2340 S 10th St · Springfield, IL 62703

$64,900

2 bd · 1.0 ba · 1,134 sqft · Other · 16 Days on market

Built 1890 5,600 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in Harvard Park! This 2 bedroom, 1 bath home offers a great opportunity for investors, first time buyers, or those looking to downsize. Conveniently located on Springfield's south side, you'll enjoy easy access to parks, the golf course, schools, and nearby shopping and dining. A roof installed in 2017 adds value and peace of mind, while the covered front porch provides a welcoming space to relax and enjoy the neighborhood. Whether you're looking to expand your investment portfolio or create a comfortable place to call home, this property offers affordability and potential in a convenient location.

Key facts

• Covered front porch
• Easy access to parks
• 5,600 sq ft lot

Tags

• COVERED FRONT PORCH
• ROOF INSTALLED IN 2017
• EASY ACCESS TO PARKS
• EASY ACCESS TO GOLF COURSE
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING

Property features AI

Exterior

• Parking: No garage spaces; Parking via alley access on gravel and other surfaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1890
• Construction: Full unfinished basement
• Exterior features: Shingle roof

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (one on the upper level, one on the upper level) — both have egress windows; bedroom sizes approximately 13.9 × 12.3 ft and 12.3 × 13.5 ft
• Flooring: Carpet in bedrooms; Hardwood in living room; Vinyl in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fan(s); Replacement windows

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 4.9% in Springfield — 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 79/100 on livability (#122 in IL, #2,138 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F.
• Springfield SD 186 (urban): math 17% / reading 22% proficiency, ranked #438 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+12.2%/yr); 107 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 31% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Sangamon County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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 $53k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,926 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 D-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: 1.78% ✓
• Cap rate: 13.95%
• Cash-on-cash: 27.33%
• DSCR: 2.22
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.2%
• Equity multiple: 2.21×
• Total profit: $22,004
• Equity at exit: $9,677

10-year hold

• IRR: 37.8%
• Equity multiple: 5.46×
• Total profit: $81,114
• Equity at exit: $5,611

Cash invested: $18,172 (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 62703

• Home prices YoY: -28.9%
• Rents YoY: 12.2%
• Active inventory: 107
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,156 high
• Mortgage (P&I): −$340
• Tax from tax record: −$132 /mo · $1,586/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $414

Break-even live

Break-even rent $632

Max offer price $64,900

Occupancy floor 59%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	43d	1	0.06mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	43d	1	0.16mi
604 Bryn Mawr Blvd Springfield, IL	2.0	1.0	850	$1,100	$1.29	43d	1	0.41mi
1908 S 4th St Springfield, IL	1.0	1.0	800	$850	$1.06	20d	1	0.65mi
6 Ridge Ct Springfield, IL	3.0	1.0	905	$1,350	$1.49	43d	1	0.76mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	43d	1	0.76mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	20d	1	0.86mi
525 E Pine St Springfield, IL	2.0	2.0	1250	$1,200	$0.96	43d	1	0.96mi
525 E Pine St Unit 4 Springfield, IL	2.0	2.0	1250	$1,200	$0.96	20d	1	0.96mi
2949 Fox Bridge Rd Springfield, IL	2.0	1.0	900	$960	$1.07	20d	1	1.00mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	20d	1	1.08mi
1929 E Spruce St Springfield, IL	3.0	1.0	1500	$1,300	$0.87	43d	1	1.10mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	43d	1	1.11mi
2005 E Laurel St Springfield, IL	2.0	1.0	900	$1,000	$1.11	43d	1	1.12mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	43d	1	1.19mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	20d	1	1.38mi
2473 Ladley Ct Unit 2108-2 B Springfield, IL	2.0	1.0	700	$825	$1.18	43d	1	1.42mi
2473 Ladley Ct Unit 2412-1 L Springfield, IL	2.0	1.0	700	$725	$1.04	43d	1	1.42mi
1004 S College St Springfield, IL	1.0	1.0	700	$800	$1.14	20d	1	1.43mi
2715 S MacArthur Blvd Unit 01 Springfield, IL	2.0	1.5	935	$975	$1.04	43d	1	1.50mi

Listing history 13 events

1. 2026-06-19
   days on market $64,900 Active 16 DOM
2. 2026-06-18
   days on market $64,900 Active 15 DOM
3. 2026-06-17
   days on market $64,900 Active 14 DOM
4. 2026-06-16
   days on market $64,900 Active 13 DOM
5. 2026-06-15
   days on market $64,900 Active 12 DOM
6. 2026-06-14
   days on market $64,900 Active 10 DOM
7. 2026-06-13
   days on market $64,900 Active 9 DOM
8. 2026-06-10
   days on market $64,900 Active 7 DOM
9. 2026-06-09
   days on market $64,900 Active 6 DOM
10. 2026-06-08
    days on market $64,900 Active 5 DOM
11. 2026-06-07
    days on market $64,900 Active 4 DOM
12. 2026-06-05
    remarks 624-char remark
13. 2026-06-05
    listed $64,900 Active 1 DOM

ⓘ 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: $1,586 · $132/mo
• Projected year-2 tax: $1,586 · $132/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 4/10 Moderate 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $13,875
• − Mortgage interest: −$3,635
• − Property taxes: −$1,586
• − Insurance: −$324
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$1,888
• Taxable income: $4,221
• Est. tax owed @ 24.0%: −$1,013
• After-tax cash flow: $3,954/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: Springfield SD 186
• NCES district ID: 1737080
• Math proficiency: 17% ▼ -7.00%
• Reading proficiency: 22% ▼ -5.00%
• Median HH income: $43,744
• Composite: 16.89/100
• National rank: #9142
• State rank: #438 of 620 in IL

Livability — Springfield

• Score: 79/100
• State rank: #122
• US rank: #2138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, IL
• County: Sangamon County · 115,414 people
• City population: 59,955
• Metro: Springfield, IL
• Population (ZIP): 28,922
• Household income: $45,009
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 1626.0

Population outlook (Sangamon County) Hauer SSP2

• Today (2025): 198,317 people
• By 2030: 196,127 · -1.1%
• By 2040: 188,664 · -4.9%
• By 2050: 179,624 · -9.4%
• By 2075: 155,027 · -21.8%
• By 2100: 122,588 · -38.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Two or more races 7% Hispanic / Latino 5%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Arabic 1%

Political lean MEDSL · Sangamon

• 2024 margin: Toss-up / Even · D 46.6% · R 51.6% · Other 1.8%
• 2008→2024 swing: -9.3pp toward R · 2008: 4.4pp · 2024: -5.0pp
• All cycles: 2024: R+5.0 2020: R+4.4 2016: R+9.4 2012: R+8.7 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.69%
• Current HPI: 147.0877
• Rent YoY: ▲ 12.19%
• Metro: Springfield, IL
• 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

+16.1% since first listed

16 events — show timeline

• 2026-06-03 Listed $64,900 RMLSA as Distributed by MLS Grid
• 2024-01-09 Relisted — RMLSA as Distributed by MLS Grid
• 2024-01-09 Listing Removed — RMLSA as Distributed by MLS Grid
• 2023-12-11 Pending — RMLSA as Distributed by MLS Grid
• 2023-12-05 Listed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-02-22 Sold (MLS) $53,000 RMLSA as Distributed by MLS Grid
• 2021-01-18 Listed $55,000 RMLSA as Distributed by MLS Grid
• 2011-09-27 Sold (MLS) $25,300 RMLSA as Distributed by MLS Grid
• 2011-08-17 Listed $29,500 RMLSA as Distributed by MLS Grid
• 2007-03-02 Sold (Public Records) $53,500 Public Records
• 2007-02-28 Sold (MLS) $53,500 RMLSA as Distributed by MLS Grid
• 2007-02-12 Listed $55,500 RMLSA as Distributed by MLS Grid
• 2001-10-01 Sold (Public Records) $52,500 Public Records
• 2001-09-27 Sold (MLS) $52,500 RMLSA as Distributed by MLS Grid
• 2001-07-08 Listed $55,900 RMLSA as Distributed by MLS Grid

Property tax history

+0.2%/yr

Latest (2025): $1,586 · +3.4% YoY. Source: county tax records.