706 W South Grand Ave · Springfield, IL 62704

$115,000

4 bd · 1.5 ba · 1,408 sqft · Other · 197 Days on market

Built 1890 3,120 sqft lot $82/sqft · 29% below area Est $163k · 29% under ↓ 11% since listing

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.4/10.0
• 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 MLS

Step into the charm of this historic 2-story home, built in 1890 and filled with character you won’t find anywhere else—now with a newly reduced price! Tall ceilings throughout the main level create an airy, spacious feel, complemented by multiple living areas that offer plenty of room to relax, entertain, or make your own. And a main-level bedroom that can easily serve as an office or adapt to your needs. Upstairs, you’ll find three generously sized bedrooms—each offering comfort, natural light, and the timeless appeal of an older home. This property will be fully cleared out prior to closing, giving you a clean slate to bring your vision to life. A rare opportunity to own a piece of history with space, personality, and endless potential! Currently zoned Residential but could be rezoned for small business use!

Key facts

• Main-level bedroom
• Tall ceilings
• Historic home

Tags

• HISTORIC HOME
• TALL CEILINGS
• MULTIPLE LIVING AREAS
• MAIN-LEVEL BEDROOM
• GENEROUSLY SIZED BEDROOMS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 (+6.3%/yr); 177 active listings in the ZIP; 10 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 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 + 6.3% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 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 1890 — 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: 1.24% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• GRM: 6.7

CMA / ARV

• ARV (median comp): $163,044
• List price: $115,000
• Delta: -29.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $4,883
• Equity at exit: $17,147

10-year hold

• IRR: 16.3%
• Equity multiple: 2.55×
• Total profit: $49,921
• Equity at exit: $9,943

Cash invested: $32,200 (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 62704

• Home prices YoY: -31.1%
• Rents YoY: 6.3%
• Active inventory: 177
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,424 high
• Mortgage (P&I): −$603
• Tax from tax record: −$182 /mo · $2,187/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $291

Break-even live

Break-even rent $1,055

Max offer price $115,000

Occupancy floor 75%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 W Allen St Springfield, IL	3.0	1.5	1050	$1,305	$1.24	21d	1	0.44mi
922 Governor St Springfield, IL	3.0	1.0	1682	$1,200	$0.71	43d	1	0.75mi
1933 S 2nd St Springfield, IL	4.0	2.0	1433	$1,400	$0.98	43d	1	0.82mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	21d	1	0.92mi
1726 S 6th St Springfield, IL	3.0	1.5	1408	$1,500	$1.07	43d	1	0.94mi
1214 S 7th St Unit C Springfield, IL	3.0	1.0	1200	$1,350	$1.12	43d	1	1.00mi
1104 S 11th St Unit A Springfield, IL	3.0	1.0	1200	$1,000	$0.83	43d	1	1.30mi
1213 E Ash St Springfield, IL	3.0	2.0	1861	$2,030	$1.09	21d	1	1.47mi
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	43d	1	1.47mi
1729 W Iles Ave Springfield, IL	3.0	1.0	1162	$1,500	$1.29	21d	1	1.47mi

Listing history 19 events

1. 2026-06-19
   days on market $115,000 Active 197 DOM
2. 2026-06-18
   days on market $115,000 Active 196 DOM
3. 2026-06-17
   days on market $115,000 Active 195 DOM
4. 2026-06-16
   days on market $115,000 Active 194 DOM
5. 2026-06-15
   days on market $115,000 Active 193 DOM
6. 2026-06-14
   days on market $115,000 Active 191 DOM
7. 2026-06-13
   days on market $115,000 Active 190 DOM
8. 2026-06-10
   days on market $115,000 Active 188 DOM
9. 2026-06-09
   days on market $115,000 Active 187 DOM
10. 2026-06-08
    days on market $115,000 Active 186 DOM
11. 2026-06-07
    days on market $115,000 Active 185 DOM
12. 2026-06-05
    days on market $115,000 Active 182 DOM
13. 2026-06-03
    days on market $115,000 Active 181 DOM
14. 2026-06-02
    days on market $115,000 Active 180 DOM
15. 2026-06-01
    days on market $115,000 Active 179 DOM
16. 2026-05-31
    days on market $115,000 Active 178 DOM
17. 2026-05-30
    days on market $115,000 Active 177 DOM
18. 2026-03-31
    price $115,000 848-char remark

    Show marketing remark (848 chars)

    Step into the charm of this historic 2-story home, built in 1890 and filled with character you won’t find anywhere else—now with a newly reduced price! Tall ceilings throughout the main level create an airy, spacious feel, complemented by multiple living areas that offer plenty of room to relax, entertain, or make your own. And a main-level bedroom that can easily serve as an office or adapt to your needs. Upstairs, you’ll find three generously sized bedrooms—each offering comfort, natural light, and the timeless appeal of an older home. This property will be fully cleared out prior to closing, giving you a clean slate to bring your vision to life. A rare opportunity to own a piece of history with space, personality, and endless potential! Currently zoned Residential but could be rezoned for small business use!

19. 2025-12-04
    listed $129,000 Active 848-char remark

    Show marketing remark (848 chars)

    Step into the charm of this historic 2-story home, built in 1890 and filled with character you won’t find anywhere else—now with a newly reduced price! Tall ceilings throughout the main level create an airy, spacious feel, complemented by multiple living areas that offer plenty of room to relax, entertain, or make your own. And a main-level bedroom that can easily serve as an office or adapt to your needs. Upstairs, you’ll find three generously sized bedrooms—each offering comfort, natural light, and the timeless appeal of an older home. This property will be fully cleared out prior to closing, giving you a clean slate to bring your vision to life. A rare opportunity to own a piece of history with space, personality, and endless potential! Currently zoned Residential but could be rezoned for small business use!

ⓘ 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: $2,187 · $182/mo
• Projected year-2 tax: $2,399 · $200/mo
• Expected delta: +$212/yr (+$18/mo · 9.7%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,083
• − Mortgage interest: −$6,442
• − Property taxes: −$2,187
• − Insurance: −$575
• − Repairs & maintenance: −$1,367
• − Management: −$1,367
• − Depreciation: −$3,345
• Taxable income: $1,801
• Est. tax owed @ 24.0%: −$432
• After-tax cash flow: $3,065/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

-10.9% since first listed

2 events — show timeline

• 2026-03-31 Price Changed $115,000 RMLSA as Distributed by MLS Grid
• 2025-12-04 Listed $129,000 RMLSA as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $2,187 · +4.0% YoY. Source: county tax records.