1702 E Carpenter St · Springfield, IL 62702

$54,500

2 bd · 1.0 ba · 813 sqft · Other · 63 Days on market

Built 1967 $67/sqft · 16% above area Est $47k · 16% 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 +0.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1702 E Carpenter St in Springfield! This charming 2-bedroom, 1-bath home is move-in ready and perfect for homeowners and investors alike. Featuring fresh paint and updated flooring throughout, the interior offers a clean, modern feel with low-maintenance finishes. The home includes a functional layout with a bright living space, an efficient kitchen, and a full bathroom. Outside, you’ll find a welcoming front porch—ideal for relaxing—and a manageable yard. Whether you’re looking for an affordable place to call home or a solid addition to your rental portfolio, this property checks all the boxes. Don’t miss your opportunity to own a turn-key home at a great value—schedule your showing today!

Key facts

• Bright living space
• Fresh paint
• Full bathroom

Tags

• FRESH PAINT
• UPDATED FLOORING
• FUNCTIONAL LAYOUT
• BRIGHT LIVING SPACE
• EFFICIENT KITCHEN
• FULL BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $54k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $51k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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: 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.
• Zoned schools: Feitshans Elem Sch (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 296 students, 0% FRL); Washington Middle School (math 3% / reading 6%, grade F, #650 of 665 statewide, top 98%, 531 students, 0% FRL); Lanphier High School (math 10% / reading 16%, grade F, #501 of 693 statewide, top 73%, 1,058 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 7% at this address vs 20% district-wide (-13 pts) — the specific schools serving this property underperform the Springfield SD 186 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.0%/yr); 137 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $377 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $8k; list at $54k implies a 541% gain — meaningful room to come down on a strong offer.

Recommended offer $51,230 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.93% ✓
• Cap rate: 16.28%
• Cash-on-cash: 35.67%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $46,808
• List price: $54,500
• Delta: 16.43%
• 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: 33.5%
• Equity multiple: 2.45×
• Total profit: $22,185
• Equity at exit: $8,126

10-year hold

• IRR: 41.5%
• Equity multiple: 5.30×
• Total profit: $65,589
• Equity at exit: $4,712

Cash invested: $15,260 (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: 137
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,053 high
• Mortgage (P&I): −$286
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $454

Break-even live

Break-even rent $479

Max offer price $54,500

Occupancy floor 52%

Sensitivity live

Price	-10% $484	-5% $469	+0% $454	+5% $438	+10% $423
Rent	-10% $370	-5% $412	+0% $454	+5% $495	+10% $537
Rate	-1.0pp $481	-0.5pp $468	base $454	+0.5pp $440	+1.0pp $425

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: $13,625
• Closing costs: $1,635
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	22d	1	0.33mi
1036 N Indiana Ave Springfield, IL	2.0	1.0	672	$1,100	$1.64	45d	1	0.51mi
302 Forrest Ave Springfield, IL	3.0	2.0	924	$1,069	$1.16	22d	1	0.75mi
1127 N 6th St Unit 2 Springfield, IL	1.0	1.0	900	$900	$1.00	45d	1	1.05mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	45d	1	1.07mi
2281 E Keys Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	45d	1	1.09mi
507 S Wesley St Springfield, IL	2.0	1.0	800	$975	$1.22	45d	1	1.12mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	22d	1	1.28mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	45d	1	1.29mi
417 E Cook St Unit A Springfield, IL	1.0	1.0	550	$850	$1.55	22d	1	1.30mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	45d	1	1.31mi
3064 Louise Ln Springfield, IL	3.0	1.0	1100	$1,350	$1.23	22d	1	1.32mi
201 Eastman Ave Springfield, IL	2.0	1.0	812	$950	$1.17	45d	1	1.44mi

Listing history 14 events

1. 2026-06-09
   status $54,500 Pending 63 DOM
2. 2026-06-08
   days on market $54,500 Active 63 DOM
3. 2026-06-07
   days on market $54,500 Active 62 DOM
4. 2026-06-05
   days on market $54,500 Active 59 DOM
5. 2026-06-03
   days on market $54,500 Active 58 DOM
6. 2026-06-02
   days on market $54,500 Active 57 DOM
7. 2026-06-01
   days on market $54,500 Active 56 DOM
8. 2026-05-31
   days on market $54,500 Active 55 DOM
9. 2026-05-30
   days on market $54,500 Active 54 DOM
10. 2026-04-25
    price $55,500 749-char remark

    Show marketing remark (749 chars)

    Welcome to 1702 E Carpenter St in Springfield! This charming 2-bedroom, 1-bath home is move-in ready and perfect for homeowners and investors alike. Featuring fresh paint and updated flooring throughout, the interior offers a clean, modern feel with low-maintenance finishes. The home includes a functional layout with a bright living space, an efficient kitchen, and a full bathroom. Outside, you’ll find a welcoming front porch—ideal for relaxing—and a manageable yard. Whether you’re looking for an affordable place to call home or a solid addition to your rental portfolio, this property checks all the boxes. Don’t miss your opportunity to own a turn-key home at a great value—schedule your showing today!

11. 2026-04-06
    listed $57,000 Active 749-char remark

    Show marketing remark (749 chars)

    Welcome to 1702 E Carpenter St in Springfield! This charming 2-bedroom, 1-bath home is move-in ready and perfect for homeowners and investors alike. Featuring fresh paint and updated flooring throughout, the interior offers a clean, modern feel with low-maintenance finishes. The home includes a functional layout with a bright living space, an efficient kitchen, and a full bathroom. Outside, you’ll find a welcoming front porch—ideal for relaxing—and a manageable yard. Whether you’re looking for an affordable place to call home or a solid addition to your rental portfolio, this property checks all the boxes. Don’t miss your opportunity to own a turn-key home at a great value—schedule your showing today!

12. 2021-08-06
    historical
13. 1999-05-27
    soldstatus $8,500
14. 1999-03-31
    listed $15,000

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $1,039 · $87/mo
• Expected delta: +$199/yr (+$17/mo · 23.6%)

ⓘ 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: $12,640
• − Mortgage interest: −$3,053
• − Property taxes: −$840
• − Insurance: −$272
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$1,585
• Taxable income: $4,867
• Est. tax owed @ 24.0%: −$1,168
• After-tax cash flow: $4,276/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

+270.0% since first listed

5 events — show timeline

• 2026-04-25 Price Changed $55,500 RMLSA as Distributed by MLS Grid
• 2026-04-06 Listed $57,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 1999-05-27 Sold (MLS) $8,500 RMLSA as Distributed by MLS Grid
• 1999-03-31 Listed $15,000 RMLSA as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2024): $840 · +4.0% YoY. Source: county tax records.