518 N Springfield St · Virden, IL 62690

$94,900

2 bd · 1.0 ba · 884 sqft · Condo · 21 Days on market

Built 1984

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Why this score? — see what drove the C+ 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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great one level condo with maintenance free living where all the outside work is handled. Are you a snowbird or busy and just want maintenance free. This 2 Bed 1 Bath with a 1 car attached garage and additional 1 car detached garage space is the place for you. Enjoy sitting on your private deck off the kitchen or relaxing in open concept condo.

Key facts

• Garage
• Built 1984
• Listed 21 days

Property features AI

Exterior

• Parking: Attached garage; Detached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Property has attached portion
• Construction: Built in 1984; Shingle roof
• Exterior features: Level lot; Private road access; Shingle roof

Interior

• Kitchen: Kitchen with refrigerator, microwave, and dishwasher
• Bedrooms: 2 bedrooms (main level)
• Flooring: Hardwood in living room; Carpet in bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Dishwasher; Dryer; Microwave; Refrigerator; Washer; Living room fireplace and another fireplace (other)
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $95k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#975 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, schools D-, amenities F.
• Market conditions: 12 active listings in the ZIP; 70 units permitted in Macoupin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Macoupin County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago; this cycle's ask is 20% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $78k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $93,476 (1.5% below list)

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,338
• Equity at exit: $14,150

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $22,782
• Equity at exit: $8,205

Cash invested: $26,572 (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 62690

• Home prices YoY: -28.3%
• Active inventory: 12
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,194 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $262

Break-even live

Break-even rent $862

Max offer price $94,900

Occupancy floor 73%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $94,900 Active 21 DOM
2. 2026-06-17
   days on market $94,900 Active 20 DOM
3. 2026-06-16
   days on market $94,900 Active 19 DOM
4. 2026-06-15
   days on market $94,900 Active 18 DOM
5. 2026-06-13
   days on market $94,900 Active 16 DOM
6. 2026-06-12
   days on market $94,900 Active 15 DOM
7. 2026-06-09
   days on market $94,900 Active 12 DOM
8. 2026-06-08
   days on market $94,900 Active 11 DOM
9. 2026-06-07
   days on market $94,900 Active 10 DOM
10. 2026-06-07
    days on market $94,900 Active 9 DOM
11. 2026-06-04
    days on market $94,900 Active 6 DOM
12. 2026-06-02
    days on market $94,900 Active 5 DOM
13. 2026-06-01
    days on market $94,900 Active 4 DOM
14. 2026-05-31
    days on market $94,900 Active 3 DOM
15. 2026-05-31
    days on market $94,900 Active 2 DOM
16. 2026-05-21
    historical $94,900
17. 2024-01-16
    soldstatus $78,000 Closed 346-char remark

    Show marketing remark (346 chars)

    Great one level condo with maintenance free living where all the outside work is handled. Are you a snowbird or busy and just want maintenance free. This 2 Bed 1 Bath with a 1 car attached garage and additional 1 car detached garage space is the place for you. Enjoy sitting on your private deck off the kitchen or relaxing in open concept condo.

18. 2023-12-08
    status Pending 346-char remark

    Show marketing remark (346 chars)

    Great one level condo with maintenance free living where all the outside work is handled. Are you a snowbird or busy and just want maintenance free. This 2 Bed 1 Bath with a 1 car attached garage and additional 1 car detached garage space is the place for you. Enjoy sitting on your private deck off the kitchen or relaxing in open concept condo.

19. 2023-12-03
    listed $79,000 Active 346-char remark

    Show marketing remark (346 chars)

    Great one level condo with maintenance free living where all the outside work is handled. Are you a snowbird or busy and just want maintenance free. This 2 Bed 1 Bath with a 1 car attached garage and additional 1 car detached garage space is the place for you. Enjoy sitting on your private deck off the kitchen or relaxing in open concept condo.

20. 2021-08-06
    historical
21. 2021-08-06
    historical
22. 2014-01-15
    soldstatus $45,000
23. 2012-03-02
    listed $50,000
24. 2009-06-26
    soldstatus $60,900
25. 2002-09-26
    soldstatus $60,900
26. 2002-05-06
    listed $65,000

ⓘ 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: $1,728 · $144/mo
• Projected year-2 tax: $1,941 · $162/mo
• Expected delta: +$213/yr (+$18/mo · 12.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,327
• − Mortgage interest: −$5,316
• − Property taxes: −$1,728
• − Insurance: −$474
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$2,761
• Taxable income: $1,755
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $2,722/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)

No district data.

Livability — Virden

• Score: 60/100
• State rank: #975
• US rank: #18878

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virden, IL
• City population: 3,878
• Population (ZIP): 3,878

Population outlook (Macoupin County) Hauer SSP2

• Today (2025): 42,867 people
• By 2030: 40,796 · -4.8%
• By 2040: 36,135 · -15.7%
• By 2050: 31,469 · -26.6%
• By 2075: 22,102 · -48.4%
• By 2100: 15,380 · -64.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Iranian 7% Lithuanian 2% Italian 1%
• Foreign-born: 1%

Political lean MEDSL · Macoupin

• 2024 margin: Solid R (+39.2) · D 29.4% · R 68.7% · Other 1.9%
• 2008→2024 swing: -49.0pp toward R · 2008: 9.8pp · 2024: -39.2pp
• All cycles: 2024: R+39.2 2020: R+36.5 2016: R+35.0 2012: R+7.0 2008: D+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.41%
• Current HPI: 125.3599
• Rent YoY: —
• Metro: —
• 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

+46.0% since first listed

11 events — show timeline

• 2026-05-21 Coming Soon $94,900 RMLSA as Distributed by MLS Grid
• 2024-01-16 Sold (MLS) $78,000 RMLSA as Distributed by MLS Grid
• 2023-12-08 Pending — RMLSA as Distributed by MLS Grid
• 2023-12-03 Listed $79,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2014-01-15 Sold (MLS) $45,000 RMLSA as Distributed by MLS Grid
• 2012-03-02 Listed $50,000 RMLSA as Distributed by MLS Grid
• 2009-06-26 Sold (Public Records) $60,900 Public Records
• 2002-09-26 Sold (MLS) $60,900 RMLSA as Distributed by MLS Grid
• 2002-05-06 Listed $65,000 RMLSA as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $1,728 · -11.8% YoY. Source: county tax records.