603 S Washington St · Kokomo, IN 46902

$99,900

2 bd · 1.0 ba · 1,520 sqft · SingleFamily public records · 108 Days on market

Built 1939 8,712 sqft lot Est $160k · 37% 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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.7/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully renovated 3 bedroom home with a large bonus room upstairs that could be used as an additional bedroom. Plenty of room downstairs. Main bedroom has adjoining half bath. Enjoy walking out the back sliding door to spend time on the deck overlooking your large backyard. New Roof, Furnace, Central AC, Water Heater, Refrigerator and Oven! Seller willing to take FHA and VA loans!!

Key facts

• Large backyard
• Bonus room
• Eat-in kitchen

Tags

• BONUS ROOM
• EAT-IN KITCHEN
• LARGE BACKYARD

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Crawl space/partial basement
• Exterior features: Irregular lot; Lot dimensions approximately 48 x 184; Lot about 0.2 acre

Interior

• Kitchen: Gas oven
• Bathrooms: One full bathroom; One half bathroom; Two main-level bathrooms
• Heating & cooling: Natural gas heating; Forced air heating; Central air conditioning
• Interior features: Gas water heater; Water heater
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 5.2% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities F, commute F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Elwood Haynes Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 611 students, 88% FRL); Maple Crest Middle School (math 10% / reading 16%, grade F, #304 of 330 statewide, top 94%, 372 students, 77% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents rising (+1.8%/yr); 232 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $57k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.88%
• DSCR: 1.53
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $159,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
614 S Courtland Ave	0.19mi	3/1.0 (+1)	1,368 (-10%)	1mo	$117,000	$86	69
634 S Union St	0.24mi	3/1.5 (+1)	1,350 (-11%)	1mo	$75,000	$56	62
1110 S Courtland St	0.52mi	3/1.5 (+1)	1,458 (-4%)	1mo	$170,000	$117	61
804 E Sycamore St	0.69mi	3/1.5 (+1)	1,516 (-0%)	1mo	$203,000	$134	59
1212 W Carter St	0.59mi	2/2.0	1,440 (-5%)	1mo	$167,500	$116	58
703 S Apperson Way	0.37mi	2/2.0	1,328 (-13%)	1mo	$115,000	$87	57
803 S Webster St	0.23mi	3/2.0 (+1)	1,296 (-15%)	1mo	$57,000	$44	55
1335 S Buckeye St	0.72mi	3/3.0 (+1)	1,454 (-4%)	1mo	$173,000	$119	46
739 S Jay St	0.57mi	3/1.5 (+1)	1,708 (+12%)	0mo	$67,000	$39	45
724 S Apperson Way	0.41mi	3/2.0 (+1)	1,300 (-14%)	4mo	$179,900	$138	45
915 W Walnut St	0.57mi	3/2.0 (+1)	1,716 (+13%)	3mo	$180,000	$105	41
700 S Locke St	0.68mi	3/2.0 (+1)	1,680 (+10%)	3mo	$87,000	$52	39

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $39
• Equity at exit: $14,895

10-year hold

• IRR: 8.5%
• Equity multiple: 1.61×
• Total profit: $17,107
• Equity at exit: $8,638

Cash invested: $27,972 (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 46902

• Home prices YoY: -20.7%
• Rents YoY: 1.8%
• Active inventory: 232
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,172 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$83 /mo · $1,000/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $277

Break-even live

Break-even rent $821

Max offer price $99,900

Occupancy floor 71%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-09
   status $99,900 Pending 108 DOM
2. 2026-06-08
   days on market $99,900 Active 108 DOM
3. 2026-06-07
   days on market $99,900 Active 107 DOM
4. 2026-06-02
   days on market $99,900 Active 102 DOM
5. 2026-06-01
   pricedays on market $99,900 Active 101 DOM
6. 2026-05-31
   days on market $124,900 Active 100 DOM
7. 2026-05-30
   days on market $124,900 Active 99 DOM
8. 2026-05-15
   price $124,900
9. 2026-05-03
   price $139,000
10. 2026-04-22
    price $145,000
11. 2026-03-09
    price $149,900
12. 2026-02-20
    listed $157,000 Active
13. 2024-05-14
    soldstatus $131,600 Closed 383-char remark

    Show marketing remark (383 chars)

    Fully renovated 3 bedroom home with a large bonus room upstairs that could be used as an additional bedroom. Plenty of room downstairs. Main bedroom has adjoining half bath. Enjoy walking out the back sliding door to spend time on the deck overlooking your large backyard. New Roof, Furnace, Central AC, Water Heater, Refrigerator and Oven! Seller willing to take FHA and VA loans!!

14. 2024-05-04
    status Pending 383-char remark

    Show marketing remark (383 chars)

    Fully renovated 3 bedroom home with a large bonus room upstairs that could be used as an additional bedroom. Plenty of room downstairs. Main bedroom has adjoining half bath. Enjoy walking out the back sliding door to spend time on the deck overlooking your large backyard. New Roof, Furnace, Central AC, Water Heater, Refrigerator and Oven! Seller willing to take FHA and VA loans!!

15. 2024-04-13
    listed $155,000 Active 383-char remark

    Show marketing remark (383 chars)

    Fully renovated 3 bedroom home with a large bonus room upstairs that could be used as an additional bedroom. Plenty of room downstairs. Main bedroom has adjoining half bath. Enjoy walking out the back sliding door to spend time on the deck overlooking your large backyard. New Roof, Furnace, Central AC, Water Heater, Refrigerator and Oven! Seller willing to take FHA and VA loans!!

16. 2023-12-01
    historical
17. 2023-11-28
    price $135,000
18. 2023-11-13
    status Active
19. 2023-10-04
    status Active
20. 2023-10-04
    price $135,000
21. 2023-09-25
    status Pending
22. 2023-09-25
    status Pending
23. 2023-09-23
    listed $145,000 Active
24. 2023-09-23
    listed $145,000 Active
25. 2022-09-30
    historical
26. 2022-08-19
    status Pending
27. 2022-06-01
    listed $19,000 Active

ⓘ 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: $1,000 · $83/mo
• Projected year-2 tax: $1,000 · $83/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 3/10 Moderate 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,061
• − Mortgage interest: −$5,596
• − Property taxes: −$1,000
• − Insurance: −$500
• − Repairs & maintenance: −$1,125
• − Management: −$1,125
• − Depreciation: −$2,906
• Taxable income: $1,810
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $2,888/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: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 75,099 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 37,017
• Household income: $62,126
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1262.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada, Vietnam, China
• Languages at home: 96% English-only · Vietnamese 1% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.76%
• Current HPI: 236.8237
• Rent YoY: ▲ 1.80%
• Metro: Kokomo, 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

+557.4% since first listed

20 events — show timeline

• 2026-05-15 Price Changed $124,900 IRMLS
• 2026-05-03 Price Changed $139,000 IRMLS
• 2026-04-22 Price Changed $145,000 IRMLS
• 2026-03-09 Price Changed $149,900 IRMLS
• 2026-02-20 Listed $157,000 IRMLS
• 2024-05-14 Sold (MLS) $131,600 IRMLS
• 2024-05-04 Pending — IRMLS
• 2024-04-13 Listed $155,000 IRMLS
• 2023-12-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-11-28 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2023-11-13 Relisted — MIBOR as Distributed by MLS Grid
• 2023-10-04 Relisted — IRMLS
• 2023-10-04 Price Changed $135,000 IRMLS
• 2023-09-25 Pending — MIBOR as Distributed by MLS Grid
• 2023-09-25 Pending — IRMLS
• 2023-09-23 Listed $145,000 IRMLS
• 2023-09-23 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2022-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-08-19 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-01 Listed $19,000 MIBOR as Distributed by MLS Grid

Property tax history

-0.0%/yr

Latest (2024): $1,000 · +22.5% YoY. Source: county tax records.