524 E Ridgely Ave Unit G, H, I, J, K & L · Springfield, IL 62702

$250,000

4 bd · 6.0 ba · 6,000 sqft · MultiFamily · 39 Days on market

Built 1983 Fair condition $42/sqft · 39% below area Est $407k · 39% 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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great opportunity to own a 6 units just a couple blocks away from Lincoln Park. One building is a 4-plex and the other is a duplex. All fully occupied with a total gross monthly income of $3,850. New roof layover just installed in August 2024. New siding on the 4-plex. Tenant pays for all utilities. Owner pays for garbage expense.

Key facts

• New siding
• New roof layover
• 6 parking spots

Tags

• NEW ROOF LAYOVER
• NEW SIDING

🏷️ Possibly a rental listed for sale. The $250,000 price doesn't fit this home's estimated sale value (~$406,681) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive. Per door: $103/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (2.1% below list).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+5.0%/yr); 131 active listings in the ZIP; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• At $2,448/mo this rent would consume 57% 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $406,681
• List price: $250,000
• Delta: -38.53%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-22,443
• Equity at exit: $37,276

10-year hold

• IRR: 3.3%
• Equity multiple: 1.26×
• Total profit: $18,429
• Equity at exit: $21,615

Cash invested: $70,000 (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: 131
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,448 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $206

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,448
Total (2 units)			$2,448

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $250,000 Active 39 DOM
2. 2026-06-18
   days on market $250,000 Active 38 DOM
3. 2026-06-17
   days on market $250,000 Active 37 DOM
4. 2026-06-16
   days on market $250,000 Active 36 DOM
5. 2026-06-15
   days on market $250,000 Active 35 DOM
6. 2026-06-14
   days on market $250,000 Active 33 DOM
7. 2026-06-13
   days on market $250,000 Active 32 DOM
8. 2026-06-10
   days on market $250,000 Active 30 DOM
9. 2026-06-09
   days on market $250,000 Active 29 DOM
10. 2026-06-08
    days on market $250,000 Active 28 DOM
11. 2026-06-07
    days on market $250,000 Active 27 DOM
12. 2026-06-05
    days on market $250,000 Active 24 DOM
13. 2026-06-03
    days on market $250,000 Active 23 DOM
14. 2026-06-02
    days on market $250,000 Active 22 DOM
15. 2026-06-01
    days on market $250,000 Active 21 DOM
16. 2026-05-31
    days on market $250,000 Active 20 DOM
17. 2026-05-30
    days on market $250,000 Active 19 DOM
18. 2026-05-11
    listed $250,000 Active 334-char remark

    Show marketing remark (334 chars)

    Great opportunity to own a 6 units just a couple blocks away from Lincoln Park. One building is a 4-plex and the other is a duplex. All fully occupied with a total gross monthly income of $3,850. New roof layover just installed in August 2024. New siding on the 4-plex. Tenant pays for all utilities. Owner pays for garbage expense.

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

Taxation est. · year 1

• Rental income: $29,376
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,350
• − Management: −$2,350
• − Depreciation: −$7,273
• Taxable loss: −$1,601
• Est. tax savings @ 24.0%: +$384
• After-tax cash flow: $2,859/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 · 3 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its curb appeal and overall condition. Repairs to the driveway, exterior walls, and landscaping are necessary to increase its resale and rental value.

Repairs flagged

• Major Driveway — Cracked and uneven concrete needs repair.
• Moderate Exterior walls — Signs of wear and tear on the siding and exterior walls.
• Major Interior walls/paint — No visible photos, but given the exterior condition, it's likely the interior needs updating.
• Moderate Systems — No visible photos, but given the exterior condition, it's likely the systems need updating.
• Major Landscaping — Overgrown and unkempt, needs trimming and landscaping improvements.

Value-add opportunities

• Both Paint exterior walls — Fresh paint can improve the curb appeal and make the property look more inviting.
• Both Repair driveway — A repaired driveway will improve the property's appearance and make it more attractive to potential buyers or renters.
• Both Landscaping — A well-maintained landscape can significantly enhance the property's curb appeal and attract more interest from potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Driveway · Cracked and uneven concrete needs repair.	Major	$15,000–50,000
Exterior walls · Signs of wear and tear on the siding and exterior walls.	Moderate	$3,000–15,000
Interior walls/paint · No visible photos, but given the exterior condition, it's likely the interior needs updating.	Major	$15,000–50,000
Systems · No visible photos, but given the exterior condition, it's likely the systems need updating.	Moderate	$3,000–15,000
Landscaping · Overgrown and unkempt, needs trimming and landscaping improvements.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$51,000–180,000

Value-add ROI direction

• Both Paint exterior walls — Fresh paint can improve the curb appeal and make the property look more inviting. ↑
• Both Repair driveway — A repaired driveway will improve the property's appearance and make it more attractive to potential buyers or renters. ↑
• Both Landscaping — A well-maintained landscape can significantly enhance the property's curb appeal and attract more interest from potential buyers or 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

• 2026-05-11 Listed $250,000 RMLSA as Distributed by MLS Grid