904 N Leeds St · Kokomo, IN 46901

$123,000

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 150 Days on market

Built 1920 5,663 sqft lot Est $136k · 10% under ↓ 2% since listing

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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 +15.2/30.0
• ARV discount +11.8/15.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• 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

904 N Leeds St offers a solid opportunity for buyers ready to add their own vision and updates. This home features a functional layout with spacious living areas and good natural light. The sale includes the adjacent lot, providing added value and extra space for expansion, outdoor enjoyment, or future development (buyer to verify). Located on Kokomo’s north side near schools, parks, and local amenities. Ideal for investors, renovators, or owner-occupants looking to build equity through improvements. Property is being sold as-is.

Key facts

• Near schools
• Outdoor enjoyment
• Near parks

Tags

• FUNCTIONAL LAYOUT
• SPACIOUS LIVING AREAS
• GOOD NATURAL LIGHT
• OUTDOOR ENJOYMENT
• NEAR SCHOOLS
• NEAR PARKS

Property features AI

Finance

• Other: Listing handled by True Realty

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding; Built as site-built construction
• Exterior features: Level lot; Lot dimensions approximately 43 x 132

Interior

• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; No central air cooling
• Interior features: Unfinished basement; Lower-level laundry; Total of 5 rooms
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $43 ($521/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (11.3% below list).
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 5.2% in Kokomo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Bon Air Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 232 students, 83% FRL); Bon Air Middle School (math 12% / reading 17%, grade F, #300 of 330 statewide, top 91%, 194 students, 84% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents soft (-1.5%/yr); 246 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $850 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.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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?
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 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: 0.89% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $135,936
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1105 W Jefferson St	0.21mi	3/2.0	1,101 (-4%)	1mo	$130,000	$118	82
1119 W Jackson St	0.27mi	3/2.0	1,179 (+2%)	2mo	$151,000	$128	82
1214 N Burke St	0.31mi	3/1.0	1,100 (-4%)	2mo	$145,000	$132	72
1210 W Taylor St	0.32mi	2/1.0 (-1)	1,184 (+3%)	3mo	$61,000	$52	69
1312 Tedlee Dr	0.59mi	3/2.0	1,200 (+4%)	2mo	$197,500	$165	64
812 N Berkley Rd	0.61mi	3/2.0	1,188 (+3%)	4mo	$160,500	$135	63
1120 W Madison St	0.09mi	2/1.0 (-1)	988 (-14%)	2mo	$10,000	$10	61
715 N Morrison St	0.24mi	2/1.0 (-1)	1,272 (+10%)	3mo	$20,000	$16	60
1021 Columbus Blvd	0.29mi	3/1.0	1,304 (+13%)	2mo	$151,253	$116	59
1616 Columbus Blvd	0.44mi	3/1.0	1,044 (-9%)	3mo	$105,000	$101	57
1504 W Tate St	0.56mi	3/1.0	1,025 (-11%)	3mo	$110,000	$107	49
1830 W Madison St	0.60mi	3/1.0	1,040 (-10%)	4mo	$130,000	$125	49

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: -17.2%
• Equity multiple: 0.41×
• Total profit: $-20,369
• Equity at exit: $18,340

10-year hold

• IRR: -15.8%
• Equity multiple: 0.23×
• Total profit: $-26,548
• Equity at exit: $10,635

Cash invested: $34,440 (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: 246
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,091 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$122 /mo · $1,468/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $43

Break-even live

Break-even rent $1,036

Max offer price $123,000

Occupancy floor 91%

Sensitivity live

Price	-10% $113	-5% $78	+0% $43	+5% $9	+10% $-26
Rent	-10% $-43	-5% $0	+0% $43	+5% $86	+10% $130
Rate	-1.0pp $105	-0.5pp $75	base $43	+0.5pp $12	+1.0pp $-21

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: $30,750
• Closing costs: $3,690
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2241 W Jefferson St Kokomo, IN	2.0	1.0	605	$895	$1.48	25d	4	1.03mi
800 N Dixon Rd Kokomo, IN	2.0	1.0	885	$1,100	$1.24	25d	7	1.16mi
800 N Dixon Rd Kokomo, IN	2.0	1.0	885	$1,050	$1.19	0d	2	1.16mi

Listing history 12 events

1. 2026-06-14
   days on market $123,000 Active 150 DOM
2. 2026-06-13
   days on market $123,000 Active 149 DOM
3. 2026-06-10
   days on market $123,000 Active 147 DOM
4. 2026-06-09
   days on market $123,000 Active 146 DOM
5. 2026-06-08
   days on market $123,000 Active 145 DOM
6. 2026-06-07
   days on market $123,000 Active 144 DOM
7. 2026-06-02
   days on market $123,000 Active 139 DOM
8. 2026-06-01
   days on market $123,000 Active 138 DOM
9. 2026-05-31
   days on market $123,000 Active 137 DOM
10. 2026-05-30
    days on market $123,000 Active 136 DOM
11. 2026-02-28
    price $123,000
12. 2026-01-13
    listed $125,000 Active

ⓘ 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: $1,468 · $122/mo
• Projected year-2 tax: $1,468 · $122/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: $13,094
• − Mortgage interest: −$6,890
• − Property taxes: −$1,468
• − Insurance: −$615
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$3,578
• Taxable loss: −$1,553
• Est. tax savings @ 24.0%: +$373
• After-tax cash flow: $893/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

-1.6% since first listed

2 events — show timeline

• 2026-02-28 Price Changed $123,000 IRMLS
• 2026-01-13 Listed $125,000 IRMLS

Property tax history

+17.2%/yr

Latest (2024): $1,468 · +10.5% YoY. Source: county tax records.