905 N Wesley St · Springfield, IL 62702

$42,000

2 bd · 1.0 ba · 700 sqft · SingleFamily · 92 Days on market

4,800 sqft lot $60/sqft · 37% below area Est $67k · 37% 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

Great opportunity in Springfield! This property is perfect for investors or buyers looking to add value. Featuring a solid layout and strong potential, this home is ready for your finishing touches. Whether you're looking for your next flip, rental, or a project to make your own, this property offers plenty of upside. Conveniently located near local amenities, schools, and major roadways. Sold as-is. Don't miss your chance to turn this into a great investment!

Key facts

• Strong potential
• Major roadways
• Solid layout

Tags

• SOLID LAYOUT
• STRONG POTENTIAL
• LOCAL AMENITIES
• MAJOR ROADWAYS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $38k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $290 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 $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 30y ago; this cycle's ask has dropped $28k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $38,220 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.53% ✓
• Cap rate: 20.71%
• Cash-on-cash: 51.49%
• DSCR: 3.29
• GRM: 3.3

CMA / ARV

• ARV (median comp): $66,522
• List price: $42,000
• Delta: -36.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3012 Louise Ln	0.32mi	2/1.0	729 (+4%)	4mo	$79,900	$110	75
813 N Stephen Ave	0.09mi	2/1.0	640 (-9%)	9mo	$82,000	$128	74
10 Melody Ln	0.42mi	2/1.0	712 (+2%)	7mo	$94,500	$133	71
2352 E Keys Ave	0.57mi	2/1.0	718 (+3%)	2mo	$90,000	$125	68
2049 E Hamilton Ave	0.58mi	2/1.0	672 (-4%)	1mo	$73,001	$109	65
816 Indiana Ave	0.70mi	2/1.0	711 (+2%)	16mo	$31,000	$44	52
2373 E Keys	0.59mi	2/1.0	784 (+12%)	1mo	$85,000	$108	52
2322 Grandview Ave	0.45mi	2/1.0	756 (+8%)	18mo	$77,500	$103	50
906 N Ohio Ave	0.62mi	2/1.0	672 (-4%)	22mo	$50,000	$74	46
1528 N Wesley St	0.57mi	1/1.0 (-1)	650 (-7%)	17mo	$67,000	$103	42
2220 E Grandview Ave	0.53mi	2/1.0	800 (+14%)	20mo	$85,000	$106	34
828 N Ohio St	0.62mi	3/2.0 (+1)	800 (+14%)	23mo	$110,000	$138	19

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 · 4.95% rent growth · sell at horizon

5-year hold

• IRR: 51.7%
• Equity multiple: 3.34×
• Total profit: $27,502
• Equity at exit: $6,262

10-year hold

• IRR: 57.9%
• Equity multiple: 7.34×
• Total profit: $74,589
• Equity at exit: $3,631

Cash invested: $11,760 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,063 medium
• Mortgage (P&I): −$220
• Tax from tax record: −$98 /mo · $1,170/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $505

Break-even live

Break-even rent $424

Max offer price $42,000

Occupancy floor 48%

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: $10,500
• Closing costs: $1,260
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1036 N Indiana Ave Springfield, IL	2.0	1.0	672	$1,100	$1.64	43d	1	0.73mi

Listing history 20 events

1. 2026-06-19
   days on market $42,000 Active 92 DOM
2. 2026-06-18
   days on market $42,000 Active 91 DOM
3. 2026-06-17
   days on market $42,000 Active 90 DOM
4. 2026-06-16
   days on market $42,000 Active 89 DOM
5. 2026-06-15
   days on market $42,000 Active 88 DOM
6. 2026-06-14
   days on market $42,000 Active 86 DOM
7. 2026-06-13
   pricedays on market $42,000 Active 85 DOM
8. 2026-06-10
   days on market $70,000 Active 83 DOM
9. 2026-06-09
   days on market $70,000 Active 82 DOM
10. 2026-06-08
    days on market $70,000 Active 81 DOM
11. 2026-06-07
    days on market $70,000 Active 80 DOM
12. 2026-06-05
    days on market $70,000 Active 77 DOM
13. 2026-06-03
    days on market $70,000 Active 76 DOM
14. 2026-06-02
    days on market $70,000 Active 75 DOM
15. 2026-06-01
    days on market $70,000 Active 74 DOM
16. 2026-05-31
    days on market $70,000 Active 73 DOM
17. 2026-05-30
    days on market $70,000 Active 72 DOM
18. 2026-03-19
    listed $70,000 Active 470-char remark

    Show marketing remark (470 chars)

    Great opportunity in Springfield! This property is perfect for investors or buyers looking to add value. Featuring a solid layout and strong potential, this home is ready for your finishing touches. Whether you're looking for your next flip, rental, or a project to make your own, this property offers plenty of upside. Conveniently located near local amenities, schools, and major roadways. Sold as-is. Don't miss your chance to turn this into a great investment!

19. 1996-12-23
    soldstatus $34,000 188-char remark

    Show marketing remark (188 chars)

    Cute As A Button. Small But Sweet. Maintenance Free, Vinyl Siding W/ C/A Appl 2 Yrs Old Including Washer & Dryer Stackable. Enced Back Yard With Covered Patio. Freshly Painted Interior

20. 1996-10-15
    listed $31,900 188-char remark

    Show marketing remark (188 chars)

    Cute As A Button. Small But Sweet. Maintenance Free, Vinyl Siding W/ C/A Appl 2 Yrs Old Including Washer & Dryer Stackable. Enced Back Yard With Covered Patio. Freshly Painted Interior

ⓘ 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: $1,170 · $98/mo
• Projected year-2 tax: $1,170 · $98/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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,757
• − Mortgage interest: −$2,353
• − Property taxes: −$1,170
• − Insurance: −$210
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$1,222
• Taxable income: $5,762
• Est. tax owed @ 24.0%: −$1,383
• After-tax cash flow: $4,672/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

• 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

+119.4% since first listed

3 events — show timeline

• 2026-03-19 Listed $70,000 MRED as Distributed by MLS Grid
• 1996-12-23 Sold (MLS) $34,000 RMLSA as Distributed by MLS Grid
• 1996-10-15 Listed $31,900 RMLSA as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2024): $1,170 · +9.0% YoY. Source: county tax records.