2021 N Peoria Rd · Springfield, IL 62702

$84,900

2 bd · 1.0 ba · 1,102 sqft · Other · 20 Days on market

Built 1873 7,150 sqft lot

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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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• 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

Affordable 2-bedroom/1 bath home walking distance to the state fairgrounds offering a fenced-in yard, 2-car garage, and front porch. Whether you're buying your first home or expanding your portfolio, this one fits. Previously operated as a rental with reliable occupancy, offering great potential for investors. Updates include: new porch floor, remodeled bathroom, new siding and roof on two-car garage, new entry door to garage. With its flexible layout, the dining room could be transformed into a larger more functional kitchen, while the existing small kitchen space presents a perfect opportunity for a convenient main-level laundry/mud room. Schedule a showing today.

Key facts

• New siding
• Remodeled bathroom
• Front porch

Tags

• FENCED-IN YARD
• FRONT PORCH
• NEW PORCH FLOOR
• REMODELED BATHROOM
• NEW SIDING
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $85k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: Ridgely Elem School (math 2% / reading 8%, grade F, #1,741 of 2,056 statewide, top 93%, 311 students, 0% FRL); Washington Middle School (math 3% / reading 6%, grade F, #650 of 665 statewide, top 98%, 531 students, 0% FRL); Lanphier High School (math 10% / reading 16%, grade F, #501 of 693 statewide, top 73%, 1,058 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.
• Zoned-school proficiency averages 8% at this address vs 20% district-wide (-12 pts) — the specific schools serving this property underperform the Springfield SD 186 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.0%/yr); 137 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $587 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 + 5.0% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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 $25k; list at $85k implies a 240% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1873 — 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: 1.34% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.22%
• DSCR: 1.59
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.6%
• Equity multiple: 1.22×
• Total profit: $5,252
• Equity at exit: $12,659

10-year hold

• IRR: 16.8%
• Equity multiple: 2.51×
• Total profit: $35,999
• Equity at exit: $7,341

Cash invested: $23,772 (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: 137
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,142 high
• Mortgage (P&I): −$445
• Tax from tax record: −$159 /mo · $1,912/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $262

Break-even live

Break-even rent $810

Max offer price $84,900

Occupancy floor 72%

Sensitivity live

Price	-10% $310	-5% $286	+0% $262	+5% $238	+10% $214
Rent	-10% $172	-5% $217	+0% $262	+5% $307	+10% $352
Rate	-1.0pp $305	-0.5pp $283	base $262	+0.5pp $240	+1.0pp $217

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 8 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	22d	1	0.82mi
1413 N 5th St Springfield, IL	3.0	1.0	1200	$1,200	$1.00	22d	1	0.82mi
201 Eastman Ave Springfield, IL	2.0	1.0	812	$950	$1.17	45d	1	0.98mi
1127 N 6th St Unit 2 Springfield, IL	1.0	1.0	900	$900	$1.00	45d	1	1.00mi
1224 N Rutledge St Springfield, IL	2.0	2.0	1200	$1,400	$1.17	22d	1	1.20mi
2281 E Keys Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	45d	1	1.21mi
920 N 19th St Springfield, IL	3.0	1.0	1000	$1,100	$1.10	22d	1	1.23mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	45d	1	1.41mi

Listing history 6 events

1. 2026-05-06
   status Pending 676-char remark

   Show marketing remark (676 chars)

   Affordable 2-bedroom/1 bath home walking distance to the state fairgrounds offering a fenced-in yard, 2-car garage, and front porch. Whether you're buying your first home or expanding your portfolio, this one fits. Previously operated as a rental with reliable occupancy, offering great potential for investors. Updates include: new porch floor, remodeled bathroom, new siding and roof on two-car garage, new entry door to garage. With its flexible layout, the dining room could be transformed into a larger more functional kitchen, while the existing small kitchen space presents a perfect opportunity for a convenient main-level laundry/mud room. Schedule a showing today.

2. 2026-04-16
   listed $84,900 Active 676-char remark

   Show marketing remark (676 chars)

   Affordable 2-bedroom/1 bath home walking distance to the state fairgrounds offering a fenced-in yard, 2-car garage, and front porch. Whether you're buying your first home or expanding your portfolio, this one fits. Previously operated as a rental with reliable occupancy, offering great potential for investors. Updates include: new porch floor, remodeled bathroom, new siding and roof on two-car garage, new entry door to garage. With its flexible layout, the dining room could be transformed into a larger more functional kitchen, while the existing small kitchen space presents a perfect opportunity for a convenient main-level laundry/mud room. Schedule a showing today.

3. 2012-04-18
   soldstatus $25,000
4. 2009-08-06
   soldstatus $57,500 113-char remark

   Show marketing remark (113 chars)

   SPACIOUS ROOMS WITH HIGH CEILINGS AND HARDWOOD FLOORS, TWO BEDROOM, FULL BASEMENT, LARGE LOT WITH 1.5 CAR GARAGE.

5. 2009-03-31
   listed $65,000 113-char remark

   Show marketing remark (113 chars)

   SPACIOUS ROOMS WITH HIGH CEILINGS AND HARDWOOD FLOORS, TWO BEDROOM, FULL BASEMENT, LARGE LOT WITH 1.5 CAR GARAGE.

6. 2002-10-21
   soldstatus $50,000

ⓘ 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: $1,912 · $159/mo
• Projected year-2 tax: $1,920 · $160/mo
• Expected delta: +$7/yr (+$1/mo · 0.4%)

ⓘ 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: $13,698
• − Mortgage interest: −$4,756
• − Property taxes: −$1,912
• − Insurance: −$424
• − Repairs & maintenance: −$1,096
• − Management: −$1,096
• − Depreciation: −$2,470
• Taxable income: $1,944
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $2,675/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

+69.8% since first listed

6 events — show timeline

• 2026-05-06 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-16 Listed $84,900 RMLSA as Distributed by MLS Grid
• 2012-04-18 Sold (Public Records) $25,000 Public Records
• 2009-08-06 Sold (MLS) $57,500 RMLSA as Distributed by MLS Grid
• 2009-03-31 Listed $65,000 RMLSA as Distributed by MLS Grid
• 2002-10-21 Sold (Public Records) $50,000 Public Records

Property tax history

+1.6%/yr

Latest (2024): $1,912 · +4.0% YoY. Source: county tax records.