211 N Grove Ave · Freeport, IL 61032

$124,500

16 bd · 16.0 ba · 3,840 sqft · Other · 10 Days on market

Built 1897

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment opportunity in the heart of Freeport! This 4-unit apartment building offers strong income potential with all one-bedroom units and separate utilities including water and sewer for each unit. The property also includes an additional lot, providing added value and future possibilities for parking, expansion, or outdoor space. There is opportunity to increase value and rental income with improvements. Conveniently located near downtown Freeport, shopping, dining, and local amenities. This multi-family property is packed with potential!

Key facts

• Separate utilities
• Additional lot
• Conveniently located

Tags

• 4 UNIT APARTMENT BUILDING
• STRONG INCOME POTENTIAL
• SEPARATE UTILITIES
• ADDITIONAL LOT
• FUTURE POSSIBILITIES
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Annual tax amount: $1,946

Exterior

• Parking: 4 parking spaces
• Home design: Residential income property; 3–4 unit building; 2 stories; Below-grade finished area
• Construction: Below-grade finished area: 1,280
• Exterior features: Shingle roof

Interior

• Kitchen: Refrigerator
• Interior features: Refrigerator; Gas water heater; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 16-bed/16.0-bath other listed at $124k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Cap rate 9.1% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Empire Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 325 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 205 active listings in the ZIP; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $861 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 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.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,500

Questions for the listing agent

1. Built in 1897 — 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. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• GRM: 7.3

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-1,445
• Equity at exit: $18,563

10-year hold

• IRR: 8.6%
• Equity multiple: 1.66×
• Total profit: $22,861
• Equity at exit: $10,764

Cash invested: $34,860 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 205
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,419 medium
• Mortgage (P&I): −$653
• Tax from tax record: −$122 /mo · $1,462/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $294

Break-even live

Break-even rent $1,046

Max offer price $124,500

Occupancy floor 74%

Sensitivity live

Price	-10% $365	-5% $329	+0% $294	+5% $259	+10% $224
Rent	-10% $182	-5% $238	+0% $294	+5% $350	+10% $406
Rate	-1.0pp $357	-0.5pp $326	base $294	+0.5pp $262	+1.0pp $229

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-07
   statusdays on market $124,500 Pending 10 DOM
2. 2026-06-07
   days on market $124,500 Active 9 DOM
3. 2026-06-04
   days on market $124,500 Active 6 DOM
4. 2026-06-02
   days on market $124,500 Active 5 DOM
5. 2026-06-01
   days on market $124,500 Active 4 DOM
6. 2026-05-31
   days on market $124,500 Active 3 DOM
7. 2026-05-31
   days on market $124,500 Active 2 DOM
8. 2026-05-28
   listed $124,500 Active

   Show marketing remark (564 chars)

   Excellent investment opportunity in the heart of Freeport! This 4-unit apartment building offers strong income potential with all one-bedroom units and separate utilities including water and sewer for each unit. The property also includes an additional lot, providing added value and future possibilities for parking, expansion, or outdoor space. There is opportunity to increase value and rental income with improvements. Conveniently located near downtown Freeport, shopping, dining, and local amenities. This multi-family property is packed with potential!

9. 2026-05-28
   listed $124,500 Active 564-char remark

   Show marketing remark (564 chars)

   Excellent investment opportunity in the heart of Freeport! This 4-unit apartment building offers strong income potential with all one-bedroom units and separate utilities including water and sewer for each unit. The property also includes an additional lot, providing added value and future possibilities for parking, expansion, or outdoor space. There is opportunity to increase value and rental income with improvements. Conveniently located near downtown Freeport, shopping, dining, and local amenities. This multi-family property is packed with potential!

ⓘ 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: $1,462 · $122/mo
• Projected year-2 tax: $2,144 · $179/mo
• Expected delta: +$682/yr (+$57/mo · 46.6%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,023
• − Mortgage interest: −$6,974
• − Property taxes: −$1,462
• − Insurance: −$622
• − Repairs & maintenance: −$1,362
• − Management: −$1,362
• − Depreciation: −$3,622
• Taxable income: $1,619
• Est. tax owed @ 24.0%: −$389
• After-tax cash flow: $3,140/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $124,500 NWIAR
• 2026-05-28 Listed $124,500 MRED as Distributed by MLS Grid