1816 N Morrison St · Kokomo, IN 46901

$110,000

2 bd · 2.0 ba · 1,152 sqft · MultiFamily public records · 56 Days on market

Built 1949 5,227 sqft lot Est $86k · 27% over

---

Why this score? — see what drove the C+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Wonderful investment opportunity on the North side of Kokomo! This duplex has new windows, heating a cooling system, water heater, cement, a porch deck replaced 4 years ago and a 7 year old roof. The smaller unit has a new bathroom shower and is currently occupied. The larger unit is vacant, with fresh paint and new carpet. Don't miss this opportunity to invest in an established neighborhood with cash flow positive!

Key facts

• Long-term tenants
• Large kitchens
• Private side porch

Tags

• CASH-FLOWING DUPLEX
• LARGE KITCHENS
• PRIVATE SIDE PORCH
• ACCESS TO PARTIAL BASEMENT
• WASHER DRYER HOOKUPS
• LONG-TERM TENANTS

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Property listed as residential income (duplex)

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); Single-story; Above-grade finished area approximately 1,152
• Construction: Aluminum siding; Partial crawl space basement
• Exterior features: Covered patio/porch; Level lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Main level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Range, Refrigerator; Carpet and vinyl flooring; Has a basement (partial crawl space)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $677 ($8k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 5.2% in Kokomo — 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 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: Pettit Park School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 241 students, 86% 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); 242 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $761 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $60k; list at $110k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.61% ✓
• Cap rate: 13.68%
• Cash-on-cash: 26.37%
• DSCR: 2.17
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $86,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1811 N Mccann St	0.21mi	2/1.0	1,200 (+4%)	22mo	$65,000	$54	61
1406 N Philips St	0.47mi	3/2.0 (+1)	1,200 (+4%)	22mo	$90,000	$75	47

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: 16.8%
• Equity multiple: 1.65×
• Total profit: $20,101
• Equity at exit: $16,401

10-year hold

• IRR: 23.1%
• Equity multiple: 2.72×
• Total profit: $52,998
• Equity at exit: $9,511

Cash invested: $30,800 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,767 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $677

Break-even live

Break-even rent $910

Max offer price $110,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,768
Total (2 units)			$1,767

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2864 Amberwood Pl Kokomo, IN	1.0–2.0	1.0	836	$1,069	$1.28	44d	4	1.06mi
1020 E Fischer St Kokomo, IN	2.0	1.0	720	$950	$1.32	44d	1	1.14mi

Listing history 18 events

1. 2026-06-19
   days on market $110,000 Active 56 DOM
2. 2026-06-18
   days on market $110,000 Active 55 DOM
3. 2026-06-17
   days on market $110,000 Active 54 DOM
4. 2026-06-16
   days on market $110,000 Active 53 DOM
5. 2026-06-15
   days on market $110,000 Active 52 DOM
6. 2026-06-14
   days on market $110,000 Active 50 DOM
7. 2026-06-13
   days on market $110,000 Active 49 DOM
8. 2026-06-10
   days on market $110,000 Active 47 DOM
9. 2026-06-09
   days on market $110,000 Active 46 DOM
10. 2026-06-08
    days on market $110,000 Active 45 DOM
11. 2026-06-07
    days on market $110,000 Active 44 DOM
12. 2026-06-02
    days on market $110,000 Active 39 DOM
13. 2026-06-01
    days on market $110,000 Active 38 DOM
14. 2026-05-31
    days on market $110,000 Active 37 DOM
15. 2026-05-30
    days on market $110,000 Active 36 DOM
16. 2026-04-24
    listed $110,000 Active
17. 2022-08-19
    soldstatus $60,500 419-char remark

    Show marketing remark (419 chars)

    Wonderful investment opportunity on the North side of Kokomo! This duplex has new windows, heating a cooling system, water heater, cement, a porch deck replaced 4 years ago and a 7 year old roof. The smaller unit has a new bathroom shower and is currently occupied. The larger unit is vacant, with fresh paint and new carpet. Don't miss this opportunity to invest in an established neighborhood with cash flow positive!

18. 2021-11-30
    listed $74,900 419-char remark

    Show marketing remark (419 chars)

    Wonderful investment opportunity on the North side of Kokomo! This duplex has new windows, heating a cooling system, water heater, cement, a porch deck replaced 4 years ago and a 7 year old roof. The smaller unit has a new bathroom shower and is currently occupied. The larger unit is vacant, with fresh paint and new carpet. Don't miss this opportunity to invest in an established neighborhood with cash flow positive!

ⓘ 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: $1,158 · $96/mo
• Projected year-2 tax: $1,158 · $96/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 6/10 Major FEMA zone X (unshaded) · 72% 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: $21,204
• − Mortgage interest: −$6,162
• − Property taxes: −$1,158
• − Insurance: −$550
• − Repairs & maintenance: −$1,696
• − Management: −$1,696
• − Depreciation: −$3,200
• Taxable income: $6,742
• Est. tax owed @ 24.0%: −$1,618
• After-tax cash flow: $6,503/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

+46.9% since first listed

3 events — show timeline

• 2026-04-24 Listed $110,000 IRMLS
• 2022-08-19 Sold (MLS) $60,500 MIBOR as Distributed by MLS Grid
• 2021-11-30 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2024): $1,158 · +4.7% YoY. Source: county tax records.