2517 Holmes Ave · Springfield, IL 62704

$100,000

2 bd · 2.0 ba · 1,343 sqft · SingleFamily · 6 Days on market

Built 1940 5,662 sqft lot Est $125k · 20% 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +7.3/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Perfect starter home or investment property or even someone that travels in town occasionally and wants to rent out main level. This bungalow has 2 bedrooms and 1 bath and the main level. The basement is partially finished with a kitchenette, family room and a office/guest space and 2nd bath. Makes for a great area to entertain or space for a guest. Downstairs can be blocked off for private basement entrance. Two car detached garage is just outside the large fenced-in back yard. Backyard also has large concrete stamped patio. Replacement windows. Currently rented month to month for $1,550.00 and tenant would like to stay.

Key facts

• Kitchenette
• Main level
• Office guest space

Tags

• MAIN LEVEL
• PARTIALLY FINISHED BASEMENT
• KITCHENETTE
• FAMILY ROOM
• OFFICE GUEST SPACE
• PRIVATE BASEMENT ENTRANCE

Property features AI

Exterior

• Parking: Detached 2-car garage; Shared driveway
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1940
• Construction: Shingle roof; Full basement (partially finished)
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: 2 bedrooms (bedrooms located on main level)
• Flooring: Carpet in bedrooms and living areas; Vinyl flooring in kitchen and additional rooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Forced air heating; Gas water heater
• Interior features: Ceiling fans
• Laundry & utility: Laundry room in basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 8.9% 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 (+6.3%/yr); 177 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $691 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.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $74k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Built in 1940 — 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: 1.23% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.20%
• DSCR: 1.41
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $124,899
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2830 S State St	0.38mi	2/1.5	1,346 (+0%)	1mo	$139,000	$103	79
2501 S College St	0.29mi	3/2.0 (+1)	1,473 (+10%)	2mo	$159,900	$109	64
2609 S Lowell Ave	0.13mi	1/1.0 (-1)	1,148 (-14%)	2mo	$47,000	$41	59
2425 S State St	0.24mi	3/1.5 (+1)	1,510 (+12%)	3mo	$170,000	$113	59
2408 S 4th St	0.62mi	2/1.0	1,316 (-2%)	7mo	$86,900	$66	58
29 Belle Pl	0.55mi	3/2.0 (+1)	1,392 (+4%)	7mo	$130,000	$93	58
1927 S College St	0.56mi	3/1.5 (+1)	1,304 (-3%)	6mo	$130,000	$100	57
49 Ruth Ct	0.57mi	2/1.0	1,260 (-6%)	5mo	$98,000	$78	55
1929 S Walnut St	0.49mi	3/1.0 (+1)	1,416 (+5%)	6mo	$206,000	$145	54
66 Ruth Ct	0.55mi	3/1.0 (+1)	1,244 (-7%)	6mo	$92,000	$74	48
512 Broad Pl	0.73mi	2/1.0	1,450 (+8%)	1mo	$119,900	$83	48
9 Ruth Ct	0.56mi	3/1.0 (+1)	1,223 (-9%)	5mo	$93,000	$76	46

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 · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $1,758
• Equity at exit: $14,910

10-year hold

• IRR: 14.4%
• Equity multiple: 2.36×
• Total profit: $37,975
• Equity at exit: $8,646

Cash invested: $28,000 (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 62704

• Home prices YoY: -31.1%
• Rents YoY: 6.3%
• Active inventory: 177
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,227 high
• Mortgage (P&I): −$524
• Tax from tax record: −$189 /mo · $2,264/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $215

Break-even live

Break-even rent $955

Max offer price $100,000

Occupancy floor 78%

Sensitivity live

Price	-10% $271	-5% $243	+0% $215	+5% $186	+10% $158
Rent	-10% $118	-5% $166	+0% $215	+5% $263	+10% $312
Rate	-1.0pp $265	-0.5pp $240	base $215	+0.5pp $189	+1.0pp $162

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2715 S MacArthur Blvd Unit 01 Springfield, IL	2.0	1.5	935	$975	$1.04	44d	1	0.47mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	21d	1	0.88mi
12 Douglas Ct Springfield, IL	3.0	1.0	1000	$1,300	$1.30	21d	1	0.97mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	44d	1	1.03mi
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	44d	1	1.06mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	44d	1	1.07mi
1729 W Iles Ave Springfield, IL	3.0	1.0	1162	$1,500	$1.29	21d	1	1.10mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	21d	1	1.14mi
525 E Pine St Unit 4 Springfield, IL	2.0	2.0	1250	$1,200	$0.96	21d	1	1.19mi
525 E Pine St Springfield, IL	2.0	2.0	1250	$1,200	$0.96	44d	1	1.19mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	21d	1	1.19mi
1213 E Ash St Springfield, IL	3.0	2.0	1861	$2,030	$1.09	21d	1	1.35mi
1666 Seven Pines Rd Springfield, IL	1.0–4.0	1.0–1.5	1025	$1,167	$1.14	21d	1	1.39mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	44d	1	1.40mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	21d	1	1.50mi

Listing history 14 events

1. 2026-06-05
   days on market $100,000 Active 6 DOM
2. 2026-06-03
   days on market $100,000 Active 5 DOM
3. 2026-06-02
   days on market $100,000 Active 4 DOM
4. 2026-06-01
   days on market $100,000 Active 3 DOM
5. 2026-05-31
   days on market $100,000 Active 2 DOM
6. 2026-05-28
   listed $100,000 Active
7. 2021-08-06
   historical
8. 2021-08-06
   historical
9. 2020-10-16
   soldstatus $74,000
10. 2020-10-09
    soldstatus $74,000
11. 2020-10-09
    soldstatus $74,000
12. 2020-08-24
    listed $78,500
13. 2020-08-24
    listed $78,500
14. 2009-11-05
    soldstatus $70,000

ⓘ 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: $2,264 · $189/mo
• Projected year-2 tax: $2,267 · $189/mo
• Expected delta: +$3/yr ($0/mo · 0.1%)

ⓘ 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 ≥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: $14,724
• − Mortgage interest: −$5,602
• − Property taxes: −$2,264
• − Insurance: −$500
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$2,909
• Taxable income: $1,094
• Est. tax owed @ 24.0%: −$263
• After-tax cash flow: $2,313/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): 40,046
• Household income: $69,976
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1529.0

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 (74%)
• Race & ethnicity: White 74% Black 15% Two or more races 5% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 1% Tagalog/Filipino 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: ▼ -70.79%
• Current HPI: 156.7086
• Rent YoY: ▲ 6.32%
• 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

+42.9% since first listed

9 events — show timeline

• 2026-05-28 Listed $100,000 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
• 2020-10-16 Sold (Public Records) $74,000 Public Records
• 2020-10-09 Sold (MLS) $74,000 MRED as Distributed by MLS Grid
• 2020-10-09 Sold (MLS) $74,000 RMLSA as Distributed by MLS Grid
• 2020-08-24 Listed $78,500 MRED as Distributed by MLS Grid
• 2020-08-24 Listed $78,500 RMLSA as Distributed by MLS Grid
• 2009-11-05 Sold (Public Records) $70,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,264 · +5.0% YoY. Source: county tax records.