1024 S Warren St

Peoria, IL 61605

$89,900C+

2 bd · 2.0 ba · 1,240 sqft · Built 1880 · SingleFamily · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $969/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $226/mo
• Annual: $2,713/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• 1% rule: 1.08%
• Cash to close: $25,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($969 rent vs $90k).
• It's been on market 146 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($622 loan paydown + $569 appreciation (0.6% local appreciation)).
• 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: The Elise Ford Allen Academy (math 0% / reading 2%, grade F, #2,052 of 2,056 statewide, top 100%, 624 students, 0% FRL); Reservoir Gifted School (math 79% / reading 82%, grade A+, #2 of 665 statewide, top 0%, 277 students, 0% FRL); Manual High School (math 2% / reading 2%, grade F, #659 of 693 statewide, top 100%, 656 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 28% at this address vs 12% district-wide (+16 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.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y 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 $6k; list at $90k implies a 1535% gain — meaningful room to come down on a strong offer.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.