15 S Garfield St · Peru, IN 46970

$79,900

2 bd · 1.5 ba · 1,800 sqft · SingleFamily public records · 10 Days on market

Built 1946 4,400 sqft lot

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Character and potential abound in this home with three bedrooms and two baths and a full basement. Walk into a large living room with a breakfast nook, galley style kitchen with an abundance of oak cabinetry. A family room with a gas log fireplace. A bedroom on the first floor and another on the second floor with a landing that previously served as an additional bedroom. Lots of built in cabinetry that is typical of this style of home. Bathroom up and a bathroom on the first floor. Also, the home has an inviting front porch, a rear deck and a garage. The water is shut off and areas of the plumbing need replaced. HVAC system may also need replaced. Cash or Conventional financing only. Proper

Key facts

• Inviting front porch
• Full basement
• Gas log fireplace

Tags

• FULL BASEMENT
• GAS LOG FIREPLACE
• BUILT IN CABINETRY
• INVITING FRONT PORCH
• REAR DECK

Property features AI

Exterior

• Parking: Detached garage; 1 garage space; Asphalt driveway
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence, site-built; One-story
• Construction: Vinyl siding; Block foundation; Asphalt roof; Built with a basement
• Exterior features: Deck; Covered porch; Porch; Wood fencing; Level lot

Interior

• Kitchen: Dishwasher; Refrigerator; Gas cooktop; Gas oven
• Bedrooms: Master on main level
• Flooring: Hardwood; Parquet
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating with forced air; Ceiling fans; Has cooling (none listed as central)
• Interior features: Ceiling fans; Built-in features; Master suite on main level; Window treatments; Has basement (partially finished)
• Laundry & utility: Laundry on lower level; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 10.7% vs local median 6.0% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blair Pointe Upper Elementary (math 34% / reading 38%, grade F, #577 of 994 statewide, top 59%, 552 students, 63% FRL); Peru Junior High School (math 27% / reading 42%); Peru Jr/Sr High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 883 students, 59% FRL).
• Market conditions: 130 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% 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 $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,900

Questions for the listing agent

1. Built in 1946 — 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 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?
5. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.77%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $192,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 E 2nd St	0.17mi	3/2.0 (+1)	1,804 (+0%)	2mo	$195,000	$108	83
15 N Smith St	0.17mi	3/2.0 (+1)	1,755 (-2%)	14mo	$106,000	$60	69
565 E 2nd St	0.11mi	3/2.0 (+1)	1,612 (-10%)	6mo	$195,000	$121	66
427 E 3rd St	0.31mi	2/1.0	1,688 (-6%)	16mo	$125,000	$74	60
262 E 6th St	0.66mi	2/1.0	1,728 (-4%)	4mo	$69,000	$40	58
401 E Main St	0.37mi	2/1.0	1,594 (-11%)	5mo	$170,000	$107	57
422 E 3rd St	0.32mi	3/2.0 (+1)	1,860 (+3%)	18mo	$65,000	$35	57
192 N Benton St	0.56mi	3/2.0 (+1)	1,756 (-2%)	10mo	$210,000	$120	54
353 E 6th St	0.49mi	3/2.0 (+1)	1,978 (+10%)	2mo	$182,000	$92	52
374 E Main St	0.42mi	3/1.0 (+1)	1,540 (-14%)	7mo	$100,000	$65	44
386 E 3rd St	0.39mi	3/1.5 (+1)	1,540 (-14%)	16mo	$174,000	$113	40
276 E 3rd St	0.59mi	3/1.5 (+1)	1,584 (-12%)	10mo	$185,000	$117	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.26×
• Total profit: $5,807
• Equity at exit: $11,913

10-year hold

• IRR: 16.0%
• Equity multiple: 2.31×
• Total profit: $29,290
• Equity at exit: $6,908

Cash invested: $22,372 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 130
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$123 /mo · $1,474/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $294

Break-even live

Break-even rent $728

Max offer price $79,900

Occupancy floor 68%

Sensitivity live

Price	-10% $339	-5% $317	+0% $294	+5% $271	+10% $249
Rent	-10% $207	-5% $251	+0% $294	+5% $337	+10% $381
Rate	-1.0pp $334	-0.5pp $314	base $294	+0.5pp $273	+1.0pp $252

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-22
   days on market $79,900 Active 10 DOM
2. 2026-06-19
   days on market $79,900 Active 7 DOM
3. 2026-06-18
   days on market $79,900 Active 6 DOM
4. 2026-06-17
   days on market $79,900 Active 5 DOM
5. 2026-06-16
   days on market $79,900 Active 4 DOM
6. 2026-06-15
   days on market $79,900 Active 3 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $79,900 Active 1 DOM

ⓘ 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: $1,474 · $123/mo
• Projected year-2 tax: $1,474 · $123/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 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: $13,202
• − Mortgage interest: −$4,476
• − Property taxes: −$1,474
• − Insurance: −$400
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$2,324
• Taxable income: $2,416
• Est. tax owed @ 24.0%: −$580
• After-tax cash flow: $2,948/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

1 event — show timeline

• 2026-06-12 Listed $79,900 IRMLS

Property tax history

+10.0%/yr

Latest (2024): $1,474 · +3.7% YoY. Source: county tax records.