628 Spruce St · Quincy, IL 62301

$69,900

4 bd · 4.0 ba · 1,413 sqft · SingleFamily · 264 Days on market

Built 1942 5,663 sqft lot $49/sqft · 133% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

Key facts

• Large yard
• Newer windows
• 5,663 sq ft lot

Tags

• NEWER WINDOWS
• UPDATED ELECTRIC PANEL
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $902 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 4.3% in Quincy — 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 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities D-.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Dr. Abby Fox Rooney Elem Sch (math 25% / reading 25%, grade F, #842 of 2,056 statewide, top 41%, 496 students, 0% FRL); Quincy Jr High School (math 25% / reading 30%, grade F, #295 of 665 statewide, top 45%, 1,348 students, 0% FRL); Quincy Sr High School (math 21% / reading 28%, grade F, #256 of 693 statewide, top 44%, 1,924 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($52k/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 $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 264 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 264 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 1942 — 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 D 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: 2.39% ✓
• Cap rate: 21.77%
• Cash-on-cash: 55.28%
• DSCR: 3.46
• GRM: 3.5

CMA / ARV

• ARV (median comp): $30,049
• List price: $69,900
• Delta: 132.62%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1223 N 5	0.15mi	3/2.0 (-1)	1,376 (-3%)	15mo	$135,500	$98	63
315 Maple St	0.34mi	3/1.0 (-1)	1,422 (+1%)	7mo	$91,000	$64	60
1314 N 10th St	0.32mi	3/1.5 (-1)	1,505 (+6%)	1mo	$72,000	$48	59
1238 N 12th St	0.50mi	3/2.0 (-1)	1,440 (+2%)	7mo	$135,000	$94	54
530 Lind St	0.35mi	3/1.0 (-1)	1,277 (-10%)	3mo	$29,000	$23	48
1221 Elm St	0.67mi	3/1.0 (-1)	1,470 (+4%)	0mo	$58,000	$39	45
1501 Sycamore St	0.75mi	3/1.5 (-1)	1,394 (-1%)	8mo	$131,000	$94	41
1226 Spruce St	0.55mi	3/2.0 (-1)	1,295 (-8%)	8mo	$115,000	$89	40
1201 N 12th St	0.48mi	3/1.5 (-1)	1,286 (-9%)	14mo	$152,000	$118	36
623 N 8th	0.55mi	3/1.5 (-1)	1,519 (+8%)	14mo	$35,000	$23	35
702 Spring St	0.68mi	3/1.5 (-1)	1,245 (-12%)	14mo	$12,000	$10	22
1201 N 14th St	0.63mi	3/2.0 (-1)	1,218 (-14%)	16mo	$195,000	$160	21

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 58.9%
• Equity multiple: 3.80×
• Total profit: $54,898
• Equity at exit: $10,422

10-year hold

• IRR: 65.4%
• Equity multiple: 9.27×
• Total profit: $161,804
• 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 62301

• Rents YoY: 10.8%
• Active inventory: 180
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,668 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$20 /mo · $245/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $902

Break-even live

Break-even rent $527

Max offer price $69,900

Occupancy floor 41%

Sensitivity live

Price	-10% $941	-5% $921	+0% $902	+5% $882	+10% $862
Rent	-10% $770	-5% $836	+0% $902	+5% $968	+10% $1,033
Rate	-1.0pp $937	-0.5pp $919	base $902	+0.5pp $884	+1.0pp $865

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$5,600	$2.87	45d	12	1.04mi

Listing history 38 events

1. 2026-06-19
   days on market $69,900 Active 264 DOM
2. 2026-06-18
   days on market $69,900 Active 263 DOM
3. 2026-06-17
   days on market $69,900 Active 262 DOM
4. 2026-06-16
   days on market $69,900 Active 261 DOM
5. 2026-06-15
   days on market $69,900 Active 260 DOM
6. 2026-06-14
   days on market $69,900 Active 258 DOM
7. 2026-06-12
   days on market $69,900 Active 257 DOM
8. 2026-06-09
   days on market $69,900 Active 254 DOM
9. 2026-06-08
   days on market $69,900 Active 253 DOM
10. 2026-06-07
    days on market $69,900 Active 252 DOM
11. 2026-06-03
    days on market $69,900 Active 248 DOM
12. 2026-06-02
    days on market $69,900 Active 247 DOM
13. 2026-06-01
    days on market $69,900 Active 246 DOM
14. 2026-05-31
    days on market $69,900 Active 245 DOM
15. 2026-05-30
    days on market $69,900 Active 244 DOM
16. 2026-03-10
    soldstatus $65,000
17. 2026-03-02
    soldstatus $45,000 Closed 338-char remark

    Show marketing remark (338 chars)

    Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

18. 2026-01-19
    historical Contingent - Continue to Show 338-char remark

    Show marketing remark (338 chars)

    Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

19. 2026-01-08
    historical
20. 2026-01-08
    status Active
21. 2026-01-06
    historical
22. 2026-01-05
    historical
23. 2025-12-19
    price $69,900 338-char remark

    Show marketing remark (338 chars)

    Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

24. 2025-12-12
    price $69,900
25. 2025-12-12
    price
26. 2025-09-29
    listed $75,000 Active
27. 2025-09-26
    listed $75,000 Active 338-char remark

    Show marketing remark (338 chars)

    Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

28. 2025-09-26
    listed Active

    Show marketing remark (338 chars)

    Nice 2 unit on North side of town. Lower apartment is ready to rent, freshly painted. Newer windows. Upstairs has one room that needs drywall (currently there). Updated electric panel. Separate gas/electric meter. Shared water meter. Large yard., Main Floor Laundry, Separate Electric Meters, Separate Gas Meters, HiSpd Intrnt Fiber Avail

29. 2022-09-27
    historical
30. 2022-09-27
    historical
31. 2019-02-02
    historical
32. 2018-04-13
    historical
33. 2012-05-10
    historical
34. 2008-02-22
    soldstatus $13,000
35. 2008-02-22
    soldstatus $13,000
36. 2008-02-01
    soldstatus $13,000
37. 2007-09-26
    listed $19,900
38. 2007-09-26
    listed $19,900

ⓘ 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: $245 · $20/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$671/yr (+$56/mo · 274.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,016
• − Mortgage interest: −$3,915
• − Property taxes: −$245
• − Insurance: −$350
• − Repairs & maintenance: −$1,601
• − Management: −$1,601
• − Depreciation: −$2,033
• Taxable income: $10,270
• Est. tax owed @ 24.0%: −$2,465
• After-tax cash flow: $8,355/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: Quincy SD 172
• NCES district ID: 1733000
• Math proficiency: 24% ▬ 0.00%
• Reading proficiency: 27% ▬ 0.00%
• Median HH income: $44,132
• Composite: 21.91/100
• National rank: #8229
• State rank: #328 of 620 in IL

Livability — Quincy

• Score: 67/100
• State rank: #506
• US rank: #10458

Category grades

Amenities D- Commute F Cost of living A+ Crime D Employment D Housing A+ Health & safety F User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quincy, IL
• County: Adams County · 30,746 people
• City population: 30,746
• Metro: Quincy, IL-MO
• Population (ZIP): 30,746
• Household income: $52,055
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1238.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 65,795 people
• By 2030: 64,436 · -2.1%
• By 2040: 61,007 · -7.3%
• By 2050: 56,851 · -13.6%
• By 2075: 46,424 · -29.4%
• By 2100: 34,305 · -47.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Black 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+47.4) · D 25.6% · R 73.0% · Other 1.5%
• 2008→2024 swing: -25.0pp toward R · 2008: -22.4pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+46.5 2016: R+47.5 2012: R+35.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.44%
• Current HPI: 131.7344
• Rent YoY: ▲ 10.78%
• Metro: Quincy, IL-MO
• 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

+226.6% since first listed

23 events — show timeline

• 2026-03-10 Sold (Public Records) $65,000 Public Records
• 2026-03-02 Sold (MLS) $45,000 MRED as Distributed by MLS Grid
• 2026-01-19 Contingent — MRED as Distributed by MLS Grid
• 2026-01-08 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-19 Price Changed $69,900 MRED as Distributed by MLS Grid
• 2025-12-12 Price Changed $69,900 Quincy AOR
• 2025-12-12 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-09-29 Listed $75,000 Quincy AOR
• 2025-09-26 Listed — RMLSA as Distributed by MLS Grid
• 2025-09-26 Listed $75,000 MRED as Distributed by MLS Grid
• 2022-09-27 Listing Removed — RMLSA as Distributed by MLS Grid
• 2022-09-27 Listing Removed — RMLSA as Distributed by MLS Grid
• 2019-02-02 Listing Removed — MRED as Distributed by MLS Grid
• 2018-04-13 Listing Removed — MRED as Distributed by MLS Grid
• 2012-05-10 Listing Removed — MRED as Distributed by MLS Grid
• 2008-02-22 Sold (MLS) $13,000 RMLSA as Distributed by MLS Grid
• 2008-02-22 Sold (MLS) $13,000 MRED as Distributed by MLS Grid
• 2008-02-01 Sold (Public Records) $13,000 Public Records
• 2007-09-26 Listed $19,900 RMLSA as Distributed by MLS Grid
• 2007-09-26 Listed $19,900 MRED as Distributed by MLS Grid

Property tax history

-9.8%/yr

Latest (2023): $245 · +5.6% YoY. Source: county tax records.