Flip report generated Jun 14, 2025
The Flip Potential of
502 W Melbourne Ave Peoria, IL
is medium.
Current Specs
4 Bed / 1.5 Bath
1,544 sqft
$87 per sqft
Estimated Value$134,400
Flip Advice
Looking at 502 W Melbourne Ave in Peoria, the property’s got 4 beds, 1.5 baths, and 1,544 sqft—pretty solid size for the area. Current valuation is about $134K, and comps on the block (similar size, beds, baths) are selling between $135K and $176K, with most in the $155K–$167K range. The house is priced lower per square foot than most comps, so there's a bit of spread to work with.
If you're thinking about flipping, focus on updating that single bathroom and maximizing curb appeal—those are quick wins in this neighborhood. For current owners, minor cosmetic upgrades and a bathroom refresh could push your sale price closer to $160K, in line with comps. Don’t overinvest, as the area’s ceiling seems to cap under $180K, but you do have room to add value.
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