223 NW 17th St · Richmond, IN 47374

$84,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 125 Days on market

Built 1950 8,407 sqft lot Est $101k · 16% under ↓ 15% since listing

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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 +14.6/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this 2-bedroom 1-bathroom home with many updates on Richmond's NW side of town. Visit this thoughtfully updated 2-bedroom, 1-bath handicap-accessible home located on the desirable northwest side of Richmond. This property now features a brand-new 10x16 deck, perfect for entertaining, relaxing, or enjoying outdoor dining. It also includes a brand-new carport, and new 10x12 storage shed with electric-ideal for hobbies or extra storage-along with new basement windows that bring in added light and efficiency. The home has been upgraded with a 200-amp electrical service, a new paved driveway in 2023, and new carpet in 2024. The roof is only 6 years old, offering peace of mind for yea

Key facts

• 10x16 deck
• New carport
• 10x12 storage shed

Tags

• HANDICAP-ACCESSIBLE
• 10X16 DECK
• NEW CARPORT
• 10X12 STORAGE SHED
• 200-AMP ELECTRICAL SERVICE
• NEW PAVED DRIVEWAY

Property features AI

Exterior

• Parking: Paved
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Single-story
• Construction: Aluminum siding
• Exterior features: Asphalt shingle roof; Paved parking

Interior

• Kitchen: Disposal
• Bedrooms: Total of 4 rooms (bedrooms/other rooms included)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Disposal; Gas water heater; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($913 rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Westview Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 241 students, 77% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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 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?
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: 1.08% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $100,800
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1313 Clearview Dr	0.23mi	2/1.0	672 (0%)	5mo	$125,000	$186	85
214 NW 17th St	0.03mi	2/1.0	738 (+10%)	9mo	$80,000	$108	75
134 SW 14th St	0.37mi	2/1.0	672 (0%)	14mo	$89,900	$134	72
117 SW 14th St	0.35mi	2/1.0	708 (+5%)	6mo	$96,000	$136	70
1020 NW D St	0.47mi	3/1.0 (+1)	720 (+7%)	2mo	$132,000	$183	60
132 SW 13th St	0.40mi	2/1.0	728 (+8%)	12mo	$85,000	$117	57
118 SW 14th St	0.34mi	3/1.0 (+1)	744 (+11%)	14mo	$103,000	$138	49
109 SW 11th St	0.54mi	2/1.0	732 (+9%)	18mo	$119,900	$164	45
404 SW 15th St	0.63mi	2/1.0	768 (+14%)	11mo	$115,000	$150	38
425 SW 16th St	0.68mi	3/1.5 (+1)	768 (+14%)	18mo	$140,000	$182	23

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-5,183
• Equity at exit: $12,659

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $6,565
• Equity at exit: $7,341

Cash invested: $23,772 (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 47374

• Active inventory: 277
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $913 medium
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $134

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 80%

Sensitivity live

Price	-10% $193	-5% $164	+0% $134	+5% $105	+10% $76
Rent	-10% $62	-5% $98	+0% $134	+5% $170	+10% $207
Rate	-1.0pp $177	-0.5pp $156	base $134	+0.5pp $112	+1.0pp $90

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-23
   price $84,900
2. 2026-03-06
   price $89,900
3. 2026-03-05
   price $94,900
4. 2026-02-17
   price $99,900
5. 2026-01-23
   listed $105,000 Active
6. 2025-05-07
   price $99,900

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

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 ≥100°F today · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,954
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$876
• − Management: −$876
• − Depreciation: −$2,470
• Taxable income: $278
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $1,546/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

-15.0% since first listed

6 events — show timeline

• 2026-04-23 Price Changed $84,900 RRELMS
• 2026-03-06 Price Changed $89,900 RRELMS
• 2026-03-05 Price Changed $94,900 RRELMS
• 2026-02-17 Price Changed $99,900 RRELMS
• 2026-01-23 Listed $105,000 RRELMS
• 2025-05-07 Price Changed $99,900 RRELMS

Property tax history

-25.6%/yr

Latest (2023): $97 · -31.7% YoY. Source: county tax records.