617 State St · Alton, IL 62002

$495,000

5 bd · 2.5 ba · 1,375 sqft · MultiFamily public records · 7 Days on market

Built 1861 9,043 sqft lot $360/sqft · 372% above area

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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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Live in one unit and rent out the others in this historic 4-unit property. Rental income from the additional units offers strong potential to significantly offset, or potentially cover, your mortgage. Welcome to the historic Häagen Haus, a rare opportunity to own a four-unit property in the heart of downtown Alton. Each of the four units offers its own distinct character, featuring vaulted ceilings, fireplaces, and thoughtfully designed interiors that blend historic charm with modern comfort. Two of the units include private patios, adding valuable outdoor living space. All units are equipped with smart TVs and convenient keypad entry, providing ease, security, and a seamless guest experience. This property has a strong history of successful short-term and long-term rentals, with consistent demand and reliable occupancy. A property manager is already in place and willing to continue managing rentals for the new owner, making this a truly turnkey opportunity. Whether operated as a full rental portfolio, a long-term investment, or an owner-occupied property with additional income, Häagen Haus offers exceptional flexibility and strong income potential.

Key facts

• Private brick patio
• Included gazebo
• Private entrance

Tags

• CIVIL WAR ERA RESIDENCE
• FOUR SEPARATE LIVING UNITS
• PRIVATE ENTRANCE
• WROUGHT IRON GATED COURTYARD
• PRIVATE BRICK PATIO
• INCLUDED GAZEBO

Property features AI

Finance

• Financial info: Lease not considered

Exterior

• Utilities: Public water; Public sewer; Electric service by Ameren; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single-family residence; Residential property; Three or more levels; Building named 'Haagen Haus'
• Construction: Brick construction
• Exterior features: Landscaped, level corner lot with backyard; Fenced yard with brick, wrought iron and gated fencing

Interior

• Bedrooms: Five bedrooms total; One main-level bedroom; Three upper-level bedrooms; One lower-level bedroom
• Flooring: Wood flooring in areas; varied flooring throughout
• Bathrooms: Four full bathrooms total; One full bathroom on the main level; Two full bathrooms on the upper level; One full bathroom on the lower level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Partially finished basement with egress window and walk-up access; Four fireplaces (locations include basement, bedroom, dining room, family room, kitchen, living room; decorative)

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $495k).

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; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $5,039/mo this rent would consume 98% of the median local household income ($61k/yr) (locally 960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 $139k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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 $147k; list at $495k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1861 — 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 $495,000

Questions for the listing agent

1. Built in 1861 — 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 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: 1.02% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $104,880
• List price: $495,000
• Delta: 395.71%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 E 6th St	0.40mi	4/2.0 (-1)	1,400 (+2%)	6mo	$145,000	$104	66
615 E 8th St	0.74mi	4/2.0 (-1)	1,392 (+1%)	22mo	$130,000	$93	38

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-16,949
• Equity at exit: $73,806

10-year hold

• IRR: 11.5%
• Equity multiple: 2.11×
• Total profit: $153,803
• Equity at exit: $42,799

Cash invested: $138,600 (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: 32.7×

Monthly cashflow live

• Estimated rent: $5,039 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$605 /mo · $7,255/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,058
• Net cashflow: $574

Break-even live

Break-even rent $4,312

Max offer price $495,000

Occupancy floor 84%

Sensitivity live

Price	-10% $854	-5% $714	+0% $574	+5% $434	+10% $294
Rent	-10% $176	-5% $375	+0% $574	+5% $773	+10% $972
Rate	-1.0pp $823	-0.5pp $700	base $574	+0.5pp $446	+1.0pp $315

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$5,040
Total (4 units)			$5,039

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $495,000 Active 7 DOM
2. 2026-06-18
   days on market $495,000 Active 4 DOM
3. 2026-06-17
   days on market $495,000 Active 3 DOM
4. 2026-06-16
   days on market $495,000 Active 2 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   pricedays on marketlisting id $495,000 Active 1 DOM
7. 2026-06-13
   days on market $519,900 Active 32 DOM
8. 2026-06-09
   days on market $519,900 Active 28 DOM
9. 2026-06-08
   days on market $519,900 Active 27 DOM
10. 2026-06-07
    days on market $519,900 Active 26 DOM
11. 2026-06-03
    days on market $519,900 Active 22 DOM
12. 2026-06-02
    days on market $519,900 Active 21 DOM
13. 2026-06-01
    days on market $519,900 Active 20 DOM
14. 2026-05-31
    days on market $519,900 Active 19 DOM
15. 2026-05-12
    listed $519,900 Active 1197-char remark

    Show marketing remark (1197 chars)

    Live in one unit and rent out the others in this historic 4-unit property. Rental income from the additional units offers strong potential to significantly offset, or potentially cover, your mortgage. Welcome to the historic Häagen Haus, a rare opportunity to own a four-unit property in the heart of downtown Alton. Each of the four units offers its own distinct character, featuring vaulted ceilings, fireplaces, and thoughtfully designed interiors that blend historic charm with modern comfort. Two of the units include private patios, adding valuable outdoor living space. All units are equipped with smart TVs and convenient keypad entry, providing ease, security, and a seamless guest experience. This property has a strong history of successful short-term and long-term rentals, with consistent demand and reliable occupancy. A property manager is already in place and willing to continue managing rentals for the new owner, making this a truly turnkey opportunity. Whether operated as a full rental portfolio, a long-term investment, or an owner-occupied property with additional income, Häagen Haus offers exceptional flexibility and strong income potential.

16. 2024-01-03
    historical
17. 2023-08-02
    status Active
18. 2023-08-01
    historical
19. 2023-02-07
    listed $545,000 Active
20. 2023-02-02
    historical
21. 2002-08-26
    soldstatus $147,000

ⓘ 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: $7,255 · $605/mo
• Projected year-2 tax: $9,246 · $770/mo
• Expected delta: +$1,991/yr (+$166/mo · 27.4%)

ⓘ 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 ≥107°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: $60,468
• − Mortgage interest: −$27,728
• − Property taxes: −$7,255
• − Insurance: −$2,475
• − Repairs & maintenance: −$4,837
• − Management: −$4,837
• − Depreciation: −$14,400
• Taxable loss: −$1,065
• Est. tax savings @ 24.0%: +$256
• After-tax cash flow: $7,145/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

+236.7% since first listed

8 events — show timeline

• 2026-06-14 Listed $495,000 MARIS as Distributed by MLS Grid
• 2026-05-12 Listed $519,900 FSBO.com
• 2024-01-03 Delisted — MARIS as Distributed by MLS Grid
• 2023-08-02 Relisted — MARIS as Distributed by MLS Grid
• 2023-08-01 Delisted — MARIS as Distributed by MLS Grid
• 2023-02-07 Listed $545,000 MARIS as Distributed by MLS Grid
• 2023-02-02 Coming Soon — MARIS as Distributed by MLS Grid
• 2002-08-26 Sold (Public Records) $147,000 Public Records

Property tax history

+3.2%/yr

Latest (2024): $7,255 · +6.4% YoY. Source: county tax records.