404 Lincoln St · Richmond, IN 47374

$135,000

3 bd · 2.0 ba · 1,323 sqft · SingleFamily public records · 53 Days on market

Built 1928 7,200 sqft lot Est $108k · 24% over ↓ 7% since listing

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Why this score? — see what drove the F 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 +15.8/30.0
• DSCR +4.9/10.0
• Livability +4.2/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Enter into this inviting 4-bedroom, 2-bath home offering spacious rooms and a comfortable, functional layout. The main floor features convenient laundry access and generously sized living areas perfect for everyday living. Outside, enjoy a large privacy-fenced backyard—ideal for pets, gatherings, or quiet evenings. A covered front porch adds charm and a welcoming touch to this well-kept property.

Key facts

• Covered front porch
• 7,200 sq ft lot
• Garage

Tags

• PRIVACY-FENCED BACKYARD
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding
• Exterior features: Fenced yard; Shingle roof

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Dishwasher; Electric range; Electric water heater; Partial crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $62 ($749/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 $111k (17.8% below list).
• Recommended offer: $111k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Crestdale Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 390 students, 80% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,008 (17.8% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.98%
• DSCR: 1.09
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $108,486
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
624 Peacock Rd	0.21mi	3/1.0	1,334 (+1%)	7mo	$135,000	$101	79
413 NW E St	0.20mi	3/1.0	1,167 (-12%)	6mo	$95,000	$81	62
105 SW 10th St	0.58mi	3/1.0	1,270 (-4%)	1mo	$157,500	$124	61
4 Court Rd	0.55mi	3/2.0	1,200 (-9%)	1mo	$40,500	$34	58
620 SW A St	0.37mi	3/1.5	1,456 (+10%)	8mo	$119,000	$82	57
900 W Main St	0.49mi	3/2.0	1,192 (-10%)	6mo	$90,000	$76	56
239 NW I St	0.52mi	2/1.0 (-1)	1,416 (+7%)	1mo	$112,000	$79	54
223 SW 4th St	0.44mi	3/1.0	1,194 (-10%)	6mo	$120,000	$101	54
1034 Boyer St	0.65mi	2/1.5 (-1)	1,404 (+6%)	8mo	$37,600	$27	46
124 NW I St	0.58mi	2/1.5 (-1)	1,178 (-11%)	7mo	$83,750	$71	42
1022 Boyer St	0.64mi	2/2.0 (-1)	1,152 (-13%)	9mo	$114,900	$100	36
450 SW 5th St	0.71mi	4/1.5 (+1)	1,500 (+13%)	4mo	$155,000	$103	34

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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-17,955
• Equity at exit: $20,129

10-year hold

• IRR: -4.3%
• Equity multiple: 0.72×
• Total profit: $-10,743
• Equity at exit: $11,672

Cash invested: $37,800 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,110 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$50 /mo · $604/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $62

Break-even live

Break-even rent $1,031

Max offer price $135,000

Occupancy floor 89%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	43d	1	0.83mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	43d	3	0.99mi

Listing history 18 events

1. 2026-06-19
   days on market $135,000 Active 53 DOM
2. 2026-06-18
   days on market $135,000 Active 52 DOM
3. 2026-06-17
   days on market $135,000 Active 51 DOM
4. 2026-06-16
   days on market $135,000 Active 50 DOM
5. 2026-06-15
   days on market $135,000 Active 49 DOM
6. 2026-06-14
   days on market $135,000 Active 47 DOM
7. 2026-06-12
   days on market $135,000 Active 46 DOM
8. 2026-06-09
   days on market $135,000 Active 43 DOM
9. 2026-06-08
   days on market $135,000 Active 42 DOM
10. 2026-06-07
    days on market $135,000 Active 41 DOM
11. 2026-06-03
    days on market $135,000 Active 37 DOM
12. 2026-06-02
    days on market $135,000 Active 36 DOM
13. 2026-06-01
    days on market $135,000 Active 35 DOM
14. 2026-05-31
    days on market $135,000 Active 34 DOM
15. 2026-05-30
    days on market $135,000 Active 33 DOM
16. 2026-05-18
    price $135,000
17. 2026-05-16
    price $143,000
18. 2026-04-27
    listed $145,000 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: $604 · $50/mo
• Projected year-2 tax: $876 · $73/mo
• Expected delta: +$272/yr (+$23/mo · 45.0%)

ⓘ 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: $13,321
• − Mortgage interest: −$7,562
• − Property taxes: −$604
• − Insurance: −$675
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$3,927
• Taxable loss: −$1,579
• Est. tax savings @ 24.0%: +$379
• After-tax cash flow: $1,128/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

-6.9% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $135,000 RRELMS
• 2026-05-16 Price Changed $143,000 RRELMS
• 2026-04-27 Listed $145,000 RRELMS

Property tax history

+5.9%/yr

Latest (2024): $604 · +14.0% YoY. Source: county tax records.