2340 S 7th St · Springfield, IL 62703

$85,000

4 bd · 1.5 ba · 1,404 sqft · SingleFamily · 4 Days on market

Built 1935 5,400 sqft lot Est $107k · 20% under

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

Listing remarks MLS

Spacious 1.5 story bungalow with a fantastic covered front porch, nice brick patio in the backyard, fenced in backyard and a one car detached garage. Main floor has a large living room with fireplace, open to lovely dining room, kitchen with eat in nook, master bed, and a full bath. Upper level has two bedroom, a den/office, & a full 2nd bath. This house has beautiful hardwood floors throughout & many replacement windows. Sq Ft believed to be accurate but not warranted. Home is being sold As Is.

Key facts

• Kitchen appliances
• Newer roof
• Cozy fireplace

Tags

• COZY FIREPLACE
• BEAUTIFUL HARDWOOD FLOORS
• OVERSIZED WINDOWS
• NEWER ROOF
• KITCHEN APPLIANCES
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1935; Total living area reported as 1404
• Construction: Not new construction
• Exterior features: Level lot; Shingle roof

Interior

• Kitchen: Tile flooring in kitchen; Pantry
• Bedrooms: Four bedrooms total; Primary bedroom on the upper level with hardwood flooring (approx. 14'11" x 9'4"); Bedroom on main level with hardwood flooring (approx. 12.8' x 10.4"); Upper-level bedroom with carpet (approx. 11.9' x 9.8"); Upper-level bedroom with hardwood flooring (approx. 12.11' x 7.5")
• Flooring: Hardwood flooring in multiple rooms; Carpet in one upper-level bedroom; Tile in kitchen and pantry
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Non-functional fireplace in the living room; Full unfinished basement
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 13.3% 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 (+12.2%/yr); 107 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 38% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1935 — 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: 1.70% ✓
• Cap rate: 13.29%
• Cash-on-cash: 24.98%
• DSCR: 2.11
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $106,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Belle Pl	0.33mi	3/2.0 (-1)	1,392 (-1%)	7mo	$130,000	$93	71
2431 S 9th St	0.15mi	4/1.5	1,540 (+10%)	8mo	$103,000	$67	70
2501 S College St	0.54mi	3/2.0 (-1)	1,473 (+5%)	1mo	$159,900	$109	58
2623 S 7th St	0.38mi	3/2.0 (-1)	1,270 (-10%)	2mo	$152,500	$120	57
1117 E Ash St	0.56mi	3/1.0 (-1)	1,348 (-4%)	6mo	$37,000	$27	56
2001 S Spring St	0.61mi	4/2.0	1,282 (-9%)	1mo	$100,000	$78	54
66 Ruth Ct	0.40mi	3/1.0 (-1)	1,244 (-11%)	6mo	$92,000	$74	51
9 Ruth Ct	0.43mi	3/1.0 (-1)	1,223 (-13%)	5mo	$93,000	$76	47
1927 S 13th St	0.66mi	3/2.0 (-1)	1,305 (-7%)	4mo	$47,500	$36	47
2241 S 12th St	0.41mi	3/1.0 (-1)	1,200 (-14%)	5mo	$89,900	$75	45
1927 S College St	0.70mi	3/1.5 (-1)	1,304 (-7%)	6mo	$130,000	$100	45
1933 S 1st St	0.58mi	3/1.5 (-1)	1,599 (+14%)	3mo	$90,000	$56	42

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: 24.3%
• Equity multiple: 2.07×
• Total profit: $25,461
• Equity at exit: $12,674

10-year hold

• IRR: 35.3%
• Equity multiple: 5.11×
• Total profit: $97,748
• Equity at exit: $7,349

Cash invested: $23,800 (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 62703

• Home prices YoY: -28.9%
• Rents YoY: 12.2%
• Active inventory: 107
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,443 high
• Mortgage (P&I): −$446
• Tax from tax record: −$164 /mo · $1,966/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $495

Break-even live

Break-even rent $816

Max offer price $85,000

Occupancy floor 61%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	43d	1	0.21mi
1933 S 2nd St Springfield, IL	4.0	2.0	1433	$1,400	$0.98	43d	1	0.55mi
1213 E Ash St Springfield, IL	3.0	2.0	1861	$2,030	$1.09	20d	1	0.62mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	43d	1	0.72mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	20d	1	0.82mi
6 Ridge Ct Springfield, IL	3.0	1.0	905	$1,350	$1.49	43d	1	0.97mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	43d	1	1.09mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	43d	1	1.22mi
1929 E Spruce St Springfield, IL	3.0	1.0	1500	$1,300	$0.87	43d	1	1.26mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	20d	1	1.28mi

Listing history 16 events

1. 2026-05-18
   status Pending
2. 2026-05-18
   status Active
3. 2026-04-06
   price $85,000
4. 2026-04-06
   status Active
5. 2026-04-04
   status Pending
6. 2026-03-30
   listed $90,000 Active
7. 2021-08-06
   historical
8. 2015-11-02
   soldstatus $58,500
9. 2015-11-02
   soldstatus $58,500
10. 2015-10-30
    soldstatus $58,500 508-char remark

    Show marketing remark (508 chars)

    Spacious 1.5 story bungalow with a fantastic covered front porch, nice brick patio in the backyard, fenced in backyard and a one car detached garage. Main floor has a large living room with fireplace, open to lovely dining room, kitchen with eat in nook, master bed, and a full bath. Upper level has two bedroom, a den/office, & a full 2nd bath. This house has beautiful hardwood floors throughout & many replacement windows. Sq Ft believed to be accurate but not warranted. Home is being sold As Is.

11. 2015-04-25
    listed $59,900 508-char remark

    Show marketing remark (508 chars)

    Spacious 1.5 story bungalow with a fantastic covered front porch, nice brick patio in the backyard, fenced in backyard and a one car detached garage. Main floor has a large living room with fireplace, open to lovely dining room, kitchen with eat in nook, master bed, and a full bath. Upper level has two bedroom, a den/office, & a full 2nd bath. This house has beautiful hardwood floors throughout & many replacement windows. Sq Ft believed to be accurate but not warranted. Home is being sold As Is.

12. 2012-11-21
    soldstatus $38,435
13. 2012-08-18
    listed $42,500
14. 2009-04-27
    soldstatus $80,000
15. 2009-04-21
    soldstatus $80,000
16. 2008-08-15
    listed $84,900

ⓘ 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: $1,966 · $164/mo
• Projected year-2 tax: $1,966 · $164/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2% 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: $17,321
• − Mortgage interest: −$4,761
• − Property taxes: −$1,966
• − Insurance: −$425
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$2,473
• Taxable income: $4,925
• Est. tax owed @ 24.0%: −$1,182
• After-tax cash flow: $4,762/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

+0.1% since first listed

16 events — show timeline

• 2026-05-18 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-18 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-06 Price Changed $85,000 RMLSA as Distributed by MLS Grid
• 2026-04-06 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-04 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-30 Listed $90,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2015-11-02 Sold (Public Records) $58,500 Public Records
• 2015-11-02 Sold (Public Records) $58,500 Public Records
• 2015-10-30 Sold (MLS) $58,500 RMLSA as Distributed by MLS Grid
• 2015-04-25 Listed $59,900 RMLSA as Distributed by MLS Grid
• 2012-11-21 Sold (MLS) $38,435 RMLSA as Distributed by MLS Grid
• 2012-08-18 Listed $42,500 RMLSA as Distributed by MLS Grid
• 2009-04-27 Sold (Public Records) $80,000 Public Records
• 2009-04-21 Sold (MLS) $80,000 RMLSA as Distributed by MLS Grid
• 2008-08-15 Listed $84,900 RMLSA as Distributed by MLS Grid

Property tax history

-1.1%/yr

Latest (2024): $1,966 · +6.6% YoY. Source: county tax records.