$14,975 Fixer-Upper Home for Sale in Rock Island, Illinois – 3 Bedrooms, 2 Bathrooms, and 1,736 Sq. Ft. of Investment Potential

Affordable Investment Property in Rock Island, Illinois – A Historic 1920 Home With Multiple Purchase Options

For buyers searching for affordable fixer-upper homes in Illinois, distressed real estate opportunities, or investment properties under $25,000, this listing at 1502 14 1/2 St, Rock Island, IL 61201, offers an unusual opportunity worth investigating.

Advertised on Zillow for $14,975, this property features three bedrooms, two full bathrooms, and approximately 1,736 square feet of reported interior living space. Originally built in 1920, the residence offers a substantial footprint that may appeal to experienced renovators, real estate investors, contractors, and buyers interested in restoring an older home.

The seller describes the property as a project with considerable potential and offers several possible transaction arrangements, including a cash purchase, owner financing, and a proposed renovation partnership.

However, one important detail requires clarification: although the Zillow listing displays an asking price of $14,975, the seller’s written description identifies a separate cash purchase price of $20,975 and an owner-financing purchase price of $34,500.

These figures are not interchangeable, and prospective buyers should obtain written confirmation of the actual available purchase terms before making financial commitments.

The listing also reports approximately $2,237.68 in outstanding property taxes, which the seller states will be paid at closing.

While this may provide reassurance, buyers should independently verify the tax balance and confirm through the closing or title company that all relevant obligations will be resolved.

At approximately $9 per square foot based on the advertised $14,975 price, the property may attract considerable attention from buyers interested in inexpensive real estate.

Nevertheless, a very low asking price does not automatically mean the home is a profitable investment. Significant repairs, structural problems, title complications, or financing restrictions could affect the total acquisition cost.

This detailed guide explores the property’s features, purchase options, renovation considerations, investment possibilities, financing arrangements, and important questions buyers should investigate before purchasing.

Property Overview – 1502 14 1/2 St, Rock Island, IL 61201

The property is located in Rock Island, Illinois, and is being marketed directly by its owner.

According to the supplied listing, the home offers three bedrooms, two full bathrooms, and approximately 1,736 square feet of reported interior space.

Key Property Details

Property Feature	Listing Information
Advertised Zillow Price	$14,975
Cash Price in Seller Description	$20,975
Owner-Financing Price	$34,500
Property Address	1502 14 1/2 St, Rock Island, IL 61201
Property Type	Listed as Unknown
Bedrooms	3
Bathrooms	2 Full Bathrooms
Interior Living Area	1,736 Sq. Ft.
Year Built	1920
Advertised Price Per Square Foot	Approximately $9
Zestimate	$50,100
Tax-Assessed Value	$64,011
Reported Annual Property Taxes	$2,164
Reported Outstanding Taxes	$2,237.68
Owner-Financing Down Payment	$3,000 Advertised
Owner-Financing Monthly Payment	$500 Advertised
Renovation Partnership	Seller Indicates Willingness to Discuss
Parcel Number	1602142001
Listing Type	For Sale by Owner
Original Listing Date	August 26, 2026

The property is clearly marketed toward buyers willing to consider repairs or renovations.

However, the listing does not provide a complete property condition report, photographs of every room, or detailed information about the home’s major systems.

Prospective buyers should obtain professional inspections and verify all transaction terms.

Understanding the $14,975 Advertised Asking Price

The Zillow listing displays a price of $14,975, following a reported $6,000 price reduction on October 2.

At first glance, this amount may appear exceptionally affordable for a three-bedroom home containing approximately 1,736 square feet.

However, the seller’s description provides a different cash purchase figure.

The seller specifically advertises a cash price of $20,975.

This creates an important discrepancy between the displayed listing price and the written purchase terms.

Buyers should not assume that the home can definitely be purchased for $14,975.

The actual amount should be confirmed directly with the seller and documented in a written purchase agreement.

Any additional costs, deposits, transaction fees, or conditions should also be clarified.

The final acquisition cost may be higher than the advertised figure.

Why This Rock Island Property May Attract Investors

Properties advertised at unusually low prices often attract attention from real estate investors.

Some buyers specialize in purchasing distressed homes, completing repairs, and reselling them.

Others look for affordable properties that can potentially be renovated and held as long-term rentals.

The 1,736-square-foot interior and three-bedroom layout may provide a useful starting point for renovation planning.

However, the listing does not identify the exact condition of the property.

It also does not establish that the residence is currently habitable.

Before considering the home as an investment, buyers should determine the scope of required repairs.

Structural conditions, mechanical systems, plumbing, electrical wiring, roofing, and local code requirements may significantly influence renovation expenses.

A profitable investment depends on the total cost of acquisition, rehabilitation, ownership, and eventual resale or rental operation.

A Home Built in 1920 – Historic Character and Renovation Considerations

The residence was built in 1920.

Homes from this period can feature traditional construction methods and layouts that differ from modern residences.

Some older properties contain distinctive architectural details, established room arrangements, and substantial structural materials.

However, the listing does not identify specific historic features at this address.

Buyers should avoid assuming that original woodwork, hardwood flooring, fireplaces, or decorative architectural elements are present without inspection.

A home built more than a century ago may require careful evaluation.

Potential concerns can include foundation movement, aging plumbing, outdated electrical systems, deteriorated roofing, and moisture damage.

Previous renovations may also have altered the original structure.

A qualified home inspector can help identify visible defects and recommend further specialist evaluations where necessary.

Approximately 1,736 Square Feet of Interior Space

The home offers approximately 1,736 square feet of reported interior living space.

This amount of space may provide flexibility for renovation.

A buyer could potentially explore improvements to the kitchen, bathrooms, bedrooms, and common living areas.

However, the listing does not provide a detailed floor plan.

Room dimensions, ceiling heights, layout, and current functionality should be verified.

The reported square footage should also be compared with public records and any available appraisal information.

For investors, understanding the actual usable interior space is important when preparing renovation budgets and estimating future market value.

The size of a property alone does not establish its condition or resale potential.

Three Bedrooms – Residential Layout Potential

The property is advertised as having three bedrooms.

A three-bedroom configuration may appeal to buyers seeking multiple sleeping areas or flexible household space.

However, the listing does not describe the individual bedrooms.

Prospective buyers should inspect each room for adequate space, ventilation, natural light, and safe access.

They should also verify that the rooms satisfy applicable requirements for habitable bedrooms.

Older homes may have undergone modifications that affect room classification.

If renovations are planned, buyers should consider whether the existing bedroom layout meets their intended use.

Changes involving structural walls, electrical wiring, or windows may require permits.

Two Full Bathrooms – An Important Feature to Verify

The listing reports two full bathrooms.

For a three-bedroom residence, having two bathrooms can provide convenience.

However, the condition and functionality of the bathrooms are not described.

Buyers should inspect the plumbing fixtures, drainage, water supply, flooring, and ventilation.

If the property has been vacant or poorly maintained, bathroom repairs may be necessary.

A complete bathroom renovation can involve significant expenses, particularly when plumbing systems require replacement.

Before purchasing, buyers should determine whether both bathrooms are functional and whether any work was completed without required permits.

The presence of two reported bathrooms should not be interpreted as confirmation that both are ready for immediate use.

For Sale by Owner – What Buyers Should Know

The property is being marketed directly by its owner rather than through a traditional listing agreement with Zillow.

A for-sale-by-owner transaction can involve direct communication between the seller and potential purchasers.

However, buyers should still follow appropriate legal and financial procedures.

A written purchase agreement is essential.

Buyers should consider using a qualified real estate attorney or title company to help verify ownership, title status, closing requirements, and contractual obligations.

The seller’s statements about pricing, taxes, financing, and renovation partnerships should be documented.

Verbal assurances should not replace written agreements.

Because the property involves multiple proposed transaction structures, professional guidance may be especially valuable.

Cash Purchase Option – $20,975 According to the Seller

The seller’s description advertises a cash purchase price of $20,975.

This amount differs from the displayed Zillow price of $14,975.

Buyers interested in a cash transaction should request written clarification.

A cash purchase may avoid some mortgage-related requirements, but it does not eliminate the need for inspections, title research, or closing procedures.

Cash buyers should verify that the seller has legal authority to transfer the property.

They should also confirm the handling of outstanding property taxes and other potential liens.

The purchase agreement should identify the exact price, deposit requirements, closing date, and responsibilities of each party.

A low-cost cash transaction can still create significant financial risk if due diligence is incomplete.

Owner Financing – $3,000 Down and $500 Per Month

The seller also advertises an owner-financing arrangement.

According to the description, the owner-financing purchase price is $34,500.

The proposed terms include a $3,000 down payment and monthly payments of $500, subject to income qualification.

Owner financing may appeal to buyers who are unable or unwilling to obtain a conventional mortgage.

However, the listing does not disclose several essential details.

It does not specify the interest rate, loan duration, amortization schedule, balloon payment requirements, or consequences of missed payments.

It also does not establish when legal title would transfer.

Buyers should obtain a complete written financing agreement before paying a deposit.

An attorney familiar with Illinois real estate transactions can help explain the risks and obligations.

Understanding the Owner-Financing Numbers

The advertised owner-financing price is $34,500.

After a $3,000 down payment, the remaining stated purchase-price balance would be $31,500 before interest or other charges.

At $500 per month, that amount would equal 63 monthly payments if no interest or additional financing costs applied.

However, this is only a mathematical illustration.

The listing does not confirm an interest-free arrangement or a 63-month repayment schedule.

Actual payments could include interest, fees, or other obligations.

A balloon payment may also be required, depending on the contract.

Buyers should never assume the financing terms based solely on the advertised monthly payment.

A complete amortization schedule and clear legal agreement are essential.

Comparing the Available Purchase Options

The listing describes several potential transaction structures.

Purchase Arrangement	Advertised Terms
Zillow Displayed Price	$14,975
Seller’s Cash Price	$20,975
Owner-Financing Price	$34,500
Owner-Financing Down Payment	$3,000
Advertised Monthly Payment	$500
Renovation Partnership	Terms to Be Negotiated

The displayed price and cash price conflict and should be resolved before any agreement.

The owner-financing arrangement also requires additional information.

The renovation partnership is not a guaranteed financing product or standard purchase structure.

Each option involves different legal and financial considerations.

Buyers should compare the total cost and obligations of each arrangement rather than focusing only on the initial payment.

Renovation Partnership and Novation Proposal

One unusual feature of the listing is the seller’s willingness to discuss a renovation partnership described as a novation option.

According to the seller, an experienced renovator could potentially provide labor and materials to improve the property.

After the renovation, the parties would seek to sell the home and divide the proceeds under an agreed arrangement.

However, the listing does not provide a complete legal or financial structure for this proposal.

A novation is a legal concept involving the substitution or replacement of contractual obligations with the agreement of the relevant parties.

The seller’s proposed partnership should not automatically be assumed to qualify as a novation in every legal sense.

Buyers and contractors should seek legal advice before entering such an arrangement.

Important issues include ownership, liability, renovation expenses, insurance, decision-making authority, profit distribution, and responsibility if the property does not sell.

Risks of Renovating a Property You Do Not Own

A renovation partnership can create substantial financial exposure.

If a contractor invests money and labor into a property without holding legal title, the contractor may face risks if the agreement is unclear.

Potential disputes could involve construction costs, ownership rights, reimbursement, sale timing, or division of proceeds.

Before beginning work, all parties should have a professionally prepared written agreement.

The agreement should explain who controls the property, who pays expenses, and how profits or losses will be allocated.

It should also address what happens if unexpected repairs arise or the property cannot be sold at the anticipated price.

Insurance, permits, contractor licensing, and lien rights may also require attention.

A renovation partnership should never be based solely on informal promises.

Understanding the $2,237.68 in Back Taxes

The seller states that approximately $2,237.68 in back property taxes are owed.

According to the description, these taxes will be paid in full at closing.

This is an important representation, but buyers should independently verify it.

The exact tax balance may change because of penalties, interest, or additional charges.

A title company or real estate attorney can help determine the current amount owed and how it will be handled.

Buyers should also investigate whether any other liens or judgments affect the property.

Payment of outstanding property taxes does not automatically guarantee that every title issue has been resolved.

A proper title examination and closing process remain essential.

Tax-Assessed Value Versus Asking Price

The listing reports a tax-assessed value of $64,011.

It also displays a Zestimate of approximately $50,100.

These figures may appear substantially higher than the advertised asking price.

However, neither amount should be treated as a guaranteed market value.

A tax assessment is used for property taxation purposes.

An automated valuation estimate is based on available data and statistical methods.

Neither necessarily accounts fully for the property’s current physical condition.

If the home requires extensive repairs, its market value could differ significantly from automated estimates.

Buyers should review comparable sales and obtain a professional appraisal when appropriate.

Annual Property Taxes of Approximately $2,164

The listing reports annual property taxes of approximately $2,164.

Divided across twelve months, this equals about $180.33 per month.

However, future property taxes may differ.

Tax obligations can change because of reassessment, exemptions, ownership changes, or local tax rates.

Buyers should obtain updated records from the appropriate Rock Island County authorities.

The reported outstanding taxes should also be reviewed separately from the regular annual amount.

Investors should include property taxes in holding-cost calculations, even if the home is vacant during renovation.

Is the Property Ready to Live In?

The listing does not establish that the home is currently move-in ready.

Instead, the seller describes it as a project.

This suggests that buyers should expect repairs or improvements.

However, the precise condition of the residence is not documented in the supplied information.

Buyers should inspect the structure before making assumptions about habitability.

Essential systems include safe electrical service, functioning plumbing, adequate heating, secure windows and doors, and appropriate sanitation.

Any active code violations or occupancy restrictions should be investigated.

A low purchase price does not guarantee that the home can be occupied immediately.

Foundation and Structural Inspection

A home built in 1920 may require careful structural evaluation.

The listing does not specify the foundation type or its condition.

Buyers should inspect for uneven floors, cracks, settlement, moisture intrusion, and other potential structural concerns.

Older homes may contain construction methods that differ from modern standards.

If significant problems are observed, a structural engineer may be appropriate.

Foundation repairs can be expensive.

Because the property’s advertised price is relatively low, major structural work could represent a substantial percentage of the total investment.

Professional evaluation is essential before establishing a renovation budget.

Roof and Exterior Condition

The listing does not provide detailed information about the roof or exterior materials.

Buyers should inspect the roofing system for leaks, damaged materials, and signs of deterioration.

The condition of gutters, flashing, windows, doors, and exterior walls should also be evaluated.

Water intrusion can contribute to structural damage and interior deterioration.

Exterior repairs should generally be addressed before cosmetic interior improvements.

A qualified roofing contractor may be needed if the roof’s condition is uncertain.

Electrical and Plumbing Systems

Older homes may contain electrical and plumbing systems that have been modified over time.

The listing does not specify whether these systems have been updated.

Buyers should obtain appropriate inspections.

Electrical concerns may include outdated wiring, inadequate service capacity, damaged outlets, or improper modifications.

Plumbing concerns may include leaks, corrosion, drainage problems, and deteriorated fixtures.

The condition of water and sewer connections should also be verified.

Major system replacements can significantly increase renovation expenses.

These costs should be evaluated before determining whether the property is financially attractive.

Lead-Based Paint and Older Building Materials

Because the residence was built before 1978, buyers should consider the possibility of lead-based paint.

The listing does not confirm whether lead-based paint is present.

However, appropriate disclosures and lead-safe renovation procedures may apply.

Older homes may also contain other materials requiring professional assessment before demolition or major remodeling.

Buyers should avoid disturbing potentially hazardous materials without proper evaluation.

Qualified contractors can help identify appropriate safety procedures.

Health and safety considerations should be included in the renovation plan.

Illustrative Renovation Budget for This Rock Island Home

The following figures are hypothetical planning ranges rather than estimates for this specific property.

Potential Improvement	Illustrative Cost Range
Interior Painting and Finishes	$2,000–$7,000
Flooring Repairs or Replacement	$3,000–$10,000
Kitchen Renovation	$5,000–$20,000
Bathroom Renovations	$4,000–$12,000 Each
Electrical Improvements	$3,000–$15,000
Plumbing Improvements	$3,000–$15,000
Heating System Repairs	$3,000–$12,000
Roof Repairs or Replacement	$5,000–$18,000+
Structural Repairs	Highly Variable
Exterior Cleanup and Repairs	$2,000–$10,000

Actual expenses may be considerably higher.

Extensive structural damage, environmental remediation, or major system replacement could substantially increase costs.

Some categories may overlap.

A professional inspection and written contractor estimates are necessary before establishing a reliable budget.

Example Investment Scenarios

To understand how renovation expenses affect total investment, consider several hypothetical scenarios using the seller’s advertised cash price of $20,975.

Scenario One – $20,000 Renovation

Purchase price: $20,975

Renovation budget: $20,000

Combined amount: $40,975

This excludes closing costs, insurance, taxes, utilities, financing, and selling expenses.

Scenario Two – $40,000 Renovation

Purchase price: $20,975

Renovation budget: $40,000

Combined amount: $60,975

Additional costs would increase the total investment.

Scenario Three – $70,000 Renovation

Purchase price: $20,975

Renovation budget: $70,000

Combined amount: $90,975

This scenario illustrates how a low-priced property can become a much larger financial commitment.

None of these examples establishes profitability.

The property’s resale value and actual repair requirements must be independently verified.

Could This Be a Fix-and-Flip Opportunity?

The seller specifically markets the home toward renovation investors.

A fix-and-flip strategy involves purchasing a property, completing improvements, and attempting to sell it for more than the total investment.

However, profitability depends on several factors.

These include acquisition cost, repair expenses, holding time, financing costs, local market demand, and selling expenses.

Investors should research recent sales of comparable homes in Rock Island.

Comparable properties should have similar square footage, bedroom count, age, location, and condition.

The Zestimate and tax assessment should not replace a detailed comparable-sales analysis.

A conservative investment plan should include contingency funds for unexpected repairs.

Long-Term Rental Investment Possibilities

Another potential strategy is renovating the home for long-term rental use.

A three-bedroom, two-bathroom property may appeal to tenants seeking more space than a smaller apartment offers.

However, the listing does not provide rental history or verified rental income.

Investors should research current market rents for comparable properties in Rock Island.

They should also evaluate property management costs, maintenance, insurance, taxes, and vacancy risk.

The home must meet applicable safety and occupancy requirements before rental use.

If substantial repairs are necessary, the property may generate no rental income during the renovation period.

A realistic rental analysis should account for this possibility.

Understanding the Rock Island Real Estate Market

Rock Island is a city in northwestern Illinois and part of the Quad Cities metropolitan area.

The Quad Cities region includes communities on both sides of the Mississippi River in Illinois and Iowa.

Rock Island contains established residential neighborhoods, historic housing, commercial areas, and local services.

However, buyers should research the specific neighborhood surrounding 1502 14 1/2 St.

Property values and rental demand can vary significantly between locations.

Important considerations include nearby comparable sales, housing conditions, employment access, schools, transportation, and local development activity.

A property visit can help buyers understand the surrounding area.

Market research should be based on recent, verified information.

Financing Challenges for a Low-Priced Fixer-Upper

Financing a distressed property can be more complicated than financing a conventional move-in-ready home.

Some lenders require properties to meet minimum condition standards.

If the home has significant structural, electrical, plumbing, or heating problems, traditional mortgage financing may be difficult.

The relatively low purchase price may also fall below the minimum loan amounts offered by some lenders.

Buyers should discuss financing options with qualified lenders.

The seller’s owner-financing proposal is another possibility, but its complete terms must be reviewed carefully.

Cash buyers should maintain sufficient reserves for repairs and unexpected expenses.

Insurance and Ownership Costs

Insurance is another important consideration.

A property requiring significant renovation may need specialized insurance coverage.

Traditional homeowners insurance may not provide appropriate coverage for a vacant or extensively damaged home.

Buyers should obtain insurance quotations before closing.

They should also investigate whether utilities can be activated safely.

Other expenses may include property taxes, lawn maintenance, security, permit fees, and contractor costs.

These expenses can accumulate during renovation.

Investors should calculate holding costs even when the property is not producing income.

Important Questions to Ask the Seller

Before purchasing this Rock Island property, buyers should seek clear answers to several questions.

1. Is the actual cash price $14,975 or $20,975?
2. What is the property’s current physical condition?
3. Is the home legally habitable?
4. Are there outstanding code violations or municipal orders?
5. What is the condition of the roof, foundation, plumbing, and electrical systems?
6. Will the $2,237.68 in back taxes be paid through the closing process?
7. Are there any other liens or title complications?
8. What are the complete owner-financing terms, including interest and payment duration?
9. How would the proposed renovation partnership be legally structured?
10. Are inspections and independent contractor evaluations permitted before closing?

Buyers should obtain written documentation wherever possible.

Who Might Be Interested in This Property?

This listing may appeal to several categories of buyers.

Experienced renovation investors may be interested in evaluating the property’s repair requirements and resale potential.

Contractors may consider whether their skills and available resources could make a renovation financially feasible.

Landlords may investigate the possibility of converting the property into a long-term rental after necessary repairs.

Buyers interested in owner financing may want to review the seller’s proposed terms.

The renovation partnership proposal may also attract experienced professionals, although it requires careful legal review.

However, the property may be unsuitable for buyers who require immediate occupancy or lack sufficient funds for major repairs.

The most appropriate buyer will be someone who understands the risks and can verify the property’s condition and transaction terms.

Final Thoughts – Is This Rock Island Fixer-Upper Worth Considering?

Located at 1502 14 1/2 St in Rock Island, Illinois, this property presents an unusual low-priced real estate opportunity.

The residence was built in 1920 and offers three bedrooms, two full bathrooms, and approximately 1,736 square feet of reported living space.

The Zillow listing displays an asking price of $14,975, while the seller’s description identifies a cash price of $20,975 and an owner-financing price of $34,500.

This pricing discrepancy must be clarified before any purchase.

The seller also advertises owner financing with $3,000 down and $500 monthly payments, subject to qualification.

A proposed renovation partnership provides another possible arrangement, but its legal and financial terms remain unspecified.

The property is marketed as a renovation project, making inspections and accurate repair estimates essential.

The reported outstanding property taxes of $2,237.68 should also be verified and properly addressed through closing.

For experienced investors or buyers prepared to undertake significant repairs, the property may offer possibilities worth investigating.

However, a low advertised purchase price does not guarantee a profitable investment.

The total cost of acquisition, renovation, financing, insurance, taxes, and ongoing maintenance should guide the decision.

Ultimately, buyers should proceed only after verifying the property’s condition, ownership, title status, and complete written transaction terms.

Listing Information and Seller Contact

Property Address: 1502 14 1/2 St, Rock Island, IL 61201

Displayed Zillow Price: $14,975

Cash Price in Seller Description: $20,975

Owner-Financing Price: $34,500

Owner-Financing Down Payment: $3,000 Advertised

Owner-Financing Monthly Payment: $500 Advertised

Bedrooms: 3

Bathrooms: 2 Full Bathrooms

Reported Interior Living Area: 1,736 Square Feet

Year Built: 1920

Property Type: Unknown in Listing Classification

Reported Annual Property Taxes: $2,164

Reported Outstanding Taxes: $2,237.68

Reported Tax-Assessed Value: $64,011

Displayed Zestimate: $50,100

Parcel Number: 1602142001

Listing Type: For Sale by Owner

Seller Contact: 435-256-4100

Original Listing Date: August 26, 2026

Reported Price Reduction: $6,000 on October 2, 2026

All property information is based on the supplied real estate listing and is provided for general informational purposes. Prices, financing arrangements, tax balances, availability, property condition, and other details may change. The displayed listing price conflicts with the seller’s written cash price and must be independently confirmed. Buyers should obtain professional inspections, verify title and tax obligations, and consult qualified legal or financial professionals before entering any purchase, financing, or renovation partnership agreement.

 

 

Listed on Zillow