807-809 W Pleasant St · Freeport, IL 61032

$67,500

4 bd · 2.0 ba · 708 sqft · Other · 46 Days on market

Est $89k · 24% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-Unit Multifamily Property – Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

Key facts

• Listed 46 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $68k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 197 active listings in the ZIP; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $65,475 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.75% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.80%
• DSCR: 2.15
• GRM: 4.8

CMA / ARV

• ARV (median comp): $88,937
• List price: $67,500
• Delta: -24.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.5%
• Equity multiple: 1.79×
• Total profit: $15,001
• Equity at exit: $10,064

10-year hold

• IRR: 27.8%
• Equity multiple: 3.47×
• Total profit: $46,619
• Equity at exit: $5,836

Cash invested: $18,900 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 197
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,184 medium
• Mortgage (P&I): −$354
• Tax from tax record: −$147 /mo · $1,765/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $406

Break-even live

Break-even rent $670

Max offer price $67,500

Occupancy floor 61%

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-12
   days on marketlisting id $67,500 Pending 46 DOM
2. 2026-05-16
   status Pending 722-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

3. 2026-05-16
   status Pending 725-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

4. 2026-03-31
   status Active 722-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

5. 2026-03-31
   status Active 725-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

6. 2026-03-29
   historical Contingent - Continue to Show 725-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

7. 2026-03-22
   historical 722-char remark

   Show marketing remark (722 chars)

   2-Unit Multifamily Property – Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

8. 2026-02-28
   listed $67,500 722-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

9. 2026-02-28
   listed $67,500 Active 725-char remark

   Show marketing remark (725 chars)

   2-Unit Multifamily Property - Tenants Responsible for Utilities! An Excellent Investment Opportunity! This duplex presents a reliable source of rental income with significant potential for growth. Both units are equipped with central air conditioning, and tenants are responsible for all utility payments, ensuring a hassle-free investment experience. Unit 1: A spacious 3-bedroom, 1-bathroom unit featuring an open floor plan, an updated kitchen, and an abundance of natural light. Unit 2: A charming 1-bedroom, 1-bathroom unit with a functional layout and modern finishes. Whether you are a seasoned investor or just beginning your journey, this property would make a valuable addition to any investment portfolio

10. 2025-05-01
    soldstatus $60,000 Closed
11. 2025-04-17
    status Pending
12. 2025-03-18
    listed $69,900 Active
13. 2025-01-21
    historical
14. 2024-04-18
    price $81,999
15. 2023-12-01
    historical $565
16. 2023-11-28
    listed $565
17. 2007-06-26
    soldstatus $18,500
18. 2007-06-18
    historical
19. 2007-05-02
    listed $22,900

ⓘ 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: $1,765 · $147/mo
• Projected year-2 tax: $1,765 · $147/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 ≥101°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: $14,211
• − Mortgage interest: −$3,781
• − Property taxes: −$1,765
• − Insurance: −$338
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$1,964
• Taxable income: $4,090
• Est. tax owed @ 24.0%: −$982
• After-tax cash flow: $3,895/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• 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

+194.8% since first listed

18 events — show timeline

• 2026-05-16 Pending — NWIAR
• 2026-05-16 Pending — MRED as Distributed by MLS Grid
• 2026-03-31 Relisted — NWIAR
• 2026-03-31 Relisted — MRED as Distributed by MLS Grid
• 2026-03-29 Contingent — MRED as Distributed by MLS Grid
• 2026-03-22 Delisted — NWIAR
• 2026-02-28 Listed $67,500 MRED as Distributed by MLS Grid
• 2026-02-28 Listed $67,500 NWIAR
• 2025-05-01 Sold (MLS) $60,000 NWIAR
• 2025-04-17 Pending — NWIAR
• 2025-03-18 Listed $69,900 NWIAR
• 2025-01-21 Listing Removed — MRED as Distributed by MLS Grid
• 2024-04-18 Price Changed $81,999 NWIAR
• 2023-12-01 Rental Removed $565 RENTALBEAST
• 2023-11-28 Listed for Rent $565 RENTALBEAST
• 2007-06-26 Sold (MLS) $18,500 MRED as Distributed by MLS Grid
• 2007-06-18 Listing Removed — MRED as Distributed by MLS Grid
• 2007-05-02 Listed $22,900 MRED as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $1,765 · -1.7% YoY. Source: county tax records.