1913 Jeanette Ln #8 · Springfield, IL 62704

$69,900

2 bd · 2.0 ba · 1,020 sqft · Condo · 79 Days on market

Built 1989 $69/sqft · 6% below area Est $74k · 6% under $250/mo HOA · 23% of rent

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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 +21.9/30.0
• ARV discount +10.1/15.0
• 1% rule +10.0/10.0
• DSCR +7.0/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

If easy living is your goal then this 2 bed/2 bath condo is perfect for you! The beauty of condo living is that the association takes care of everything on the exterior which is perfect! Recent updates include: painted cabinets, updated flooring, new counter tops, updated bathroom vanity, refinished balcony! It is in VERY good shape and all you have to do is move right in! HOA fees include water and garbage, the unit has underground parking for residents. CWLP is $53/month and Ameren is $57/month which is INCREDIBLY CHEAP!

Key facts

• $250 HOA
• Garage
• Built 1989

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 (+6.3%/yr); 177 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $483 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 + 6.3% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $70k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.56% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• GRM: 5.4

CMA / ARV

• ARV (median comp): $74,120
• List price: $69,900
• Delta: -5.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-359
• Equity at exit: $10,422

10-year hold

• IRR: 13.6%
• Equity multiple: 2.33×
• Total profit: $25,975
• Equity at exit: $6,044

Cash invested: $19,572 (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 62704

• Home prices YoY: -31.1%
• Rents YoY: 6.3%
• Active inventory: 177
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,088 high
• Mortgage (P&I): −$367
• Tax from tax record: −$104 /mo · $1,243/yr
• Insurance: −$29
• HOA: −$250
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $110

Break-even live

Break-even rent $948

Max offer price $69,900

Occupancy floor 85%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1644 W Adams St Unit 1 Springfield, IL	2.0	1.0	950	$1,200	$1.26	43d	1	0.41mi
1539 W Monroe St Springfield, IL	2.0	1.0	820	$2,000	$2.44	20d	1	0.54mi
300 N Park Ave Springfield, IL	1.0–2.0	1.0	694	$1,035	$1.49	20d	1	0.70mi
216 N Lincoln Ave Springfield, IL	2.0	1.0	800	$1,200	$1.50	43d	1	0.82mi
424 S Durkin Dr Springfield, IL	2.0	1.0	885	$925	$1.05	20d	1	0.98mi
203 N Glenwood Ave Springfield, IL	2.0	1.0	850	$1,000	$1.18	20d	1	1.21mi
924 Clocktower Dr Unit 4 Springfield, IL	1.0	1.0	1000	$800	$0.80	43d	1	1.22mi
1030 N MacArthur Blvd Springfield, IL	2.0	1.0	1400	$1,350	$0.96	20d	1	1.25mi
629 W Washington St Unit 4 Springfield, IL	2.0	1.0	700	$800	$1.14	43d	1	1.37mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   status $69,900 Pending 79 DOM
2. 2026-06-17
   days on market $69,900 Active 79 DOM
3. 2026-06-16
   days on market $69,900 Active 78 DOM
4. 2026-06-15
   days on market $69,900 Active 77 DOM
5. 2026-06-14
   days on market $69,900 Active 75 DOM
6. 2026-06-13
   days on market $69,900 Active 74 DOM
7. 2026-06-10
   days on market $69,900 Active 72 DOM
8. 2026-06-09
   days on market $69,900 Active 71 DOM
9. 2026-06-08
   days on market $69,900 Active 70 DOM
10. 2026-06-07
    days on market $69,900 Active 69 DOM
11. 2026-06-05
    days on market $69,900 Active 66 DOM
12. 2026-06-03
    days on market $69,900 Active 65 DOM
13. 2026-06-02
    days on market $69,900 Active 64 DOM
14. 2026-06-01
    days on market $69,900 Active 63 DOM
15. 2026-05-31
    days on market $69,900 Active 62 DOM
16. 2026-05-30
    days on market $69,900 Active 61 DOM
17. 2026-05-14
    price $69,900 528-char remark

    Show marketing remark (528 chars)

    If easy living is your goal then this 2 bed/2 bath condo is perfect for you! The beauty of condo living is that the association takes care of everything on the exterior which is perfect! Recent updates include: painted cabinets, updated flooring, new counter tops, updated bathroom vanity, refinished balcony! It is in VERY good shape and all you have to do is move right in! HOA fees include water and garbage, the unit has underground parking for residents. CWLP is $53/month and Ameren is $57/month which is INCREDIBLY CHEAP!

18. 2026-04-14
    price $75,900 528-char remark

    Show marketing remark (528 chars)

    If easy living is your goal then this 2 bed/2 bath condo is perfect for you! The beauty of condo living is that the association takes care of everything on the exterior which is perfect! Recent updates include: painted cabinets, updated flooring, new counter tops, updated bathroom vanity, refinished balcony! It is in VERY good shape and all you have to do is move right in! HOA fees include water and garbage, the unit has underground parking for residents. CWLP is $53/month and Ameren is $57/month which is INCREDIBLY CHEAP!

19. 2026-03-30
    listed $79,900 Active 528-char remark

    Show marketing remark (528 chars)

    If easy living is your goal then this 2 bed/2 bath condo is perfect for you! The beauty of condo living is that the association takes care of everything on the exterior which is perfect! Recent updates include: painted cabinets, updated flooring, new counter tops, updated bathroom vanity, refinished balcony! It is in VERY good shape and all you have to do is move right in! HOA fees include water and garbage, the unit has underground parking for residents. CWLP is $53/month and Ameren is $57/month which is INCREDIBLY CHEAP!

20. 2026-03-16
    historical $79,900 528-char remark

    Show marketing remark (528 chars)

    If easy living is your goal then this 2 bed/2 bath condo is perfect for you! The beauty of condo living is that the association takes care of everything on the exterior which is perfect! Recent updates include: painted cabinets, updated flooring, new counter tops, updated bathroom vanity, refinished balcony! It is in VERY good shape and all you have to do is move right in! HOA fees include water and garbage, the unit has underground parking for residents. CWLP is $53/month and Ameren is $57/month which is INCREDIBLY CHEAP!

21. 2003-02-25
    soldstatus $45,000

ⓘ 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: $1,243 · $104/mo
• Projected year-2 tax: $1,415 · $118/mo
• Expected delta: +$172/yr (+$14/mo · 13.8%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,058
• − Mortgage interest: −$3,915
• − Property taxes: −$1,243
• − Insurance: −$350
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − HOA: −$3,000
• − Depreciation: −$2,033
• Taxable income: $428
• Est. tax owed @ 24.0%: −$103
• After-tax cash flow: $1,222/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): 40,046
• Household income: $69,976
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 1529.0

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 (74%)
• Race & ethnicity: White 74% Black 15% Two or more races 5% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 1% Tagalog/Filipino 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: ▼ -70.79%
• Current HPI: 156.7086
• Rent YoY: ▲ 6.32%
• 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

+55.3% since first listed

5 events — show timeline

• 2026-05-14 Price Changed $69,900 RMLSA as Distributed by MLS Grid
• 2026-04-14 Price Changed $75,900 RMLSA as Distributed by MLS Grid
• 2026-03-30 Listed $79,900 RMLSA as Distributed by MLS Grid
• 2026-03-16 Coming Soon $79,900 RMLSA as Distributed by MLS Grid
• 2003-02-25 Sold (Public Records) $45,000 Public Records

Property tax history

+2.4%/yr

Latest (2024): $1,243 · +8.2% YoY. Source: county tax records.