1515-1517 N Maryland Ave · Springfield, IL 62702

$179,500

4 bd · 2.0 ba · 1,232 sqft · MultiFamily · 18 Days on market

Built 1977 Good condition 5,600 sqft lot

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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 +25.5/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Move-in ready duplex offering an excellent opportunity for both investors and owner -occupants! Each side features 2 bedroom and 1 full bath, with fresh paint, newer flooring and updated kitchen finishes. All appliances are included, including the refrigerator, stove, washer and dryer. Roof on North side is new and 1 hot water new + 2 new toilets and updated bathroom finishes! Located in a quiet neighborhood, this property is a great addition to any portfolio. Live in 1 unit and rent the other to help offset your mortgage, or lease both units for strong income potential! Don't miss this versatile investment opportunity. Schedule your private showing today!

Key facts

• Move in ready
• Quiet neighborhood
• 5,600 sq ft lot

Tags

• MOVE IN READY
• UPDATED KITCHEN FINISHES
• QUIET NEIGHBORHOOD

Property features AI

Exterior

• Parking: Total 4 parking spaces assigned; Each unit has 2 parking spaces (2 uncovered per unit)
• Utilities: Public water; Public sewer
• Home design: Residential income property; One-story duplex; Built in 1977
• Construction: Shingle roof; Crawl space foundation
• Exterior features: Level lot; Paved road frontage; 40 x 140 lot dimensions

Interior

• Bedrooms: Two 2-bedroom units (Unit 1: 2 bedrooms, Unit 2: 2 bedrooms)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Cable available; High-speed internet
• Laundry & utility: Each unit has laundry hook-ups

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive. Per door: $210/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Mcclernand Elem School (math 5% / reading 5%, grade F, #1,741 of 2,056 statewide, top 93%, 191 students, 0% FRL); Washington Middle School (math 3% / reading 6%, grade F, #650 of 665 statewide, top 98%, 531 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: Rents rising fast (+5.0%/yr); 137 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• At $2,101/mo this rent would consume 49% of the median local household income ($51k/yr) (locally 1230% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 5.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Recommended offer $176,807 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.95% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.04×
• Total profit: $1,853
• Equity at exit: $26,764

10-year hold

• IRR: 12.5%
• Equity multiple: 2.08×
• Total profit: $54,076
• Equity at exit: $15,520

Cash invested: $50,260 (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 62702

• Home prices YoY: -34.9%
• Rents YoY: 5.0%
• Active inventory: 137
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,101 medium
• Mortgage (P&I): −$941
• Tax est. 1.5%: −$224 /mo · $2,692/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $419

Break-even live

Break-even rent $1,570

Max offer price $179,500

Occupancy floor 75%

Sensitivity live

Price	-10% $543	-5% $481	+0% $419	+5% $357	+10% $295
Rent	-10% $253	-5% $336	+0% $419	+5% $502	+10% $585
Rate	-1.0pp $510	-0.5pp $465	base $419	+0.5pp $373	+1.0pp $325

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,100
Total (2 units)			$2,101

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: $44,875
• Closing costs: $5,385
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1413 N 5th St Springfield, IL	3.0	1.0	1200	$1,200	$1.00	22d	1	0.62mi
920 N 19th St Springfield, IL	3.0	1.0	1000	$1,100	$1.10	22d	1	0.72mi
3501 E Ridgely Ave Unit FR21 Springfield, IL	3.0	2.0	1216	$1,129	$0.93	22d	1	0.76mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	45d	1	1.18mi

Listing history 14 events

1. 2026-06-22
   pricedays on market $179,500 Active 18 DOM
2. 2026-06-19
   days on market $184,900 Active 16 DOM
3. 2026-06-18
   days on market $184,900 Active 15 DOM
4. 2026-06-17
   days on market $184,900 Active 14 DOM
5. 2026-06-16
   days on market $184,900 Active 13 DOM
6. 2026-06-15
   days on market $184,900 Active 12 DOM
7. 2026-06-14
   days on market $184,900 Active 10 DOM
8. 2026-06-13
   days on market $184,900 Active 9 DOM
9. 2026-06-10
   days on market $184,900 Active 7 DOM
10. 2026-06-09
    days on market $184,900 Active 6 DOM
11. 2026-06-08
    days on market $184,900 Active 5 DOM
12. 2026-06-07
    days on market $184,900 Active 4 DOM
13. 2026-06-05
    remarks 664-char remark
14. 2026-06-05
    listed $184,900 Active 1 DOM

ⓘ 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 ≥104°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: $25,212
• − Mortgage interest: −$10,055
• − Property taxes: −$2,692
• − Insurance: −$898
• − Repairs & maintenance: −$2,017
• − Management: −$2,017
• − Depreciation: −$5,222
• Taxable income: $2,311
• Est. tax owed @ 24.0%: −$555
• After-tax cash flow: $4,477/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This move-in ready duplex is in good condition with fresh paint, new flooring, and updated kitchen finishes. It offers a great opportunity for investors and owner-occupants.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the kitchen backsplash — A fresh backsplash can modernize the kitchen and make it more appealing to potential buyers and renters.
• Both Upgrading the flooring — Upgrading the flooring can improve the overall look and feel of the home, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the kitchen backsplash — A fresh backsplash can modernize the kitchen and make it more appealing to potential buyers and renters. ↑
• Both Upgrading the flooring — Upgrading the flooring can improve the overall look and feel of the home, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 31,033
• Household income: $51,136
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1230.0

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 (72%)
• Race & ethnicity: White 72% Black 17% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Slovak 2% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -79.98%
• Current HPI: 149.1926
• Rent YoY: ▲ 4.95%
• 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

1 event — show timeline

• 2026-06-03 Listed $184,900 RMLSA as Distributed by MLS Grid