201 S Walnut St · Springfield, IL 62704-0000

$115,000

3 bd · 1.5 ba · 1,315 sqft · Other · 7 Days on market

Built 1949 0.27 ac lot

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks

Don't miss this charming home in Springfield's Historic Westside neighborhood, conveniently located near downtown amenities, Springfield High School, and beautiful Washington Park. Main level offers a spacious living room highlighted by a vintage fireplace, three bedrooms, a full bathroom, and an updated kitchen featuring newer cabinetry, countertops, and stainless appliances. An adjoining dining area provides the perfect space for everyday meals and gatherings. The basement adds valuable flexibility with unfinished recreation/storage space, fireplace & half bath. A standout feature is the two-garage setup: a one-car attached garage plus 1.5 car detached garage located at the rear of

Key facts

• Stainless appliances
• Vintage fireplace
• Updated kitchen

Tags

• VINTAGE FIREPLACE
• UPDATED KITCHEN
• STAINLESS APPLIANCES
• UNFINISHED RECREATION SPACE
• TWO-GARAGE SETUP
• ONE-CAR ATTACHED GARAGE

Property features AI

Exterior

• Parking: 2-car garage; Attached and detached garage options; Alley access
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Shingle roof; Built in 1949; Not new construction
• Construction: Shingle roof; Original construction date 1949
• Exterior features: Fenced yard; Level lot; Paved road access

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (two on the main level; additional levels include upper, lower, basement, and third floor areas); Primary/main bedrooms feature egress windows
• Flooring: Luxury vinyl plank flooring in main living, dining and kitchen areas; Carpet in bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom; Additional half bath located in the basement area
• Heating & cooling: Central air conditioning; Forced air heating; Gas water heater
• Interior features: Ceiling fans; Living room fireplace (1 total) with additional fireplace area listed as 'Other'; Partial unfinished basement
• Laundry & utility: Gas water heater (listed under heating)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 8.1% 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: Elizabeth Graham Elem School (math 5% / reading 12%, grade F, #1,617 of 2,056 statewide, top 79%, 252 students, 0% FRL); Springfield High School (math 44% / reading 53%, grade D, #49 of 693 statewide, top 7%, 1,461 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: 6 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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

• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $41k; list at $115k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1949 — 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: 1.07% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.4%
• Equity multiple: 1.77×
• Total profit: $24,724
• Equity at exit: $51,709

10-year hold

• IRR: 15.3%
• Equity multiple: 3.26×
• Total profit: $72,856
• Equity at exit: $79,690

Cash invested: $32,200 (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 62704-0000

• Active inventory: 6
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,226 high
• Mortgage (P&I): −$603
• Tax from tax record: −$147 /mo · $1,767/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $170

Break-even live

Break-even rent $1,010

Max offer price $115,000

Occupancy floor 81%

Sensitivity live

Price	-10% $235	-5% $203	+0% $170	+5% $138	+10% $105
Rent	-10% $73	-5% $122	+0% $170	+5% $219	+10% $267
Rate	-1.0pp $228	-0.5pp $200	base $170	+0.5pp $141	+1.0pp $110

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
922 Governor St Springfield, IL	3.0	1.0	1682	$1,200	$0.71	44d	1	0.30mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	22d	1	0.50mi
400 E Jefferson St Springfield, IL	2.0	1.0	1420	$1,220	$0.86	44d	1	0.74mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	44d	1	0.79mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	22d	1	0.86mi
1030 N MacArthur Blvd Springfield, IL	2.0	1.0	1400	$1,350	$0.96	22d	1	0.89mi
1644 W Adams St Unit 1 Springfield, IL	2.0	1.0	950	$1,200	$1.26	44d	1	0.95mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	44d	1	0.97mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	22d	1	1.19mi
1224 N Rutledge St Springfield, IL	2.0	2.0	1200	$1,400	$1.17	22d	1	1.19mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	44d	1	1.26mi
525 E Pine St Unit 4 Springfield, IL	2.0	2.0	1250	$1,200	$0.96	22d	1	1.31mi
525 E Pine St Springfield, IL	2.0	2.0	1250	$1,200	$0.96	44d	1	1.31mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	22d	1	1.41mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	44d	1	1.44mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	44d	1	1.48mi
1413 N 5th St Springfield, IL	3.0	1.0	1200	$1,200	$1.00	22d	1	1.48mi

Listing history 6 events

1. 2026-06-09
   statusdays on market $115,000 Pending 7 DOM
2. 2026-06-08
   days on market $115,000 Active 6 DOM
3. 2026-06-07
   days on market $115,000 Active 5 DOM
4. 2026-06-05
   days on market $115,000 Active 2 DOM
5. 2026-06-03
   remarks 695-char remark
6. 2026-06-03
   listed $115,000 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: $1,767 · $147/mo
• Projected year-2 tax: $2,189 · $182/mo
• Expected delta: +$422/yr (+$35/mo · 23.8%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,713
• − Mortgage interest: −$6,442
• − Property taxes: −$1,767
• − Insurance: −$575
• − Repairs & maintenance: −$1,177
• − Management: −$1,177
• − Depreciation: −$3,345
• Taxable income: $230
• Est. tax owed @ 24.0%: −$55
• After-tax cash flow: $1,989/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+180.5% since first listed

6 events — show timeline

• 2026-06-02 Listed $115,000 RMLSA as Distributed by MLS Grid
• 2024-10-30 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-09-20 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-08-20 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-08-01 Listed — RMLSA as Distributed by MLS Grid
• 2000-05-18 Sold (Public Records) $41,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,767 · +3.4% YoY. Source: county tax records.