2929 S Glenwood Ave · Springfield, IL 62704

$129,900

4 bd · 2.0 ba · 1,582 sqft · Land · 5 Days on market

Built 1965 0.27 ac lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable and move-in ready, this nicely updated 3–4 bedroom, 2 bathroom home sits on a spacious double lot and offers plenty of room both inside and out! Step into the large living room featuring hardwood floors. The attached garage has been thoughtfully converted into a private primary suite with its own bath. Enjoy the open floor plan between the kitchen, dining, and family room. Recent updates include several newer windows, luxury vinyl flooring, deck, and a freshly painted interior that gives the home a bright, modern feel. Major systems are in great shape with a brand new roof plus HVAC and water heater approximately 10 years old. To top it off, the property includes a 2-car detached garage and a double lot—perfect for outdoor activities, gardening, or future possibilities. A great value with so much to offer!

Key facts

• Open floor plan
• Double lot
• Newer windows

Tags

• DOUBLE LOT
• PRIVATE PRIMARY SUITE
• OPEN FLOOR PLAN
• NEWER WINDOWS
• LUXURY VINYL FLOORING
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $130k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 10.4% 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: 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 (+6.3%/yr); 177 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d 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

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k 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 + 6.3% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $37k; list at $130k implies a 251% gain — meaningful room to come down on a strong offer.

Recommended offer $129,900

Questions for the listing agent

1. Built in 1965 — 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: 1.18% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.70%
• DSCR: 1.65
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.35×
• Total profit: $12,557
• Equity at exit: $19,369

10-year hold

• IRR: 20.1%
• Equity multiple: 2.94×
• Total profit: $70,465
• Equity at exit: $11,231

Cash invested: $36,372 (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

• Home prices YoY: -31.1%
• Rents YoY: 6.3%
• Active inventory: 177
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$681
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $446

Break-even live

Break-even rent $968

Max offer price $129,900

Occupancy floor 66%

Sensitivity live

Price	-10% $519	-5% $482	+0% $446	+5% $409	+10% $372
Rent	-10% $325	-5% $385	+0% $446	+5% $506	+10% $567
Rate	-1.0pp $511	-0.5pp $479	base $446	+0.5pp $412	+1.0pp $378

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1729 W Iles Ave Springfield, IL	3.0	1.0	1162	$1,500	$1.29	22d	1	1.03mi
1933 S 2nd St Springfield, IL	4.0	2.0	1433	$1,400	$0.98	45d	1	1.06mi
1666 Seven Pines Rd Springfield, IL	1.0–4.0	1.0–1.5	1025	$1,600	$1.56	22d	1	1.07mi
9 Candlelight Dr Springfield, IL	1.0–3.0	1.0–2.0	980	$1,535	$1.57	22d	20	1.20mi
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	45d	1	1.25mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	45d	1	1.44mi

Listing history 7 events

1. 2026-05-05
   status Pending 840-char remark

   Show marketing remark (840 chars)

   Affordable and move-in ready, this nicely updated 3–4 bedroom, 2 bathroom home sits on a spacious double lot and offers plenty of room both inside and out! Step into the large living room featuring hardwood floors. The attached garage has been thoughtfully converted into a private primary suite with its own bath. Enjoy the open floor plan between the kitchen, dining, and family room. Recent updates include several newer windows, luxury vinyl flooring, deck, and a freshly painted interior that gives the home a bright, modern feel. Major systems are in great shape with a brand new roof plus HVAC and water heater approximately 10 years old. To top it off, the property includes a 2-car detached garage and a double lot—perfect for outdoor activities, gardening, or future possibilities. A great value with so much to offer!

2. 2026-05-02
   status Active 840-char remark

   Show marketing remark (840 chars)

   Affordable and move-in ready, this nicely updated 3–4 bedroom, 2 bathroom home sits on a spacious double lot and offers plenty of room both inside and out! Step into the large living room featuring hardwood floors. The attached garage has been thoughtfully converted into a private primary suite with its own bath. Enjoy the open floor plan between the kitchen, dining, and family room. Recent updates include several newer windows, luxury vinyl flooring, deck, and a freshly painted interior that gives the home a bright, modern feel. Major systems are in great shape with a brand new roof plus HVAC and water heater approximately 10 years old. To top it off, the property includes a 2-car detached garage and a double lot—perfect for outdoor activities, gardening, or future possibilities. A great value with so much to offer!

3. 2026-04-11
   status Pending 840-char remark

   Show marketing remark (840 chars)

   Affordable and move-in ready, this nicely updated 3–4 bedroom, 2 bathroom home sits on a spacious double lot and offers plenty of room both inside and out! Step into the large living room featuring hardwood floors. The attached garage has been thoughtfully converted into a private primary suite with its own bath. Enjoy the open floor plan between the kitchen, dining, and family room. Recent updates include several newer windows, luxury vinyl flooring, deck, and a freshly painted interior that gives the home a bright, modern feel. Major systems are in great shape with a brand new roof plus HVAC and water heater approximately 10 years old. To top it off, the property includes a 2-car detached garage and a double lot—perfect for outdoor activities, gardening, or future possibilities. A great value with so much to offer!

4. 2026-04-09
   listed $129,900 Active 840-char remark

   Show marketing remark (840 chars)

   Affordable and move-in ready, this nicely updated 3–4 bedroom, 2 bathroom home sits on a spacious double lot and offers plenty of room both inside and out! Step into the large living room featuring hardwood floors. The attached garage has been thoughtfully converted into a private primary suite with its own bath. Enjoy the open floor plan between the kitchen, dining, and family room. Recent updates include several newer windows, luxury vinyl flooring, deck, and a freshly painted interior that gives the home a bright, modern feel. Major systems are in great shape with a brand new roof plus HVAC and water heater approximately 10 years old. To top it off, the property includes a 2-car detached garage and a double lot—perfect for outdoor activities, gardening, or future possibilities. A great value with so much to offer!

5. 2006-12-06
   soldstatus $37,000 292-char remark

   Show marketing remark (292 chars)

   This 3 bedroom, 1.5 bath has potential to be a great home. Subject was damaged by tornadoes and some repairs have been started: 1 car attached garage and recently built 2 car garage. Brand new roof on home. One of the bdrms is currently gutted. Property is being sold As-Is. Lots of potential

6. 2006-08-23
   listed $42,900 292-char remark

   Show marketing remark (292 chars)

   This 3 bedroom, 1.5 bath has potential to be a great home. Subject was damaged by tornadoes and some repairs have been started: 1 car attached garage and recently built 2 car garage. Brand new roof on home. One of the bdrms is currently gutted. Property is being sold As-Is. Lots of potential

7. 1998-11-25
   soldstatus $35,000

ⓘ 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: $350 · $29/mo
• Projected year-2 tax: $1,649 · $137/mo
• Expected delta: +$1,299/yr (+$108/mo · 371.1%)

ⓘ 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: $18,381
• − Mortgage interest: −$7,276
• − Property taxes: −$350
• − Insurance: −$650
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$3,779
• Taxable income: $3,385
• Est. tax owed @ 24.0%: −$812
• After-tax cash flow: $4,534/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

• County: Sangamon County · 115,414 people
• City population: 59,955
• Metro: Springfield, IL
• Population (ZIP): 40,046
• Household income: $69,976
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1529.0

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 (74%)
• Race & ethnicity: White 74% Black 15% Two or more races 5% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 1% Tagalog/Filipino 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: ▼ -70.79%
• Current HPI: 156.7086
• Rent YoY: ▲ 6.32%
• 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

+271.1% since first listed

7 events — show timeline

• 2026-05-05 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-02 Relisted — RMLSA as Distributed by MLS Grid
• 2026-04-11 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-09 Listed $129,900 RMLSA as Distributed by MLS Grid
• 2006-12-06 Sold (MLS) $37,000 RMLSA as Distributed by MLS Grid
• 2006-08-23 Listed $42,900 RMLSA as Distributed by MLS Grid
• 1998-11-25 Sold (Public Records) $35,000 Public Records

Property tax history

+2.9%/yr

Latest (2024): $350 · +2.0% YoY. Source: county tax records.