932 W Edwards St · Springfield, IL 62704

$44,500

5 bd · 2.0 ba · 2,462 sqft · Other · 19 Days on market

Built 1894 5,600 sqft lot $18/sqft · 73% below area ↓ 8% since listing

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

This 5 bedroom, 2 bathroom house is waiting for you to put your personal touch on it and build equity. Central location offers easy access to anywhere in the city.

Key facts

• 5,600 sq ft lot
• Built 1894
• Listed 19 days

Property features AI

Exterior

• Parking: No garage (0 garage spaces); Other parking type
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Shingle roof; Built in 1894
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: 5 bedrooms; Bedrooms located on Main, Upper, Lower, Basement and Additional levels; Upper-level bedrooms have egress windows
• Flooring: Other flooring in multiple rooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: No central heating listed
• Interior features: Unfinished basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $44k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $44k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 34.4% 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; 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 $308 of loan paydown is wiped out by about $1k 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 30y 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.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,832 (1.5% below list)

Questions for the listing agent

1. Built in 1894 — 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: 3.84% ✓
• Cap rate: 34.37%
• Cash-on-cash: 100.27%
• DSCR: 5.46
• GRM: 2.2

CMA / ARV

• ARV (median comp): $164,015
• List price: $44,500
• Delta: -72.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.22×
• Total profit: $65,021
• Equity at exit: $6,635

10-year hold

• IRR: —
• Equity multiple: 14.48×
• Total profit: $168,002
• Equity at exit: $3,848

Cash invested: $12,460 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,707 medium
• Mortgage (P&I): −$233
• Tax est. 1.5%: −$56 /mo · $668/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $1,041

Break-even live

Break-even rent $389

Max offer price $44,500

Occupancy floor 34%

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: $11,125
• Closing costs: $1,335
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-09
   listed $44,500 Active 163-char remark
2. 2023-09-28
   listed Active
3. 2022-05-28
   historical
4. 2021-10-04
   listed Active
5. 2014-05-20
   soldstatus $77,000
6. 2014-02-16
   listed $76,000
7. 1996-12-27
   soldstatus $47,000
8. 1996-07-18
   listed $48,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $20,487
• − Mortgage interest: −$2,493
• − Property taxes: −$668
• − Insurance: −$222
• − Repairs & maintenance: −$1,639
• − Management: −$1,639
• − Depreciation: −$1,295
• Taxable income: $12,532
• Est. tax owed @ 24.0%: −$3,008
• After-tax cash flow: $9,487/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

-8.2% since first listed

9 events — show timeline

• 2026-05-28 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-09 Listed $44,500 RMLSA as Distributed by MLS Grid
• 2023-09-28 Listed — RMLSA as Distributed by MLS Grid
• 2022-05-28 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-10-04 Listed — RMLSA as Distributed by MLS Grid
• 2014-05-20 Sold (MLS) $77,000 RMLSA as Distributed by MLS Grid
• 2014-02-16 Listed $76,000 RMLSA as Distributed by MLS Grid
• 1996-12-27 Sold (MLS) $47,000 RMLSA as Distributed by MLS Grid
• 1996-07-18 Listed $48,500 RMLSA as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2025): $2,487 · +3.4% YoY. Source: county tax records.