1015 S 23rd St · Lafayette, IN 47905

$225,000

4 bd · 2.0 ba · 1,594 sqft · SingleFamily public records · 17 Days on market

Built 1956 5,750 sqft lot $141/sqft · at area comps Est $218k · at est.

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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 +14.4/30.0
• ARV discount +6.0/15.0
• DSCR +4.4/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• 1% rule +3.1/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this move in ready 4 bed 2 bath home with a basement, fenced yard, detached garage and garden area. The main level features a master bedroom en suite with a walk-in closet, hardwood flooring throughout + vinyl flooring in the large eat-in kitchen. The basement has a large family room and a laundry room with wash sink and countertop. This home is minutes away from Columbian Park, schools, shopping centers and Purdue University. You don't want to miss this one!

Key facts

• Walk-in closet
• Eat-in kitchen
• En-suite bathroom

Tags

• HARDWOOD FLOORS
• EAT-IN KITCHEN
• MAIN-LEVEL MASTER BEDROOM
• EN-SUITE BATHROOM
• WALK-IN CLOSET
• PARTIALLY FINISHED BASEMENT

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One-story
• Construction: Vinyl siding; Brick/mortar foundation; Built with traditional site-built construction
• Exterior features: Corner, level lot; Privacy vinyl fencing; Shingle roof; Has spa / hot tub

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Master bedroom located on the main level
• Flooring: Hardwood; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Laminate counters; Master suite on main level; Partial, partially finished basement; One fireplace (no special features listed)
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $46 ($551/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 $182k (18.9% below list).
• Recommended offer: $182k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.1% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oakland Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 223 students, 73% FRL); Lafayette Sunnyside Intermediate (math 26% / reading 26%, grade F, #240 of 330 statewide, top 73%, 1,047 students, 77% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising fast (+5.1%/yr); 223 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 33% of the median local income ($66k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.
• Current owner paid $193k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,440 (18.9% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 0.81% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• GRM: 10.3

CMA / ARV

• ARV (median comp): $217,731
• List price: $225,000
• Delta: 3.34%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2515 Main St	0.16mi	3/1.5 (-1)	1,528 (-4%)	3mo	$290,000	$190	77
1120 S 20th St	0.22mi	3/2.5 (-1)	1,544 (-3%)	2mo	$255,000	$165	76
1006 S 20th St	0.21mi	3/1.0 (-1)	1,636 (+3%)	3mo	$200,000	$122	74
615 S 28th St	0.43mi	3/3.0 (-1)	1,568 (-2%)	1mo	$248,000	$158	68
723 Park Ave	0.22mi	3/1.0 (-1)	1,452 (-9%)	0mo	$212,500	$146	66
1802 Thompson St	0.64mi	4/1.5	1,610 (+1%)	2mo	$170,000	$106	64
1501 Franklin St	0.49mi	3/2.5 (-1)	1,560 (-2%)	4mo	$250,000	$160	64
807 S 30th St	0.45mi	3/2.0 (-1)	1,733 (+9%)	2mo	$270,000	$156	58
125 S 28th St	0.66mi	3/1.5 (-1)	1,632 (+2%)	1mo	$221,000	$135	58
101 S 27th St	0.69mi	3/2.0 (-1)	1,564 (-2%)	5mo	$127,000	$81	56
5 Park Ave	0.72mi	3/2.0 (-1)	1,695 (+6%)	1mo	$257,000	$152	50
123 S 29th St	0.69mi	3/2.0 (-1)	1,420 (-11%)	0mo	$200,000	$141	44

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 · 5.12% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.53×
• Total profit: $-29,631
• Equity at exit: $33,548

10-year hold

• IRR: -1.1%
• Equity multiple: 0.92×
• Total profit: $-5,292
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47905

• Home prices YoY: -33.2%
• Rents YoY: 5.1%
• Active inventory: 223
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,824 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$122 /mo · $1,460/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $46

Break-even live

Break-even rent $1,766

Max offer price $225,000

Occupancy floor 92%

Sensitivity live

Price	-10% $173	-5% $110	+0% $46	+5% $-18	+10% $-81
Rent	-10% $-98	-5% $-26	+0% $46	+5% $118	+10% $190
Rate	-1.0pp $159	-0.5pp $103	base $46	+0.5pp $-12	+1.0pp $-72

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	15d	1	0.27mi
1611 Grove St Lafayette, IN	3.0	1.5	1250	$1,195	$0.96	15d	1	0.68mi
224 S 14th St Lafayette, IN	4.0	2.0	1900	$1,810	$0.95	15d	1	0.79mi
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	15d	1	0.87mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	45d	1	0.92mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	15d	1	1.37mi

Listing history 9 events

1. 2026-06-01
   statusdays on market $225,000 Pending 17 DOM
2. 2026-05-31
   days on market $225,000 Active 16 DOM
3. 2026-05-30
   days on market $225,000 Active 15 DOM
4. 2026-05-07
   status Pending 680-char remark
5. 2026-04-24
   listed $225,000 Active 680-char remark
6. 2022-01-18
   soldstatus $193,400 474-char remark

   Show marketing remark (474 chars)

   Welcome to this move in ready 4 bed 2 bath home with a basement, fenced yard, detached garage and garden area. The main level features a master bedroom en suite with a walk-in closet, hardwood flooring throughout + vinyl flooring in the large eat-in kitchen. The basement has a large family room and a laundry room with wash sink and countertop. This home is minutes away from Columbian Park, schools, shopping centers and Purdue University. You don't want to miss this one!

7. 2021-10-25
   listed $189,900 474-char remark

   Show marketing remark (474 chars)

   Welcome to this move in ready 4 bed 2 bath home with a basement, fenced yard, detached garage and garden area. The main level features a master bedroom en suite with a walk-in closet, hardwood flooring throughout + vinyl flooring in the large eat-in kitchen. The basement has a large family room and a laundry room with wash sink and countertop. This home is minutes away from Columbian Park, schools, shopping centers and Purdue University. You don't want to miss this one!

8. 2019-04-12
   soldstatus $131,000

   Show marketing remark (562 chars)

   Corner lot with fenced yard and garden area, split bedroom floor plan, 4 bedrooms with master bedroom en suite and walk-in closet, large eat-in kitchen, hardwood throughout first floor with newer vinyl flooring in the kitchen and dining room, large basement family room and laundry room with wash sink and countertop. Additional storage space with shelves to keep you organize, updates include newer therm-a-pane vinyl windows, HVAC system additional insulation, circuit breaker, water heater and gutter covers. This home is ready for your family to move in now.

9. 2019-03-11
   listed $129,900

   Show marketing remark (562 chars)

   Corner lot with fenced yard and garden area, split bedroom floor plan, 4 bedrooms with master bedroom en suite and walk-in closet, large eat-in kitchen, hardwood throughout first floor with newer vinyl flooring in the kitchen and dining room, large basement family room and laundry room with wash sink and countertop. Additional storage space with shelves to keep you organize, updates include newer therm-a-pane vinyl windows, HVAC system additional insulation, circuit breaker, water heater and gutter covers. This home is ready for your family to move in now.

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,460 · $122/mo
• Projected year-2 tax: $1,686 · $141/mo
• Expected delta: +$226/yr (+$19/mo · 15.5%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,893
• − Mortgage interest: −$12,603
• − Property taxes: −$1,460
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,751
• − Management: −$1,751
• − Depreciation: −$6,545
• Taxable loss: −$3,344
• Est. tax savings @ 24.0%: +$803
• After-tax cash flow: $1,354/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 42,219
• Household income: $65,861
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1475.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 8% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.05%
• Current HPI: 227.1583
• Rent YoY: ▲ 5.12%
• Metro: Lafayette-West Lafayette, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+73.2% since first listed

8 events — show timeline

• 2026-06-01 Pending — IRMLS
• 2026-05-28 Relisted — IRMLS
• 2026-05-07 Pending — IRMLS
• 2026-04-24 Listed $225,000 IRMLS
• 2022-01-18 Sold (MLS) $193,400 IRMLS
• 2021-10-25 Listed $189,900 IRMLS
• 2019-04-12 Sold (MLS) $131,000 IRMLS
• 2019-03-11 Listed $129,900 IRMLS

Property tax history

+11.3%/yr

Latest (2024): $1,460 · +12.0% YoY. Source: county tax records.