1015 W Washington St · Springfield, IL 62702

$110,000

2 bd · 1.0 ba · 1,782 sqft · SingleFamily · 2 Days on market

Built 1910 0.34 ac lot Est $166k · 34% under

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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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.9/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prepare to be impressed from the moment you pull in the driveway. This bungalow has all the charm you could want with tons of modern updates. The brick exterior has been freshly painted along with new stain on both front and back decks. NEW WINDOWS throughout the house make this home more efficient and will give buyer peace of mind. You will appreciate the larger bedrooms and bathroom once inside. Bathroom has been updated over the years with tile, walk in shower and extra room for a makeup vanity or bathroom storage. The kitchen has a lovely open feel and features a granite counters and a breakfast bar. The fenced in back yard will give you privacy while the fire pit is great for gatherings. This home has it all. Pre inspection available.

Key facts

• Tiled walk-in shower
• Main floor laundry
• Flex room

Tags

• TILED WALK-IN SHOWER
• FLEX ROOM
• MAIN FLOOR LAUNDRY
• GRANITE COUNTERTOPS
• FENCED BACKYARD
• DETACHED 2-CAR GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1910
• Construction: Full, partially finished basement
• Exterior features: Shingle roof; Level lot; Paved road access

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Hardwood flooring in living areas and dining room; Laminate flooring in some rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Radon mitigation system; One fireplace
• Laundry & utility: Main floor laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 7.6% 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: Dubois Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 443 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: Rents rising fast (+5.0%/yr); 131 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $761 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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 $94k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1910 — 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: 1.09% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $165,726
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 S Macarthur Blvd	0.11mi	3/3.0 (+1)	1,848 (+4%)	3mo	$46,000	$25	73
135 N State St	0.12mi	3/2.0 (+1)	1,627 (-9%)	0mo	$148,127	$91	71
400 S Adelia St	0.45mi	3/1.5 (+1)	1,720 (-4%)	1mo	$146,000	$85	66
400/406 S Lincoln Ave	0.29mi	3/1.5 (+1)	1,930 (+8%)	2mo	$199,000	$103	64
700 S English Ave	0.46mi	3/2.0 (+1)	1,846 (+4%)	0mo	$150,000	$81	63
1425 W Edwards St	0.58mi	3/2.0 (+1)	1,752 (-2%)	2mo	$211,500	$121	60
1532 W Edwards St	0.68mi	3/1.0 (+1)	1,714 (-4%)	4mo	$147,000	$86	53
259 N Columbia Ave	0.47mi	3/1.5 (+1)	1,557 (-13%)	3mo	$190,000	$122	48
631 W Edwards St	0.49mi	3/2.0 (+1)	1,567 (-12%)	2mo	$125,000	$80	47
865 S English Ave	0.65mi	3/2.0 (+1)	1,911 (+7%)	4mo	$240,000	$126	45
1555 W Edwards St	0.69mi	3/1.5 (+1)	1,984 (+11%)	6mo	$185,000	$93	36
1428 W Edwards St	0.60mi	3/2.0 (+1)	1,516 (-15%)	4mo	$150,000	$99	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -6.7%
• Equity multiple: 0.74×
• Total profit: $-7,865
• Equity at exit: $16,401

10-year hold

• IRR: 5.3%
• Equity multiple: 1.43×
• Total profit: $13,333
• Equity at exit: $9,511

Cash invested: $30,800 (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 62702

• Home prices YoY: -34.9%
• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$211 /mo · $2,529/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $118

Break-even live

Break-even rent $1,055

Max offer price $110,000

Occupancy floor 85%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.31mi
1030 N MacArthur Blvd Springfield, IL	2.0	1.0	1400	$1,350	$0.96	21d	1	0.79mi
400 E Jefferson St Springfield, IL	2.0	1.0	1420	$1,220	$0.86	44d	1	1.00mi

Listing history 3 events

1. 2026-06-19
   days on market $110,000 Active 2 DOM
2. 2026-06-17
   remarks 687-char remark
3. 2026-06-17
   listed $110,000 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: $2,529 · $211/mo
• Projected year-2 tax: $2,529 · $211/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $14,445
• − Mortgage interest: −$6,162
• − Property taxes: −$2,529
• − Insurance: −$550
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$3,200
• Taxable loss: −$306
• Est. tax savings @ 24.0%: +$73
• After-tax cash flow: $1,485/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

+29.6% since first listed

7 events — show timeline

• 2026-06-17 Listed $110,000 RMLSA as Distributed by MLS Grid
• 2020-08-11 Sold (Public Records) $94,000 Public Records
• 2020-08-07 Sold (MLS) $94,000 RMLSA as Distributed by MLS Grid
• 2020-06-21 Listed $94,900 RMLSA as Distributed by MLS Grid
• 2013-11-14 Sold (Public Records) $82,500 Public Records
• 2013-11-07 Sold (MLS) $82,500 RMLSA as Distributed by MLS Grid
• 2013-09-14 Listed $84,900 RMLSA as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2025): $2,529 · +4.8% YoY. Source: county tax records.