1129 E Reservoir St · Springfield, IL 62702

$36,900

3 bd · 1.0 ba · 2,080 sqft · Other · 154 Days on market

Built 1889 6,240 sqft lot $18/sqft · 44% below area Est $66k · 44% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

Key facts

• 6,240 sq ft lot
• Parking
• Built 1889

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $37k.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $37k).
• Recommended offer: $32k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.7% 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: 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; 1 comparable units currently listed for rent nearby; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 34% of the median local income ($51k/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 $255 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $18k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $37k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $32,472 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 3.94% ✓
• Cap rate: 34.66%
• Cash-on-cash: 101.30%
• DSCR: 5.51
• GRM: 2.1

CMA / ARV

• ARV (median comp): $66,264
• List price: $36,900
• Delta: -44.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.08×
• Total profit: $52,513
• Equity at exit: $5,502

10-year hold

• IRR: —
• Equity multiple: 13.56×
• Total profit: $129,821
• Equity at exit: $3,190

Cash invested: $10,332 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$194
• Tax from tax record: −$68 /mo · $815/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $872

Break-even live

Break-even rent $350

Max offer price $36,900

Occupancy floor 35%

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: $9,225
• Closing costs: $1,107
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 E Jefferson St Springfield, IL	2.0	1.0	1420	$1,220	$0.86	43d	1	1.04mi

Listing history 36 events

1. 2026-06-19
   days on market $36,900 Active 154 DOM
2. 2026-06-18
   days on market $36,900 Active 153 DOM
3. 2026-06-17
   days on market $36,900 Active 152 DOM
4. 2026-06-16
   days on market $36,900 Active 151 DOM
5. 2026-06-15
   days on market $36,900 Active 150 DOM
6. 2026-06-14
   days on market $36,900 Active 148 DOM
7. 2026-06-13
   days on market $36,900 Active 147 DOM
8. 2026-06-10
   days on market $36,900 Active 145 DOM
9. 2026-06-09
   days on market $36,900 Active 144 DOM
10. 2026-06-08
    days on market $36,900 Active 143 DOM
11. 2026-06-07
    days on market $36,900 Active 142 DOM
12. 2026-06-05
    days on market $36,900 Active 139 DOM
13. 2026-06-03
    days on market $36,900 Active 138 DOM
14. 2026-06-02
    days on market $36,900 Active 137 DOM
15. 2026-06-01
    days on market $36,900 Active 136 DOM
16. 2026-05-31
    days on market $36,900 Active 135 DOM
17. 2026-05-30
    days on market $36,900 Active 134 DOM
18. 2026-05-13
    price $36,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

19. 2026-04-27
    price $38,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

20. 2026-04-13
    price $39,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

21. 2026-03-30
    price $41,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

22. 2026-02-24
    price $43,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

23. 2026-02-17
    price $46,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

24. 2026-01-27
    price $49,900 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

25. 2026-01-16
    listed $54,900 Active 686-char remark

    Show marketing remark (686 chars)

    Welcome to 1129 E Reservoir Ave in Springfield - a classic home full of character and potential. Built in 1889, this property offers timeless charm with an opportunity for the next owner to restore, update, or invest. Conveniently located near schools, parks, and city amenities, it's a solid option for buyers looking for value and vision in an established neighborhood. Whether you're an investor or a homeowner ready to put your own stamp on a property, this home provides a chance to build equity and bring new life to a historic space. **The property is sold As-Is, Where-Is. Seller has no knowledge, buyer should perform their due diligence and make their own assessments.**

26. 2025-12-10
    status Active 53-char remark

    Show marketing remark (53 chars)

    Partly renovated SFH for sale in a good neighbourhood

27. 2025-12-10
    status Active

    Show marketing remark (53 chars)

    Partly renovated SFH for sale in a good neighbourhood

28. 2025-09-16
    historical 53-char remark

    Show marketing remark (53 chars)

    Partly renovated SFH for sale in a good neighbourhood

29. 2025-09-14
    historical
30. 2025-09-11
    listed $59,900 Active 53-char remark

    Show marketing remark (53 chars)

    Partly renovated SFH for sale in a good neighbourhood

31. 2025-09-11
    listed $59,900 Active

    Show marketing remark (53 chars)

    Partly renovated SFH for sale in a good neighbourhood

32. 2025-07-03
    soldstatus $13,000 Closed
33. 2025-06-23
    status Pending
34. 2025-06-10
    listed $9,900 Active
35. 2013-05-23
    soldstatus $14,000
36. 2012-08-18
    listed $19,000

ⓘ 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: $815 · $68/mo
• Projected year-2 tax: $826 · $69/mo
• Expected delta: +$11/yr (+$1/mo · 1.4%)

ⓘ 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: $17,452
• − Mortgage interest: −$2,067
• − Property taxes: −$815
• − Insurance: −$184
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$1,073
• Taxable income: $10,520
• Est. tax owed @ 24.0%: −$2,525
• After-tax cash flow: $7,941/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

+94.2% since first listed

19 events — show timeline

• 2026-05-13 Price Changed $36,900 MRED as Distributed by MLS Grid
• 2026-04-27 Price Changed $38,900 MRED as Distributed by MLS Grid
• 2026-04-13 Price Changed $39,900 MRED as Distributed by MLS Grid
• 2026-03-30 Price Changed $41,900 MRED as Distributed by MLS Grid
• 2026-02-24 Price Changed $43,900 MRED as Distributed by MLS Grid
• 2026-02-17 Price Changed $46,900 MRED as Distributed by MLS Grid
• 2026-01-27 Price Changed $49,900 MRED as Distributed by MLS Grid
• 2026-01-16 Listed $54,900 MRED as Distributed by MLS Grid
• 2025-12-10 Relisted — Fizber.com
• 2025-12-10 Relisted — Fizber.com
• 2025-09-16 Delisted — Fizber.com
• 2025-09-14 Delisted — Fizber.com
• 2025-09-11 Listed $59,900 Fizber.com
• 2025-09-11 Listed $59,900 Fizber.com
• 2025-07-03 Sold (MLS) $13,000 RMLSA as Distributed by MLS Grid
• 2025-06-23 Pending — RMLSA as Distributed by MLS Grid
• 2025-06-10 Listed $9,900 RMLSA as Distributed by MLS Grid
• 2013-05-23 Sold (MLS) $14,000 RMLSA as Distributed by MLS Grid
• 2012-08-18 Listed $19,000 RMLSA as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $815 · +4.0% YoY. Source: county tax records.