404 W 1st St · Galesburg, IL 61401

$62,500

3 bd · 1.0 ba · 876 sqft · SingleFamily public records · 30 Days on market

Built 1906 Est $46k · 37% over

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Why this score? — see what drove the C 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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom home on an extra corner lot that's ready for you! Home has many updates including windows, hvac, carpet and paint. Beautiful wood floors are sure to please. Kitchen features include a modern backsplash and appliances. Call today to appreciate everything this one has to offer!

Key facts

• Built 1906
• Listed 30 days

Property features AI

Finance

• Other: Fee simple ownership; Possession at closing
• HOA & community: No master association fee required

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached single-family home; Two stories; Built more than 100 years ago; Frame construction; Built before 1978
• Construction: Frame construction
• Exterior features: Lot smaller than 0.25 acre; Lot dimensions: 8887

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Three bedrooms (master and two additional bedrooms on the second floor)
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Six total rooms; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $62k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% 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: crime F, commute F, employment D-.
• 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.
• Zoned schools: Steele School (math 22% / reading 27%, grade F, #850 of 2,056 statewide, top 45%, 503 students, 0% FRL); Galesburg Senior High School (math 19% / reading 24%, grade F, #345 of 693 statewide, top 50%, 1,762 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: 198 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $432 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 $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,562 (1.5% below list)

Questions for the listing agent

1. Built in 1906 — 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: 1.72% ✓
• Cap rate: 12.82%
• Cash-on-cash: 23.32%
• DSCR: 2.04
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $45,552
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1030 W Berrien St	0.59mi	2/1.0 (-1)	902 (+3%)	1mo	$47,000	$52	62
59 4th St	0.37mi	2/1.0 (-1)	818 (-7%)	14mo	$17,500	$21	56
439 S Henderson St	0.40mi	2/1.0 (-1)	924 (+6%)	14mo	$65,000	$70	56

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.66×
• Total profit: $11,601
• Equity at exit: $9,319

10-year hold

• IRR: 25.1%
• Equity multiple: 3.19×
• Total profit: $38,262
• Equity at exit: $5,404

Cash invested: $17,500 (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: 198
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,078 medium
• Mortgage (P&I): −$328
• Tax from tax record: −$158 /mo · $1,893/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $340

Break-even live

Break-even rent $648

Max offer price $62,500

Occupancy floor 63%

Sensitivity live

Price	-10% $376	-5% $358	+0% $340	+5% $322	+10% $305
Rent	-10% $255	-5% $298	+0% $340	+5% $383	+10% $425
Rate	-1.0pp $372	-0.5pp $356	base $340	+0.5pp $324	+1.0pp $307

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $62,500 Active 30 DOM
2. 2026-06-21
   days on market $62,500 Active 29 DOM
3. 2026-06-18
   days on market $62,500 Active 27 DOM
4. 2026-06-17
   days on market $62,500 Active 26 DOM
5. 2026-06-16
   days on market $62,500 Active 25 DOM
6. 2026-06-15
   days on market $62,500 Active 24 DOM
7. 2026-06-13
   days on market $62,500 Active 22 DOM
8. 2026-06-12
   days on market $62,500 Active 21 DOM
9. 2026-06-09
   days on market $62,500 Active 18 DOM
10. 2026-06-08
    days on market $62,500 Active 17 DOM
11. 2026-06-07
    days on market $62,500 Active 16 DOM
12. 2026-06-07
    days on market $62,500 Active 15 DOM
13. 2026-06-04
    days on market $62,500 Active 12 DOM
14. 2026-06-02
    days on market $62,500 Active 11 DOM
15. 2026-06-01
    days on market $62,500 Active 10 DOM
16. 2026-05-31
    days on market $62,500 Active 9 DOM
17. 2026-05-31
    days on market $62,500 Active 8 DOM
18. 2026-05-21
    listed $62,500 Active
19. 2022-10-27
    soldstatus $74,000 Closed 295-char remark

    Show marketing remark (295 chars)

    Charming 3 bedroom home on an extra corner lot that's ready for you! Home has many updates including windows, hvac, carpet and paint. Beautiful wood floors are sure to please. Kitchen features include a modern backsplash and appliances. Call today to appreciate everything this one has to offer!

20. 2022-10-26
    soldstatus $74,000
21. 2022-10-03
    historical Under Contract 295-char remark

    Show marketing remark (295 chars)

    Charming 3 bedroom home on an extra corner lot that's ready for you! Home has many updates including windows, hvac, carpet and paint. Beautiful wood floors are sure to please. Kitchen features include a modern backsplash and appliances. Call today to appreciate everything this one has to offer!

22. 2022-09-30
    price $73,000 295-char remark

    Show marketing remark (295 chars)

    Charming 3 bedroom home on an extra corner lot that's ready for you! Home has many updates including windows, hvac, carpet and paint. Beautiful wood floors are sure to please. Kitchen features include a modern backsplash and appliances. Call today to appreciate everything this one has to offer!

23. 2022-09-23
    listed $74,000 Active 295-char remark

    Show marketing remark (295 chars)

    Charming 3 bedroom home on an extra corner lot that's ready for you! Home has many updates including windows, hvac, carpet and paint. Beautiful wood floors are sure to please. Kitchen features include a modern backsplash and appliances. Call today to appreciate everything this one has to offer!

24. 2016-12-21
    soldstatus $45,000
25. 2016-12-20
    soldstatus $45,000 282-char remark

    Show marketing remark (282 chars)

    This 3 bedroom home is clean as a whistle and move in ready, don't let this one pass you by, all the work is done, own a great home at a great price! New carpet and paint throughout, updated electrical work, replacement windows, bathroom remodel 2016, restored woodwork through out.

26. 2016-08-17
    listed $48,900 282-char remark

    Show marketing remark (282 chars)

    This 3 bedroom home is clean as a whistle and move in ready, don't let this one pass you by, all the work is done, own a great home at a great price! New carpet and paint throughout, updated electrical work, replacement windows, bathroom remodel 2016, restored woodwork through out.

ⓘ 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: $1,893 · $158/mo
• Projected year-2 tax: $1,893 · $158/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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $12,937
• − Mortgage interest: −$3,501
• − Property taxes: −$1,893
• − Insurance: −$312
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$1,818
• Taxable income: $3,342
• Est. tax owed @ 24.0%: −$802
• After-tax cash flow: $3,279/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

+27.8% since first listed

9 events — show timeline

• 2026-05-21 Listed $62,500 MRED as Distributed by MLS Grid
• 2022-10-27 Sold (MLS) $74,000 RMLSA as Distributed by MLS Grid
• 2022-10-26 Sold (Public Records) $74,000 Public Records
• 2022-10-03 Contingent — RMLSA as Distributed by MLS Grid
• 2022-09-30 Price Changed $73,000 RMLSA as Distributed by MLS Grid
• 2022-09-23 Listed $74,000 RMLSA as Distributed by MLS Grid
• 2016-12-21 Sold (Public Records) $45,000 Public Records
• 2016-12-20 Sold (MLS) $45,000 RMLSA as Distributed by MLS Grid
• 2016-08-17 Listed $48,900 RMLSA as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2025): $1,893 · +7.6% YoY. Source: county tax records.