4220 N Harrison St · Richland, IN 47634

$200,000

3 bd · 2.0 ba · 1,440 sqft · SingleFamily public records · 33 Days on market

Built 1961 0.59 ac lot Est $215k · 7% under

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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).

• ARV discount +10.6/15.0
• Cash flow +10.3/30.0
• Appreciation +6.2/10.0
• Schools +4.2/10.0
• Livability +3.3/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Listing remarks MLS

Welcome to small-town living with peaceful country views in Richland! This cozy 3-bedroom, 2-bathroom home offers just under 1,500 square feet of comfortable living space and sits on a spacious 0.589-acre lot backing up to open farm fields, giving you the perfect blend of in-town convenience and country charm. You’ll appreciate the many recent updates already completed, including a new roof on both the home and detached garage in 2023, new plumbing in 2024, and a new vapor barrier and insulation in the crawl space in 2024. The primary bathroom was also refreshed in 2025 with a new shower, flooring, and vanity. Outside, the fully fenced backyard provides plenty of room for pets, play, or relaxing evenings outdoors. The 20’x32’ detached garage offers space for parking, storage, hobbies, or a workshop area. Enjoy peaceful mornings overlooking the farm field views and quiet evenings on the back deck with that cozy small-town atmosphere you’ve been looking for.

Key facts

• Recent updates
• New plumbing
• New vapor barrier

Tags

• RECENT UPDATES
• NEW ROOF
• NEW PLUMBING
• NEW VAPOR BARRIER
• FULLY FENCED BACKYARD
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One-story
• Construction: Shingle siding and vinyl siding; Crawl space foundation
• Exterior features: Level lot; Lot dimensions approximately 186 x 145

Interior

• Bedrooms: Bedrooms located on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Living room fireplace
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (27.0% below list).
• Recommended offer: $146k (27.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#291 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Luce Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 189 students, 38% FRL); South Spencer Middle School (math 39% / reading 52%, grade D+, #79 of 330 statewide, top 24%, 228 students, 56% FRL); South Spencer High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 357 students, 44% FRL).
• Market conditions: 42 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.3% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $122k; list at $200k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,973 (27.0% 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 33 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1961 — 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. 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 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: 0.73% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $214,560
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4041 Elm St	0.13mi	3/2.0	1,500 (+4%)	15mo	$250,000	$167	75
4170 N Walnut St	0.20mi	2/2.0 (-1)	1,512 (+5%)	9mo	$50,000	$33	70
6086 W 2nd St	0.14mi	3/1.0	1,228 (-15%)	3mo	$95,000	$77	62
6140 W Ferguson Cir	0.52mi	3/2.0	1,571 (+9%)	1mo	$330,000	$210	60
6285 W 400 St N	0.41mi	3/1.0	1,312 (-9%)	21mo	$195,000	$149	44
5729 W 500	0.71mi	3/2.0	1,643 (+14%)	8mo	$185,000	$113	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.18×
• Total profit: $9,842
• Equity at exit: $82,264

10-year hold

• IRR: 6.8%
• Equity multiple: 1.96×
• Total profit: $54,020
• Equity at exit: $121,113

Cash invested: $56,000 (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 47634

• Home prices YoY: 1.1%
• Active inventory: 42
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$131 /mo · $1,570/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-110

Break-even live

Break-even rent $1,599

Max offer price $180,599

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-53	+0% $-110	+5% $-166	+10% $-223
Rent	-10% $-225	-5% $-167	+0% $-110	+5% $-52	+10% $5
Rate	-1.0pp $-9	-0.5pp $-59	base $-110	+0.5pp $-162	+1.0pp $-214

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $200,000 Active 33 DOM
2. 2026-06-18
   days on market $200,000 Active 30 DOM
3. 2026-06-17
   days on market $200,000 Active 29 DOM
4. 2026-06-16
   days on market $200,000 Active 28 DOM
5. 2026-06-15
   days on market $200,000 Active 27 DOM
6. 2026-06-14
   days on market $200,000 Active 25 DOM
7. 2026-06-13
   days on market $200,000 Active 24 DOM
8. 2026-06-10
   days on market $200,000 Active 22 DOM
9. 2026-06-09
   days on market $200,000 Active 21 DOM
10. 2026-06-08
    days on market $200,000 Active 20 DOM
11. 2026-06-07
    days on market $200,000 Active 19 DOM
12. 2026-06-05
    days on market $200,000 Active 16 DOM
13. 2026-06-03
    days on market $200,000 Active 15 DOM
14. 2026-06-02
    days on market $200,000 Active 14 DOM
15. 2026-06-01
    days on market $200,000 Active 13 DOM
16. 2026-05-31
    days on market $200,000 Active 12 DOM
17. 2026-05-30
    days on market $200,000 Active 11 DOM
18. 2026-05-19
    listed $200,000 Active

    Show marketing remark (994 chars)

    Welcome to small-town living with peaceful country views in Richland! This cozy 3-bedroom, 2-bathroom home offers just under 1,500 square feet of comfortable living space and sits on a spacious 0.589-acre lot backing up to open farm fields, giving you the perfect blend of in-town convenience and country charm. You’ll appreciate the many recent updates already completed, including a new roof on both the home and detached garage in 2023, new plumbing in 2024, and a new vapor barrier and insulation in the crawl space in 2024. The primary bathroom was also refreshed in 2025 with a new shower, flooring, and vanity. Outside, the fully fenced backyard provides plenty of room for pets, play, or relaxing evenings outdoors. The 20’x32’ detached garage offers space for parking, storage, hobbies, or a workshop area. Enjoy peaceful mornings overlooking the farm field views and quiet evenings on the back deck with that cozy small-town atmosphere you’ve been looking for.

19. 2026-05-19
    listed $200,000 Active 994-char remark

    Show marketing remark (994 chars)

    Welcome to small-town living with peaceful country views in Richland! This cozy 3-bedroom, 2-bathroom home offers just under 1,500 square feet of comfortable living space and sits on a spacious 0.589-acre lot backing up to open farm fields, giving you the perfect blend of in-town convenience and country charm. You’ll appreciate the many recent updates already completed, including a new roof on both the home and detached garage in 2023, new plumbing in 2024, and a new vapor barrier and insulation in the crawl space in 2024. The primary bathroom was also refreshed in 2025 with a new shower, flooring, and vanity. Outside, the fully fenced backyard provides plenty of room for pets, play, or relaxing evenings outdoors. The 20’x32’ detached garage offers space for parking, storage, hobbies, or a workshop area. Enjoy peaceful mornings overlooking the farm field views and quiet evenings on the back deck with that cozy small-town atmosphere you’ve been looking for.

20. 2019-11-11
    soldstatus $122,500 241-char remark

    Show marketing remark (241 chars)

    3 bedroom, 2 full bath home on 3 lots, beautifully situated on a private, scenic location in Richland Indiana. Features: tasteful landscaping, large master bedroom, over sized detached garage, fenced yard and a deck perfect for entertaining.

21. 2019-09-11
    listed $119,900 241-char remark

    Show marketing remark (241 chars)

    3 bedroom, 2 full bath home on 3 lots, beautifully situated on a private, scenic location in Richland Indiana. Features: tasteful landscaping, large master bedroom, over sized detached garage, fenced yard and a deck perfect for entertaining.

22. 2014-04-25
    soldstatus $85,000
23. 2014-03-07
    listed $89,900

ⓘ 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: $1,570 · $131/mo
• Projected year-2 tax: $1,635 · $136/mo
• Expected delta: +$65/yr (+$5/mo · 4.1%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,517
• − Mortgage interest: −$11,203
• − Property taxes: −$1,570
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − Depreciation: −$5,818
• Taxable loss: −$4,877
• Est. tax savings @ 24.0%: +$1,171
• After-tax cash flow: $-147/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: South Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Richland

• Score: 66/100
• State rank: #291
• US rank: #11855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, IN
• Population (ZIP): 2,101

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 2% English 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.31%
• Current HPI: 210.8511
• Rent YoY: —
• Metro: —
• 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

+122.5% since first listed

6 events — show timeline

• 2026-05-19 Listed $200,000 GORAMLS
• 2026-05-19 Listed $200,000 IRMLS
• 2019-11-11 Sold (MLS) $122,500 IRMLS
• 2019-09-11 Listed $119,900 IRMLS
• 2014-04-25 Sold (MLS) $85,000 IRMLS
• 2014-03-07 Listed $89,900 IRMLS

Property tax history

+33.0%/yr

Latest (2024): $1,570 · +4.7% YoY. Source: county tax records.