112 NW 18th St · Richmond, IN 47374

$52,000

2 bd · 1.0 ba · 1,452 sqft · SingleFamily public records · 18 Days on market

Built 1920 6,970 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 +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

Opportunity awaits at 112 NW 18th Street in Richmond! Located in the Richmond Community School district, this 1.5-story home offers 1,452 square feet of living space with 2 bedrooms and endless potential for the right buyer. Whether you're an investor looking for your next project or a homeowner ready to build equity through renovations, this property provides a solid foundation for a complete transformation. Bring your vision and creativity to restore this home to its full potential. Conveniently situated near local amenities, schools, and shopping, this is your chance to turn a fixer-upper into something special. Don't miss this perfect rehab project with plenty of upside potential! Call

Key facts

• Shopping
• Local amenities
• Rehab project

Tags

• LOCAL AMENITIES
• SCHOOLS
• SHOPPING
• FIXER-UPPER
• REHAB PROJECT
• UPSIDE POTENTIAL

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding
• Exterior features: Chain link fencing; Shingle roof

Interior

• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Electric water heater; Partial crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $52k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• Recommended offer: $51k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.7% 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; 1 comparable units currently listed for rent nearby; 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 $360 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

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

Recommended offer $51,220 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 2.16% ✓
• Cap rate: 18.66%
• Cash-on-cash: 44.17%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $153,912
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 NW 18th St	0.01mi	3/1.0 (+1)	1,412 (-3%)	1mo	$145,900	$103	89
222 Cartwright Dr	0.21mi	3/1.5 (+1)	1,440 (-1%)	8mo	$128,500	$89	75
232 NW 18th St	0.12mi	3/2.0 (+1)	1,320 (-9%)	2mo	$150,000	$114	69
1821 Peacock Rd	0.14mi	3/1.0 (+1)	1,568 (+8%)	9mo	$130,000	$83	68
20 SW 15th St	0.25mi	2/1.0	1,318 (-9%)	10mo	$63,200	$48	64
1837 NW A St	0.09mi	3/2.5 (+1)	1,608 (+11%)	4mo	$130,000	$81	64
1304 Grace Ln	0.38mi	3/1.0 (+1)	1,344 (-7%)	13mo	$142,500	$106	54
2423 NW B St	0.42mi	3/1.5 (+1)	1,288 (-11%)	1mo	$189,000	$147	54
405 SW 20th St	0.61mi	3/2.0 (+1)	1,387 (-4%)	4mo	$219,900	$159	52
1814 SW C St	0.30mi	3/2.0 (+1)	1,260 (-13%)	7mo	$119,000	$94	49
105 SW 10th St	0.65mi	3/1.0 (+1)	1,270 (-12%)	1mo	$157,500	$124	43
409 SW 20th St	0.62mi	3/2.0 (+1)	1,653 (+14%)	13mo	$205,000	$124	28

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: 41.1%
• Equity multiple: 2.77×
• Total profit: $25,719
• Equity at exit: $7,753

10-year hold

• IRR: 47.4%
• Equity multiple: 5.56×
• Total profit: $66,401
• Equity at exit: $4,496

Cash invested: $14,560 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,126 medium
• Mortgage (P&I): −$273
• Tax from tax record: −$59 /mo · $709/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $536

Break-even live

Break-even rent $447

Max offer price $52,000

Occupancy floor 47%

Sensitivity live

Price	-10% $565	-5% $551	+0% $536	+5% $521	+10% $506
Rent	-10% $447	-5% $491	+0% $536	+5% $580	+10% $625
Rate	-1.0pp $562	-0.5pp $549	base $536	+0.5pp $522	+1.0pp $509

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: $13,000
• Closing costs: $1,560
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	45d	1	1.44mi

Listing history 13 events

1. 2026-06-21
   days on market $52,000 Active 18 DOM
2. 2026-06-19
   days on market $52,000 Active 16 DOM
3. 2026-06-18
   days on market $52,000 Active 15 DOM
4. 2026-06-17
   days on market $52,000 Active 14 DOM
5. 2026-06-16
   days on market $52,000 Active 13 DOM
6. 2026-06-15
   days on market $52,000 Active 12 DOM
7. 2026-06-14
   days on market $52,000 Active 10 DOM
8. 2026-06-12
   days on market $52,000 Active 9 DOM
9. 2026-06-09
   days on market $52,000 Active 6 DOM
10. 2026-06-08
    days on market $52,000 Active 5 DOM
11. 2026-06-07
    pricestatusdays on marketlisting id $52,000 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $50,000 Pending 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: $709 · $59/mo
• Projected year-2 tax: $709 · $59/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: $13,509
• − Mortgage interest: −$2,913
• − Property taxes: −$709
• − Insurance: −$260
• − Repairs & maintenance: −$1,081
• − Management: −$1,081
• − Depreciation: −$1,513
• Taxable income: $5,953
• Est. tax owed @ 24.0%: −$1,429
• After-tax cash flow: $5,002/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

+43.3% since first listed

5 events — show timeline

• 2026-06-02 Pending — RRELMS
• 2026-06-01 Listed $50,000 RRELMS
• 2025-05-23 Price Changed $42,000 RRELMS
• 2019-10-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-12-06 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2024): $709 · +11.8% YoY. Source: county tax records.