Real Estate Investing in Elizabeth, Illinois (61028)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 61028 (Elizabeth, IL)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 23.9% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Elizabeth, IL (61028)?
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Market Analysis: 61028 Elizabeth
This part of Jo Daviess County is not an easy win. The 61028 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
For an experienced owner, 61028 can be a worth a close look for hunting ground — but the discount at $216K reflects genuine risk that outside investors often underestimate.
The gap between 61028 and stronger Elizabeth ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Employment concentration in 61028 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
New investors are better served looking at Elizabeth's stable or hybrid ZIPs before stepping into 61028. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Elizabeth:
Market Trends
Home Value History (with trend line)
📊 How Does 61028 Compare?
| Metric | 61028 | Elizabeth | Illinois |
|---|---|---|---|
| Home Value | $216,119 | $216,119 | $279,761 |
| 5-Year CAGR | 10.8% | 10.8% | 6.6% |
| Avg Rent | $954 | $954 | - |
| Cap Rate | 3.4% | 3.4% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 61028 (Elizabeth, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $216,119 |
| Monthly Rent | $954 |
| Price-to-Rent | 18.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.4% |
| 5-Year IRR | 14.2% |
📈 Home Appreciation
| 1-Year | +9.2% ▲ |
| 3-Year CAGR | +11.0% ▲ |
| 5-Year CAGR | +10.8% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 61028
Population: 1,671
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 61028
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Should investors consider Elizabeth, IL?
The 3.0/5 investability rating in Elizabeth, IL reflects its $216K prices and $954/mo rents. Investors generally consider it a solid option within IL.
Is vacancy a concern in Elizabeth, IL?
Expect elevated vacancy in Elizabeth, IL. Rents at $954/mo are absorbed by the tenant base without meaningful lag.
How strong are rents in Elizabeth, IL?
The typical rental in Elizabeth, IL commands about $954/mo monthly. That rent profile reliable cash flow against the $216K purchase basis.
What does house hacking look like in Elizabeth, IL?
The a challenging house-hack environment in Elizabeth, IL reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
What strategy should investors use in Elizabeth, IL?
Investors usually favor careful cash-flow rentals with hands-on management in Elizabeth, IL. With home values at $216K and rents near $954/mo, other strategies can work but produce steady rather than outsized returns.
You know 61028 now. You don’t know where it ranks.
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