2335 Ramsey Ave · Springfield, IL 62702

$75,000

3 bd · 1.0 ba · 864 sqft · SingleFamily · 24 Days on market

Built 1953 4,700 sqft lot Est $93k · 20% 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

New, new, new! New roof, siding (house & garage), carpets, tile, & light fixtures/ceiling fans. Totally new kitchen with new countertops, cabinets, and tile floor. Totally new bath with new tub, surround, toilet, vanity, and tile floors. New tankless water heater. New windows (except for front living room). New interior doors. New air conditioner. Closet is plumbed and will hold stackable washer & dryer.

Key facts

• 4,700 sq ft lot
• Garage
• Built 1953

Property features AI

Exterior

• Parking: Detached paved garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1953
• Construction: Shingle roof; Not new construction
• Exterior features: Level lot; Other lot features; Paved road frontage

Interior

• Kitchen: Dishwasher; Refrigerator; Tile flooring in kitchen
• Bedrooms: 3 bedrooms (primary/main level, plus upper, lower, basement/additional level areas noted)
• Flooring: Carpet in bedrooms and living areas; Tile in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Dishwasher; Refrigerator; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.9% 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: 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: Springfield High School (math 44% / reading 53%, grade D, #49 of 693 statewide, top 7%, 1,461 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.
• Zoned-school proficiency averages 48% at this address vs 20% district-wide (+29 pts) — the actual schools serving this property are materially stronger than the Springfield SD 186 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.0%/yr); 131 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 29y 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: property tax is 2.5% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.69% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.71%
• DSCR: 2.06
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $93,312
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2272 E Black Ave	0.11mi	3/1.0	864 (0%)	3mo	$120,000	$139	92
2277 E Converse Ave	0.23mi	2/1.0 (-1)	828 (-4%)	1mo	$83,500	$101	76
2333 E Keys Ave	0.14mi	2/1.0 (-1)	933 (+8%)	2mo	$93,600	$100	74
2169 North Grand Ave	0.44mi	2/1.0 (-1)	860 (-0%)	3mo	$99,500	$116	72
2373 E Keys	0.16mi	2/1.0 (-1)	784 (-9%)	1mo	$85,000	$108	72
2512 Sutherland Rd	0.23mi	3/1.0	950 (+10%)	3mo	$162,000	$171	70
2267 Cincinnati Ave	0.50mi	2/1.0 (-1)	905 (+5%)	1mo	$89,000	$98	63
2517 Sandgate Rd	0.52mi	3/1.0	912 (+6%)	7mo	$125,000	$137	60
2800 E Keys Ave	0.47mi	3/1.0	950 (+10%)	1mo	$68,000	$72	60
1621 N 21st St	0.56mi	2/1.0 (-1)	775 (-10%)	3mo	$89,000	$115	49
1820 N 19th St	0.72mi	2/2.0 (-1)	902 (+4%)	6mo	$95,000	$105	45
1820 N 20th St	0.66mi	2/1.0 (-1)	987 (+14%)	4mo	$97,500	$99	37

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: 19.2%
• Equity multiple: 1.80×
• Total profit: $16,862
• Equity at exit: $11,183

10-year hold

• IRR: 29.0%
• Equity multiple: 3.85×
• Total profit: $59,750
• Equity at exit: $6,485

Cash invested: $21,000 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$393
• Tax from tax record: −$159 /mo · $1,909/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $415

Break-even live

Break-even rent $739

Max offer price $75,000

Occupancy floor 62%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2281 E Keys Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	43d	1	0.19mi
3064 Louise Ln Springfield, IL	3.0	1.0	1100	$1,350	$1.23	21d	1	0.76mi
1036 N Indiana Ave Springfield, IL	2.0	1.0	672	$1,100	$1.64	43d	1	0.81mi
920 N 19th St Springfield, IL	3.0	1.0	1000	$1,100	$1.10	21d	1	0.98mi
302 Forrest Ave Springfield, IL	3.0	2.0	924	$1,069	$1.16	21d	1	1.20mi
3617 N Grand Ave E Springfield, IL	3.0	2.0	1056	$1,179	$1.12	21d	1	1.24mi

Listing history 26 events

1. 2026-06-19
   days on market $75,000 Active 24 DOM
2. 2026-06-18
   days on market $75,000 Active 23 DOM
3. 2026-06-17
   days on market $75,000 Active 22 DOM
4. 2026-06-16
   days on market $75,000 Active 21 DOM
5. 2026-06-15
   days on market $75,000 Active 20 DOM
6. 2026-06-14
   days on market $75,000 Active 18 DOM
7. 2026-06-13
   days on market $75,000 Active 17 DOM
8. 2026-06-10
   days on market $75,000 Active 15 DOM
9. 2026-06-09
   days on market $75,000 Active 14 DOM
10. 2026-06-08
    days on market $75,000 Active 13 DOM
11. 2026-06-07
    days on market $75,000 Active 12 DOM
12. 2026-06-05
    days on market $75,000 Active 9 DOM
13. 2026-06-03
    days on market $75,000 Active 8 DOM
14. 2026-06-02
    days on market $75,000 Active 7 DOM
15. 2026-06-01
    days on market $75,000 Active 6 DOM
16. 2026-05-31
    days on market $75,000 Active 5 DOM
17. 2026-05-30
    days on market $75,000 Active 4 DOM
18. 2026-05-26
    listed $75,000 Active
19. 2021-08-06
    historical
20. 2011-08-02
    soldstatus $70,000
21. 2011-07-29
    soldstatus $69,900 419-char remark

    Show marketing remark (419 chars)

    New, new, new! New roof, siding (house & garage), carpets, tile, & light fixtures/ceiling fans. Totally new kitchen with new countertops, cabinets, and tile floor. Totally new bath with new tub, surround, toilet, vanity, and tile floors. New tankless water heater. New windows (except for front living room). New interior doors. New air conditioner. Closet is plumbed and will hold stackable washer & dryer.

22. 2011-05-27
    listed $69,900 419-char remark

    Show marketing remark (419 chars)

    New, new, new! New roof, siding (house & garage), carpets, tile, & light fixtures/ceiling fans. Totally new kitchen with new countertops, cabinets, and tile floor. Totally new bath with new tub, surround, toilet, vanity, and tile floors. New tankless water heater. New windows (except for front living room). New interior doors. New air conditioner. Closet is plumbed and will hold stackable washer & dryer.

23. 2010-10-22
    soldstatus $29,500
24. 2010-08-16
    listed $39,900
25. 1997-03-28
    soldstatus $56,000
26. 1997-01-31
    listed $56,900

ⓘ 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: $1,909 · $159/mo
• Projected year-2 tax: $1,909 · $159/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 ≥104°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: $15,168
• − Mortgage interest: −$4,201
• − Property taxes: −$1,909
• − Insurance: −$375
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$2,182
• Taxable income: $4,074
• Est. tax owed @ 24.0%: −$978
• After-tax cash flow: $4,001/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): 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

+31.8% since first listed

9 events — show timeline

• 2026-05-26 Listed $75,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2011-08-02 Sold (Public Records) $70,000 Public Records
• 2011-07-29 Sold (MLS) $69,900 RMLSA as Distributed by MLS Grid
• 2011-05-27 Listed $69,900 RMLSA as Distributed by MLS Grid
• 2010-10-22 Sold (MLS) $29,500 RMLSA as Distributed by MLS Grid
• 2010-08-16 Listed $39,900 RMLSA as Distributed by MLS Grid
• 1997-03-28 Sold (MLS) $56,000 RMLSA as Distributed by MLS Grid
• 1997-01-31 Listed $56,900 RMLSA as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2025): $1,909 · +5.3% YoY. Source: county tax records.