1020 N Wesley St · Springfield, IL 62702

$25,000

5 bd · 2.0 ba · 2,400 sqft · Other · 208 Days on market

Built 1910 9,600 sqft lot ↓ 41% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

For Sale: Charming Fixer-Upper in Springfield ! Your next project awaits! This property has great potential and is perfect for anyone looking to create their dream home or make a profitable investment! Address: 1020 N Wesley St Bedrooms: 5 Bathrooms: 2 Square Footage: 2400 sqft This home needs some TLC and is priced to sell FAST! Ideal for fix and flip enthusiasts or those looking for a project home. Contact Us Today for More Details: Joan Olson: [email protected] | 727-263-3034 Cash Buyers only 7 $500 EMD 7 day inspection 30 day close

Key facts

• 9,600 sq ft lot
• Built 1910
• Listed 208 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 62.9% 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; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• This rent runs 40% 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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 6.84% ✓
• Cap rate: 62.87%
• Cash-on-cash: 202.08%
• DSCR: 9.99
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 11.64×
• Total profit: $74,474
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 26.18×
• Total profit: $176,241
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,711 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $1,179

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 26%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-03
   days on market $25,000 Active 208 DOM
2. 2026-06-02
   days on market $25,000 Active 207 DOM
3. 2026-06-01
   days on market $25,000 Active 206 DOM
4. 2026-05-31
   days on market $25,000 Active 205 DOM
5. 2026-05-30
   days on market $25,000 Active 204 DOM
6. 2026-04-16
   soldstatus $40,000
7. 2025-11-21
   historical $1,110
8. 2025-11-07
   listed $25,000 Active 559-char remark

   Show marketing remark (559 chars)

   For Sale: Charming Fixer-Upper in Springfield ! Your next project awaits! This property has great potential and is perfect for anyone looking to create their dream home or make a profitable investment! Address: 1020 N Wesley St Bedrooms: 5 Bathrooms: 2 Square Footage: 2400 sqft This home needs some TLC and is priced to sell FAST! Ideal for fix and flip enthusiasts or those looking for a project home. Contact Us Today for More Details: Joan Olson: [email protected] | 727-263-3034 Cash Buyers only 7 $500 EMD 7 day inspection 30 day close

9. 2025-07-09
   listed $1,110
10. 2025-07-04
    historical $1,110
11. 2025-05-07
    listed $1,110
12. 2025-05-03
    historical $804
13. 2025-05-01
    listed $804
14. 2022-06-21
    price $694
15. 2021-08-31
    soldstatus $25,000 601-char remark

    Show marketing remark (601 chars)

    Attention investors/handy(wo)man’s dream- awesome potential here! 6 bedrooms!! Keep as a large single-family home or convert into a duplex. Kitchen has an interesting partially split floor plan already. Home has an attached 2+ car garage and large yard with a fence that encompasses the driveway. Plumbing has been extensively updated or inspected recently- waterlines, pipes, new water meter, etc. At only $30,000 the potential is great. Priced accordingly for necessary updates needed. Square footage believe to be accurate but not warranted. Check it out today before the opportunity is gone.

16. 2021-07-17
    listed $28,000 601-char remark

    Show marketing remark (601 chars)

    Attention investors/handy(wo)man’s dream- awesome potential here! 6 bedrooms!! Keep as a large single-family home or convert into a duplex. Kitchen has an interesting partially split floor plan already. Home has an attached 2+ car garage and large yard with a fence that encompasses the driveway. Plumbing has been extensively updated or inspected recently- waterlines, pipes, new water meter, etc. At only $30,000 the potential is great. Priced accordingly for necessary updates needed. Square footage believe to be accurate but not warranted. Check it out today before the opportunity is gone.

17. 2006-08-25
    soldstatus $65,000
18. 2006-08-22
    soldstatus $65,000
19. 2006-05-11
    listed $67,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 2% 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: $20,530
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,642
• − Management: −$1,642
• − Depreciation: −$727
• Taxable income: $14,617
• Est. tax owed @ 24.0%: −$3,508
• After-tax cash flow: $10,637/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

-40.7% since first listed

14 events — show timeline

• 2026-04-16 Sold (Public Records) $40,000 Public Records
• 2025-11-21 Rental Removed $1,110 Hemlane
• 2025-11-07 Listed $25,000 ForSaleByOwner.com
• 2025-07-09 Listed for Rent $1,110 Hemlane
• 2025-07-04 Rental Removed $1,110 Hemlane
• 2025-05-07 Listed for Rent $1,110 Hemlane
• 2025-05-03 Rental Removed $804 Hemlane
• 2025-05-01 Listed for Rent $804 Hemlane
• 2022-06-21 Price Changed $694 RENT.
• 2021-08-31 Sold (MLS) $25,000 RMLSA as Distributed by MLS Grid
• 2021-07-17 Listed $28,000 RMLSA as Distributed by MLS Grid
• 2006-08-25 Sold (Public Records) $65,000 Public Records
• 2006-08-22 Sold (MLS) $65,000 RMLSA as Distributed by MLS Grid
• 2006-05-11 Listed $67,500 RMLSA as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2024): $2,322 · +4.1% YoY. Source: county tax records.