2516 S 10th St · Springfield, IL 62703

$90,000

2 bd · 1.0 ba · 1,128 sqft · Other · 8 Days on market

Built 1915 1,600 sqft lot $80/sqft · 9% below area Est $99k · 9% under

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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 +28.5/30.0
• ARV discount +11.4/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable home features new exterior painting and a refreshed front façade, giving it an inviting curb appeal from the moment you arrive. The open front porch is perfect for relaxing after a long day and enjoying the neighborhood atmosphere. Inside, you’ll find the bright, all-white kitchen offers a clean, timeless style that pairs well with any décor. The main-level bathroom is conveniently located next to the stairway leading to the spacious upper level. Upstairs, you’ll discover an oversized bedroom with plenty of room to stretch out—complete with an attached office or cozy sitting area, giving you the extra space you’ve always wanted. The basement provides abundant storage options, perfect for keeping everything organized. Step outside to a large backyard that’s ideal for raised garden beds or outdoor entertaining. The oversized one-car garage offers excellent protection from the elements, with plenty of space left over for yard tools, a mower, and patio furniture. Bonus: The seller is willing to provide a new roof with the sale of the home—an incredible value for the next owner. This compact yet surprisingly roomy Harvard Park gem offers charm, updates, and functional living inside and out!

Key facts

• 1,600 sq ft lot
• Garage
• Built 1915

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 10.2% 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; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% 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 runs 31% 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 $622 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $90k implies a 546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1915 — 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: 1.28% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $98,592
• List price: $90,000
• Delta: -3.64%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.40×
• Total profit: $10,165
• Equity at exit: $13,419

10-year hold

• IRR: 22.6%
• Equity multiple: 3.40×
• Total profit: $60,549
• Equity at exit: $7,782

Cash invested: $25,200 (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: 6.5×

Monthly cashflow live

• Estimated rent: $1,148 high
• Mortgage (P&I): −$472
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $293

Break-even live

Break-even rent $777

Max offer price $90,000

Occupancy floor 69%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	44d	1	0.20mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	44d	1	0.29mi
604 Bryn Mawr Blvd Springfield, IL	2.0	1.0	850	$1,100	$1.29	44d	1	0.32mi
6 Ridge Ct Springfield, IL	3.0	1.0	905	$1,350	$1.49	44d	1	0.74mi
1908 S 4th St Springfield, IL	1.0	1.0	800	$850	$1.06	21d	1	0.76mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	44d	1	0.89mi
2949 Fox Bridge Rd Springfield, IL	2.0	1.0	900	$960	$1.07	21d	1	0.91mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	21d	1	0.99mi
525 E Pine St Springfield, IL	2.0	2.0	1250	$1,200	$0.96	44d	1	1.09mi
525 E Pine St Unit 4 Springfield, IL	2.0	2.0	1250	$1,200	$0.96	21d	1	1.09mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	21d	1	1.19mi
1929 E Spruce St Springfield, IL	3.0	1.0	1500	$1,300	$0.87	44d	1	1.20mi
2005 E Laurel St Springfield, IL	2.0	1.0	900	$1,000	$1.11	44d	1	1.21mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	44d	1	1.24mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	44d	1	1.32mi
2473 Ladley Ct Unit 2108-2 B Springfield, IL	2.0	1.0	700	$825	$1.18	44d	1	1.35mi
2473 Ladley Ct Unit 2412-1 L Springfield, IL	2.0	1.0	700	$725	$1.04	44d	1	1.35mi
2715 S MacArthur Blvd Unit 01 Springfield, IL	2.0	1.5	935	$975	$1.04	44d	1	1.48mi

Listing history 27 events

1. 2026-06-19
   days on market $90,000 Active 8 DOM
2. 2026-06-18
   days on market $90,000 Active 7 DOM
3. 2026-06-17
   days on market $90,000 Active 6 DOM
4. 2026-06-16
   days on market $90,000 Active 5 DOM
5. 2026-06-15
   days on market $90,000 Active 4 DOM
6. 2026-06-14
   days on market $90,000 Active 2 DOM
7. 2026-06-13
   statusdays on market $90,000 Active 1 DOM
8. 2026-06-10
   days on market $90,000 Coming Soon 2 DOM
9. 2026-06-09
   remarks 693-char remark
10. 2026-06-09
    remarks 686-char remark
11. 2026-06-09
    pricestatusdays on marketlisting id $90,000 Coming Soon 1 DOM
12. 2026-06-05
    days on market $95,000 Active 182 DOM
13. 2026-06-03
    days on market $95,000 Active 181 DOM
14. 2026-06-02
    days on market $95,000 Active 180 DOM
15. 2026-06-01
    days on market $95,000 Active 179 DOM
16. 2026-05-31
    days on market $95,000 Active 178 DOM
17. 2026-05-30
    days on market $95,000 Active 177 DOM
18. 2025-12-04
    listed $95,000 Active 1268-char remark

    Show marketing remark (1268 chars)

    This adorable home features new exterior painting and a refreshed front façade, giving it an inviting curb appeal from the moment you arrive. The open front porch is perfect for relaxing after a long day and enjoying the neighborhood atmosphere. Inside, you’ll find the bright, all-white kitchen offers a clean, timeless style that pairs well with any décor. The main-level bathroom is conveniently located next to the stairway leading to the spacious upper level. Upstairs, you’ll discover an oversized bedroom with plenty of room to stretch out—complete with an attached office or cozy sitting area, giving you the extra space you’ve always wanted. The basement provides abundant storage options, perfect for keeping everything organized. Step outside to a large backyard that’s ideal for raised garden beds or outdoor entertaining. The oversized one-car garage offers excellent protection from the elements, with plenty of space left over for yard tools, a mower, and patio furniture. Bonus: The seller is willing to provide a new roof with the sale of the home—an incredible value for the next owner. This compact yet surprisingly roomy Harvard Park gem offers charm, updates, and functional living inside and out!

19. 2025-06-09
    status Active
20. 2025-06-09
    historical
21. 2025-02-05
    status Active
22. 2025-02-05
    historical
23. 2025-02-01
    historical
24. 2024-11-08
    listed Active
25. 2015-06-30
    soldstatus $13,924
26. 2014-12-19
    listed $24,080
27. 1999-06-30
    soldstatus $37,000

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $1,646 · $137/mo
• Expected delta: +$397/yr (+$33/mo · 31.8%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,772
• − Mortgage interest: −$5,041
• − Property taxes: −$1,248
• − Insurance: −$450
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$2,618
• Taxable income: $2,211
• Est. tax owed @ 24.0%: −$531
• After-tax cash flow: $2,987/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): 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

+156.8% since first listed

10 events — show timeline

• 2025-12-04 Listed $95,000 RMLSA as Distributed by MLS Grid
• 2025-06-09 Relisted — RMLSA as Distributed by MLS Grid
• 2025-06-09 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-02-05 Relisted — RMLSA as Distributed by MLS Grid
• 2025-02-05 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-02-01 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-11-08 Listed — RMLSA as Distributed by MLS Grid
• 2015-06-30 Sold (MLS) $13,924 MRED as Distributed by MLS Grid
• 2014-12-19 Listed $24,080 MRED as Distributed by MLS Grid
• 1999-06-30 Sold (Public Records) $37,000 Public Records

Property tax history

+2.6%/yr

Latest (2024): $1,248 · +4.0% YoY. Source: county tax records.