1920 S Pasfield St · Springfield, IL 62704

$110,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 77 Days on market

Built 1922 5,160 sqft lot $92/sqft · 15% below area Est $130k · 15% under

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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 +23.6/30.0
• ARV discount +14.4/15.0
• DSCR +7.6/10.0
• 1% rule +6.6/10.0
• 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 MLS

Welcome to this charming 3-bedroom, 1-bath home that blends recent updates with an opportunity to add your personal touch. A little painting will go a long way in transforming the space, giving you the flexibility to make it your own. With beautiful hardwood floors throughout, this home offers warmth and character. The kitchen includes modern flooring and a new dishwasher. Additional improvements such as an updated HVAC system provide comfort and peace of mind year-round. Additional highlights include: one-car garage with ample storage space, a full basement offering extra room for storage or future finishing, and all appliances included for added convenience. Conveniently located, this home is ideal for buyers looking for value, comfort, and the chance to customize. Pre-inspected and is being sold as reported.

Key facts

• 5,160 sq ft lot
• Garage
• Built 1922

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: Black Hawk Elem School (math 5% / reading 15%, grade F, #1,477 of 2,056 statewide, top 74%, 246 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 (+6.3%/yr); 177 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $761 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 $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $81k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.07%
• DSCR: 1.36
• GRM: 7.2

CMA / ARV

• ARV (median comp): $129,843
• List price: $110,000
• Delta: -15.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 Ruth Ct	0.31mi	3/1.0	1,223 (+2%)	5mo	$93,000	$76	78
2001 S Spring St	0.13mi	4/2.0 (+1)	1,282 (+7%)	1mo	$100,000	$78	73
66 Ruth Ct	0.35mi	3/1.0	1,244 (+4%)	6mo	$92,000	$74	73
49 Ruth Ct	0.38mi	2/1.0 (-1)	1,260 (+5%)	5mo	$98,000	$78	65
2128 S Lowell Ave	0.24mi	4/2.0 (+1)	1,319 (+10%)	2mo	$160,000	$121	62
443 W Vine St	0.61mi	2/1.0 (-1)	1,164 (-3%)	3mo	$123,000	$106	59
2009 S Pasfield St	0.08mi	2/2.0 (-1)	1,024 (-15%)	6mo	$132,000	$129	58
1304 S Walnut St	0.56mi	2/1.0 (-1)	1,100 (-8%)	3mo	$97,000	$88	53
1832 S State St	0.45mi	2/1.0 (-1)	1,045 (-13%)	2mo	$182,000	$174	51
2336 S State St	0.59mi	3/2.0	1,091 (-9%)	4mo	$122,000	$112	50
2036 S 4th St	0.40mi	2/1.0 (-1)	1,027 (-14%)	5mo	$87,000	$85	48
2705 Holmes Ave	0.71mi	3/1.0	1,070 (-11%)	3mo	$92,700	$87	47

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-198
• Equity at exit: $16,401

10-year hold

• IRR: 12.8%
• Equity multiple: 2.18×
• Total profit: $36,275
• Equity at exit: $9,511

Cash invested: $30,800 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,272 high
• Mortgage (P&I): −$577
• Tax from tax record: −$175 /mo · $2,098/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $207

Break-even live

Break-even rent $1,010

Max offer price $110,000

Occupancy floor 79%

Sensitivity live

Price	-10% $269	-5% $238	+0% $207	+5% $176	+10% $145
Rent	-10% $107	-5% $157	+0% $207	+5% $257	+10% $308
Rate	-1.0pp $263	-0.5pp $235	base $207	+0.5pp $179	+1.0pp $150

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1933 S 2nd St Springfield, IL	4.0	2.0	1433	$1,400	$0.98	45d	1	0.25mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	22d	1	0.34mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	45d	1	0.58mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	22d	1	0.63mi
525 E Pine St Springfield, IL	2.0	2.0	1250	$1,200	$0.96	45d	1	0.65mi
525 E Pine St Unit 4 Springfield, IL	2.0	2.0	1250	$1,200	$0.96	22d	1	0.65mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	22d	1	0.67mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	45d	1	0.83mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	45d	1	0.87mi
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	45d	1	0.89mi
604 Bryn Mawr Blvd Springfield, IL	2.0	1.0	850	$1,100	$1.29	45d	1	0.95mi
2715 S MacArthur Blvd Unit 01 Springfield, IL	2.0	1.5	935	$975	$1.04	45d	1	0.99mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	22d	1	1.01mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	45d	1	1.15mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	45d	1	1.49mi
1729 W Iles Ave Springfield, IL	3.0	1.0	1162	$1,500	$1.29	22d	1	1.49mi

Listing history 24 events

1. 2026-06-19
   days on market $110,000 Active 77 DOM
2. 2026-06-18
   days on market $110,000 Active 76 DOM
3. 2026-06-17
   price $110,000 Active 75 DOM
4. 2026-06-17
   days on market $115,000 Active 75 DOM
5. 2026-06-16
   days on market $115,000 Active 74 DOM
6. 2026-06-15
   days on market $115,000 Active 73 DOM
7. 2026-06-14
   days on market $115,000 Active 71 DOM
8. 2026-06-13
   days on market $115,000 Active 70 DOM
9. 2026-06-10
   days on market $115,000 Active 68 DOM
10. 2026-06-09
    days on market $115,000 Active 67 DOM
11. 2026-06-08
    days on market $115,000 Active 66 DOM
12. 2026-06-07
    pricedays on market $115,000 Active 65 DOM
13. 2026-06-05
    days on market $120,000 Active 62 DOM
14. 2026-06-03
    days on market $120,000 Active 61 DOM
15. 2026-06-02
    days on market $120,000 Active 60 DOM
16. 2026-06-01
    days on market $120,000 Active 59 DOM
17. 2026-05-31
    days on market $120,000 Active 58 DOM
18. 2026-05-30
    days on market $120,000 Active 57 DOM
19. 2026-05-14
    price $120,000 825-char remark

    Show marketing remark (825 chars)

    Welcome to this charming 3-bedroom, 1-bath home that blends recent updates with an opportunity to add your personal touch. A little painting will go a long way in transforming the space, giving you the flexibility to make it your own. With beautiful hardwood floors throughout, this home offers warmth and character. The kitchen includes modern flooring and a new dishwasher. Additional improvements such as an updated HVAC system provide comfort and peace of mind year-round. Additional highlights include: one-car garage with ample storage space, a full basement offering extra room for storage or future finishing, and all appliances included for added convenience. Conveniently located, this home is ideal for buyers looking for value, comfort, and the chance to customize. Pre-inspected and is being sold as reported.

20. 2026-04-13
    price $125,000 825-char remark

    Show marketing remark (825 chars)

    Welcome to this charming 3-bedroom, 1-bath home that blends recent updates with an opportunity to add your personal touch. A little painting will go a long way in transforming the space, giving you the flexibility to make it your own. With beautiful hardwood floors throughout, this home offers warmth and character. The kitchen includes modern flooring and a new dishwasher. Additional improvements such as an updated HVAC system provide comfort and peace of mind year-round. Additional highlights include: one-car garage with ample storage space, a full basement offering extra room for storage or future finishing, and all appliances included for added convenience. Conveniently located, this home is ideal for buyers looking for value, comfort, and the chance to customize. Pre-inspected and is being sold as reported.

21. 2026-04-03
    listed $130,000 Active 825-char remark

    Show marketing remark (825 chars)

    Welcome to this charming 3-bedroom, 1-bath home that blends recent updates with an opportunity to add your personal touch. A little painting will go a long way in transforming the space, giving you the flexibility to make it your own. With beautiful hardwood floors throughout, this home offers warmth and character. The kitchen includes modern flooring and a new dishwasher. Additional improvements such as an updated HVAC system provide comfort and peace of mind year-round. Additional highlights include: one-car garage with ample storage space, a full basement offering extra room for storage or future finishing, and all appliances included for added convenience. Conveniently located, this home is ideal for buyers looking for value, comfort, and the chance to customize. Pre-inspected and is being sold as reported.

22. 2026-03-29
    historical $130,000 825-char remark

    Show marketing remark (825 chars)

    Welcome to this charming 3-bedroom, 1-bath home that blends recent updates with an opportunity to add your personal touch. A little painting will go a long way in transforming the space, giving you the flexibility to make it your own. With beautiful hardwood floors throughout, this home offers warmth and character. The kitchen includes modern flooring and a new dishwasher. Additional improvements such as an updated HVAC system provide comfort and peace of mind year-round. Additional highlights include: one-car garage with ample storage space, a full basement offering extra room for storage or future finishing, and all appliances included for added convenience. Conveniently located, this home is ideal for buyers looking for value, comfort, and the chance to customize. Pre-inspected and is being sold as reported.

23. 2004-03-30
    soldstatus $81,000
24. 1998-07-07
    soldstatus $65,000

ⓘ 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: $2,098 · $175/mo
• Projected year-2 tax: $2,298 · $191/mo
• Expected delta: +$199/yr (+$17/mo · 9.5%)

ⓘ 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: $15,261
• − Mortgage interest: −$6,162
• − Property taxes: −$2,098
• − Insurance: −$550
• − Repairs & maintenance: −$1,221
• − Management: −$1,221
• − Depreciation: −$3,200
• Taxable income: $810
• Est. tax owed @ 24.0%: −$194
• After-tax cash flow: $2,292/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

+84.6% since first listed

6 events — show timeline

• 2026-05-14 Price Changed $120,000 RMLSA as Distributed by MLS Grid
• 2026-04-13 Price Changed $125,000 RMLSA as Distributed by MLS Grid
• 2026-04-03 Listed $130,000 RMLSA as Distributed by MLS Grid
• 2026-03-29 Coming Soon $130,000 RMLSA as Distributed by MLS Grid
• 2004-03-30 Sold (Public Records) $81,000 Public Records
• 1998-07-07 Sold (Public Records) $65,000 Public Records

Property tax history

+2.9%/yr

Latest (2021): $2,098 · +2.0% YoY. Source: county tax records.