412 N Calumet St · Kokomo, IN 46901

$40,000

3 bd · 2.0 ba · 1,008 sqft · SingleFamily public records · 3 Days on market

Built 1949 5,881 sqft lot

---

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

Listing remarks

Investor opportunity for a solid flip or long term rental. Discover the charm of 412 N Calumet ST in KOKOMO, IN, a delightful single-family residence built in 1949. This inviting home, spanning 1008 square feet, is ready for you to move in and begin your next chapter. With three comfortable bedrooms, this home provides ample personal space. The two full bathrooms offer convenience and functionality for daily routines. Situated on a generous 5881 square foot lot, this single-story property offers ease of access and a seamless flow throughout. This property presents a wonderful opportunity to embrace comfortable living in a desirable location.

Key facts

• 5,881 sq ft lot
• Built 1949
• Listed 3 days

Property features AI

Finance

• Other: Property under residential zoning; Lot size about 0.14 acres

Exterior

• Parking: Carport
• Utilities: Public water; Municipal sewer connected; No municipal solid waste service listed
• Home design: Single-family residence; One story
• Construction: Wood siding; Crawl space foundation
• Exterior features: Fenced yard; Sidewalks

Interior

• Kitchen: Dishwasher; Electric oven
• Bedrooms: 3 bedrooms on the main level (each approx. 10 x 10)
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Breakfast bar; Covered patio/porch
• Laundry & utility: In-unit laundry; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 25.6% 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; 1 comparable units currently listed for rent nearby; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1949 — 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 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?
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: 2.96% ✓
• Cap rate: 25.56%
• Cash-on-cash: 68.81%
• DSCR: 4.06
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $101,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 N Calumet St	0.00mi	3/2.0	1,008 (0%)	0mo	$40,000	$40	100
1145 E Walnut St	0.30mi	2/1.0 (-1)	1,040 (+3%)	2mo	$72,000	$69	70
315 N Calumet St	0.08mi	2/1.0 (-1)	876 (-13%)	8mo	$99,000	$113	59
1142 E Jefferson St	0.25mi	2/1.0 (-1)	910 (-10%)	6mo	$119,900	$132	58
900 E Superior St	0.57mi	2/1.0 (-1)	976 (-3%)	4mo	$27,500	$28	56
1001 E Broadway St	0.55mi	3/1.0	952 (-6%)	6mo	$90,000	$95	56
916 E Dixon St	0.68mi	3/1.0	1,040 (+3%)	4mo	$125,000	$120	56
1100 E Taylor St	0.32mi	2/1.0 (-1)	882 (-12%)	2mo	$53,000	$60	54
612 E Mulberry St	0.64mi	2/2.0 (-1)	1,073 (+6%)	10mo	$135,000	$126	46
728 E Broadway St	0.70mi	2/1.0 (-1)	936 (-7%)	7mo	$110,000	$118	41
906 E Elm St	0.60mi	3/1.0	864 (-14%)	10mo	$87,000	$101	35
710 E Jefferson St	0.58mi	2/1.0 (-1)	1,152 (+14%)	7mo	$25,000	$22	35

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: 64.8%
• Equity multiple: 3.77×
• Total profit: $30,978
• Equity at exit: $5,964

10-year hold

• IRR: 68.2%
• Equity multiple: 6.92×
• Total profit: $66,335
• Equity at exit: $3,458

Cash invested: $11,200 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,186 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$68 /mo · $818/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $642

Break-even live

Break-even rent $373

Max offer price $40,000

Occupancy floor 41%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 E Fischer St Kokomo, IN	2.0	1.0	720	$950	$1.32	44d	1	1.49mi

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   listed $40,000 Active
3. 2014-04-24
   listed $12,900

ⓘ 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: $818 · $68/mo
• Projected year-2 tax: $818 · $68/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: $14,231
• − Mortgage interest: −$2,241
• − Property taxes: −$818
• − Insurance: −$200
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$1,164
• Taxable income: $7,532
• Est. tax owed @ 24.0%: −$1,808
• After-tax cash flow: $5,900/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

+210.1% since first listed

3 events — show timeline

• 2026-05-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-11 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2014-04-24 Listed $12,900 IRMLS

Property tax history

+3.0%/yr

Latest (2024): $818 · +18.9% YoY. Source: county tax records.