3510 Grandview Dr · Rockford, IL 61114

$249,900

3 bd · 3.0 ba · 2,101 sqft · Condo · 1 Days on market

Built 1989 $265/mo HOA · 9% of rent

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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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Settle into single-level living with this charming brick ranch condo, where comfort and character go hand in hand. The living room makes a memorable first impression, featuring a soaring vaulted ceiling and a fireplace that begs for cozy evenings in. Two main-level bedrooms streamline your daily routine, while the partially finished basement contributes a third bedroom and a spacious family room ideal for hobbies, movie marathons, or overnight guests. With three full bathrooms, nobody has to wait their turn in the morning rush. Step outside, where a three-season porch and adjoining deck transform warm-weather afternoons into something special. Versatile, inviting, and brimming with personality, this condo offers the kind of relaxed lifestyle that's surprisingly hard to find.

Key facts

• Three season porch
• Brick ranch condo
• Fireplace

Tags

• BRICK RANCH CONDO
• SOARING VAULTED CEILING
• FIREPLACE
• PARTIALLY FINISHED BASEMENT
• THREE SEASON PORCH
• ADJOINING DECK

Property features AI

Finance

• HOA & community: Homeowners association with $265 monthly fee

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Condominium (residential)
• Construction: Brick construction; 700 sq ft finished below grade
• Exterior features: Shingle roof

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bathrooms: Three full bathrooms; Two bathrooms on the main level
• Heating & cooling: Central air conditioning
• Interior features: Gas fireplace (1) with gas starter; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.5% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 74 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $120k; list at $250k implies a 108% gain — meaningful room to come down on a strong offer.

Recommended offer $249,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.19% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.4%
• Equity multiple: 0.83×
• Total profit: $-11,616
• Equity at exit: $37,261

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $27,500
• Equity at exit: $21,607

Cash invested: $69,972 (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 61114

• Home prices YoY: -27.1%
• Active inventory: 74
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,983 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$226 /mo · $2,710/yr
• Insurance: −$104
• HOA: −$265
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $451

Break-even live

Break-even rent $2,412

Max offer price $249,900

Occupancy floor 80%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4016 Eaton Dr Unit 1232695P Rockford, IL	3.0	3.0	1722	$4,169	$2.42	13d	1	0.81mi
3121 Carefree Dr Rockford, IL	4.0	2.5	3000	$2,800	$0.93	43d	1	0.85mi
5548 Spring Brook Rd Unit 5548 Rockford, IL	2.0	2.0	1730	$1,650	$0.95	13d	1	1.04mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark

   Show marketing remark (785 chars)

   Settle into single-level living with this charming brick ranch condo, where comfort and character go hand in hand. The living room makes a memorable first impression, featuring a soaring vaulted ceiling and a fireplace that begs for cozy evenings in. Two main-level bedrooms streamline your daily routine, while the partially finished basement contributes a third bedroom and a spacious family room ideal for hobbies, movie marathons, or overnight guests. With three full bathrooms, nobody has to wait their turn in the morning rush. Step outside, where a three-season porch and adjoining deck transform warm-weather afternoons into something special. Versatile, inviting, and brimming with personality, this condo offers the kind of relaxed lifestyle that's surprisingly hard to find.

2. 2026-06-18
   listed $249,900 Active 1 DOM

   Show marketing remark (785 chars)

   Settle into single-level living with this charming brick ranch condo, where comfort and character go hand in hand. The living room makes a memorable first impression, featuring a soaring vaulted ceiling and a fireplace that begs for cozy evenings in. Two main-level bedrooms streamline your daily routine, while the partially finished basement contributes a third bedroom and a spacious family room ideal for hobbies, movie marathons, or overnight guests. With three full bathrooms, nobody has to wait their turn in the morning rush. Step outside, where a three-season porch and adjoining deck transform warm-weather afternoons into something special. Versatile, inviting, and brimming with personality, this condo offers the kind of relaxed lifestyle that's surprisingly hard to find.

ⓘ 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: $2,710 · $226/mo
• Projected year-2 tax: $4,191 · $349/mo
• Expected delta: +$1,481/yr (+$123/mo · 54.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $35,794
• − Mortgage interest: −$13,998
• − Property taxes: −$2,710
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,864
• − Management: −$2,864
• − HOA: −$3,180
• − Depreciation: −$7,270
• Taxable income: $1,660
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $5,014/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• City population: 147,297
• Population (ZIP): 15,026

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Black 10% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.00%
• Current HPI: 225.8485
• 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

+165.9% since first listed

8 events — show timeline

• 2026-06-18 Listed $249,900 MRED as Distributed by MLS Grid
• 2026-06-18 Listed $249,900 NWIAR
• 2017-06-06 Sold (Public Records) $120,000 Public Records
• 2012-07-25 Sold (Public Records) $114,900 Public Records
• 1997-06-05 Sold (Public Records) $123,000 Public Records
• 1996-09-06 Sold (Public Records) $121,000 Public Records
• 1990-01-25 Sold (Public Records) $94,000 Public Records
• 1990-01-25 Sold (Public Records) $94,000 Public Records

Property tax history

-2.4%/yr

Latest (2025): $2,710 · -6.8% YoY. Source: county tax records.