117 Garfield Ave · Galesburg, IL 61401

$93,000

3 bd · 2.0 ba · 1,078 sqft · SingleFamily public records · 1 Days on market

Built 1950 Est $98k · 5% under

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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 +27.5/30.0
• ARV discount +9.8/15.0
• DSCR +9.6/10.0
• 1% rule +7.0/10.0
• 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

Cute 3 bedroom on one floor. Living room with fireplace. Full basement for storage. Laundry in basement and with a family room with fireplace. This is A FannieMae HomePath property. Purchase this property for as little as 3% down! This property is approved for HomePath renovation Mortgage Financing and homepath mortgage. All offers must be submitted on www. HomePath.com.

Key facts

• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• Cap rate 9.8% 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 $643 of loan paydown is wiped out by about $3k 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 $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y ago 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.
• Current owner paid $40k; list at $93k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,000

Questions for the listing agent

1. Built in 1950 — 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: 1.20% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.65%
• DSCR: 1.56
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $98,098
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1286 W Losey St	0.69mi	3/1.0	1,057 (-2%)	1mo	$112,000	$106	60
484 Lawrence Ave	0.44mi	2/1.0 (-1)	1,008 (-6%)	1mo	$45,000	$45	59
1489 W Main St	0.72mi	3/1.5	1,120 (+4%)	3mo	$120,000	$107	56
440 Franklin Ave	0.64mi	2/1.0 (-1)	1,110 (+3%)	1mo	$56,000	$50	55
580 Lawrence Ave	0.52mi	3/1.5	1,000 (-7%)	8mo	$120,500	$121	55
370 W Knox St	0.64mi	3/2.5	1,172 (+9%)	3mo	$77,000	$66	51
889 Jefferson St	0.62mi	2/1.0 (-1)	1,028 (-5%)	4mo	$65,000	$63	51
652 S Henderson St	0.66mi	4/3.0 (+1)	1,128 (+5%)	3mo	$55,900	$50	50
864 W Grove St	0.34mi	2/1.5 (-1)	922 (-14%)	5mo	$92,000	$100	49
1151 W North St	0.48mi	2/1.0 (-1)	984 (-9%)	8mo	$90,000	$91	47
460 W Knox St	0.63mi	2/1.0 (-1)	1,197 (+11%)	3mo	$69,000	$58	41
537 Franklin Ave	0.65mi	2/1.0 (-1)	925 (-14%)	3mo	$125,000	$135	34

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: 2.4%
• Equity multiple: 1.09×
• Total profit: $2,404
• Equity at exit: $13,867

10-year hold

• IRR: 12.0%
• Equity multiple: 1.94×
• Total profit: $24,576
• Equity at exit: $8,041

Cash invested: $26,040 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,113 medium
• Mortgage (P&I): −$488
• Tax from tax record: −$79 /mo · $945/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $274

Break-even live

Break-even rent $766

Max offer price $93,000

Occupancy floor 70%

Sensitivity live

Price	-10% $327	-5% $301	+0% $274	+5% $248	+10% $222
Rent	-10% $186	-5% $230	+0% $274	+5% $318	+10% $362
Rate	-1.0pp $321	-0.5pp $298	base $274	+0.5pp $250	+1.0pp $226

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: $23,250
• Closing costs: $2,790
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-26
   listed $93,000 Active
2. 2025-12-17
   historical
3. 2021-08-06
   historical
4. 2021-08-06
   historical
5. 2016-03-01
   soldstatus $39,500
6. 2016-03-01
   soldstatus $39,500
7. 2015-11-30
   listed $44,500
8. 2013-03-27
   soldstatus $31,365
9. 2012-11-26
   listed $36,900
10. 2006-03-09
    soldstatus $65,000
11. 2006-03-03
    soldstatus $65,000
12. 2005-10-24
    listed $65,000

ⓘ 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: $945 · $79/mo
• Projected year-2 tax: $1,528 · $127/mo
• Expected delta: +$583/yr (+$49/mo · 61.8%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,361
• − Mortgage interest: −$5,209
• − Property taxes: −$945
• − Insurance: −$465
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$2,705
• Taxable income: $1,899
• Est. tax owed @ 24.0%: −$456
• After-tax cash flow: $2,838/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

+43.1% since first listed

12 events — show timeline

• 2026-05-26 Listed $93,000 FSBO.com
• 2025-12-17 Listing Removed — MRED as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2016-03-01 Sold (Public Records) $39,500 Public Records
• 2016-03-01 Sold (MLS) $39,500 RMLSA as Distributed by MLS Grid
• 2015-11-30 Listed $44,500 RMLSA as Distributed by MLS Grid
• 2013-03-27 Sold (MLS) $31,365 RMLSA as Distributed by MLS Grid
• 2012-11-26 Listed $36,900 RMLSA as Distributed by MLS Grid
• 2006-03-09 Sold (Public Records) $65,000 Public Records
• 2006-03-03 Sold (MLS) $65,000 RMLSA as Distributed by MLS Grid
• 2005-10-24 Listed $65,000 RMLSA as Distributed by MLS Grid

Property tax history

-7.0%/yr

Latest (2024): $945 · -3.9% YoY. Source: county tax records.