406 Springer Ave · Edwardsville, IL 62025

$195,000

3 bd · 1.0 ba · 1,221 sqft · SingleFamily public records · 39 Days on market

Built 1928 6,534 sqft lot $160/sqft · 27% above area Est $229k · 15% under

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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 +14.1/30.0
• ARV discount +14.1/15.0
• Livability +4.5/5.0
• DSCR +4.3/10.0
• 1% rule +3.5/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

ALL NEW -MORE ON READY. NEW FLOORING, FRESH PAINT, & NEW APPLIACNCES. FIRST FLOOR OFFERS 1 BED WITH PRIVATE FULL BATH, PLUS 2ND FULL BATH. , UP 2 ADDTIONAL BEDROOMS. GREAT BACKYARD PRIVATE

Key facts

• Fresh paint
• New flooring
• New appliances

Tags

• NEW FLOORING
• FRESH PAINT
• NEW APPLIANCES
• GREAT BACKYARD PRIVATE

Property features AI

Exterior

• Parking: Aggregate driveway
• Utilities: Public water; Public sewer; 220-volt electric (Ameren); Cable available; Natural gas connected; Sewer connected
• Home design: Single family residence; Residential property; Private ownership; Two levels; Updated/remodeled
• Construction: Aluminum siding; Asbestos shingle roof; Full basement
• Exterior features: Rear porch; Front and back yard; Back yard fencing

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms total (1 on main level, 2 on upper level)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms (both on main/upper levels)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Updated/remodeled condition; Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $29 ($345/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (14.8% below list).
• Recommended offer: $166k (14.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.4% in Edwardsville — 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 90/100 on livability (#3 in IL, #83 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Edwardsville CUSD 7 (suburban): math 39% / reading 36% proficiency, ranked #142 of 620 in IL (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Edwardsville High School (math 40% / reading 45%, grade F, #73 of 693 statewide, top 11%, 2,354 students, 0% FRL) — zoned schools average 0% FRL vs 16% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-3.4%/yr); 204 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; list at $195k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,140 (14.8% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
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: 0.85% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 9.8

CMA / ARV

• ARV (median comp): $228,641
• List price: $195,000
• Delta: -14.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514 Gueltig Ave	0.07mi	3/2.0	1,246 (+2%)	6mo	$279,900	$225	84
525 Gueltig Ave	0.03mi	3/1.5	1,332 (+9%)	6mo	$115,000	$86	76
230 S Fillmore St	0.25mi	2/1.5 (-1)	1,248 (+2%)	4mo	$265,000	$212	74
206 Garden St	0.54mi	3/1.0	1,230 (+1%)	3mo	$184,500	$150	71
516 Thomas St	0.37mi	3/2.0	1,168 (-4%)	1mo	$230,000	$197	71
843 Madison Ave	0.48mi	4/2.0 (+1)	1,200 (-2%)	3mo	$260,000	$217	64
241 Gremer Ave	0.54mi	3/2.0	1,203 (-2%)	8mo	$215,000	$179	62
839 Prickett Ave	0.57mi	2/1.0 (-1)	1,140 (-7%)	3mo	$155,000	$136	55
1020 Troy Rd	0.69mi	2/1.0 (-1)	1,140 (-7%)	2mo	$160,000	$140	50
408 Cherry St	0.42mi	4/1.0 (+1)	1,385 (+13%)	4mo	$214,000	$155	49
313 W Linden St	0.59mi	3/2.0	1,347 (+10%)	7mo	$220,000	$163	45
505 N Buchanan St	0.74mi	2/1.5 (-1)	1,360 (+11%)	2mo	$225,000	$165	38

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.37×
• Total profit: $-34,650
• Equity at exit: $29,075

10-year hold

• IRR: -18.1%
• Equity multiple: 0.14×
• Total profit: $-46,689
• Equity at exit: $16,860

Cash invested: $54,600 (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 62025

• Home prices YoY: -22.2%
• Rents YoY: -3.4%
• Active inventory: 204
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,661 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$180 /mo · $2,159/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $29

Break-even live

Break-even rent $1,625

Max offer price $195,000

Occupancy floor 93%

Sensitivity live

Price	-10% $139	-5% $84	+0% $29	+5% $-26	+10% $-82
Rent	-10% $-103	-5% $-37	+0% $29	+5% $94	+10% $160
Rate	-1.0pp $127	-0.5pp $78	base $29	+0.5pp $-22	+1.0pp $-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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1058 Enclave Blvd Edwardsville, IL	3.0	3.0	1100	$1,825	$1.66	0d	1	0.09mi
300 S Main St Unit 06 Edwardsville, IL	2.0	1.5	900	$1,425	$1.58	45d	1	0.41mi
300 S Main St Edwardsville, IL	2.0	1.5	900	$1,425	$1.58	16d	1	0.41mi
210 Garden St Edwardsville, IL	3.0	2.0	1500	$1,725	$1.15	13d	1	0.53mi
505 N Main St Unit 505-A Edwardsville, IL	3.0	1.0	1000	$1,099	$1.10	21d	1	0.86mi
305 Pine St Unit 305-D Edwardsville, IL	2.0	1.0	750	$1,150	$1.53	13d	1	0.86mi
813 Klein Ave Edwardsville, IL	2.0	1.5	900	$1,350	$1.50	23d	1	1.01mi
400 W Union St Unit 424-5 Edwardsville, IL	2.0	1.5	800	$1,200	$1.50	25d	1	1.08mi
1010 Enclave Blvd Edwardsville, IL	2.0	1.0–2.0	786	$1,900	$2.42	0d	5	1.31mi
803 Lancashire Dr Edwardsville, IL	2.0	1.0	1060	$1,388	$1.31	0d	5	1.39mi
1040 University Dr Unit 10 Edwardsville, IL	2.0	2.0	1215	$1,495	$1.23	45d	1	1.49mi

Listing history 19 events

1. 2026-06-21
   days on market $195,000 Active 39 DOM
2. 2026-06-18
   days on market $195,000 Active 36 DOM
3. 2026-06-17
   days on market $195,000 Active 35 DOM
4. 2026-06-16
   days on market $195,000 Active 34 DOM
5. 2026-06-15
   days on market $195,000 Active 33 DOM
6. 2026-06-13
   days on market $195,000 Active 31 DOM
7. 2026-06-09
   days on market $195,000 Active 27 DOM
8. 2026-06-08
   days on market $195,000 Active 26 DOM
9. 2026-06-07
   days on market $195,000 Active 25 DOM
10. 2026-06-05
    days on market $195,000 Active 22 DOM
11. 2026-06-03
    days on market $195,000 Active 21 DOM
12. 2026-06-02
    days on market $195,000 Active 20 DOM
13. 2026-06-01
    days on market $195,000 Active 19 DOM
14. 2026-05-31
    days on market $195,000 Active 18 DOM
15. 2026-05-13
    listed $195,000 Active 198-char remark
16. 2021-10-06
    price $135,000
17. 2005-05-11
    soldstatus $115,000
18. 2002-02-06
    soldstatus $74,000
19. 1989-09-15
    soldstatus $25,660

ⓘ 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: $2,159 · $180/mo
• Projected year-2 tax: $3,293 · $274/mo
• Expected delta: +$1,134/yr (+$94/mo · 52.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,937
• − Mortgage interest: −$10,923
• − Property taxes: −$2,159
• − Insurance: −$975
• − Repairs & maintenance: −$1,595
• − Management: −$1,595
• − Depreciation: −$5,673
• Taxable loss: −$2,983
• Est. tax savings @ 24.0%: +$716
• After-tax cash flow: $1,061/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: Edwardsville CUSD 7
• NCES district ID: 1713530
• Math proficiency: 39% ▼ -12.00%
• Reading proficiency: 36% ▼ -17.00%
• Median HH income: $72,131
• Composite: 34.56/100
• National rank: #5169
• State rank: #142 of 620 in IL

Livability — Edwardsville

• Score: 90/100
• State rank: #3
• US rank: #83

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime A+ Employment B+ Housing A+ Health & safety B+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edwardsville, IL
• County: Madison County · 189,064 people
• City population: 35,520
• Metro: St. Louis, MO-IL
• Population (ZIP): 35,520
• Household income: $100,741
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 1027.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 5% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.36%
• Current HPI: 245.9787
• Rent YoY: ▼ -3.37%
• Metro: St. Louis, MO-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

+659.9% since first listed

5 events — show timeline

• 2026-05-13 Listed $195,000 MARIS as Distributed by MLS Grid
• 2021-10-06 Price Changed $135,000 MARIS as Distributed by MLS Grid
• 2005-05-11 Sold (Public Records) $115,000 Public Records
• 2002-02-06 Sold (Public Records) $74,000 Public Records
• 1989-09-15 Sold (Public Records) $25,660 Public Records

Property tax history

+1.5%/yr

Latest (2024): $2,159 · +6.2% YoY. Source: county tax records.