1606 Sangamon Ave · Springfield, IL 62702

$75,000

4 bd · 2.0 ba · 1,728 sqft · Other · 52 Days on market

Built 1905 5,400 sqft lot $43/sqft · 48% below area Est $144k · 48% under

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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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks

Awesome investment opportunity awaits! Plenty of space in this 4bd, 2ba home. Roof '21, A/C '21, Furnace '26, plus main floor ceiling tiles and all replacement windows. No need to worry about the big ticket items because they're all taken care of. Excellent location near shopping and restaurants. Inspections welcome but selling as-is.

Key facts

• Replacement windows
• 5,400 sq ft lot
• Parking

Tags

• INVESTMENT OPPORTUNITY
• MAIN FLOOR CEILING TILES
• REPLACEMENT WINDOWS

Property features AI

Exterior

• Parking: Alley access (no garage spaces)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Approximately 1,728 total living area
• Construction: Shingle roof; Built in 1905
• Exterior features: Fenced yard; Level lot; Paved road access; Lot dimensions approximately 36 x 150

Interior

• Kitchen: Kitchen with laminate flooring (approx. 15.7 x 9.2)
• Bedrooms: 4 bedrooms; Two upper-level bedrooms with carpeted floors and egress windows (approx. 13.2 x 13.1); Two main-level bedrooms with carpeted floors (one approx. 14 x 10, another approx. 14 x 10)
• Flooring: Carpet in main living areas and bedrooms; Laminate in kitchen; Vinyl in laundry room
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Refrigerator included; Partial crawl space basement
• Laundry & utility: Laundry room with vinyl flooring (approx. 15.5 x 10)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: 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 (+5.0%/yr); 131 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 31% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $75k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.76% ✓
• Cap rate: 14.34%
• Cash-on-cash: 28.72%
• DSCR: 2.28
• GRM: 4.7

CMA / ARV

• ARV (median comp): $143,513
• List price: $75,000
• Delta: -47.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.3%
• Equity multiple: 2.07×
• Total profit: $22,536
• Equity at exit: $11,183

10-year hold

• IRR: 34.3%
• Equity multiple: 4.44×
• Total profit: $72,264
• Equity at exit: $6,485

Cash invested: $21,000 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,321 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$116 /mo · $1,393/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $503

Break-even live

Break-even rent $684

Max offer price $75,000

Occupancy floor 57%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3501 E Ridgely Ave Unit FR21 Springfield, IL	3.0	2.0	1216	$1,129	$0.93	21d	1	0.66mi
1413 N 5th St Springfield, IL	3.0	1.0	1200	$1,200	$1.00	21d	1	1.19mi
3430 N Peoria Rd Springfield, IL	3.0	2.0	1056	$1,129	$1.07	21d	1	1.30mi

Listing history 24 events

1. 2026-06-19
   days on market $75,000 Under Contract 52 DOM
2. 2026-06-18
   days on market $75,000 Under Contract 51 DOM
3. 2026-06-17
   days on market $75,000 Under Contract 50 DOM
4. 2026-06-16
   days on market $75,000 Under Contract 49 DOM
5. 2026-06-15
   days on market $75,000 Under Contract 48 DOM
6. 2026-06-14
   days on market $75,000 Under Contract 46 DOM
7. 2026-06-13
   days on market $75,000 Under Contract 45 DOM
8. 2026-06-10
   days on market $75,000 Under Contract 43 DOM
9. 2026-06-09
   days on market $75,000 Under Contract 42 DOM
10. 2026-06-08
    days on market $75,000 Under Contract 41 DOM
11. 2026-06-07
    days on market $75,000 Under Contract 40 DOM
12. 2026-06-05
    days on market $75,000 Under Contract 37 DOM
13. 2026-06-03
    days on market $75,000 Under Contract 36 DOM
14. 2026-06-02
    days on market $75,000 Under Contract 35 DOM
15. 2026-06-01
    days on market $75,000 Under Contract 34 DOM
16. 2026-05-31
    days on market $75,000 Under Contract 33 DOM
17. 2026-05-30
    days on market $75,000 Under Contract 32 DOM
18. 2026-05-02
    historical Under Contract 336-char remark
19. 2026-04-28
    listed $75,000 Active 336-char remark
20. 2021-08-06
    historical
21. 2021-08-06
    historical
22. 2021-08-06
    historical
23. 2008-03-24
    soldstatus $41,000
24. 2007-10-19
    listed $44,900

ⓘ 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: $1,393 · $116/mo
• Projected year-2 tax: $1,548 · $129/mo
• Expected delta: +$155/yr (+$13/mo · 11.1%)

ⓘ 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 ≥104°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: $15,847
• − Mortgage interest: −$4,201
• − Property taxes: −$1,393
• − Insurance: −$375
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$2,182
• Taxable income: $5,161
• Est. tax owed @ 24.0%: −$1,239
• After-tax cash flow: $4,793/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

+67.0% since first listed

7 events — show timeline

• 2026-05-02 Contingent — RMLSA as Distributed by MLS Grid
• 2026-04-28 Listed $75,000 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
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2008-03-24 Sold (MLS) $41,000 RMLSA as Distributed by MLS Grid
• 2007-10-19 Listed $44,900 RMLSA as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2025): $1,393 · +5.6% YoY. Source: county tax records.