3603 Teakwood Dr · Springfield, IL 62712

$227,500

2 bd · 2.0 ba · 1,455 sqft · Condo · 1 Days on market

Built 1997

---

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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lake Area, Rochester Schools, Ranch, Large Great Room, Country Kitchen, Extra Nice Master Bath, Cathedral Ceiling, E-Z Show, Old Lockbox-(Jan), Agent Owned, Nice Front Porch. Earnest Money Payable To "Chicago Title."

Key facts

• Covered front porch
• Convenient location
• Privacy deck

Tags

• CONVENIENT LOCATION
• COVERED FRONT PORCH
• UPDATED QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• PRIVACY DECK

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Attached property
• Construction: Built in 1997
• Exterior features: Level lot; Lot dimensions approximately 135' x 42'; Shingle roof

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Tile flooring in the kitchen
• Bedrooms: 2 bedrooms (both on the main level; primary about 14' x 13', second about 11' x 11')
• Flooring: Carpet in bedrooms and living areas; Tile in kitchen and laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: One fireplace; No basement
• Laundry & utility: Dedicated laundry room (about 7' x 6')

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $228k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $228k).
• Cap rate 7.5% 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.
• Rochester CUSD 3A (suburban): math 28% / reading 41% proficiency, ranked #152 of 620 in IL (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 29y 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 $138k; list at $228k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $227,500

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
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 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: 1.01% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 8.2

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-22,659
• Equity at exit: $33,921

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,304
• Equity at exit: $19,670

Cash invested: $63,700 (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 62712

• Home prices YoY: -33.2%
• Active inventory: 36
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$1,193
• Tax from tax record: −$307 /mo · $3,683/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $222

Break-even live

Break-even rent $2,019

Max offer price $227,500

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: $56,875
• Closing costs: $6,825
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
136 East Hazel Dell Ln Springfield, IL	2.0	2.0	1350	$2,300	$1.70	21d	1	1.39mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $227,500 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: $3,683 · $307/mo
• Projected year-2 tax: $4,423 · $369/mo
• Expected delta: +$741/yr (+$62/mo · 20.1%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate

Taxation est. · year 1

• Rental income: $27,600
• − Mortgage interest: −$12,744
• − Property taxes: −$3,683
• − Insurance: −$1,138
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$6,618
• Taxable loss: −$998
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $2,907/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: Rochester CUSD 3A
• NCES district ID: 1734320
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 41% ▲ 6.00%
• Median HH income: $89,129
• Composite: 33.63/100
• National rank: #5401
• State rank: #152 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
• City population: 59,955
• Population (ZIP): 10,555

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 (88%)
• Race & ethnicity: White 88% Black 7% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 3%
• Foreign-born: 3% · Canada, China, Jamaica
• Languages at home: 97% English-only · Spanish 1% Chinese 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: ▼ -83.62%
• Current HPI: 167.928
• 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

+116.7% since first listed

5 events — show timeline

• 2026-06-17 Listed $227,500 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2011-08-02 Sold (Public Records) $138,000 Public Records
• 1998-01-15 Sold (MLS) $105,000 RMLSA as Distributed by MLS Grid
• 1997-08-01 Listed $105,000 RMLSA as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2025): $3,683 · +7.2% YoY. Source: county tax records.