1904 Joy Ave · Granite City, IL 62040

$79,900

2 bd · 1.0 ba · 875 sqft · SingleFamily · 17 Days on market

Built 1955 5,749 sqft lot $91/sqft · 22% below area Est $102k · 22% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Great starter home or investment as rental property. Everything is on one level in this two-bedroom ranch home on a slab foundation. It features a bright naturally lit living room with wood burning fireplace and an eat in kitchen with ceramic tile floor, pantry and all appliances are included. Laundry closet with washer & dryer also included. Extra-large primary bedroom (17 x 12) with double closet & French doors to the backyard. Another bedroom and a full hallway bathroom complete the home. Fully fenced backyard. Driveway for off street parking. The Water Heater, Furnace and Central Air were all replaced in April 2023. Roof is less than 5 years old. Vinyl dual pane windows. Not

Key facts

• 5,749 sq ft lot
• Built 1955
• Listed 17 days

Property features AI

Exterior

• Parking: Driveway parking; Off-street parking
• Utilities: Public water; Public sewer; Electric service by Ameren; Electricity, natural gas, sewer and water connected
• Home design: Single-family residence; One story; Private ownership
• Construction: Frame construction with vinyl siding; Architectural shingle roof; Slab foundation; Built according to public records
• Exterior features: Level lot; Back yard chain link fencing; Driveway and off-street parking

Interior

• Kitchen: Eat-in kitchen with pantry; Appliances included: Electric oven, Refrigerator, Dishwasher
• Bedrooms: 2 bedrooms on the main level; Oversized double closet in primary bedroom
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom with bathtub and shower combo
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Double pane windows; Fireplace in living room (wood burning)
• Laundry & utility: Main-level laundry in a laundry closet; Washer and Dryer included; Gas water heater

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $332 ($4k/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: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 7.0% in Granite City — 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 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 191 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

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.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $34k; list at $80k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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. 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.
6. 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.
7. 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: 1.45% ✓
• Cap rate: 11.28%
• Cash-on-cash: 17.82%
• DSCR: 1.79
• GRM: 5.7

CMA / ARV

• ARV (median comp): $101,836
• List price: $79,900
• Delta: -21.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1904 Joy Ave	0.00mi	2/1.0	875 (0%)	0mo	$79,900	$91	100
1917 Joy Ave	0.04mi	3/1.0 (+1)	875 (0%)	1mo	$118,900	$136	92
2823 Marshall Ave	0.35mi	3/1.0 (+1)	888 (+2%)	3mo	$49,900	$56	74
3149 Myrtle Ave	0.28mi	3/1.0 (+1)	960 (+10%)	3mo	$135,000	$141	64
2829 Dale Ave	0.40mi	3/1.0 (+1)	944 (+8%)	2mo	$129,900	$138	62
2428 Sunbury Ave	0.66mi	3/1.0 (+1)	864 (-1%)	1mo	$74,900	$87	62
2824 Birch Ave	0.45mi	3/1.0 (+1)	944 (+8%)	0mo	$105,000	$111	61
2900 Iowa St	0.58mi	2/1.0	936 (+7%)	0mo	$114,900	$123	61
2807 Iowa St	0.73mi	2/1.0	848 (-3%)	2mo	$69,500	$82	59
3017 Ramona Dr	0.46mi	2/1.0	780 (-11%)	3mo	$150,000	$192	58
2004 Elm Ave	0.57mi	3/1.0 (+1)	944 (+8%)	2mo	$124,900	$132	54
2954 Washington Ave	0.46mi	1/1.0 (-1)	747 (-15%)	3mo	$65,000	$87	47

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $6,713
• Equity at exit: $11,913

10-year hold

• IRR: 15.9%
• Equity multiple: 2.21×
• Total profit: $27,114
• 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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 191
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,161 high
• Mortgage (P&I): −$419
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $332

Break-even live

Break-even rent $740

Max offer price $79,900

Occupancy floor 66%

Sensitivity live

Price	-10% $377	-5% $355	+0% $332	+5% $310	+10% $287
Rent	-10% $240	-5% $286	+0% $332	+5% $378	+10% $424
Rate	-1.0pp $372	-0.5pp $352	base $332	+0.5pp $311	+1.0pp $290

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: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	8d	1	0.93mi
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	5d	1	1.00mi
2734 Center St Unit D Granite City, IL	1.0	1.0	680	$1,025	$1.51	13d	1	1.11mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	44d	1	1.14mi
4404 Wabash Ave Granite City, IL	2.0	1.0	864	$1,025	$1.19	4d	1	1.25mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	15d	1	1.33mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	18d	1	1.40mi

Listing history 4 events

1. 2026-05-17
   historical Active Under Contract 929-char remark
2. 2026-05-13
   listed $79,900 Active 929-char remark
3. 2026-05-12
   historical $79,900 929-char remark
4. 1996-07-29
   soldstatus $34,000

ⓘ 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: $1,592 · $133/mo
• Projected year-2 tax: $1,703 · $142/mo
• Expected delta: +$111/yr (+$9/mo · 7.0%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,931
• − Mortgage interest: −$4,476
• − Property taxes: −$1,592
• − Insurance: −$400
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$2,324
• Taxable income: $2,911
• Est. tax owed @ 24.0%: −$699
• After-tax cash flow: $3,287/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-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

+135.0% since first listed

6 events — show timeline

• 2026-06-10 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2026-05-29 Pending — MARIS as Distributed by MLS Grid
• 2026-05-17 Contingent — MARIS as Distributed by MLS Grid
• 2026-05-13 Listed $79,900 MARIS as Distributed by MLS Grid
• 2026-05-12 Coming Soon $79,900 MARIS as Distributed by MLS Grid
• 1996-07-29 Sold (Public Records) $34,000 Public Records

Property tax history

+3.8%/yr

Latest (2024): $1,592 · +5.3% YoY. Source: county tax records.