2017 N 16th St · Lafayette, IN 47904

$215,000

4 bd · 2.0 ba · 1,904 sqft · MultiFamily public records · 53 Days on market

Built 1901 7,245 sqft lot $113/sqft · 29% above area Est $231k · 7% under ↓ 7% since listing

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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 +16.9/30.0
• ARV discount +10.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

The main structure is a duplex featuring two spacious two-story units, each offering 2 bedrooms and 1 full bathroom. A detached garage adds even more value with a third unit above, complete with 1 bedroom and 1 bathroom. The property is fully occupied, with one unit going vacant next month, creating an opportunity for rent increases or owner occupancy. All utilities are separately metered and paid by tenants, maximizing efficiency and minimizing owner expenses.

Key facts

• 7,245 sq ft lot
• 3 parking spots
• Built 1901

Property features AI

Finance

• Financial info: Property used as residential income (triplex)

Exterior

• Parking: 3 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories
• Construction: Vinyl siding
• Exterior features: Lot approximately 45 x 160; Pets allowed

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms; 5 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Range; Refrigerator; Carpet flooring; Vinyl flooring; Unfinished basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive. Per door: $70/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (6.4% below list).
• Recommended offer: $201k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.2% 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: Vinton Elementary School (math 42% / reading 27%, grade F, #597 of 994 statewide, top 63%, 452 students, 86% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL) — zoned schools average 78% FRL vs 63% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 73 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $2,012/mo this rent would consume 47% of the median local household income ($52k/yr) (locally 563% 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 $1k of loan paydown is wiped out by about $6k 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 53 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,200 (6.4% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 8.9

CMA / ARV

• ARV (median comp): $230,555
• List price: $215,000
• Delta: -6.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1826 Wilson St	0.56mi	5/2.0 (+1)	2,108 (+11%)	2mo	$90,000	$43	49
1303 N 13th St	0.55mi	5/2.0 (+1)	1,840 (-3%)	22mo	$165,000	$90	46

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-26,268
• Equity at exit: $32,057

10-year hold

• IRR: -3.2%
• Equity multiple: 0.78×
• Total profit: $-12,948
• Equity at exit: $18,589

Cash invested: $60,200 (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 47904

• Rents YoY: 2.8%
• Active inventory: 73
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $2,012 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$232 /mo · $2,779/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $141

Break-even live

Break-even rent $1,834

Max offer price $215,000

Occupancy floor 88%

Sensitivity live

Price	-10% $263	-5% $202	+0% $141	+5% $80	+10% $19
Rent	-10% $-18	-5% $61	+0% $141	+5% $220	+10% $300
Rate	-1.0pp $249	-0.5pp $195	base $141	+0.5pp $85	+1.0pp $28

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,012
Total (2 units)			$2,012

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1707 Meharry St Lafayette, IN	3.0	2.0	1348	$1,500	$1.11	22d	1	0.24mi
1038 Heath St Unit 1038 1/2 Lafayette, IN	4.0	2.0	1650	$1,850	$1.12	22d	1	0.59mi
1609 Arlington Rd Lafayette, IN	3.0	1.0	1268	$1,300	$1.03	22d	1	0.63mi
2209 Monon Ave Lafayette, IN	3.0	2.0	2200	$1,650	$0.75	44d	1	0.68mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	44d	1	1.27mi
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	14d	1	1.29mi
932 Robinson St West Lafayette, IN	3.0	1.5	1944	$2,800	$1.44	14d	1	1.32mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,115	$1.15	22d	1	1.42mi

Listing history 16 events

1. 2026-06-19
   days on market $215,000 Active 53 DOM
2. 2026-06-18
   days on market $215,000 Active 52 DOM
3. 2026-06-17
   days on market $215,000 Active 51 DOM
4. 2026-06-16
   days on market $215,000 Active 50 DOM
5. 2026-06-15
   days on market $215,000 Active 49 DOM
6. 2026-06-14
   days on market $215,000 Active 47 DOM
7. 2026-06-13
   days on market $215,000 Active 46 DOM
8. 2026-06-10
   days on market $215,000 Active 44 DOM
9. 2026-06-09
   days on market $215,000 Active 43 DOM
10. 2026-06-08
    days on market $215,000 Active 42 DOM
11. 2026-06-07
    days on market $215,000 Active 41 DOM
12. 2026-06-02
    days on market $215,000 Active 36 DOM
13. 2026-06-01
    days on market $215,000 Active 35 DOM
14. 2026-05-31
    days on market $215,000 Active 34 DOM
15. 2026-05-30
    days on market $215,000 Active 33 DOM
16. 2026-04-27
    listed $230,000 Active 465-char remark

ⓘ 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: $2,779 · $232/mo
• Projected year-2 tax: $2,779 · $232/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 · 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: $24,144
• − Mortgage interest: −$12,043
• − Property taxes: −$2,779
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,932
• − Management: −$1,932
• − Depreciation: −$6,255
• Taxable loss: −$1,871
• Est. tax savings @ 24.0%: +$449
• After-tax cash flow: $2,139/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): 16,257
• Household income: $51,687
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 563.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 16% Two or more races 11% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 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: ▼ -147.53%
• Current HPI: 227.1555
• Rent YoY: ▲ 2.80%
• 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

-6.5% since first listed

2 events — show timeline

• 2026-05-26 Price Changed $215,000 IRMLS
• 2026-04-27 Listed $230,000 IRMLS

Property tax history

+1.2%/yr

Latest (2024): $2,779 · +33.4% YoY. Source: county tax records.