316 S Washington St · Warsaw, IN 46580

$360,000

5 bd · 6.0 ba · 2,836 sqft · MultiFamily public records · 25 Days on market

Built 1873 8,712 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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: 6 units. estimate disagrees with records

Listing remarks MLS

For questions please contact the listing agent.

Key facts

• Recent updates
• Updated paint
• Lvp flooring

Tags

• BRICK INVESTMENT PROPERTY
• RECENT UPDATES
• UPDATED PAINT
• LVP FLOORING
• NEW ROOF
• LOW-MAINTENANCE BRICK EXTERIOR

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Annual tax amount listed (not included in feature summary)

Exterior

• Parking: Six open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family sixplex); Two stories
• Construction: Brick construction
• Exterior features: Corner lot; Lot dimensions approximately 66 x 132

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: Six full bathrooms (all on the main level)
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Eat-in kitchen; Has basement (partial, crawl space)

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $240/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $355k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.2% in Warsaw — 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 77/100 on livability (#42 in IN, #3,114 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, crime D+, amenities F.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Elementary School (math 47% / reading 45%, grade D-, #357 of 994 statewide, top 37%, 504 students, 48% FRL); Edgewood Middle School (math 41% / reading 51%, grade D+, #76 of 330 statewide, top 23%, 537 students, 45% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 102 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• At $4,903/mo this rent would consume 82% of the median local household income ($72k/yr) (locally 374% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $220k; list at $360k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $354,600 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1873 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.36% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.12%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $238,224
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 N Fort Wayne Ave	0.51mi	5/3.5	2,710 (-4%)	7mo	$227,000	$84	53

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: 8.4%
• Equity multiple: 1.33×
• Total profit: $33,297
• Equity at exit: $53,677

10-year hold

• IRR: 17.7%
• Equity multiple: 2.46×
• Total profit: $147,101
• Equity at exit: $31,126

Cash invested: $100,800 (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 46580

• Home prices YoY: -19.2%
• Active inventory: 102
• Price-to-rent: 36.7×

Monthly cashflow live

• Estimated rent: $4,903 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$397 /mo · $4,769/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $1,438

Break-even live

Break-even rent $3,083

Max offer price $360,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,902
Total (6 units)			$4,903

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $360,000 Active 25 DOM
2. 2026-06-18
   days on market $360,000 Active 24 DOM
3. 2026-06-17
   days on market $360,000 Active 23 DOM
4. 2026-06-16
   days on market $360,000 Active 22 DOM
5. 2026-06-15
   days on market $360,000 Active 21 DOM
6. 2026-06-14
   days on market $360,000 Active 19 DOM
7. 2026-06-12
   days on market $360,000 Active 18 DOM
8. 2026-06-09
   days on market $360,000 Active 15 DOM
9. 2026-06-08
   days on market $360,000 Active 14 DOM
10. 2026-06-07
    days on market $360,000 Active 13 DOM
11. 2026-06-02
    days on market $360,000 Active 8 DOM
12. 2026-06-01
    days on market $360,000 Active 7 DOM
13. 2026-05-31
    days on market $360,000 Active 6 DOM
14. 2026-05-30
    days on market $360,000 Active 5 DOM
15. 2026-05-25
    listed $360,000 Active
16. 2024-05-29
    soldstatus $220,000 47-char remark

    Show marketing remark (47 chars)

    For questions please contact the listing agent.

17. 2024-02-09
    listed $240,000 47-char remark

    Show marketing remark (47 chars)

    For questions please contact the listing agent.

ⓘ 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: $4,769 · $397/mo
• Projected year-2 tax: $4,769 · $397/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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,836
• − Mortgage interest: −$20,166
• − Property taxes: −$4,769
• − Insurance: −$1,800
• − Repairs & maintenance: −$4,707
• − Management: −$4,707
• − Depreciation: −$10,473
• Taxable income: $12,215
• Est. tax owed @ 24.0%: −$2,932
• After-tax cash flow: $14,325/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Warsaw

• Score: 77/100
• State rank: #42
• US rank: #3114

Category grades

Amenities F Commute C Cost of living A+ Crime D+ Employment C- Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IN
• County: Kosciusko County · 36,398 people
• City population: 36,398
• Metro: Warsaw, IN
• Population (ZIP): 21,794
• Household income: $71,687
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 374.0

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Portuguese 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.41%
• Current HPI: 283.1513
• Rent YoY: —
• Metro: Warsaw, 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

+50.0% since first listed

3 events — show timeline

• 2026-05-25 Listed $360,000 IRMLS
• 2024-05-29 Sold (MLS) $220,000 IRMLS
• 2024-02-09 Listed $240,000 IRMLS

Property tax history

+4.9%/yr

Latest (2024): $4,769 · +3.3% YoY. Source: county tax records.