145 N Illinois St · Springfield, IL 62702

$97,900

2 bd · 2.0 ba · 1,028 sqft · Other · 1 Days on market

Built 1924 5,200 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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +6.4/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2 bedroom 2 bath bungalow conveniently located in the historic west side. Original hardwood floors throughout. Fenced in backyard and single-car detached garage. Partially finished basement (full bath) with original built-in storage. New AC/furnace in 2013, new roof in 2015, fresh paint in 2021. All kitchen appliances, washer/dryer stay.

Key facts

• 5,200 sq ft lot
• Garage
• Built 1924

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1924
• Construction: Shingle roof
• Exterior features: Fenced yard; Level lot; Paved road access; Lot dimensions approximately 40 x 130

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Hardwood flooring in bedrooms and living room; Vinyl flooring in kitchen
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Gas water heater
• Interior features: Cable available; Ceiling fan(s); Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $98k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Cap rate 8.0% 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; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $677 of loan paydown is wiped out by about $3k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y ago; this cycle's ask is 40% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $70k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,900

Questions for the listing agent

1. Built in 1924 — 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: 1.14% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 7.3

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-4,909
• Equity at exit: $14,597

10-year hold

• IRR: 7.3%
• Equity multiple: 1.61×
• Total profit: $16,690
• Equity at exit: $8,465

Cash invested: $27,412 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$513
• Tax from tax record: −$195 /mo · $2,345/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $136

Break-even live

Break-even rent $949

Max offer price $97,900

Occupancy floor 83%

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: $24,475
• Closing costs: $2,937
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 N Lincoln Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	43d	1	0.04mi
300 N Park Ave Springfield, IL	1.0–2.0	1.0	694	$1,035	$1.49	21d	1	0.20mi
203 N Glenwood Ave Springfield, IL	2.0	1.0	850	$1,000	$1.18	21d	1	0.35mi
1539 W Monroe St Springfield, IL	2.0	1.0	820	$2,000	$2.44	21d	1	0.45mi
629 W Washington St Unit 4 Springfield, IL	2.0	1.0	700	$800	$1.14	43d	1	0.51mi
1644 W Adams St Unit 1 Springfield, IL	2.0	1.0	950	$1,200	$1.26	43d	1	0.55mi
1030 N MacArthur Blvd Springfield, IL	2.0	1.0	1400	$1,350	$0.96	21d	1	0.75mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	21d	1	0.88mi
401 W Elliott Ave Unit A Springfield, IL	3.0	1.0	1100	$1,300	$1.18	43d	1	1.05mi
400 E Jefferson St Springfield, IL	2.0	1.0	1420	$1,220	$0.86	43d	1	1.16mi
1004 S College St Springfield, IL	1.0	1.0	700	$800	$1.14	21d	1	1.16mi
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	21d	1	1.20mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	43d	1	1.23mi
1224 N Rutledge St Springfield, IL	2.0	2.0	1200	$1,400	$1.17	21d	1	1.28mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	43d	1	1.28mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	43d	1	1.29mi
201 Eastman Ave Springfield, IL	2.0	1.0	812	$950	$1.17	43d	1	1.49mi

Listing history 14 events

1. 2026-06-19
   statusdays on market $97,900 Active 1 DOM
2. 2026-06-18
   days on market $97,900 Coming Soon 14 DOM
3. 2026-06-17
   days on market $97,900 Coming Soon 13 DOM
4. 2026-06-16
   days on market $97,900 Coming Soon 12 DOM
5. 2026-06-15
   days on market $97,900 Coming Soon 11 DOM
6. 2026-06-14
   days on market $97,900 Coming Soon 9 DOM
7. 2026-06-13
   days on market $97,900 Coming Soon 8 DOM
8. 2026-06-10
   days on market $97,900 Coming Soon 6 DOM
9. 2026-06-09
   days on market $97,900 Coming Soon 5 DOM
10. 2026-06-08
    days on market $97,900 Coming Soon 4 DOM
11. 2026-06-07
    remarks 144-char remark
12. 2026-06-07
    days on market $97,900 Coming Soon 3 DOM
13. 2026-06-05
    remarks 129-char remark
14. 2026-06-05
    listed $97,900 Coming Soon 1 DOM

ⓘ 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: $2,345 · $195/mo
• Projected year-2 tax: $2,345 · $195/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $13,450
• − Mortgage interest: −$5,484
• − Property taxes: −$2,345
• − Insurance: −$490
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$2,848
• Taxable income: $131
• Est. tax owed @ 24.0%: −$32
• After-tax cash flow: $1,599/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

• 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

+58.2% since first listed

11 events — show timeline

• 2026-06-04 Coming Soon $97,900 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-03-18 Sold (Public Records) $69,900 Public Records
• 2021-03-16 Sold (MLS) $69,900 RMLSA as Distributed by MLS Grid
• 2020-10-05 Listed $69,900 RMLSA as Distributed by MLS Grid
• 2008-10-07 Sold (Public Records) $74,000 Public Records
• 2008-09-23 Sold (MLS) $74,000 RMLSA as Distributed by MLS Grid
• 2008-07-30 Listed $77,900 RMLSA as Distributed by MLS Grid
• 2002-05-20 Sold (Public Records) $64,000 Public Records
• 2002-05-16 Sold (MLS) $63,700 RMLSA as Distributed by MLS Grid
• 2002-04-10 Listed $61,900 RMLSA as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2025): $2,345 · +3.3% YoY. Source: county tax records.