1904 E Cornell Ave · Springfield, IL 62703

$79,900

5 bd · 2.0 ba · 1,858 sqft · Other · 2 Days on market

Built 1993 7,000 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 MLS

Check out this large 2 story home with 5 large bedrooms, 2 full bathrooms, 1858sqft, sits on 2 lots. This 1993 built home has newer windows, flooring, doors brand new roof & soffit in 2021. Challenge you to find a 5 bedroom & 2 baths priced below $70k. Home is currently rented to long term tenant of (8 to 9 years) and WAY BELOW market rent of $960 a month, Tenant pays all utilities including yard and snow maintenance. Can be sold as package with 711 Governor CA1012868

Key facts

• 7,000 sq ft lot
• Parking
• Built 1993

Property features AI

Exterior

• Parking: Parking pad (no garage)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels; Built in 1993
• Construction: Shingle roof; Not new construction
• Exterior features: Shed(s); Level lot; Paved road access; Lot approximately 50 x 140

Interior

• Kitchen: Kitchen on main level with laminate flooring
• Bedrooms: 5 bedrooms; Primary/main bedroom approximately 13 x 13 with carpet and egress window; Upper level bedroom approximately 14 x 11 with carpet and egress window; Upper level bedroom approximately 11 x 11 with carpet and egress window; Upper level bedroom approximately 11 x 11 with carpet and egress window; Upper level bedroom approximately 9 x 10 with carpet and egress window
• Flooring: Carpet in bedrooms; Laminate in main living areas and kitchen
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: No basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 22.5% 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; 2 comparable units currently listed for rent nearby; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• At $2,081/mo this rent would consume 55% 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 $552 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $60k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $79,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 2.60% ✓
• Cap rate: 22.52%
• Cash-on-cash: 57.96%
• DSCR: 3.58
• GRM: 3.2

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: 62.1%
• Equity multiple: 3.99×
• Total profit: $66,906
• Equity at exit: $11,913

10-year hold

• IRR: 68.4%
• Equity multiple: 9.81×
• Total profit: $197,077
• Equity at exit: $6,908

Cash invested: $22,372 (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: 3.2×

Monthly cashflow live

• Estimated rent: $2,081 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,081

Break-even live

Break-even rent $713

Max offer price $79,900

Occupancy floor 43%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1329 South St Springfield, IL	5.0	2.0	2462	$2,450	$1.00	20d	1	0.42mi
1933 S 2nd St Springfield, IL	4.0	2.0	1433	$1,400	$0.98	43d	1	1.30mi

Listing history 3 events

1. 2026-06-03
   statusdays on market $79,900 Pending 2 DOM
2. 2026-06-01
   remarks 329-char remark
3. 2026-06-01
   listed $79,900 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: $1,330 · $111/mo
• Projected year-2 tax: $1,572 · $131/mo
• Expected delta: +$242/yr (+$20/mo · 18.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 19 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: $24,967
• − Mortgage interest: −$4,476
• − Property taxes: −$1,330
• − Insurance: −$400
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$2,324
• Taxable income: $12,443
• Est. tax owed @ 24.0%: −$2,986
• After-tax cash flow: $9,980/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

+40.2% since first listed

13 events — show timeline

• 2026-05-29 Listed $79,900 RMLSA as Distributed by MLS Grid
• 2022-07-07 Sold (Public Records) $60,000 Public Records
• 2022-07-06 Sold (MLS) $60,000 RMLSA as Distributed by MLS Grid
• 2022-06-20 Contingent — RMLSA as Distributed by MLS Grid
• 2022-03-09 Listed $65,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2019-03-22 Sold (MLS) $35,000 RMLSA as Distributed by MLS Grid
• 2018-08-07 Listed $40,000 RMLSA as Distributed by MLS Grid
• 2013-01-22 Sold (MLS) $24,000 RMLSA as Distributed by MLS Grid
• 2012-11-29 Listed $23,500 RMLSA as Distributed by MLS Grid
• 1999-10-28 Listed $57,000 RMLSA as Distributed by MLS Grid
• 1999-10-28 Sold (MLS) $57,000 RMLSA as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2025): $1,330 · +3.4% YoY. Source: county tax records.