122 S 12th St · Richmond, IN 47374

$28,500

4 bd · 4.0 ba · 3,023 sqft · MultiFamily public records · 18 Days on market

Built 1920 5,793 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

Key facts

• 5,793 sq ft lot
• Built 1920
• Listed 18 days

Property features AI

Exterior

• Home design: Residential income property (quadruplex); 2 stories
• Exterior features: Shingle roof

Interior

• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $28k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $564/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $28k).
• Recommended offer: $28k (1.5% below list) — sets the bar for market timing.
• Cap rate 101.3% 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+, schools 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.
• Market conditions: 273 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $3,108/mo this rent would consume 73% of the median local household income ($51k/yr) (locally 1600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $197 of loan paydown is wiped out by about $855 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $6k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $28k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,072 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 10.91% ✓
• Cap rate: 101.30%
• Cash-on-cash: 339.32%
• DSCR: 16.10
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $84,644
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 S 7th St	0.39mi	4/4.0	3,031 (+0%)	16mo	$85,000	$28	68
116 S 14th St	0.16mi	4/1.0	2,780 (-8%)	7mo	$80,000	$29	61
54 S 16th St	0.32mi	4/4.0	2,656 (-12%)	15mo	$59,900	$23	53
305-307 S 8th St	0.30mi	4/2.0	2,722 (-10%)	21mo	$35,000	$13	44
805 S 7th St	0.70mi	4/2.0	2,664 (-12%)	5mo	$79,500	$30	36

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: —
• Equity multiple: 18.44×
• Total profit: $139,147
• Equity at exit: $4,249

10-year hold

• IRR: —
• Equity multiple: 39.40×
• Total profit: $306,420
• Equity at exit: $2,464

Cash invested: $7,980 (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: 273
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $3,108 medium
• Mortgage (P&I): −$149
• Tax from tax record: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $2,256

Break-even live

Break-even rent $252

Max offer price $28,500

Occupancy floor 22%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,108
Total (4 units)			$3,108

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: $7,125
• Closing costs: $855
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-31
   status $28,500 Pending 18 DOM
2. 2026-05-30
   days on market $28,500 Active 18 DOM
3. 2026-05-20
   price $28,500
4. 2026-05-12
   listed $35,000 Active
5. 2025-03-19
   soldstatus $15,000 Closed 566-char remark

   Show marketing remark (566 chars)

   Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

6. 2025-02-28
   status Pending 566-char remark

   Show marketing remark (566 chars)

   Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

7. 2025-02-19
   status Active 566-char remark

   Show marketing remark (566 chars)

   Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

8. 2025-01-30
   status Pending 566-char remark

   Show marketing remark (566 chars)

   Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

9. 2025-01-27
   listed $18,000 Active 566-char remark

   Show marketing remark (566 chars)

   Fantastic Investment Opportunity in Historic Richmond! This triplex in the historic community of Richmond is a great investment opportunity for those looking to capitalize on a fixer-upper. The property requires a complete rehab, with the back apartment needing the most work. The upstairs apartment and the other downstairs unit are solid structures that will require less extensive renovations. With the potential for high returns, this property is perfect for investors ready to bring this historic gem back to life. Don't miss out on this promising opportunity!

10. 2025-01-14
    historical
11. 2024-11-15
    status Active
12. 2024-10-25
    status Pending
13. 2024-10-21
    price $24,000
14. 2024-09-07
    price $39,000
15. 2024-08-08
    price $50,000
16. 2024-07-14
    listed $55,000 Active
17. 2020-10-15
    soldstatus $17,000
18. 2020-08-28
    listed $27,500

ⓘ 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: $450 · $38/mo
• Projected year-2 tax: $450 · $38/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 ≥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: $37,296
• − Mortgage interest: −$1,596
• − Property taxes: −$450
• − Insurance: −$142
• − Repairs & maintenance: −$2,984
• − Management: −$2,984
• − Depreciation: −$829
• Taxable income: $28,311
• Est. tax owed @ 24.0%: −$6,795
• After-tax cash flow: $20,283/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

+3.6% since first listed

16 events — show timeline

• 2026-05-20 Price Changed $28,500 RRELMS
• 2026-05-12 Listed $35,000 RRELMS
• 2025-03-19 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2025-02-28 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-19 Relisted — MIBOR as Distributed by MLS Grid
• 2025-01-30 Pending — MIBOR as Distributed by MLS Grid
• 2025-01-27 Listed $18,000 MIBOR as Distributed by MLS Grid
• 2025-01-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-11-15 Relisted — MIBOR as Distributed by MLS Grid
• 2024-10-25 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-21 Price Changed $24,000 MIBOR as Distributed by MLS Grid
• 2024-09-07 Price Changed $39,000 MIBOR as Distributed by MLS Grid
• 2024-08-08 Price Changed $50,000 MIBOR as Distributed by MLS Grid
• 2024-07-14 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2020-10-15 Sold (MLS) $17,000 RRELMS
• 2020-08-28 Listed $27,500 RRELMS

Property tax history

-9.6%/yr

Latest (2024): $450 · -33.9% YoY. Source: county tax records.