1525 N C St · Richmond, IN 47374

$99,900

None bd · 1584.0 ba · 6,601 sqft · MultiFamily public records · 63 Days on market

Built 1940 3,006 sqft lot ↓ 10% since listing

---

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: 11 units. confirmed

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

Motivated pricing! Rare opportunity to acquire an 11-unit multifamily property at 1525 N C St in Richmond. This is a full rehab project with significant upside for the right investor. Ideal for experienced investors, flippers, or those looking to build long-term cash flow and equity. With the right vision and renovation plan, this property has the potential to be transformed into a high-performing asset. Located in a convenient area with access to local amenities, making it attractive for future tenants once completed. Bring your contractor, your plan, and capitalize on this large-scale value-add opportunity. Property is being sold as-is. * Some photos staged with Gemini to show the possibilities * *

Key facts

• Full rehab project
• 3,006 sq ft lot
• Built 1940

Tags

• 11-UNIT MULTIFAMILY PROPERTY
• FULL REHAB PROJECT
• ACCESS TO LOCAL AMENITIES

Property features AI

Finance

• Financial info: 12 total units; Gross income and expenses reported as zero

Exterior

• Utilities: Solid waste service available
• Home design: Residential income property (quadruplex); Three or more levels
• Construction: Less than 1/4 acre lot
• Exterior features: Street access with street cuts

Interior

• Kitchen: Kitchens present in units
• Bedrooms: Units include kitchens
• Interior features: Conversion: No

What this means for you Summary

Snapshot

• This is a 11 × 2-bed/1-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 89.5% 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+, schools 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.
• Market conditions: 273 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $9,642/mo this rent would consume 228% 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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($94k) 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: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 9.65% ✓
• Cap rate: 89.51%
• Cash-on-cash: 297.19%
• DSCR: 14.22
• GRM: 0.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 16.05×
• Total profit: $420,981
• Equity at exit: $14,895

10-year hold

• IRR: —
• Equity multiple: 34.25×
• Total profit: $930,024
• Equity at exit: $8,638

Cash invested: $27,972 (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: 273
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $9,642 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$42
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,025
• Net cashflow: $6,861

Break-even live

Break-even rent $957

Max offer price $99,900

Occupancy floor 24%

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

Units	Beds	Baths	Est. rent
▸ 11× units	2	1	$9,647
Total (11 units)			$9,642

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $99,900 Active 63 DOM
2. 2026-06-18
   days on market $99,900 Active 62 DOM
3. 2026-06-17
   days on market $99,900 Active 61 DOM
4. 2026-06-16
   days on market $99,900 Active 60 DOM
5. 2026-06-15
   days on market $99,900 Active 59 DOM
6. 2026-06-14
   days on market $99,900 Active 57 DOM
7. 2026-06-12
   days on market $99,900 Active 56 DOM
8. 2026-06-09
   days on market $99,900 Active 53 DOM
9. 2026-06-08
   days on market $99,900 Active 52 DOM
10. 2026-06-07
    days on market $99,900 Active 51 DOM
11. 2026-06-03
    days on market $99,900 Active 47 DOM
12. 2026-06-02
    days on market $99,900 Active 46 DOM
13. 2026-06-01
    days on market $99,900 Active 45 DOM
14. 2026-05-31
    days on market $99,900 Active 44 DOM
15. 2026-05-30
    days on market $99,900 Active 43 DOM
16. 2026-05-20
    price $89,900 710-char remark

    Show marketing remark (710 chars)

    Motivated pricing! Rare opportunity to acquire an 11-unit multifamily property at 1525 N C St in Richmond. This is a full rehab project with significant upside for the right investor. Ideal for experienced investors, flippers, or those looking to build long-term cash flow and equity. With the right vision and renovation plan, this property has the potential to be transformed into a high-performing asset. Located in a convenient area with access to local amenities, making it attractive for future tenants once completed. Bring your contractor, your plan, and capitalize on this large-scale value-add opportunity. Property is being sold as-is. * Some photos staged with Gemini to show the possibilities * *

17. 2026-04-17
    listed $99,900 Active
18. 2026-03-25
    listed $99,900 Active 710-char remark

    Show marketing remark (710 chars)

    Motivated pricing! Rare opportunity to acquire an 11-unit multifamily property at 1525 N C St in Richmond. This is a full rehab project with significant upside for the right investor. Ideal for experienced investors, flippers, or those looking to build long-term cash flow and equity. With the right vision and renovation plan, this property has the potential to be transformed into a high-performing asset. Located in a convenient area with access to local amenities, making it attractive for future tenants once completed. Bring your contractor, your plan, and capitalize on this large-scale value-add opportunity. Property is being sold as-is. * Some photos staged with Gemini to show the 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: $1,490 · $124/mo
• Projected year-2 tax: $1,490 · $124/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 8/10 Severe FEMA zone X (unshaded) · 98% 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: $115,704
• − Mortgage interest: −$5,596
• − Property taxes: −$1,490
• − Insurance: −$1,297
• − Repairs & maintenance: −$9,256
• − Management: −$9,256
• − Depreciation: −$2,906
• Taxable income: $85,902
• Est. tax owed @ 24.0%: −$20,617
• After-tax cash flow: $61,716/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

-10.0% since first listed

3 events — show timeline

• 2026-05-20 Price Changed $89,900 RRELMS
• 2026-04-17 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2026-03-25 Listed $99,900 RRELMS

Property tax history

-4.2%/yr

Latest (2024): $1,490 · +5.8% YoY. Source: county tax records.