1546 E Cornell St · Springfield, IL 62703

$160,000

24 bd · 24.0 ba · 3,420 sqft · MultiFamily · 83 Days on market

Built 1968 9,750 sqft lot $47/sqft · 13% above area Est $142k · 13% over

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Why this score? — see what drove the D- 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

All brick 6 unit 1 story apartment building. Individual electric meters. All units occupied and being sold As Is. Tenants pay electric and gas. House meter for water and sewer pay by landlord.

Key facts

• 9,750 sq ft lot
• 6 parking spots
• Built 1968

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/4.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $5k ($66k/yr) — positive. Per door: $914/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 47.4% 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: Harvard Park Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 346 students, 0% FRL); Jefferson Middle School (math 3% / reading 8%, grade F, #635 of 665 statewide, top 95%, 539 students, 0% FRL); Springfield Southeast High Sch (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 1,261 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.
• Market conditions: Rents rising fast (+12.2%/yr); 109 active listings in the ZIP; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• At $8,339/mo this rent would consume 222% of the median local household income ($45k/yr) (locally 1626% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 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 $38k; list at $160k implies a 321% gain — meaningful room to come down on a strong offer.

Recommended offer $150,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 5.21% ✓
• Cap rate: 47.41%
• Cash-on-cash: 146.84%
• DSCR: 7.53
• GRM: 1.6

CMA / ARV

• ARV (median comp): $141,554
• List price: $160,000
• Delta: 13.03%
• Verdict: OVERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.20×
• Total profit: $367,426
• Equity at exit: $23,857

10-year hold

• IRR: —
• Equity multiple: 22.67×
• Total profit: $970,634
• Equity at exit: $13,834

Cash invested: $44,800 (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: 109
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $8,339 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,751
• Net cashflow: $5,482

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 29%

Sensitivity live

Price	-10% $5,593	-5% $5,537	+0% $5,482	+5% $5,427	+10% $5,372
Rent	-10% $4,823	-5% $5,153	+0% $5,482	+5% $5,811	+10% $6,141
Rate	-1.0pp $5,563	-0.5pp $5,523	base $5,482	+0.5pp $5,441	+1.0pp $5,398

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	4	4	$8,340
Total (6 units)			$8,339

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-23
   days on market $160,000 Active 83 DOM
2. 2026-06-22
   days on market $160,000 Active 82 DOM
3. 2026-06-19
   days on market $160,000 Active 80 DOM
4. 2026-06-18
   days on market $160,000 Active 79 DOM
5. 2026-06-17
   days on market $160,000 Active 78 DOM
6. 2026-06-16
   days on market $160,000 Active 77 DOM
7. 2026-06-15
   days on market $160,000 Active 76 DOM
8. 2026-06-14
   days on market $160,000 Active 74 DOM
9. 2026-06-13
   days on market $160,000 Active 73 DOM
10. 2026-06-10
    days on market $160,000 Active 71 DOM
11. 2026-06-09
    days on market $160,000 Active 70 DOM
12. 2026-06-08
    days on market $160,000 Active 69 DOM
13. 2026-06-07
    days on market $160,000 Active 68 DOM
14. 2026-06-05
    days on market $160,000 Active 65 DOM
15. 2026-06-03
    days on market $160,000 Active 64 DOM
16. 2026-06-02
    days on market $160,000 Active 63 DOM
17. 2026-06-01
    days on market $160,000 Active 62 DOM
18. 2026-05-31
    days on market $160,000 Active 61 DOM
19. 2026-05-30
    days on market $160,000 Active 60 DOM
20. 2026-03-31
    listed $160,000 Active 195-char remark

    Show marketing remark (195 chars)

    All brick 6 unit 1 story apartment building. Individual electric meters. All units occupied and being sold As Is. Tenants pay electric and gas. House meter for water and sewer pay by landlord.

21. 2021-08-06
    historical
22. 2009-09-16
    soldstatus $38,000
23. 2009-05-08
    listed $45,000
24. 2004-02-03
    soldstatus $30,750
25. 2003-11-24
    listed $39,900
26. 1999-10-04
    soldstatus $128,500
27. 1999-03-15
    listed $130,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $100,068
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$8,005
• − Management: −$8,005
• − Depreciation: −$4,655
• Taxable income: $67,240
• Est. tax owed @ 24.0%: −$16,138
• After-tax cash flow: $49,647/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

+23.1% since first listed

8 events — show timeline

• 2026-03-31 Listed $160,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2009-09-16 Sold (MLS) $38,000 RMLSA as Distributed by MLS Grid
• 2009-05-08 Listed $45,000 RMLSA as Distributed by MLS Grid
• 2004-02-03 Sold (MLS) $30,750 RMLSA as Distributed by MLS Grid
• 2003-11-24 Listed $39,900 RMLSA as Distributed by MLS Grid
• 1999-10-04 Sold (MLS) $128,500 RMLSA as Distributed by MLS Grid
• 1999-03-15 Listed $130,000 RMLSA as Distributed by MLS Grid