); 154 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $960 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $80k; list at $139k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,822 (5.1% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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?
5. 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?
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: 0.95% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.53%
• DSCR: 1.02
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $162,504
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1501 W Marlene Ave	0.00mi	3/1.0	1,464 (0%)	0mo	$143,000	$98	100
5004 N University St	0.32mi	3/1.5	1,433 (-2%)	9mo	$225,000	$157	73
1515 W Sunnyview Dr	0.40mi	3/2.0	1,360 (-7%)	2mo	$175,000	$129	64
4927 N Isabell Ave	0.42mi	4/2.0 (+1)	1,513 (+3%)	3mo	$135,000	$89	64
5008 N Bevalon Pl	0.27mi	2/2.0 (-1)	1,358 (-7%)	5mo	$143,000	$105	62
5310 N Sherwood Ave	0.57mi	2/1.0 (-1)	1,461 (-0%)	8mo	$154,000	$105	61
4931 N Bevalon Pl	0.24mi	3/2.0	1,248 (-15%)	4mo	$168,000	$135	57
1407 W Sunnyview Dr	0.41mi	3/1.0	1,292 (-12%)	6mo	$115,000	$89	56
4921 N Everts Ct	0.63mi	3/1.0	1,291 (-12%)	2mo	$159,000	$123	49
4023 N University St	0.58mi	2/1.5 (-1)	1,559 (+6%)	7mo	$150,000	$96	49
1319 W Shenandoah Dr	0.48mi	3/2.0	1,312 (-10%)	9mo	$200,000	$152	49
4924 N Mansfield Dr	0.58mi	3/1.5	1,660 (+13%)	4mo	$184,000	$111	45

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: -9.6%
• Equity multiple: 0.63×
• Total profit: $-14,380
• Equity at exit: $20,710

10-year hold

• IRR: 5.8%
• Equity multiple: 1.54×
• Total profit: $20,845
• Equity at exit: $12,010

Cash invested: $38,892 (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 61614

• Home prices YoY: -29.1%
• Rents YoY: 10.3%
• Active inventory: 154
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,318 high
• Mortgage (P&I): −$728
• Tax from tax record: −$238 /mo · $2,854/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $17

Break-even live

Break-even rent $1,296

Max offer price $138,900

Occupancy floor 94%

Sensitivity live

Price	-10% $96	-5% $57	+0% $17	+5% $-22	+10% $-61
Rent	-10% $-87	-5% $-35	+0% $17	+5% $69	+10% $121
Rate	-1.0pp $87	-0.5pp $53	base $17	+0.5pp $-19	+1.0pp $-55

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: $34,725
• Closing costs: $4,167
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1327 W Covington Ct Peoria, IL	2.0	2.0	1025	$1,295	$1.26	45d	1	0.12mi
1308 W Covington Ct Peoria, IL	2.0	1.5	975	$1,170	$1.20	22d	1	0.15mi
1915 W Marlene Ave Unit B Peoria, IL	2.0	1.5	1200	$1,275	$1.06	22d	1	0.34mi
2020 W Glen Ave Peoria, IL	3.0	2.0	1320	$1,700	$1.29	15d	1	0.46mi
751 W Joan Ct Peoria, IL	2.0	2.0	1000	$1,150	$1.15	15d	1	0.60mi
4010 N Brandywine Dr Peoria, IL	1.0–2.0	1.0–2.0	797	$1,082	$1.36	15d	17	0.62mi
1329 W Holly Hedges Dr Peoria, IL	3.0	2.0	1639	$1,850	$1.13	15d	1	0.76mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	15d	4	0.88mi
3629 N Leroy Ave Unit A Peoria, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	1.08mi
5200 Knoxville Ave Unit 5200 Peoria, IL	2.0	2.0	1600	$1,650	$1.03	15d	1	1.30mi
126 E Lake Ave Peoria, IL	2.0	1.0	950	$1,050	$1.11	15d	9	1.32mi
2800 W War Memorial Dr Peoria, IL	2.0	1.5	950	$949	$1.00	15d	3	1.36mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	45d	1	1.40mi
228 E Oak Cliff Ct Unit A2 Peoria, IL	2.0	1.0	1000	$1,050	$1.05	15d	1	1.40mi
2913 W Cannes Dr Unit C Peoria, IL	2.0	2.0	884	$1,150	$1.30	45d	1	1.47mi

Listing history 8 events

1. 2026-05-19
   status Pending
2. 2026-05-17
   status Active
3. 2026-04-30
   status Pending
4. 2026-04-29
   listed $138,900 Active
5. 2026-04-23
   historical $138,900
6. 2021-08-16
   soldstatus $80,000
7. 2021-08-12
   soldstatus $80,000 985-char remark

   Show marketing remark (985 chars)

   Less than a 1/4 mile from the Metro Center, this adorable home sits amongst beautiful homes and wooded lots. Occupied by the current owner for over 50 years, this home is ready for all your Pinterest & Instagram-inspired home renovation ideas! The basement has been taken down to the studs & is the perfect blank canvas to create that finished basement hang-out you've always wanted. Original hardwood floors are ready to be finished with the color of your choice and the white walls throughout are ready for color! A very large backyard is awaiting patio plans and the detached garage offers a nice amount of extra storage - there's also plenty of parking in the oversized driveway as well. Updates include the furnace in 2014, water heater in 2016 and refrigerator in 2021. If you've been looking for that "sweat-equity" type of home in a convenient central location, this is it. We'd love for you to come explore the possibilities. Home is sold in as-is condition.

8. 2021-07-11
   listed $74,900 985-char remark

   Show marketing remark (985 chars)

   Less than a 1/4 mile from the Metro Center, this adorable home sits amongst beautiful homes and wooded lots. Occupied by the current owner for over 50 years, this home is ready for all your Pinterest & Instagram-inspired home renovation ideas! The basement has been taken down to the studs & is the perfect blank canvas to create that finished basement hang-out you've always wanted. Original hardwood floors are ready to be finished with the color of your choice and the white walls throughout are ready for color! A very large backyard is awaiting patio plans and the detached garage offers a nice amount of extra storage - there's also plenty of parking in the oversized driveway as well. Updates include the furnace in 2014, water heater in 2016 and refrigerator in 2021. If you've been looking for that "sweat-equity" type of home in a convenient central location, this is it. We'd love for you to come explore the possibilities. Home is sold in as-is condition.

ⓘ 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: $2,854 · $238/mo
• Projected year-2 tax: $3,003 · $250/mo
• Expected delta: +$150/yr (+$12/mo · 5.2%)

ⓘ 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 ≥104°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: $15,819
• − Mortgage interest: −$7,781
• − Property taxes: −$2,854
• − Insurance: −$694
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − Depreciation: −$4,041
• Taxable loss: −$2,082
• Est. tax savings @ 24.0%: +$500
• After-tax cash flow: $707/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): 27,370
• Household income: $66,924
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 1179.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Black 17% Two or more races 5% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 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: ▼ -76.07%
• Current HPI: 185.122
• Rent YoY: ▲ 10.35%
• 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

+85.4% since first listed

8 events — show timeline

• 2026-05-19 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-17 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-30 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-29 Listed $138,900 RMLSA as Distributed by MLS Grid
• 2026-04-23 Coming Soon $138,900 RMLSA as Distributed by MLS Grid
• 2021-08-16 Sold (Public Records) $80,000 Public Records
• 2021-08-12 Sold (MLS) $80,000 RMLSA as Distributed by MLS Grid
• 2021-07-11 Listed $74,900 RMLSA as Distributed by MLS Grid

Property tax history

+42.5%/yr

Latest (2024): $2,854 · +6.6% YoY. Source: county tax records.