506 N Market St · Kokomo, IN 46901

$79,900

5 bd · 3.5 ba · 2,430 sqft · MultiFamily public records · 46 Days on market

Built 1889 4,356 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Welcoming you to Kokomo is a Triplex ready for it's next investor. The 3 bedroom unit is on the main level. Upstairs you have 2 additional units. One of the units is a two bedroom and the other unit is a one bedroom. This property is in need of some work but it is priced accordingly. You can access all units from any unit as the rear stair case provides access to all units. If you have any questions feel free to call or text and thank you for showing the property.

Key facts

• 4,356 sq ft lot
• Built 1889
• Listed 46 days

Property features AI

Finance

• Other: Lot size approximately 0.1 acre (< 1/4 acre)
• Financial info: Gross income reported: 1600; Expenses reported: 1000; Investor property details: 3 units total

Exterior

• Parking: 2 car parking spaces (unit parking)
• Security: Smoke detector(s)
• Utilities: Separate gas meter; Public water; Public sewer; Solid waste: No
• Home design: Residential income property — Triplex; Two levels; Faces west; Fixer condition; Current use: Apartment building (under 20 units)
• Construction: Vinyl with brick exterior; Asphalt roof
• Exterior features: Frontage road access

Interior

• Bedrooms: 6 total bedrooms (across units)
• Bathrooms: 3 total bathrooms (across units)
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Has basement; 16 total rooms (across units); Smoke detector(s)
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1×3bd/1.5ba + 1×2bd/1.5ba + 1×1bd/1.5ba units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $596/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.1% 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, schools F, amenities 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.
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).
• At $3,013/mo this rent would consume 60% of the median local household income ($60k/yr) (locally 1116% 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 $552 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1889 — 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 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?
7. 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?
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: 3.77% ✓
• Cap rate: 33.13%
• Cash-on-cash: 95.83%
• DSCR: 5.26
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $187,110
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 N Courtland Ave	0.53mi	5/2.0	2,288 (-6%)	3mo	$70,000	$31	57
408 N Ohio Ave	0.60mi	5/3.0	2,272 (-6%)	13mo	$175,000	$77	48

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 93.3%
• Equity multiple: 5.12×
• Total profit: $92,086
• Equity at exit: $11,913

10-year hold

• IRR: 95.5%
• Equity multiple: 9.62×
• Total profit: $192,876
• 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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,013 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$141 /mo · $1,696/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $1,787

Break-even live

Break-even rent $751

Max offer price $79,900

Occupancy floor 36%

Sensitivity live

Price	-10% $1,832	-5% $1,809	+0% $1,787	+5% $1,764	+10% $1,741
Rent	-10% $1,549	-5% $1,668	+0% $1,787	+5% $1,906	+10% $2,025
Rate	-1.0pp $1,827	-0.5pp $1,807	base $1,787	+0.5pp $1,766	+1.0pp $1,745

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,130
1× unit	2	1.5	$977
1× unit	1	1.5	$906
Total (3 units)			$3,013

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 4 events

1. 2026-04-29
   status Pending
2. 2026-04-08
   price $79,900
3. 2026-03-13
   listed $100,000 Active
4. 2016-04-18
   listed $35,000

ⓘ 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: $1,696 · $141/mo
• Projected year-2 tax: $1,696 · $141/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 ≥101°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: $36,156
• − Mortgage interest: −$4,476
• − Property taxes: −$1,696
• − Insurance: −$400
• − Repairs & maintenance: −$2,892
• − Management: −$2,892
• − Depreciation: −$2,324
• Taxable income: $21,476
• Est. tax owed @ 24.0%: −$5,154
• After-tax cash flow: $16,286/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): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1116.0

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 (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 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: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• 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

+128.3% since first listed

4 events — show timeline

• 2026-04-29 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2026-03-13 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2016-04-18 Listed $35,000 IRMLS

Property tax history

+3.6%/yr

Latest (2024): $1,696 · +1.2% YoY. Source: county tax records.