1909 E Cedar St · Springfield, IL 62703

$41,900

2 bd · 1.0 ba · 936 sqft · Other · 188 Days on market

Built 1910 6,080 sqft lot

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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 +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cheaper Than Rent! Whether your looking to add to your portfolio or a new home, this bungalow has potential for both. The interior offers a living room, formal dining room, 2 bedrooms and 1 full bathroom. Other amenities include a full unfinished basement, front covered porch and fenced backyard. Home has been rented through Sec 8 to the same tenant for over 10 years with no rental increase. Home is SOLD AS IS and AS IS addendum must be included with all offers

Key facts

• Front covered porch
• Fenced backyard
• 6,080 sq ft lot

Tags

• FULL UNFINISHED BASEMENT
• FRONT COVERED PORCH
• FENCED BACKYARD

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $552 ($7k/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: $37k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% 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: 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.
• Zoned schools: Butler Elem School (math 17% / reading 17%, grade F, #1,141 of 2,056 statewide, top 59%, 344 students, 0% FRL); Benjamin Franklin Middle School (math 23% / reading 31%, grade F, #302 of 665 statewide, top 47%, 713 students, 0% FRL); Springfield Southeast High Sch (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 1,261 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+12.2%/yr); 107 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $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 + 8.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y ago; this cycle's ask has dropped $3k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $42k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,872 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 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 1910 — 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: 2.56% ✓
• Cap rate: 22.11%
• Cash-on-cash: 56.47%
• DSCR: 3.51
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 60.5%
• Equity multiple: 3.90×
• Total profit: $34,058
• Equity at exit: $6,247

10-year hold

• IRR: 66.9%
• Equity multiple: 9.59×
• Total profit: $100,795
• Equity at exit: $3,623

Cash invested: $11,732 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$220
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $552

Break-even live

Break-even rent $373

Max offer price $41,900

Occupancy floor 43%

Sensitivity live

Price	-10% $576	-5% $564	+0% $552	+5% $540	+10% $528
Rent	-10% $467	-5% $510	+0% $552	+5% $594	+10% $637
Rate	-1.0pp $573	-0.5pp $563	base $552	+0.5pp $541	+1.0pp $530

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: $10,475
• Closing costs: $1,257
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 E Laurel St Springfield, IL	2.0	1.0	900	$1,000	$1.11	45d	1	0.13mi
2277 E Laurel St Springfield, IL	2.0	1.0	600	$1,145	$1.91	45d	1	0.36mi
2271 E Laurel St Apt 2277 Springfield, IL	2.0	1.0	600	$1,145	$1.91	23d	1	0.36mi
6 Ridge Ct Springfield, IL	3.0	1.0	905	$1,350	$1.49	45d	1	0.98mi
1600 S 6th St Unit 1 Springfield, IL	3.0	2.0	1100	$1,250	$1.14	23d	1	1.01mi
909 S 8th St Unit 4 Springfield, IL	1.0	1.0	550	$800	$1.45	23d	1	1.02mi
2257 S 10th St Springfield, IL	2.0	1.0	1100	$1,150	$1.05	45d	1	1.04mi
2328 S 10th St Springfield, IL	3.0	1.0	1100	$1,200	$1.09	45d	1	1.08mi
507 S Wesley St Springfield, IL	2.0	1.0	800	$975	$1.22	45d	1	1.09mi
1908 S 4th St Springfield, IL	1.0	1.0	800	$850	$1.06	23d	1	1.22mi
619 S 5th St Springfield, IL	1.0	1.0	750	$900	$1.20	45d	1	1.32mi
417 E Cook St Unit A Springfield, IL	1.0	1.0	550	$850	$1.55	23d	1	1.32mi
417 E Cook St Springfield, IL	1.0	1.0	700	$875	$1.25	45d	1	1.32mi
1501 S Spring St Springfield, IL	2.0	1.0	1000	$1,000	$1.00	23d	1	1.46mi
302 Forrest Ave Springfield, IL	3.0	2.0	924	$1,069	$1.16	23d	1	1.49mi

Listing history 5 events

1. 2026-01-16
   price $41,900 467-char remark

   Show marketing remark (467 chars)

   Cheaper Than Rent! Whether your looking to add to your portfolio or a new home, this bungalow has potential for both. The interior offers a living room, formal dining room, 2 bedrooms and 1 full bathroom. Other amenities include a full unfinished basement, front covered porch and fenced backyard. Home has been rented through Sec 8 to the same tenant for over 10 years with no rental increase. Home is SOLD AS IS and AS IS addendum must be included with all offers

2. 2025-11-20
   listed $44,900 Active 467-char remark

   Show marketing remark (467 chars)

   Cheaper Than Rent! Whether your looking to add to your portfolio or a new home, this bungalow has potential for both. The interior offers a living room, formal dining room, 2 bedrooms and 1 full bathroom. Other amenities include a full unfinished basement, front covered porch and fenced backyard. Home has been rented through Sec 8 to the same tenant for over 10 years with no rental increase. Home is SOLD AS IS and AS IS addendum must be included with all offers

3. 2001-03-09
   soldstatus $12,000 118-char remark

   Show marketing remark (118 chars)

   Selling "As-Is". Good Investor Potential Or Fixer-Upper. Please Make Earnest Money Payable To Chicago Title.

4. 2000-08-15
   listed $18,900 118-char remark

   Show marketing remark (118 chars)

   Selling "As-Is". Good Investor Potential Or Fixer-Upper. Please Make Earnest Money Payable To Chicago Title.

5. 1998-04-27
   soldstatus $34,000

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $820 · $68/mo
• Expected delta: +$131/yr (+$11/mo · 19.1%)

ⓘ 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 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: $12,861
• − Mortgage interest: −$2,347
• − Property taxes: −$688
• − Insurance: −$210
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$1,219
• Taxable income: $6,339
• Est. tax owed @ 24.0%: −$1,521
• After-tax cash flow: $5,104/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

+23.2% since first listed

5 events — show timeline

• 2026-01-16 Price Changed $41,900 RMLSA as Distributed by MLS Grid
• 2025-11-20 Listed $44,900 RMLSA as Distributed by MLS Grid
• 2001-03-09 Sold (MLS) $12,000 RMLSA as Distributed by MLS Grid
• 2000-08-15 Listed $18,900 RMLSA as Distributed by MLS Grid
• 1998-04-27 Sold (Public Records) $34,000 Public Records

Property tax history

+1.3%/yr

Latest (2024): $688 · +4.0% YoY. Source: county tax records.