1617 Matheny Ave · Springfield, IL 62702

$67,000

2 bd · 1.0 ba · 831 sqft · Other · 94 Days on market

6,800 sqft lot $81/sqft · 41% above area Est $48k · 41% over

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Why this score? — see what drove the C+ 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
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity Near Lanphier High School! Great opportunity to own an affordable investment property on Springfield’s north side, just steps from Lanphier High School and minutes from downtown, shopping, and medical facilities. This residential property is well-suited for an investor looking to build rental income or a homeowner wanting to put in a little TLC and add value. Featuring multiple bedrooms, spacious living areas, and a traditional layout, this home offers solid potential for steady cash flow. The property includes a yard with room for off-street parking and is located in an established neighborhood with strong rental demand. With schools, parks, and public transportation nearby, this is a prime location for tenants or first-time buyers. Don’t miss your chance to secure a property in a high-demand rental area at an attractive price point!

Key facts

• 6,800 sq ft lot
• Listed 93 days

Tags

• MINUTES FROM DOWNTOWN
• ROOM FOR OFF-STREET PARKING
• HIGH-DEMAND RENTAL AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $67k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $61k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 (+5.0%/yr); 131 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 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 + 5.0% 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 94 days — a 9% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.

Recommended offer $60,970 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.60% ✓
• Cap rate: 12.89%
• Cash-on-cash: 23.55%
• DSCR: 2.05
• GRM: 5.2

CMA / ARV

• ARV (median comp): $47,623
• List price: $67,000
• Delta: 40.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.95% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 1.79×
• Total profit: $14,771
• Equity at exit: $9,990

10-year hold

• IRR: 28.6%
• Equity multiple: 3.79×
• Total profit: $52,343
• Equity at exit: $5,793

Cash invested: $18,760 (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 62702

• Home prices YoY: -34.9%
• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,074 high
• Mortgage (P&I): −$351
• Tax from tax record: −$101 /mo · $1,210/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $368

Break-even live

Break-even rent $608

Max offer price $67,000

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
920 N 19th St Springfield, IL	3.0	1.0	1000	$1,100	$1.10	21d	1	0.17mi
1036 N Indiana Ave Springfield, IL	2.0	1.0	672	$1,100	$1.64	43d	1	0.34mi
302 Forrest Ave Springfield, IL	3.0	2.0	924	$1,069	$1.16	21d	1	0.87mi
1127 N 6th St Unit 2 Springfield, IL	1.0	1.0	900	$900	$1.00	43d	1	0.91mi
2281 E Keys Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	43d	1	0.96mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	43d	1	1.13mi
201 Eastman Ave Springfield, IL	2.0	1.0	812	$950	$1.17	43d	1	1.28mi
507 S Wesley St Springfield, IL	2.0	1.0	800	$975	$1.22	43d	1	1.30mi
3064 Louise Ln Springfield, IL	3.0	1.0	1100	$1,350	$1.23	21d	1	1.31mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	43d	1	1.39mi
417 E Cook St Unit A Springfield, IL	1.0	1.0	550	$850	$1.55	21d	1	1.41mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	43d	1	1.41mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	21d	1	1.42mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	43d	1	1.48mi

Listing history 28 events

1. 2026-06-19
   days on market $67,000 Active 94 DOM
2. 2026-06-18
   days on market $67,000 Active 93 DOM
3. 2026-06-17
   days on market $67,000 Active 92 DOM
4. 2026-06-16
   days on market $67,000 Active 91 DOM
5. 2026-06-15
   days on market $67,000 Active 90 DOM
6. 2026-06-14
   days on market $67,000 Active 88 DOM
7. 2026-06-13
   days on market $67,000 Active 87 DOM
8. 2026-06-10
   days on market $67,000 Active 85 DOM
9. 2026-06-09
   days on market $67,000 Active 84 DOM
10. 2026-06-08
    days on market $67,000 Active 83 DOM
11. 2026-06-07
    days on market $67,000 Active 82 DOM
12. 2026-06-05
    days on market $67,000 Active 79 DOM
13. 2026-06-03
    days on market $67,000 Active 78 DOM
14. 2026-06-02
    days on market $67,000 Active 77 DOM
15. 2026-06-01
    days on market $67,000 Active 76 DOM
16. 2026-05-31
    days on market $67,000 Active 75 DOM
17. 2026-05-30
    days on market $67,000 Active 74 DOM
18. 2026-05-01
    historical $1,000
19. 2026-03-17
    listed $67,000 Active 881-char remark

    Show marketing remark (881 chars)

    Investment Opportunity Near Lanphier High School! Great opportunity to own an affordable investment property on Springfield’s north side, just steps from Lanphier High School and minutes from downtown, shopping, and medical facilities. This residential property is well-suited for an investor looking to build rental income or a homeowner wanting to put in a little TLC and add value. Featuring multiple bedrooms, spacious living areas, and a traditional layout, this home offers solid potential for steady cash flow. The property includes a yard with room for off-street parking and is located in an established neighborhood with strong rental demand. With schools, parks, and public transportation nearby, this is a prime location for tenants or first-time buyers. Don’t miss your chance to secure a property in a high-demand rental area at an attractive price point!

20. 2026-03-12
    listed $1,000
21. 2025-09-03
    status Active
22. 2025-09-03
    historical
23. 2025-08-29
    listed Active
24. 2025-01-18
    historical $900
25. 2024-12-21
    listed $900
26. 2024-02-08
    historical
27. 2023-03-29
    listed Active
28. 2022-02-24
    soldstatus $375,950

ⓘ 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: $1,210 · $101/mo
• Projected year-2 tax: $1,366 · $114/mo
• Expected delta: +$155/yr (+$13/mo · 12.8%)

ⓘ 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: $12,886
• − Mortgage interest: −$3,753
• − Property taxes: −$1,210
• − Insurance: −$335
• − Repairs & maintenance: −$1,031
• − Management: −$1,031
• − Depreciation: −$1,949
• Taxable income: $3,577
• Est. tax owed @ 24.0%: −$859
• After-tax cash flow: $3,560/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): 31,033
• Household income: $51,136
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1230.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Black 17% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Slovak 2% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -79.98%
• Current HPI: 149.1926
• Rent YoY: ▲ 4.95%
• 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

-99.7% since first listed

11 events — show timeline

• 2026-05-01 Rental Removed $1,000 BUILDIUM
• 2026-03-17 Listed $67,000 RMLSA as Distributed by MLS Grid
• 2026-03-12 Listed for Rent $1,000 BUILDIUM
• 2025-09-03 Relisted — RMLSA as Distributed by MLS Grid
• 2025-09-03 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-08-29 Listed — RMLSA as Distributed by MLS Grid
• 2025-01-18 Rental Removed $900 BUILDIUM
• 2024-12-21 Listed for Rent $900 BUILDIUM
• 2024-02-08 Listing Removed — RMLSA as Distributed by MLS Grid
• 2023-03-29 Listed — RMLSA as Distributed by MLS Grid
• 2022-02-24 Sold (Public Records) $375,950 Public Records

Property tax history

+1.5%/yr

Latest (2024): $1,210 · +4.0% YoY. Source: county tax records.