1430 S 8th St · Springfield, IL 62703

$34,900

3 bd · 1.5 ba · 2,391 sqft · SingleFamily · 29 Days on market

Built 1900 Poor condition 6,130 sqft lot $15/sqft · 61% below area ↓ 5% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +1.7/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW PRICE::::Come check out this opportunity to own a 3BR home with a complete tear off of a NEW ROOF installed August of 2024 with transferrable warranty! Entire property now available for sale on a corner lot conveniently located less than 1 block off of South Grand Ave. Free standing 1.5-story property zoned B-1 currently, but seller is willing to go through the steps to re-zone the property to residential prior to closing. Many possibilities! Offers 3 entrances to be able to split as needed. Some TLC needed on the interior. Shed in the back will stay!

Key facts

• Shed in the back
• 3 entrances
• Zoned b-1

Tags

• NEW ROOF
• CORNER LOT
• ZONED B-1
• 3 ENTRANCES
• SHED IN THE BACK

Property features AI

Finance

• Other: Zoned B-1

Exterior

• Parking: No garage spaces; Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Multiple levels including main, upper, lower, basement, and additional level; Built in 1900
• Construction: Shingle roof
• Exterior features: Corner lot; Shed(s); Paved road frontage

Interior

• Kitchen: Kitchen on main level (approximately 13 x 12)
• Bedrooms: 3 bedrooms (bedroom sizes: ~14 x 13; 12 x 12; 13 x 14.5) — bedrooms located on upper and main levels; egress windows in upper-level bedrooms
• Flooring: Carpet in bedrooms
• Bathrooms: 3 half bathrooms, no full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Unfinished basement; No fireplaces
• Laundry & utility: Basement utility space (unfinished)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $35k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 42.9% 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; 2 comparable units currently listed for rent nearby; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 44% 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 $241 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 + 8.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y ago; this cycle's ask has dropped $26k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,376 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 4.73% ✓
• Cap rate: 42.88%
• Cash-on-cash: 130.66%
• DSCR: 6.81
• GRM: 1.8

CMA / ARV

• ARV (median comp): $88,663
• List price: $34,900
• Delta: -60.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1700 S 7th St	0.18mi	2/2.5 (-1)	2,372 (-1%)	19mo	$80,000	$34	65
1915 S 6th St	0.39mi	4/2.0 (+1)	2,142 (-10%)	8mo	$55,000	$26	50
2021 S 6th St	0.47mi	4/1.0 (+1)	2,320 (-3%)	19mo	$22,000	$9	50
1728 S Spring St	0.64mi	3/1.5	2,056 (-14%)	2mo	$142,000	$69	45
2040 S 5th St	0.61mi	4/1.5 (+1)	2,184 (-9%)	9mo	$36,000	$16	45
104 W Allen St	0.57mi	3/1.0	2,208 (-8%)	21mo	$98,000	$44	41
2104 S 4th St	0.72mi	4/1.5 (+1)	2,132 (-11%)	19mo	$165,900	$78	28

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: —
• Equity multiple: 8.25×
• Total profit: $70,869
• Equity at exit: $5,204

10-year hold

• IRR: —
• Equity multiple: 20.32×
• Total profit: $188,815
• Equity at exit: $3,018

Cash invested: $9,772 (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: 1.8×

Monthly cashflow live

• Estimated rent: $1,652 medium
• Mortgage (P&I): −$183
• Tax est. 1.5%: −$44 /mo · $524/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $1,064

Break-even live

Break-even rent $305

Max offer price $34,900

Occupancy floor 31%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 E Ash St Springfield, IL	3.0	2.0	1861	$2,030	$1.09	21d	1	0.54mi
922 Governor St Springfield, IL	3.0	1.0	1682	$1,200	$0.71	43d	1	1.44mi

Listing history 17 events

1. 2026-06-10
   days on market $34,900 Active 29 DOM
2. 2026-06-09
   days on market $34,900 Active 28 DOM
3. 2026-06-08
   days on market $34,900 Active 27 DOM
4. 2026-06-07
   days on market $34,900 Active 26 DOM
5. 2026-06-05
   days on market $34,900 Active 23 DOM
6. 2026-06-03
   days on market $34,900 Active 22 DOM
7. 2026-06-02
   days on market $34,900 Active 21 DOM
8. 2026-06-01
   days on market $34,900 Active 20 DOM
9. 2026-05-31
   days on market $34,900 Active 19 DOM
10. 2026-05-30
    days on market $34,900 Active 18 DOM
11. 2026-05-12
    listed $44,900 Active 561-char remark
12. 2026-03-12
    historical
13. 2025-10-30
    price
14. 2025-05-28
    listed Active
15. 2000-12-12
    historical
16. 1997-01-31
    soldstatus $58,000
17. 1996-08-26
    listed $61,000

ⓘ 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: $19,826
• − Mortgage interest: −$1,955
• − Property taxes: −$524
• − Insurance: −$174
• − Repairs & maintenance: −$1,586
• − Management: −$1,586
• − Depreciation: −$1,015
• Taxable income: $12,986
• Est. tax owed @ 24.0%: −$3,117
• After-tax cash flow: $9,652/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 · 5 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including a new roof and exterior paint, to become move-in ready and increase its value.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major roof — Old and worn
• Major exterior paint — Peeling and poor condition

Value-add opportunities

• Both repair and paint exterior — Enhances curb appeal and value
• Both repair roof — Critical for structural integrity and value
• Both repair and paint interior — Improves livability and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Old and worn	Major	$15,000–50,000
exterior paint · Peeling and poor condition	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair and paint exterior — Enhances curb appeal and value ↑
• Both repair roof — Critical for structural integrity and value ↑
• Both repair and paint interior — Improves livability and value ↑

ⓘ 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): 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

-4.9% since first listed

9 events — show timeline

• 2026-06-13 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-05-26 Price Changed — RMLSA as Distributed by MLS Grid
• 2026-05-12 Listed — RMLSA as Distributed by MLS Grid
• 2026-03-12 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-10-30 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-05-28 Listed — RMLSA as Distributed by MLS Grid
• 2000-12-12 Listing Removed — RMLSA as Distributed by MLS Grid
• 1997-01-31 Sold (MLS) $58,000 RMLSA as Distributed by MLS Grid
• 1996-08-26 Listed $61,000 RMLSA as Distributed by MLS Grid