2823 Ridgeway Ave · Rockford, IL 61101

$94,000

2 bd · 1.0 ba · 1,119 sqft · SingleFamily · 73 Days on market

Built 1945 6,534 sqft lot $84/sqft · at area comps Est $97k · at est.

---

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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +8.7/15.0
• 1% rule +8.1/10.0
• 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

Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

Key facts

• Spacious backyard
• Flexible layout
• Long driveway

Tags

• SOLAR PANELS
• DETACHED GARAGE
• FLEXIBLE LAYOUT
• ADDITIONAL LIVING SPACE
• SPACIOUS BACKYARD
• LONG DRIVEWAY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $88k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: 76 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $650 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $71k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,360 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.31% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• GRM: 6.3

CMA / ARV

• ARV (median comp): $96,618
• List price: $94,000
• Delta: -2.71%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2917 Lawndale Ave	0.14mi	3/1.0 (+1)	1,178 (+5%)	1mo	$81,000	$69	79
2728 Lawndale Ave	0.12mi	3/1.0 (+1)	1,176 (+5%)	5mo	$110,000	$94	76
2828 Ridgeway Ave	0.03mi	2/1.0	1,009 (-10%)	7mo	$90,000	$89	76
3208 Liberty Dr	0.32mi	3/1.0 (+1)	1,148 (+3%)	4mo	$123,000	$107	72
2018 Bruner St	0.60mi	3/1.0 (+1)	1,115 (-0%)	2mo	$102,000	$91	65
1816 N Winnebago St	0.41mi	2/1.0	1,009 (-10%)	6mo	$76,000	$75	59
2612 Glenwood Ave	0.53mi	3/1.0 (+1)	1,166 (+4%)	6mo	$143,000	$123	58
2012 Bruner St	0.60mi	3/1.5 (+1)	1,141 (+2%)	6mo	$115,000	$101	57
2404 Glenwood Ave	0.60mi	2/1.0	1,037 (-7%)	5mo	$110,000	$106	56
2724 Prial Ave	0.64mi	2/1.0	1,036 (-7%)	4mo	$100,000	$97	55
3612 Sunnyside Ave	0.67mi	3/1.0 (+1)	1,196 (+7%)	2mo	$129,000	$108	50
2031 Ridge Ave	0.56mi	3/1.5 (+1)	1,270 (+14%)	0mo	$175,000	$138	44

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,349
• Equity at exit: $14,016

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $22,690
• Equity at exit: $8,127

Cash invested: $26,320 (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 61101

• Home prices YoY: -25.4%
• Active inventory: 76
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$493
• Tax from tax record: −$184 /mo · $2,209/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $259

Break-even live

Break-even rent $907

Max offer price $94,000

Occupancy floor 74%

Sensitivity live

Price	-10% $313	-5% $286	+0% $259	+5% $233	+10% $206
Rent	-10% $162	-5% $211	+0% $259	+5% $308	+10% $357
Rate	-1.0pp $307	-0.5pp $283	base $259	+0.5pp $235	+1.0pp $210

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1614 Pauline Ave Rockford, IL	2.0	1.0	956	$1,400	$1.46	44d	1	0.29mi
2330 Kilburn Ave Rockford, IL	2.0–3.0	1.0–2.0	950	$999	$1.05	14d	1	0.37mi
1617 Vermont St Rockford, IL	2.0	1.0	1375	$1,325	$0.96	44d	1	0.45mi
2422 Benderwirt Ave Unit 2422-1 Rockford, IL	2.0	1.0	1150	$1,025	$0.89	44d	1	0.55mi
2008 Auburn St Unit 2008-1E Rockford, IL	1.0	1.0	850	$925	$1.09	21d	1	0.73mi
1116 Irving Ave Unit 1116-301 Rockford, IL	2.0	1.0	800	$950	$1.19	21d	1	0.74mi
912 Furman St Rockford, IL	2.0	1.0	1000	$1,300	$1.30	14d	1	0.76mi
1904 Auburn St Unit 1904-2 Rockford, IL	1.0	1.0	700	$950	$1.36	45d	1	0.79mi
1904 Auburn St Unit 1904-4 Rockford, IL	2.0	1.0	800	$1,050	$1.31	44d	1	0.79mi
2019 Overdene Ave Rockford, IL	3.0	1.0	875	$1,400	$1.60	14d	1	0.87mi
2019 Overdene Ave Rockford, IL	3.0	1.0	875	$1,500	$1.71	44d	1	0.87mi
1823 Overdene Ave Rockford, IL	3.0	1.0	875	$1,400	$1.60	14d	1	0.95mi
1823 Overdene Ave Rockford, IL	3.0	1.0	875	$1,500	$1.71	21d	1	0.95mi
924 N Sunset Ave Rockford, IL	2.0	1.0	725	$1,050	$1.45	14d	1	1.01mi
3007 Huffman Blvd Rockford, IL	3.0	1.5	1296	$1,450	$1.12	44d	1	1.02mi
1401 N Court St Rockford, IL	2.0	1.0	850	$950	$1.12	44d	1	1.02mi
1510 School St Unit 1 Rockford, IL	3.0	1.5	1400	$1,200	$0.86	44d	1	1.10mi
418 Orchard Park Rockford, IL	3.0	1.0	1232	$1,500	$1.22	14d	1	1.11mi
1832 N Main St Rockford, IL	2.0–3.0	1.0–2.0	872	$999	$1.14	14d	1	1.12mi
2208 Fremont St Rockford, IL	3.0	1.0	938	$1,400	$1.49	14d	1	1.13mi
2308 Fremont St Rockford, IL	3.0	1.0	1320	$1,600	$1.21	44d	1	1.14mi
2535 Halsted Rd Rockford, IL	3.0	1.0–1.5	850	$1,232	$1.45	14d	1	1.15mi
920 N Church St Rockford, IL	2.0	1.0	750	$1,295	$1.73	14d	4	1.16mi
922 N Church St Rockford, IL	2.0	2.0	1150	$1,450	$1.26	44d	1	1.17mi
1121 N Church St Rockford, IL	2.0	1.0	900	$1,200	$1.33	21d	1	1.18mi
939 N Church St Unit 939-9 Rockford, IL	1.0	1.0	750	$925	$1.23	44d	1	1.20mi
2215 Hecker Ave Unit 2215 Rockford, IL	3.0	1.0	800	$1,095	$1.37	44d	1	1.24mi
929 N Main St Rockford, IL	1.0	1.0	662	$999	$1.51	14d	1	1.28mi
2011 School St Rockford, IL	3.0	1.0	950	$1,500	$1.58	44d	1	1.28mi
203 Carlton Ter Rockford, IL	2.0	1.0	900	$1,250	$1.39	21d	1	1.31mi
913 N Main St Rockford, IL	2.0	1.0–2.0	1050	$2,300	$2.19	21d	1	1.32mi
2305 School St Unit 2305-7 Rockford, IL	2.0	1.0	875	$995	$1.14	44d	1	1.42mi

Listing history 22 events

1. 2026-06-19
   days on market $94,000 Active 73 DOM
2. 2026-06-18
   days on market $94,000 Active 72 DOM
3. 2026-06-17
   days on market $94,000 Active 71 DOM
4. 2026-06-16
   days on market $94,000 Active 70 DOM
5. 2026-06-15
   status $94,000 Active 69 DOM
6. 2026-06-09
   status $94,000 Pending 69 DOM
7. 2026-06-08
   days on market $94,000 Active 69 DOM
8. 2026-06-07
   days on market $94,000 Active 68 DOM
9. 2026-06-03
   days on market $94,000 Active 64 DOM
10. 2026-06-02
    days on market $94,000 Active 63 DOM
11. 2026-06-01
    days on market $94,000 Active 62 DOM
12. 2026-05-31
    days on market $94,000 Active 61 DOM
13. 2026-05-30
    days on market $94,000 Active 60 DOM
14. 2026-05-01
    price $94,000 402-char remark

    Show marketing remark (402 chars)

    Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

15. 2026-04-17
    status Active 402-char remark

    Show marketing remark (402 chars)

    Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

16. 2026-04-13
    status Pending 402-char remark

    Show marketing remark (402 chars)

    Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

17. 2026-03-27
    listed $99,000 Active 402-char remark

    Show marketing remark (402 chars)

    Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

18. 2026-03-27
    listed Active

    Show marketing remark (402 chars)

    Charming 1.5-story 2 bedroom, 1 bath home with solar panels and detached 2 car tandem garage. Main level offers a light-filled living area, functional kitchen and flexible layout. Upper level provides additional living space or potential for customization. Spacious backyard and long driveway for off-street parking. Seller is willing to offer $1,000 credit at closing toward a deep clean of the house.

19. 2022-09-12
    soldstatus $71,000
20. 2022-06-10
    listed $69,900
21. 1993-04-20
    soldstatus $43,000
22. 1993-04-20
    soldstatus $43,000

ⓘ 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: $2,209 · $184/mo
• Projected year-2 tax: $2,209 · $184/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 2/10 Low 7 d/yr ≥102°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: $14,819
• − Mortgage interest: −$5,265
• − Property taxes: −$2,209
• − Insurance: −$470
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$2,735
• Taxable income: $1,769
• Est. tax owed @ 24.0%: −$425
• After-tax cash flow: $2,688/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
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 19,318
• Household income: $46,163
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 1170.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 16% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 14% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 2% Portuguese 2%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 13% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -69.58%
• Current HPI: 204.8946
• Rent YoY: —
• Metro: Rockford, IL
• 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

+118.6% since first listed

9 events — show timeline

• 2026-05-01 Price Changed $94,000 NWIAR
• 2026-04-17 Relisted — NWIAR
• 2026-04-13 Pending — NWIAR
• 2026-03-27 Listed — MRED as Distributed by MLS Grid
• 2026-03-27 Listed $99,000 NWIAR
• 2022-09-12 Sold (MLS) $71,000 NWIAR
• 2022-06-10 Listed $69,900 NWIAR
• 1993-04-20 Sold (Public Records) $43,000 Public Records
• 1993-04-20 Sold (Public Records) $43,000 Public Records

Property tax history

+0.9%/yr

Latest (2024): $2,209 · +3.5% YoY. Source: county tax records.