2408 Yale Blvd · Springfield, IL 62703

$89,000

2 bd · 1.0 ba · 900 sqft · SingleFamily · 16 Days on market

Built 1916 5,600 sqft lot Est $76k · 16% over

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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 +25.3/30.0
• DSCR +8.4/10.0
• 1% rule +7.4/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't blink see this one NOW!!! Sellers have just finished updating this charming bungalow. Attention to all details make this home one you will be proud to call home...Lives larger than most.Rooms are all generous size. Beautiful natural woodwork and floors.All new paint, most windows replaced 5-2017, updated furnace & AC , updated stove, refrigerator, dishwasher, new levelor blinds, new garage door opener , 3 new ceiling fans, new bathroom fixtures,stool, sink,light,floor coverings in bath & kitchen.Basement clean & freshly painted with Zinsser 123. Could be finished .

Key facts

• Hardwood flooring
• 7 year old roof
• Replacement windows

Tags

• HARDWOOD FLOORING
• REPLACEMENT WINDOWS
• 7 YEAR OLD ROOF
• 2 YEAR OLD WATER HEATER
• FULLY EQUIPPED KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: Harvard Park Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 346 students, 0% FRL); Jefferson Middle School (math 3% / reading 8%, grade F, #635 of 665 statewide, top 95%, 539 students, 0% FRL); Springfield Southeast High Sch (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 1,261 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 (+12.2%/yr); 107 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $615 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 + 8.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $89k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — 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: 1.24% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $76,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 Yale Blvd	0.00mi	2/1.0	900 (0%)	1mo	$75,000	$83	99
2356 S 9th St	0.15mi	2/1.0	934 (+4%)	2mo	$80,000	$86	85
2517 S 10th St	0.16mi	2/1.0	864 (-4%)	2mo	$44,000	$51	84
2360 S 9th St	0.15mi	2/1.5	974 (+8%)	2mo	$70,000	$72	76
2212 S 14th St	0.39mi	2/1.0	936 (+4%)	2mo	$19,000	$20	74
2224 S 9th St	0.28mi	2/1.5	861 (-4%)	4mo	$130,000	$151	74
2357 S 8th St	0.24mi	2/1.0	965 (+7%)	5mo	$124,000	$128	72
6 Ridge Ct	0.69mi	3/1.0 (+1)	903 (+0%)	3mo	$80,000	$89	60
37 Belle Pl	0.61mi	2/1.0	808 (-10%)	2mo	$59,900	$74	53
2621 S 4th St	0.61mi	2/2.0	1,022 (+14%)	2mo	$130,000	$127	43
2036 S 4th St	0.63mi	2/1.0	1,027 (+14%)	5mo	$87,000	$85	43
2176 Martin Luther King Jr Dr	0.68mi	3/1.0 (+1)	1,008 (+12%)	3mo	$74,900	$74	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.18×
• Total profit: $4,438
• Equity at exit: $13,270

10-year hold

• IRR: 18.3%
• Equity multiple: 2.90×
• Total profit: $47,385
• Equity at exit: $7,695

Cash invested: $24,920 (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 62703

• Home prices YoY: -28.9%
• Rents YoY: 12.2%
• Active inventory: 107
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,107 high
• Mortgage (P&I): −$467
• Tax from tax record: −$167 /mo · $2,007/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $203

Break-even live

Break-even rent $849

Max offer price $89,000

Occupancy floor 77%

Sensitivity live

Price	-10% $254	-5% $229	+0% $203	+5% $178	+10% $153
Rent	-10% $116	-5% $160	+0% $203	+5% $247	+10% $291
Rate	-1.0pp $248	-0.5pp $226	base $203	+0.5pp $180	+1.0pp $157

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	45d	1	0.09mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	45d	1	0.18mi
604 Bryn Mawr Blvd Springfield, IL	2.0	1.0	850	$1,100	$1.29	45d	1	0.45mi
1908 S 4th St Springfield, IL	1.0	1.0	800	$850	$1.06	22d	1	0.69mi
6 Ridge Ct Springfield, IL	3.0	1.0	905	$1,350	$1.49	45d	1	0.70mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	22d	1	0.87mi
2949 Fox Bridge Rd Springfield, IL	2.0	1.0	900	$960	$1.07	22d	1	0.96mi
2005 E Laurel St Springfield, IL	2.0	1.0	900	$1,000	$1.11	45d	1	1.08mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	22d	1	1.11mi
2271 E Laurel St Apt 2277 Springfield, IL	2.0	1.0	600	$1,145	$1.91	22d	1	1.28mi
2277 E Laurel St Springfield, IL	2.0	1.0	600	$1,145	$1.91	45d	1	1.29mi
1500 S Lowell Ave Springfield, IL	1.0	1.0	590	$775	$1.31	45d	1	1.29mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	22d	1	1.35mi
2473 Ladley Ct Unit 2108-2 B Springfield, IL	2.0	1.0	700	$825	$1.18	45d	1	1.37mi
2473 Ladley Ct Unit 2412-1 L Springfield, IL	2.0	1.0	700	$725	$1.04	45d	1	1.37mi
2473 Ladley Ct Unit 2520-8 RR Springfield, IL	1.0	1.0	580	$600	$1.03	45d	1	1.37mi
2473 Ladley Ct Springfield, IL	1.0	1.0	580	$725	$1.25	45d	1	1.38mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	22d	1	1.41mi
1004 S College St Springfield, IL	1.0	1.0	700	$800	$1.14	22d	1	1.46mi

Listing history 12 events

1. 2026-04-17
   status Pending
2. 2026-04-15
   price $89,000
3. 2026-03-31
   listed $95,000 Active
4. 2017-07-03
   soldstatus $48,333
5. 2017-06-30
   soldstatus $72,500 589-char remark

   Show marketing remark (589 chars)

   Don't blink see this one NOW!!! Sellers have just finished updating this charming bungalow. Attention to all details make this home one you will be proud to call home...Lives larger than most.Rooms are all generous size. Beautiful natural woodwork and floors.All new paint, most windows replaced 5-2017, updated furnace & AC , updated stove, refrigerator, dishwasher, new levelor blinds, new garage door opener , 3 new ceiling fans, new bathroom fixtures,stool, sink,light,floor coverings in bath & kitchen.Basement clean & freshly painted with Zinsser 123. Could be finished .

6. 2017-05-06
   listed $74,900 589-char remark

   Show marketing remark (589 chars)

   Don't blink see this one NOW!!! Sellers have just finished updating this charming bungalow. Attention to all details make this home one you will be proud to call home...Lives larger than most.Rooms are all generous size. Beautiful natural woodwork and floors.All new paint, most windows replaced 5-2017, updated furnace & AC , updated stove, refrigerator, dishwasher, new levelor blinds, new garage door opener , 3 new ceiling fans, new bathroom fixtures,stool, sink,light,floor coverings in bath & kitchen.Basement clean & freshly painted with Zinsser 123. Could be finished .

7. 2014-09-26
   soldstatus $56,500
8. 2014-09-25
   soldstatus $56,500 321-char remark

   Show marketing remark (321 chars)

   Enjoy the peaceful boulevard street while sitting in the swing on a large front porch with space for your patio furniture. Maintenance free bungalow has natural woodwork and nice wood floors throughout. closets have builtins. Full basement. The backyard is fenced and there is a two car garage. Roof was shingled in 2009.

9. 2014-08-22
   listed $59,900 321-char remark

   Show marketing remark (321 chars)

   Enjoy the peaceful boulevard street while sitting in the swing on a large front porch with space for your patio furniture. Maintenance free bungalow has natural woodwork and nice wood floors throughout. closets have builtins. Full basement. The backyard is fenced and there is a two car garage. Roof was shingled in 2009.

10. 2010-06-07
    soldstatus $82,500
11. 2010-05-27
    soldstatus $55,000
12. 2010-03-08
    listed $59,900

ⓘ 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: $2,007 · $167/mo
• Projected year-2 tax: $2,013 · $168/mo
• Expected delta: +$7/yr (+$1/mo · 0.3%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,284
• − Mortgage interest: −$4,985
• − Property taxes: −$2,007
• − Insurance: −$445
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$2,589
• Taxable income: $1,132
• Est. tax owed @ 24.0%: −$272
• After-tax cash flow: $2,170/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): 28,922
• Household income: $45,009
• Rent vs Own: 42.5% rent · 57.5% own
• Severe rent burden: 1626.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 53% Black 35% Two or more races 7% Hispanic / Latino 5%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Arabic 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: ▼ -59.69%
• Current HPI: 147.0877
• Rent YoY: ▲ 12.19%
• 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

+48.6% since first listed

12 events — show timeline

• 2026-04-17 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-15 Price Changed $89,000 RMLSA as Distributed by MLS Grid
• 2026-03-31 Listed $95,000 RMLSA as Distributed by MLS Grid
• 2017-07-03 Sold (Public Records) $48,333 Public Records
• 2017-06-30 Sold (MLS) $72,500 RMLSA as Distributed by MLS Grid
• 2017-05-06 Listed $74,900 RMLSA as Distributed by MLS Grid
• 2014-09-26 Sold (Public Records) $56,500 Public Records
• 2014-09-25 Sold (MLS) $56,500 RMLSA as Distributed by MLS Grid
• 2014-08-22 Listed $59,900 RMLSA as Distributed by MLS Grid
• 2010-06-07 Sold (Public Records) $82,500 Public Records
• 2010-05-27 Sold (MLS) $55,000 RMLSA as Distributed by MLS Grid
• 2010-03-08 Listed $59,900 RMLSA as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2024): $2,007 · +6.5% YoY. Source: county tax records.