1590 W Main St · Galesburg, IL 61401

$59,900

4 bd · 2.0 ba · 3,198 sqft · Other public records · 42 Days on market

Built 1896 2.61 ac lot $19/sqft · 74% below area ↓ 13% since listing

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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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

!!!Investor Alert!!! Huge home built in 1896 by the Bridge family nestled on over 2 partially wooded acres in Galesburg. Home has original woodwork, hard to find sliding parlor doors, beautiful staircase, and fireplace. Did I mention there is a massive indoor pool connected to the house? Attic also has a ballroom gathering space on third floor. Home needs total rehabilitation to restore it to it's former beauty.

Key facts

• Gorgeous stair case
• Original woodwork
• Original fireplace

Tags

• ORIGINAL WOODWORK
• GORGEOUS STAIR CASE
• ORIGINAL FIREPLACE
• INDOOR POOL

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story single-family home; Wood siding
• Construction: Wood siding construction
• Exterior features: 2.61-acre lot (approximate); Corner lot

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Fireplace (1); Basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, commute F.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 191 active listings in the ZIP.

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.
• Knox County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 2.02% ✓
• Cap rate: 14.97%
• Cash-on-cash: 30.98%
• DSCR: 2.38
• GRM: 4.1

CMA / ARV

• ARV (median comp): $314,205
• List price: $59,900
• Delta: -80.94%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.8%
• Equity multiple: 2.07×
• Total profit: $17,955
• Equity at exit: $8,931

10-year hold

• IRR: 33.6%
• Equity multiple: 4.07×
• Total profit: $51,492
• 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 61401

• Active inventory: 191
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,211 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$185 /mo · $2,217/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $433

Break-even live

Break-even rent $663

Max offer price $59,900

Occupancy floor 59%

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: —

Listing history 18 events

1. 2026-06-18
   days on market $59,900 Active 42 DOM
2. 2026-06-17
   days on market $59,900 Active 41 DOM
3. 2026-06-16
   days on market $59,900 Active 40 DOM
4. 2026-06-15
   days on market $59,900 Active 39 DOM
5. 2026-06-13
   days on market $59,900 Active 37 DOM
6. 2026-06-12
   remarks 416-char remark
7. 2026-06-12
   days on market $59,900 Active 36 DOM
8. 2026-06-09
   days on market $59,900 Active 33 DOM
9. 2026-06-08
   days on market $59,900 Active 32 DOM
10. 2026-06-07
    days on market $59,900 Active 31 DOM
11. 2026-06-07
    days on market $59,900 Active 30 DOM
12. 2026-06-04
    pricedays on market $59,900 Active 27 DOM
13. 2026-06-02
    days on market $64,000 Active 26 DOM
14. 2026-06-01
    days on market $64,000 Active 25 DOM
15. 2026-05-31
    days on market $64,000 Active 24 DOM
16. 2026-05-31
    days on market $64,000 Active 23 DOM
17. 2026-05-18
    price $64,000 379-char remark
18. 2026-05-07
    listed $69,000 Active 379-char remark

ⓘ 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: $2,217 · $185/mo
• Projected year-2 tax: $2,217 · $185/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,533
• − Mortgage interest: −$3,355
• − Property taxes: −$2,217
• − Insurance: −$300
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$1,743
• Taxable income: $4,594
• Est. tax owed @ 24.0%: −$1,103
• After-tax cash flow: $4,093/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• Rent YoY: —
• Metro: —
• 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

-13.2% since first listed

3 events — show timeline

• 2026-06-03 Price Changed $59,900 IAR
• 2026-05-18 Price Changed $64,000 IAR
• 2026-05-07 Listed $69,000 IAR

Property tax history

+6.2%/yr

Latest (2025): $2,217 · +106.1% YoY. Source: county tax records.