2928 N Sterling Ave · Peoria, IL 61604

$119,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 2 Days on market

Built 1954 7,280 sqft lot

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Why this score? — see what drove the D 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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't let this well cared for 3-bedroom, 2-bath ranch fool you—it's bigger than it looks! The bright living room welcomes you with a large bay window that fills the space with natural light. The kitchen offers stainless steel appliances and a cozy breakfast nook for everyday meals. Three bedrooms and a recently remodeled full bath complete the main level. Downstairs, the finished basement adds plenty of extra living space and includes a second full bathroom, making it a great spot for entertaining, hobbies, a playroom, or a home office. You'll also appreciate the large storage room with plenty of space for all your extras. Out back, summer fun awaits with an 18-foot above-ground pool

Key facts

• Finished basement
• Large storage room
• Above-ground pool

Tags

• LARGE BAY WINDOW
• STAINLESS STEEL APPLIANCES
• FINISHED BASEMENT
• ABOVE-GROUND POOL
• LARGE STORAGE ROOM

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1954
• Construction: Shingle roof; No (not new construction)
• Exterior features: Fenced yard; Shed(s); Lean-to; Above-ground pool; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Water softener (owned)
• Bedrooms: 3 bedrooms (main level and additional upper/lower levels as noted in room layout)
• Flooring: Carpet (bedrooms, some basement areas); Laminate (living room, kitchen); Other (basement laundry area)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Forced air heating; Gas water heater
• Interior features: Attic storage; Cable available; High-speed internet
• Laundry & utility: Laundry room (basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $26 ($317/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (11.3% below list).
• Recommended offer: $106k (11.3% below list) — sets the bar for 1% rule.

Location & tenants

• 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: Valeska Hinton Early Ch Ed Ctr (495 students, 0% FRL); Sterling Middle School (math 0% / reading 4%, grade F, #664 of 665 statewide, top 100%, 385 students, 0% FRL); Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 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.
• Market conditions: Rents rising (+2.3%/yr); 180 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,351 (11.3% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $77,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2212 W Dennis Ct	0.20mi	2/1.0 (-1)	864 (0%)	0mo	$47,000	$54	85
2315 W Hudson St	0.19mi	3/2.0	791 (-8%)	6mo	$87,900	$111	68
3023 N Golf Dr	0.23mi	2/1.0 (-1)	954 (+10%)	4mo	$79,000	$83	64
2033 W Forrest Hill Ave	0.32mi	2/1.0 (-1)	912 (+6%)	10mo	$79,900	$88	62
2318 W Albany Ave	0.22mi	2/1.0 (-1)	775 (-10%)	7mo	$37,500	$48	62
3341 N Leroy Ave	0.35mi	2/1.0 (-1)	768 (-11%)	6mo	$49,000	$64	56
2113 W Overbrook Dr	0.30mi	2/1.0 (-1)	768 (-11%)	10mo	$96,000	$125	54
3320 N Stanley St	0.29mi	2/1.0 (-1)	775 (-10%)	14mo	$69,900	$90	53
2010 W Arrowhead Ln	0.39mi	2/1.0 (-1)	780 (-10%)	9mo	$112,000	$144	53
3012 N Wilson Dr	0.48mi	2/1.0 (-1)	744 (-14%)	9mo	$99,000	$133	42
2050 W Wilson Ave	0.51mi	2/1.5 (-1)	752 (-13%)	8mo	$84,900	$113	41
2046 W Wilson Ave	0.52mi	2/1.0 (-1)	739 (-14%)	9mo	$65,000	$88	40

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 · 2.3% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.45×
• Total profit: $-18,485
• Equity at exit: $17,877

10-year hold

• IRR: -8.3%
• Equity multiple: 0.50×
• Total profit: $-16,915
• Equity at exit: $10,367

Cash invested: $33,572 (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 61604

• Home prices YoY: -24.6%
• Rents YoY: 2.3%
• Active inventory: 180
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,064 high
• Mortgage (P&I): −$629
• Tax from tax record: −$135 /mo · $1,621/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $26

Break-even live

Break-even rent $1,030

Max offer price $119,900

Occupancy floor 93%

Sensitivity live

Price	-10% $94	-5% $60	+0% $26	+5% $-8	+10% $-41
Rent	-10% $-58	-5% $-16	+0% $26	+5% $68	+10% $110
Rate	-1.0pp $87	-0.5pp $57	base $26	+0.5pp $-5	+1.0pp $-36

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2920 N Rockwood Dr Apt B Peoria, IL	2.0	1.0	800	$895	$1.12	15d	1	0.04mi
2511 W Wardcliffe Dr Unit H Peoria, IL	2.0	1.0	800	$875	$1.09	45d	1	0.05mi
2700 W Forrest Hill Ave Peoria, IL	2.0	1.0	850	$850	$1.00	45d	1	0.18mi
2610 N Renwood Ave Peoria, IL	2.0	1.0	904	$1,300	$1.44	15d	1	0.31mi
3629 N Leroy Ave Unit A Peoria, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	0.60mi
3601 N Kingston Dr Peoria, IL	2.0	2.0	1030	$1,420	$1.38	15d	3	0.70mi
3444 W Dorchester Rdg Peoria, IL	2.0	2.0	1089	$1,275	$1.17	15d	1	0.91mi
2600 N Lavalle Ct Peoria, IL	1.0–3.0	1.0–2.0	803	$1,150	$1.43	15d	26	0.94mi
3438 W Villa Rdg Unit A Peoria, IL	2.0	1.5	874	$1,200	$1.37	22d	1	0.94mi
2805 W Larchmont Ln Peoria, IL	1.0–2.0	1.0	695	$1,060	$1.53	15d	3	0.95mi
1801 N Gentry Ln West Peoria, IL	3.0	1.0	1000	$1,650	$1.65	15d	1	1.02mi
4010 N Brandywine Dr Peoria, IL	1.0–2.0	1.0–2.0	797	$1,082	$1.36	15d	17	1.08mi
2109 N Abbey Cir Peoria, IL	3.0	2.0	1088	$1,009	$0.93	15d	1	1.09mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	45d	1	1.19mi
2023 N Underhill St Peoria, IL	3.0	1.0	1050	$1,200	$1.14	15d	1	1.33mi
2214 N Linsley St Peoria, IL	2.0	1.0	575	$550	$0.96	45d	1	1.33mi
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	22d	1	1.44mi
812 W Macqueen Ave Peoria, IL	2.0	1.0	822	$795	$0.97	45d	1	1.47mi
903 W Brons Ave Peoria, IL	3.0	1.0	971	$995	$1.02	45d	1	1.48mi

Listing history 2 events

1. 2026-06-07
   remarks 693-char remark
2. 2026-06-07
   listed $119,900 Pending 2 DOM

ⓘ 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: $1,621 · $135/mo
• Projected year-2 tax: $2,171 · $181/mo
• Expected delta: +$550/yr (+$46/mo · 34.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,762
• − Mortgage interest: −$6,716
• − Property taxes: −$1,621
• − Insurance: −$600
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$3,488
• Taxable loss: −$1,704
• Est. tax savings @ 24.0%: +$409
• After-tax cash flow: $726/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 28,313
• Household income: $52,414
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 815.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 29% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.15%
• Current HPI: 165.8838
• Rent YoY: ▲ 2.30%
• Metro: Peoria, 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

2 events — show timeline

• 2026-06-06 Pending — RMLSA as Distributed by MLS Grid
• 2026-06-04 Listed $119,900 RMLSA as Distributed by MLS Grid

Property tax history

-0.2%/yr

Latest (2025): $1,621 · -14.3% YoY. Source: county tax records.