824 E Ridgely Ave · Springfield, IL 62702

$379,900

48 bd · 24.0 ba · 2,752 sqft · MultiFamily · 43 Days on market

Built 1993 Good condition 9,150 sqft lot $138/sqft · 222% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

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

This 4,500 Square Foot, Six unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself, has undergone significant updating, including a new roof and all new siding in 2021. All six units have been renovated. With updates like multiple new HVAC systems and water heaters. the sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. "Professional photography was taken prior to units being occupied"

Key facts

• Water heaters
• New siding
• Potential to rebuild

Tags

• NEW ROOF
• NEW SIDING
• MULTIPLE NEW HVAC SYSTEMS
• WATER HEATERS
• ADDITIONAL PARCEL
• POTENTIAL TO REBUILD

What this means for you Summary

Snapshot

• This is a 6 × 8-bed/4.0-bath units multifamily listed at $380k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $694/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $380k).
• Recommended offer: $369k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.4% 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 (+5.0%/yr); 131 active listings in the ZIP; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• At $8,594/mo this rent would consume 202% 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 $3k of loan paydown is wiped out by about $11k 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 $106k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $368,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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. 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: 2.26% ✓
• Cap rate: 19.45%
• Cash-on-cash: 46.97%
• DSCR: 3.09
• GRM: 3.7

CMA / ARV

• ARV (median comp): $117,975
• List price: $379,900
• Delta: 222.02%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 46.5%
• Equity multiple: 3.08×
• Total profit: $220,956
• Equity at exit: $56,644

10-year hold

• IRR: 53.1%
• Equity multiple: 6.71×
• Total profit: $607,821
• Equity at exit: $32,847

Cash invested: $106,372 (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 62702

• Home prices YoY: -34.9%
• Rents YoY: 5.0%
• Active inventory: 131
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $8,594 medium
• Mortgage (P&I): −$1,992
• Tax est. 1.5%: −$475 /mo · $5,698/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,805
• Net cashflow: $4,164

Break-even live

Break-even rent $3,323

Max offer price $379,900

Occupancy floor 47%

Sensitivity live

Price	-10% $4,426	-5% $4,295	+0% $4,164	+5% $4,033	+10% $3,901
Rent	-10% $3,485	-5% $3,824	+0% $4,164	+5% $4,503	+10% $4,843
Rate	-1.0pp $4,355	-0.5pp $4,260	base $4,164	+0.5pp $4,065	+1.0pp $3,965

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

Units	Beds	Baths	Est. rent
▸ 6× units	8	4	$8,592
Total (6 units)			$8,594

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: $94,975
• Closing costs: $11,397
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-14
   statusdays on market $379,900 Pending 43 DOM
2. 2026-06-13
   days on market $379,900 Active 42 DOM
3. 2026-06-10
   days on market $379,900 Active 40 DOM
4. 2026-06-09
   days on market $379,900 Active 39 DOM
5. 2026-06-08
   days on market $379,900 Active 38 DOM
6. 2026-06-07
   pricedays on market $379,900 Active 37 DOM
7. 2026-06-05
   days on market $399,900 Active 34 DOM
8. 2026-06-03
   days on market $399,900 Active 33 DOM
9. 2026-06-02
   days on market $399,900 Active 32 DOM
10. 2026-06-01
    days on market $399,900 Active 31 DOM
11. 2026-05-31
    days on market $399,900 Active 30 DOM
12. 2026-05-30
    days on market $399,900 Active 29 DOM
13. 2026-05-01
    listed $399,900 Active 845-char remark

    Show marketing remark (845 chars)

    This 4,500 Square Foot, Six unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself, has undergone significant updating, including a new roof and all new siding in 2021. All six units have been renovated. With updates like multiple new HVAC systems and water heaters. the sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. "Professional photography was taken prior to units being occupied"

14. 2026-03-01
    historical $875
15. 2025-10-25
    listed $875
16. 2025-10-25
    historical $875
17. 2025-08-10
    listed $875
18. 2025-04-06
    historical $875
19. 2025-01-15
    listed $875
20. 2025-01-15
    historical $875
21. 2025-01-11
    listed $875
22. 2024-12-20
    soldstatus $363,000 Closed 939-char remark

    Show marketing remark (939 chars)

    This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. Do Not Disturb Tenants. Only the vacant unit can be shown.

23. 2024-10-09
    status Pending 939-char remark

    Show marketing remark (939 chars)

    This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. Do Not Disturb Tenants. Only the vacant unit can be shown.

24. 2024-10-04
    price $370,000 939-char remark

    Show marketing remark (939 chars)

    This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. Do Not Disturb Tenants. Only the vacant unit can be shown.

25. 2024-10-04
    listed $205,000 Active 939-char remark

    Show marketing remark (939 chars)

    This 4,500 square foot, six-unit apartment building offers an outstanding investment opportunity with a variety of recent upgrades. The building itself has undergone significant updating including a new roof & all-new siding in 2021. Five of the six units have been fully renovated since 2021, with updates like multiple new HVAC systems & water heaters. One unit is intentionally vacant and was just remodeled, making it ready to show & rent. The sale also includes an additional parcel to the west, with the potential to rebuild another six-unit structure on the site where a previous building stood. Prospective buyers should explore grant programs that may support this rebuilding opportunity, adding further value to the property. This is an ideal opportunity for investors looking for a property with minimal initial maintenance and significant growth potential. Do Not Disturb Tenants. Only the vacant unit can be shown.

26. 2022-12-06
    historical
27. 2021-03-18
    soldstatus $205,000
28. 2021-01-28
    listed $205,000

ⓘ 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: $103,128
• − Mortgage interest: −$21,280
• − Property taxes: −$5,698
• − Insurance: −$1,900
• − Repairs & maintenance: −$8,250
• − Management: −$8,250
• − Depreciation: −$11,052
• Taxable income: $46,698
• Est. tax owed @ 24.0%: −$11,207
• After-tax cash flow: $38,759/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 · 12 photos

Good 75/100 Cosmetic rehab

This six-unit apartment building is in good condition with recent updates, including a new roof and siding, and multiple new HVAC systems. It's ready for move-in and offers a good investment opportunity.

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Rental trim trees — improves view and air circulation

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Rental trim trees — improves view and air circulation ↑

ⓘ 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

+95.1% since first listed

16 events — show timeline

• 2026-05-01 Listed $399,900 RMLSA as Distributed by MLS Grid
• 2026-03-01 Rental Removed $875 RENTALBEAST
• 2025-10-25 Listed for Rent $875 RENTALBEAST
• 2025-10-25 Rental Removed $875 RENTALBEAST
• 2025-08-10 Listed for Rent $875 RENTALBEAST
• 2025-04-06 Rental Removed $875 LEASESTAR
• 2025-01-15 Listed for Rent $875 LEASESTAR
• 2025-01-15 Rental Removed $875 BUILDIUM
• 2025-01-11 Listed for Rent $875 BUILDIUM
• 2024-12-20 Sold (MLS) $363,000 RMLSA as Distributed by MLS Grid
• 2024-10-09 Pending — RMLSA as Distributed by MLS Grid
• 2024-10-04 Price Changed $370,000 RMLSA as Distributed by MLS Grid
• 2024-10-04 Listed $205,000 RMLSA as Distributed by MLS Grid
• 2022-12-06 Rental Removed — RENT.
• 2021-03-18 Sold (MLS) $205,000 RMLSA as Distributed by MLS Grid
• 2021-01-28 Listed $205,000 RMLSA as Distributed by MLS Grid