717 W State St · Kokomo, IN 46902

$127,900

2 bd · 2.0 ba · 1,537 sqft · MultiFamily public records · 34 Days on market

Built 1899 6,621 sqft lot Est $121k · 5% over

---

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 +5.1/15.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Duplex. One party sold

Key facts

• Hvac replaced
• Total electric
• Roof replaced

Tags

• DUPLEX NEAR HIGHLAND PARK
• TOTAL ELECTRIC
• WATER SEWER LINES REPLACED
• ROOF REPLACED
• HVAC REPLACED

Property features AI

Finance

• Other: Lot size approximately 0.15 acres; Current use listed as apartment (<20 units)
• Financial info: Two total units; Gross monthly income reported as 16500; Expenses reported as 2000; Owner pays lawn care, sewer, trash collection, and water; Unit rents listed as $775/month and $600/month

Exterior

• Utilities: Water service available; Sewer service available; Solid waste service: No
• Home design: Residential income property (duplex)
• Construction: Crawl space foundation; One and one-half stories
• Exterior features: Property currently used as apartment building (under 20 units); Road access: Not applicable

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Two 2-bedroom units (one on a single level, one on 1.5 levels)
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Central air conditioning; Electric forced-air heating; Crawl space foundation

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $128k.

Deal economics

• At list price, monthly cash flow is $732 ($9k/yr) — positive. Per door: $366/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Recommended offer: $124k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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, amenities F, commute 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.
• Zoned schools: Elwood Haynes Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 611 students, 88% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents rising (+1.8%/yr); 232 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $884 of loan paydown is wiped out by about $4k 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 + 1.8% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,063 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1899 — 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: 1.55% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.54%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $121,423
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
720 S Union St	0.74mi	2/2.0	1,591 (+4%)	4mo	$125,000	$79	56
616 S Webster St	0.64mi	2/2.0	1,360 (-12%)	13mo	$81,500	$60	40

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.66×
• Total profit: $23,551
• Equity at exit: $19,070

10-year hold

• IRR: 24.3%
• Equity multiple: 2.98×
• Total profit: $71,086
• Equity at exit: $11,058

Cash invested: $35,812 (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 46902

• Home prices YoY: -20.7%
• Rents YoY: 1.8%
• Active inventory: 232
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,984 medium
• Mortgage (P&I): −$671
• Tax from tax record: −$111 /mo · $1,332/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $732

Break-even live

Break-even rent $1,057

Max offer price $127,900

Occupancy floor 58%

Sensitivity live

Price	-10% $805	-5% $769	+0% $732	+5% $696	+10% $660
Rent	-10% $576	-5% $654	+0% $732	+5% $811	+10% $889
Rate	-1.0pp $797	-0.5pp $765	base $732	+0.5pp $699	+1.0pp $665

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,984
Total (2 units)			$1,984

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: $31,975
• Closing costs: $3,837
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $127,900 Active 34 DOM
2. 2026-06-18
   days on market $127,900 Active 33 DOM
3. 2026-06-17
   days on market $127,900 Active 32 DOM
4. 2026-06-16
   days on market $127,900 Active 31 DOM
5. 2026-06-15
   days on market $127,900 Active 30 DOM
6. 2026-06-14
   days on market $127,900 Active 28 DOM
7. 2026-06-13
   days on market $127,900 Active 27 DOM
8. 2026-06-10
   days on market $127,900 Active 25 DOM
9. 2026-06-09
   days on market $127,900 Active 24 DOM
10. 2026-06-08
    days on market $127,900 Active 23 DOM
11. 2026-06-07
    days on market $127,900 Active 22 DOM
12. 2026-06-02
    days on market $127,900 Active 17 DOM
13. 2026-06-01
    days on market $127,900 Active 16 DOM
14. 2026-05-31
    days on market $127,900 Active 15 DOM
15. 2026-05-30
    days on market $127,900 Active 14 DOM
16. 2026-05-16
    listed $127,900 Active
17. 2026-04-24
    price $127,900
18. 2026-02-02
    price $129,900
19. 2025-12-18
    price $139,900
20. 2025-10-02
    listed $149,900 Active
21. 2024-06-07
    soldstatus $90,000 22-char remark

    Show marketing remark (22 chars)

    Duplex. One party sold

22. 2024-05-18
    listed $90,000 22-char remark

    Show marketing remark (22 chars)

    Duplex. One party sold

23. 2022-02-21
    soldstatus $62,900
24. 2021-09-13
    listed $68,900
25. 2020-11-23
    soldstatus $50,000
26. 2020-08-16
    listed $50,000
27. 2015-04-06
    soldstatus $27,000
28. 2015-01-20
    soldstatus $27,000
29. 2014-09-17
    listed $29,900

ⓘ 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: $1,332 · $111/mo
• Projected year-2 tax: $1,332 · $111/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 · 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: $23,808
• − Mortgage interest: −$7,164
• − Property taxes: −$1,332
• − Insurance: −$640
• − Repairs & maintenance: −$1,905
• − Management: −$1,905
• − Depreciation: −$3,721
• Taxable income: $7,142
• Est. tax owed @ 24.0%: −$1,714
• After-tax cash flow: $7,074/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): 37,017
• Household income: $62,126
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1262.0

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 (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada, Vietnam, China
• Languages at home: 96% English-only · Vietnamese 1% Other Asian/Pacific 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: ▼ -61.76%
• Current HPI: 236.8237
• Rent YoY: ▲ 1.80%
• 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

+327.8% since first listed

14 events — show timeline

• 2026-05-16 Listed $127,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $127,900 IRMLS
• 2026-02-02 Price Changed $129,900 IRMLS
• 2025-12-18 Price Changed $139,900 IRMLS
• 2025-10-02 Listed $149,900 IRMLS
• 2024-06-07 Sold (MLS) $90,000 IRMLS
• 2024-05-18 Listed $90,000 IRMLS
• 2022-02-21 Sold (MLS) $62,900 IRMLS
• 2021-09-13 Listed $68,900 IRMLS
• 2020-11-23 Sold (MLS) $50,000 IRMLS
• 2020-08-16 Listed $50,000 IRMLS
• 2015-04-06 Sold (Public Records) $27,000 Public Records
• 2015-01-20 Sold (MLS) $27,000 IRMLS
• 2014-09-17 Listed $29,900 IRMLS

Property tax history

+4.7%/yr

Latest (2024): $1,332 · +7.8% YoY. Source: county tax records.