1241 Garden Ln · Galesburg, IL 61401

$79,900

2 bd · 1.0 ba · 925 sqft · Other public records · 97 Days on market

Built 1962 6,615 sqft lot $86/sqft · 8% below area Est $87k · 8% under

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Why this score? — see what drove the B- 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 +27.7/30.0
• ARV discount +11.2/15.0
• DSCR +9.8/10.0
• 1% rule +8.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

Key facts

• Manageable yard
• Metal siding
• New gutters

Tags

• METAL SIDING
• NEW GUTTERS
• LUXURY VINYL PLANK FLOORING
• MANAGEABLE YARD
• OPEN FIELDS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: schools F, crime F, commute F.
• 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.
• Market conditions: 198 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 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 $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $40k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $80k implies a 166% gain — meaningful room to come down on a strong offer.

Recommended offer $72,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — 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: 1.35% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.95%
• DSCR: 1.58
• GRM: 6.2

CMA / ARV

• ARV (median comp): $86,966
• List price: $79,900
• Delta: -8.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $2,483
• Equity at exit: $11,913

10-year hold

• IRR: 12.5%
• Equity multiple: 1.99×
• Total profit: $22,179
• Equity at exit: $6,908

Cash invested: $22,372 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,080 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$160 /mo · $1,917/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $241

Break-even live

Break-even rent $775

Max offer price $79,900

Occupancy floor 73%

Sensitivity live

Price	-10% $287	-5% $264	+0% $241	+5% $219	+10% $196
Rent	-10% $156	-5% $199	+0% $241	+5% $284	+10% $327
Rate	-1.0pp $282	-0.5pp $262	base $241	+0.5pp $221	+1.0pp $200

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-11
   status Pending 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

2. 2026-04-24
   price $79,900 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

3. 2026-04-14
   price $84,900 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

4. 2026-03-20
   price $89,900 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

5. 2026-03-10
   price $99,900 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

6. 2026-02-10
   price $109,900 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

7. 2026-02-03
   listed $119,900 Active 1111-char remark

   Show marketing remark (1111 chars)

   Welcome to your next chapter. Whether you're looking to simplify your life or plant your very first roots, this charming 2-bedroom, 1-bathroom home is a fantastic opportunity. With a clean, straightforward layout, this home is designed for easy, comfortable living - no wasted space, just the essentials done right. With durable metal siding, and recently updated with new gutters and luxury vinyl plank flooring, the exterior is in great shape and built to last, giving you peace of mind and minimal maintenance down the road. Metal siding holds up beautifully against the elements and keeps your curb appeal looking sharp for years to come. Step outside to a manageable yard that backs up to open fields - enjoy the peace and privacy of an open view without the burden of acreage. It's the perfect balance of outdoor space and easy upkeep. Inside, the simple and functional floor plan makes this home ideal for downsizers seeking a more manageable space, or first-time buyers ready to step into homeownership without the overwhelm of a larger property. Don't miss your chance - schedule your showing today!

8. 2004-04-15
   soldstatus $30,000
9. 2004-03-05
   listed $37,000

ⓘ 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: $1,917 · $160/mo
• Projected year-2 tax: $1,917 · $160/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,964
• − Mortgage interest: −$4,476
• − Property taxes: −$1,917
• − Insurance: −$400
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$2,324
• Taxable income: $1,774
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $2,472/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

+115.9% since first listed

9 events — show timeline

• 2026-05-11 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-24 Price Changed $79,900 RMLSA as Distributed by MLS Grid
• 2026-04-14 Price Changed $84,900 RMLSA as Distributed by MLS Grid
• 2026-03-20 Price Changed $89,900 RMLSA as Distributed by MLS Grid
• 2026-03-10 Price Changed $99,900 RMLSA as Distributed by MLS Grid
• 2026-02-10 Price Changed $109,900 RMLSA as Distributed by MLS Grid
• 2026-02-03 Listed $119,900 RMLSA as Distributed by MLS Grid
• 2004-04-15 Sold (MLS) $30,000 RMLSA as Distributed by MLS Grid
• 2004-03-05 Listed $37,000 RMLSA as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2024): $1,917 · +1.0% YoY. Source: county tax records.