1724 S Spring St · Springfield, IL 62704

$69,900

1 bd · 1.0 ba · 826 sqft · SingleFamily · 13 Days on market

Built 1917 5,080 sqft lot $85/sqft · at area comps Est $69k · at est. ↓ 17% since listing

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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 +24.2/30.0
• 1% rule +8.1/10.0
• DSCR +7.8/10.0
• ARV discount +7.2/15.0
• 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

Coming Soon effective May 6th, 2026 - Live for showings May 8th, 2026. This home is perfect for the first time buyer, investor or down-sizer. Original wood trim, wood flooring. Cosmetic touches will net a substantial return on value.

Key facts

• 5,080 sq ft lot
• Built 1917
• Listed 13 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1917; Shingle roof
• Construction: Original construction (not new)
• Exterior features: Screened porch; Lot dimensions approximately 127 x 40

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 1 bedroom (Main level) — includes egress window
• Flooring: Carpet in living and dining rooms; Other flooring in bedroom and screened porch
• Bathrooms: 1 full bathroom
• Interior features: Unfinished basement; Living room fireplace (wood burning)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($915 rent vs $70k).
• Cap rate 8.7% 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: 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.
• Zoned schools: Black Hawk Elem School (math 5% / reading 15%, grade F, #1,477 of 2,056 statewide, top 74%, 246 students, 0% FRL); Jefferson Middle School (math 3% / reading 8%, grade F, #635 of 665 statewide, top 95%, 539 students, 0% FRL); Springfield Southeast High Sch (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 1,261 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 177 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent is only 16% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,900

Questions for the listing agent

1. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.31% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• GRM: 6.4

CMA / ARV

• ARV (median comp): $69,484
• List price: $69,900
• Delta: 0.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1724 S Spring St	0.00mi	1/1.0	826 (0%)	0mo	$62,000	$75	100
1637 S Glenwood Ave	0.53mi	1/1.0	822 (-0%)	4mo	$90,000	$109	71
1805 S 2nd St	0.14mi	2/1.0 (+1)	894 (+8%)	6mo	$66,000	$74	70
618 W Laurel St	0.34mi	2/1.0 (+1)	864 (+5%)	6mo	$99,500	$115	67
37 Belle Pl	0.52mi	2/1.0 (+1)	808 (-2%)	2mo	$59,900	$74	66
2404 S Whittier Ave	0.59mi	2/1.0 (+1)	848 (+3%)	2mo	$96,000	$113	61
1512 S State St	0.60mi	2/1.0 (+1)	814 (-2%)	7mo	$95,000	$117	59
504 Williams St	0.65mi	2/1.0 (+1)	800 (-3%)	3mo	$63,500	$79	57
1737 S Holmes Ave	0.38mi	2/1.0 (+1)	912 (+10%)	7mo	$77,500	$85	54
300 W Lenox Ave	0.72mi	2/1.0 (+1)	790 (-4%)	2mo	$67,500	$85	53
2224 S 9th St	0.73mi	2/1.5 (+1)	861 (+4%)	4mo	$130,000	$151	48
2409 S Lowell Ave	0.63mi	2/1.0 (+1)	725 (-12%)	4mo	$120,000	$166	42

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 · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $824
• Equity at exit: $10,422

10-year hold

• IRR: 14.2%
• Equity multiple: 2.35×
• Total profit: $26,384
• Equity at exit: $6,044

Cash invested: $19,572 (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: 6.4×

Monthly cashflow live

• Estimated rent: $915 high
• Mortgage (P&I): −$367
• Tax from tax record: −$187 /mo · $2,249/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $140

Break-even live

Break-even rent $738

Max offer price $69,900

Occupancy floor 80%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	21d	1	0.19mi
1908 S 4th St Springfield, IL	1.0	1.0	800	$850	$1.06	21d	1	0.29mi
1500 S Lowell Ave Springfield, IL	1.0	1.0	590	$775	$1.31	44d	1	0.32mi
1004 S College St Springfield, IL	1.0	1.0	700	$800	$1.14	21d	1	0.60mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	44d	1	0.80mi
423 W Lawrence Ave Unit 2 Springfield, IL	2.0	1.0	900	$1,050	$1.17	21d	1	0.89mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	21d	1	0.90mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	44d	1	0.96mi
417 E Cook St Unit A Springfield, IL	1.0	1.0	550	$850	$1.55	21d	1	0.96mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	44d	1	0.97mi
616 New St Springfield, IL	1.0	1.0	550	$850	$1.55	44d	1	0.98mi
604 Bryn Mawr Blvd Springfield, IL	2.0	1.0	850	$1,100	$1.29	44d	1	1.02mi
2715 S MacArthur Blvd Unit 01 Springfield, IL	2.0	1.5	935	$975	$1.04	44d	1	1.16mi
8 S Old State Capitol Plz Unit 1031831P Springfield, IL	2.0	2.0	990	$2,927	$2.96	44d	1	1.32mi
629 W Washington St Unit 4 Springfield, IL	2.0	1.0	700	$800	$1.14	44d	1	1.41mi

Listing history 3 events

1. 2026-05-13
   price $69,900 234-char remark
2. 2026-05-08
   listed $75,000 Active 234-char remark
3. 2026-05-06
   historical $75,000 234-char remark

ⓘ 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: $2,249 · $187/mo
• Projected year-2 tax: $2,249 · $187/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 2% 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: $10,984
• − Mortgage interest: −$3,915
• − Property taxes: −$2,249
• − Insurance: −$350
• − Repairs & maintenance: −$879
• − Management: −$879
• − Depreciation: −$2,033
• Taxable income: $679
• Est. tax owed @ 24.0%: −$163
• After-tax cash flow: $1,517/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): 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

-17.3% since first listed

5 events — show timeline

• 2026-06-09 Sold (MLS) $62,000 RMLSA as Distributed by MLS Grid
• 2026-05-21 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-13 Price Changed $69,900 RMLSA as Distributed by MLS Grid
• 2026-05-08 Listed $75,000 RMLSA as Distributed by MLS Grid
• 2026-05-06 Coming Soon $75,000 RMLSA as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $2,249 · +5.0% YoY. Source: county tax records.