1524 Virginia St · Lafayette, IN 47905

$140,000

2 bd · 1.0 ba · 940 sqft · SingleFamily public records · 144 Days on market

Built 1928 6,970 sqft lot $149/sqft · 14% below area Est $162k · 14% under

---

Why this score? — see what drove the D 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).

• ARV discount +13.6/15.0
• Cash flow +10.0/30.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• 1% rule +3.1/10.0
• DSCR +2.8/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* Seller financing available * Prime city investment opportunity! This property is located in a convenient in-town location with easy access to shopping, dining, schools, and public transportation. Offering strong potential for rental income or future appreciation, this home could be great for anyone looking to customize the home of their dreams! Or investors looking to add to their portfolio. The layout provides functional living space with room for updates or value-add improvements. Whether you’re looking for a long-term rental, fix-and-hold, or flip opportunity, this property offers great potential.

Key facts

• 6,970 sq ft lot
• Built 1928
• Listed 143 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (18.7% below list).
• Recommended offer: $114k (18.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 4.2% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities D+, employment D+.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 219 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,821 (18.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.81% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 10.3

CMA / ARV

• ARV (median comp): $161,976
• List price: $140,000
• Delta: -13.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
819 S 19th St	0.19mi	3/1.0 (+1)	988 (+5%)	1mo	$110,000	$111	76
1710 Congress St	0.20mi	3/1.0 (+1)	864 (-8%)	1mo	$210,000	$243	72
1910 Perdue St	0.33mi	2/1.0	993 (+6%)	8mo	$160,000	$161	69
1920 Perdue St	0.35mi	2/1.0	874 (-7%)	5mo	$165,000	$189	68
826 S 18th St	0.12mi	3/1.0 (+1)	1,064 (+13%)	0mo	$150,000	$141	67
1318 Sinton Ave	0.39mi	3/1.0 (+1)	900 (-4%)	7mo	$200,000	$222	64
1212 Logan Ave	0.49mi	2/1.5	864 (-8%)	0mo	$210,000	$243	61
1907 Central St	0.28mi	2/1.0	825 (-12%)	8mo	$195,000	$236	60
1317 S 23rd St	0.59mi	1/1.0 (-1)	845 (-10%)	0mo	$62,000	$73	50
2412 Central St	0.57mi	3/1.0 (+1)	1,008 (+7%)	8mo	$197,000	$195	50
1309 S 23rd St	0.55mi	3/1.0 (+1)	850 (-10%)	6mo	$170,000	$200	48
715 S 5th St	0.66mi	3/2.0 (+1)	1,008 (+7%)	4mo	$164,900	$164	45

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 · 5.12% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.35×
• Total profit: $-25,561
• Equity at exit: $20,874

10-year hold

• IRR: -6.7%
• Equity multiple: 0.53×
• Total profit: $-18,453
• Equity at exit: $12,105

Cash invested: $39,200 (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 47905

• Home prices YoY: -33.2%
• Rents YoY: 5.1%
• Active inventory: 219
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,138 high
• Mortgage (P&I): −$734
• Tax from tax record: −$191 /mo · $2,294/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $-84

Break-even live

Break-even rent $1,245

Max offer price $125,075

Occupancy floor —

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 S 15th St Lafayette, IN	2.0	2.0	864	$1,200	$1.39	43d	1	0.28mi
612 S 10th St Unit 612 Lafayette, IN	2.0	1.0	1028	$1,035	$1.01	13d	1	0.37mi
2107 Central St Lafayette, IN	2.0	1.0	816	$1,179	$1.44	43d	1	0.38mi
1616 Center St Lafayette, IN	1.0	1.0	616	$920	$1.49	43d	1	0.40mi
1739 Main St Unit 7 Lafayette, IN	3.0	1.0	750	$1,300	$1.73	13d	1	0.45mi
1739 Main St Unit 5 Lafayette, IN	3.0	1.0	850	$1,200	$1.41	43d	1	0.45mi
2026 Scott St Lafayette, IN	2.0	2.0	1025	$1,450	$1.41	43d	1	0.64mi
1700 Columbia St Unit 7 Lafayette, IN	1.0	1.0	575	$925	$1.61	13d	1	0.65mi
1422 Main St Unit 05 Lafayette, IN	2.0	1.0	780	$875	$1.12	21d	1	0.67mi
2450 S Earl Ave Lafayette, IN	1.0–2.0	1.0	755	$1,214	$1.61	13d	3	0.69mi
104 S 7th St Lafayette, IN	1.0	1.0	728	$815	$1.12	43d	1	0.72mi
901 S 4th St Lafayette, IN	1.0–2.0	1.0	739	$1,033	$1.40	13d	3	0.73mi
205 S 6th St Lafayette, IN	2.0	1.0	1123	$1,200	$1.07	21d	1	0.74mi
549 S 3rd St Lafayette, IN	2.0	1.0	1000	$1,100	$1.10	43d	1	0.80mi
216 S 5th St Apt 2 Lafayette, IN	2.0	1.0	550	$829	$1.51	13d	1	0.80mi
475 South St Lafayette, IN	1.0–2.0	1.0–2.0	870	$2,100	$2.41	13d	12	0.89mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,474	$1.34	13d	1	0.94mi
117 N 5th St Lafayette, IN	2.0	1.0–1.5	1123	$1,632	$1.45	21d	4	0.94mi
721 North St Apt 2 Lafayette, IN	2.0	1.0	1036	$900	$0.87	43d	1	0.95mi
335 S 31st St Lafayette, IN	2.0	1.0	840	$1,250	$1.49	13d	1	0.97mi
1033 Holloway St Lafayette, IN	2.0	1.0	780	$1,150	$1.47	13d	1	0.98mi
810 Brown St Lafayette, IN	1.0	1.0	600	$1,095	$1.82	43d	1	1.00mi
1018 Holloway St Unit 1020 Lafayette, IN	1.0	1.0	625	$850	$1.36	13d	1	1.01mi
1102 Holloway St Apt 2 Lafayette, IN	2.0	1.0	747	$995	$1.33	43d	1	1.02mi
1116 Holloway St Lafayette, IN	1.0	1.0	625	$850	$1.36	21d	1	1.03mi
1302 Elizabeth St Unit 5 Lafayette, IN	1.0	1.0	600	$849	$1.42	13d	1	1.04mi
706 Erie St Lafayette, IN	1.0	1.0	675	$979	$1.45	43d	1	1.06mi
2411 S 18th St Unit 2415 Lafayette, IN	3.0	1.0	1000	$1,160	$1.16	13d	1	1.11mi
2433 Oxford St Lafayette, IN	2.0	1.0	672	$1,025	$1.53	43d	1	1.12mi
811 Union St Unit 813 Lafayette, IN	2.0	1.0	700	$850	$1.21	21d	1	1.17mi
814 N 10th St Apt 4 Lafayette, IN	1.0	1.0	600	$800	$1.33	13d	1	1.17mi
1902 Salem St Apt 1 Lafayette, IN	1.0	1.0	705	$800	$1.13	21d	1	1.17mi
423 N 3rd St Lafayette, IN	2.0	1.0	1100	$1,379	$1.25	43d	1	1.18mi
802 N 9th St Lafayette, IN	2.0	1.0–2.0	902	$789	$0.87	13d	1	1.19mi
1101 Tippecanoe St Unit 1101 Lafayette, IN	1.0	1.0	700	$850	$1.21	43d	1	1.24mi
512 Portledge Commons Dr Lafayette, IN	1.0–2.0	1.0–2.0	978	$1,325	$1.35	43d	1	1.26mi
923 N 8th St Lafayette, IN	1.0	1.0	700	$964	$1.38	13d	4	1.27mi
920 N 9th Street Rd Apt 5 Lafayette, IN	1.0	1.0	700	$1,495	$2.14	21d	1	1.28mi
906 N 7th St Lafayette, IN	1.0	1.0	572	$775	$1.35	43d	1	1.31mi
1031 Hartford St Unit 3 Lafayette, IN	1.0	1.0	600	$775	$1.29	21d	1	1.31mi

Listing history 19 events

1. 2026-06-19
   days on market $140,000 Active 144 DOM
2. 2026-06-18
   days on market $140,000 Active 143 DOM
3. 2026-06-17
   days on market $140,000 Active 142 DOM
4. 2026-06-16
   days on market $140,000 Active 141 DOM
5. 2026-06-15
   days on market $140,000 Active 140 DOM
6. 2026-06-14
   days on market $140,000 Active 138 DOM
7. 2026-06-13
   days on market $140,000 Active 137 DOM
8. 2026-06-10
   days on market $140,000 Active 135 DOM
9. 2026-06-09
   days on market $140,000 Active 134 DOM
10. 2026-06-08
    days on market $140,000 Active 133 DOM
11. 2026-06-07
    days on market $140,000 Active 132 DOM
12. 2026-06-02
    days on market $140,000 Active 127 DOM
13. 2026-06-01
    days on market $140,000 Active 126 DOM
14. 2026-05-31
    days on market $140,000 Active 125 DOM
15. 2026-05-30
    days on market $140,000 Active 124 DOM
16. 2026-05-07
    status Active 616-char remark

    Show marketing remark (616 chars)

    * Seller financing available * Prime city investment opportunity! This property is located in a convenient in-town location with easy access to shopping, dining, schools, and public transportation. Offering strong potential for rental income or future appreciation, this home could be great for anyone looking to customize the home of their dreams! Or investors looking to add to their portfolio. The layout provides functional living space with room for updates or value-add improvements. Whether you’re looking for a long-term rental, fix-and-hold, or flip opportunity, this property offers great potential.

17. 2026-05-07
    historical 616-char remark

    Show marketing remark (616 chars)

    * Seller financing available * Prime city investment opportunity! This property is located in a convenient in-town location with easy access to shopping, dining, schools, and public transportation. Offering strong potential for rental income or future appreciation, this home could be great for anyone looking to customize the home of their dreams! Or investors looking to add to their portfolio. The layout provides functional living space with room for updates or value-add improvements. Whether you’re looking for a long-term rental, fix-and-hold, or flip opportunity, this property offers great potential.

18. 2026-04-27
    status Active 616-char remark

    Show marketing remark (616 chars)

    * Seller financing available * Prime city investment opportunity! This property is located in a convenient in-town location with easy access to shopping, dining, schools, and public transportation. Offering strong potential for rental income or future appreciation, this home could be great for anyone looking to customize the home of their dreams! Or investors looking to add to their portfolio. The layout provides functional living space with room for updates or value-add improvements. Whether you’re looking for a long-term rental, fix-and-hold, or flip opportunity, this property offers great potential.

19. 2026-01-26
    listed $145,000 Active 616-char remark

    Show marketing remark (616 chars)

    * Seller financing available * Prime city investment opportunity! This property is located in a convenient in-town location with easy access to shopping, dining, schools, and public transportation. Offering strong potential for rental income or future appreciation, this home could be great for anyone looking to customize the home of their dreams! Or investors looking to add to their portfolio. The layout provides functional living space with room for updates or value-add improvements. Whether you’re looking for a long-term rental, fix-and-hold, or flip opportunity, this property offers great potential.

ⓘ 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: $2,294 · $191/mo
• Projected year-2 tax: $2,294 · $191/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,659
• − Mortgage interest: −$7,842
• − Property taxes: −$2,294
• − Insurance: −$700
• − Repairs & maintenance: −$1,093
• − Management: −$1,093
• − Depreciation: −$4,073
• Taxable loss: −$3,436
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $-189/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 42,219
• Household income: $65,861
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1475.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 8% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.05%
• Current HPI: 227.1583
• Rent YoY: ▲ 5.12%
• Metro: Lafayette-West Lafayette, 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

4 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-27 Relisted — IRMLS
• 2026-01-26 Listed $145,000 IRMLS

Property tax history

+4.2%/yr

Latest (2024): $2,294 · +40.2% YoY. Source: county tax records.