111 S 11th St · Richmond, IN 47374

$59,900

8 bd · 6.0 ba · 3,818 sqft · MultiFamily public records · 20 Days on market

Built 1900 8,233 sqft lot

---

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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Massive upside on this 6-unit multifamily located at 111 S 11th St, Richmond Indiana! All units are separately metered for electric—keeping expenses down and maximizing cash flow potential. This property is a full rehab and priced accordingly, making it the perfect project for investors, flippers, or anyone looking to build serious equity and long-term income. Opportunity to convert the rear area into additional parking—adding even more value and tenant appeal. Located in a convenient area close to shopping, dining, and everyday amenities. Bring your vision, bring your crew, and turn this into a high-performing asset. Property is being sold as-is. * Some photos staged with Gemini to show possibilities *

Key facts

• 8,233 sq ft lot
• Built 1900
• Listed 20 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; Two stories
• Construction: Brick construction; Concrete perimeter foundation
• Exterior features: Lot under 1/4 acre (approximately 0.19 acre)

Interior

• Kitchen: No appliances listed
• Bedrooms: Four bedrooms on the upper level
• Bathrooms: Four full bathrooms (two on main level, two on upper level)
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Attic access; Basement
• Laundry & utility: Main-level laundry room

🏷️ Possibly a rental listed for sale. The $59,900 price doesn't fit this home's estimated sale value (~$133,630) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 8-bed/6.0-bath multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 81.9% 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: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% FRL); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% 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; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $5,350/mo this rent would consume 126% of the median local household income ($51k/yr) (locally 1600% 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 $414 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 8.93% ✓
• Cap rate: 81.86%
• Cash-on-cash: 269.87%
• DSCR: 13.01
• GRM: 0.9

CMA / ARV

• ARV (on-the-fly): $133,630
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 S 6th St	0.40mi	8/4.0	4,180 (+10%)	13mo	$145,000	$35	46

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: —
• Equity multiple: 14.75×
• Total profit: $230,635
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: 31.44×
• Total profit: $510,604
• Equity at exit: $5,179

Cash invested: $16,772 (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: 5.6×

Monthly cashflow live

• Estimated rent: $5,350 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$115 /mo · $1,386/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,124
• Net cashflow: $3,772

Break-even live

Break-even rent $575

Max offer price $59,900

Occupancy floor 24%

Sensitivity live

Price	-10% $3,806	-5% $3,789	+0% $3,772	+5% $3,755	+10% $3,738
Rent	-10% $3,349	-5% $3,561	+0% $3,772	+5% $3,983	+10% $4,195
Rate	-1.0pp $3,802	-0.5pp $3,787	base $3,772	+0.5pp $3,756	+1.0pp $3,741

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$5,352
Total (6 units)			$5,350

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-18
   status Pending 724-char remark

   Show marketing remark (724 chars)

   Massive upside on this 6-unit multifamily located at 111 S 11th St, Richmond Indiana! All units are separately metered for electric—keeping expenses down and maximizing cash flow potential. This property is a full rehab and priced accordingly, making it the perfect project for investors, flippers, or anyone looking to build serious equity and long-term income. Opportunity to convert the rear area into additional parking—adding even more value and tenant appeal. Located in a convenient area close to shopping, dining, and everyday amenities. Bring your vision, bring your crew, and turn this into a high-performing asset. Property is being sold as-is. * Some photos staged with Gemini to show possibilities *

2. 2026-05-18
   status Pending

   Show marketing remark (724 chars)

   Massive upside on this 6-unit multifamily located at 111 S 11th St, Richmond Indiana! All units are separately metered for electric—keeping expenses down and maximizing cash flow potential. This property is a full rehab and priced accordingly, making it the perfect project for investors, flippers, or anyone looking to build serious equity and long-term income. Opportunity to convert the rear area into additional parking—adding even more value and tenant appeal. Located in a convenient area close to shopping, dining, and everyday amenities. Bring your vision, bring your crew, and turn this into a high-performing asset. Property is being sold as-is. * Some photos staged with Gemini to show possibilities *

3. 2026-04-27
   listed $59,900 Active
4. 2026-03-25
   listed $59,900 Active 724-char remark

   Show marketing remark (724 chars)

   Massive upside on this 6-unit multifamily located at 111 S 11th St, Richmond Indiana! All units are separately metered for electric—keeping expenses down and maximizing cash flow potential. This property is a full rehab and priced accordingly, making it the perfect project for investors, flippers, or anyone looking to build serious equity and long-term income. Opportunity to convert the rear area into additional parking—adding even more value and tenant appeal. Located in a convenient area close to shopping, dining, and everyday amenities. Bring your vision, bring your crew, and turn this into a high-performing asset. Property is being sold as-is. * Some photos staged with Gemini to show possibilities *

ⓘ 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: $1,386 · $115/mo
• Projected year-2 tax: $1,386 · $115/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: $64,200
• − Mortgage interest: −$3,355
• − Property taxes: −$1,386
• − Insurance: −$300
• − Repairs & maintenance: −$5,136
• − Management: −$5,136
• − Depreciation: −$1,743
• Taxable income: $47,145
• Est. tax owed @ 24.0%: −$11,315
• After-tax cash flow: $33,948/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

+0.0% since first listed

4 events — show timeline

• 2026-05-18 Pending — RRELMS
• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2026-03-25 Listed $59,900 RRELMS

Property tax history

-5.7%/yr

Latest (2024): $1,386 · -6.5% YoY. Source: county tax records.