224 S Glenwood Ave · Springfield, IL 62704-1805

$65,000

2 bd · 2.0 ba · 975 sqft · SingleFamily · 3 Days on market

Built 1940 3,240 sqft lot Est $109k · 40% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

2 bed, 1 bath "Fixer-upper", Close to downtown. Unfinished partial basement. Good for investment purposes.

Key facts

• Newer roof
• Eat in kitchen
• Full basement

Tags

• FULL BASEMENT
• EAT IN KITCHEN
• NEWER ROOF
• PRIVATE BATHROOM

Property features AI

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1940; 975 total building area
• Construction: Shingle roof; Full basement
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (one 14 x 14 main-level bedroom; one 12 x 6.5 main-level bedroom)
• Flooring: Carpet in bedrooms; Laminate in living room; Tile in kitchen
• Bathrooms: 2 full bathrooms
• Heating & cooling: Window unit heating/cooling
• Interior features: Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 12.4% 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: 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: Elizabeth Graham Elem School (math 5% / reading 12%, grade F, #1,617 of 2,056 statewide, top 79%, 252 students, 0% FRL); U S Grant Middle School (math 6% / reading 15%, grade F, #580 of 665 statewide, top 88%, 529 students, 0% FRL); Springfield High School (math 44% / reading 53%, grade D, #49 of 693 statewide, top 7%, 1,461 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: 1 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 46d 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

• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $32k; list at $65k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $65,000

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: 1.58% ✓
• Cap rate: 12.37%
• Cash-on-cash: 21.71%
• DSCR: 1.97
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $109,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 N Parker Ave	0.19mi	3/1.0 (+1)	923 (-5%)	3mo	$53,000	$57	70
137 N Douglas Ave	0.38mi	2/1.0	936 (-4%)	6mo	$69,000	$74	66
329 S Park Ave	0.59mi	2/1.0	991 (+2%)	1mo	$110,000	$111	66
720 W Fayette Ave	0.57mi	2/2.0	994 (+2%)	6mo	$155,000	$156	65
612 S English Ave	0.38mi	2/1.0	896 (-8%)	1mo	$100,000	$112	64
1021 W Monroe St	0.23mi	2/1.0	864 (-11%)	5mo	$100,000	$116	62
1316 W Lawrence Ave	0.69mi	2/1.5	1,008 (+3%)	3mo	$112,500	$112	58
524 W Carpenter St	0.52mi	3/2.0 (+1)	1,026 (+5%)	5mo	$115,000	$112	58
165 N English Ave	0.35mi	2/1.0	850 (-13%)	8mo	$76,000	$89	52
524 W Fayette Ave	0.61mi	2/1.0	910 (-7%)	8mo	$45,500	$50	50
235 N Illinois St	0.51mi	2/1.0	837 (-14%)	4mo	$114,000	$136	46
611 S Illinois St	0.49mi	1/1.0 (-1)	830 (-15%)	2mo	$73,600	$89	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 2.58×
• Total profit: $28,836
• Equity at exit: $29,227

10-year hold

• IRR: 28.5%
• Equity multiple: 5.03×
• Total profit: $73,325
• Equity at exit: $45,042

Cash invested: $18,200 (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 62704-1805

• Active inventory: 1
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,027 high
• Mortgage (P&I): −$341
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $329

Break-even live

Break-even rent $611

Max offer price $65,000

Occupancy floor 63%

Sensitivity live

Price	-10% $366	-5% $348	+0% $329	+5% $311	+10% $292
Rent	-10% $248	-5% $289	+0% $329	+5% $370	+10% $410
Rate	-1.0pp $362	-0.5pp $346	base $329	+0.5pp $312	+1.0pp $295

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
629 W Washington St Unit 4 Springfield, IL	2.0	1.0	700	$800	$1.14	45d	1	0.18mi
203 N Glenwood Ave Springfield, IL	2.0	1.0	850	$1,000	$1.18	22d	1	0.21mi
616 New St Springfield, IL	1.0	1.0	550	$850	$1.55	45d	1	0.36mi
216 N Lincoln Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	45d	1	0.46mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	22d	1	0.47mi
550 W Miller St Springfield, IL	1.0	1.0	590	$995	$1.69	22d	1	0.60mi
300 N Park Ave Springfield, IL	1.0–2.0	1.0	694	$1,035	$1.49	22d	1	0.62mi
1539 W Monroe St Springfield, IL	2.0	1.0	820	$2,000	$2.44	22d	1	0.77mi
1004 S College St Springfield, IL	1.0	1.0	700	$800	$1.14	22d	1	0.77mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	22d	1	0.82mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	45d	1	0.84mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	45d	1	0.86mi
417 E Cook St Unit A Springfield, IL	1.0	1.0	550	$850	$1.55	22d	1	0.86mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	45d	1	0.87mi
1644 W Adams St Unit 1 Springfield, IL	2.0	1.0	950	$1,200	$1.26	45d	1	0.90mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	45d	1	1.05mi
1500 S Lowell Ave Springfield, IL	1.0	1.0	590	$775	$1.31	45d	1	1.08mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	22d	1	1.15mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	22d	1	1.16mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	22d	1	1.39mi
1127 N 6th St Unit 2 Springfield, IL	1.0	1.0	900	$900	$1.00	45d	1	1.39mi
201 Eastman Ave Springfield, IL	2.0	1.0	812	$950	$1.17	45d	1	1.45mi

Listing history 9 events

1. 2026-06-02
   status $65,000 Pending 3 DOM
2. 2026-06-01
   days on market $65,000 Active 3 DOM
3. 2026-05-31
   days on market $65,000 Active 2 DOM
4. 2026-05-29
   listed $65,000 Active
5. 2016-07-21
   soldstatus $32,000
6. 2016-06-08
   soldstatus $32,000 116-char remark

   Show marketing remark (116 chars)

   2 bed, 1 bath "Fixer-upper", Close to downtown. Unfinished partial basement. Good for investment purposes.

7. 2016-06-08
   listed $32,000 116-char remark

   Show marketing remark (116 chars)

   2 bed, 1 bath "Fixer-upper", Close to downtown. Unfinished partial basement. Good for investment purposes.

8. 2016-03-28
   soldstatus $32,000 136-char remark

   Show marketing remark (136 chars)

   THIS IS A CHARMER THAT YOU DON'T WANT TO MISS OUT ON. 2 BD, 1 BA, CLOSE TO DOWNTOWN AND SCHOOLS. SQ FT TO BE ACCURATE BUT NOT WARRANTED.

9. 2015-06-09
   listed $42,000 136-char remark

   Show marketing remark (136 chars)

   THIS IS A CHARMER THAT YOU DON'T WANT TO MISS OUT ON. 2 BD, 1 BA, CLOSE TO DOWNTOWN AND SCHOOLS. SQ FT TO BE ACCURATE BUT NOT WARRANTED.

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,424 · $119/mo
• Expected delta: +$52/yr (+$4/mo · 3.8%)

ⓘ 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: $12,327
• − Mortgage interest: −$3,641
• − Property taxes: −$1,372
• − Insurance: −$325
• − Repairs & maintenance: −$986
• − Management: −$986
• − Depreciation: −$1,891
• Taxable income: $3,126
• Est. tax owed @ 24.0%: −$750
• After-tax cash flow: $3,201/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+54.8% since first listed

6 events — show timeline

• 2026-05-29 Listed $65,000 RMLSA as Distributed by MLS Grid
• 2016-07-21 Sold (Public Records) $32,000 Public Records
• 2016-06-08 Listed $32,000 RMLSA as Distributed by MLS Grid
• 2016-06-08 Sold (MLS) $32,000 RMLSA as Distributed by MLS Grid
• 2016-03-28 Sold (MLS) $32,000 RMLSA as Distributed by MLS Grid
• 2015-06-09 Listed $42,000 RMLSA as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2025): $1,372 · +6.1% YoY. Source: county tax records.