212 S 7th St · Richmond, IN 47374

$28,500

10 bd · 4.0 ba · 3,296 sqft · MultiFamily public records · 18 Days on market

Built 1870 8,840 sqft lot ↓ 51% 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 +15.0/30.0
• 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: 1 unit. estimate disagrees with records

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

Great investment opportunity! Four properties being sold as a package which are being sold "AS-IS WHERE IS" condition. All four properties must bring a minimum of $58,400.00. All offers are subject to court approval. Address: 212 South 7th Street - LOT 3 WM WIGGINS 1602 north E Street - LOT 51 T W 813 North 8th Street - 33 X 63 FT S ENDS LOTS 21 & 24 S SANDERS 109 Kinsey Street - E N NEWKIRK SUB LOT EAN

Key facts

• Metal roof
• Interior gutted
• Shingle roof

Tags

• METAL ROOF
• SHINGLE ROOF
• NEW WINDOWS
• FOUR SEPARATE ELECTRIC METERS
• INTERIOR GUTTED

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story residential income property (quadruplex)
• Construction: Brick construction; Metal and shingle roofing
• Exterior features: Lot approximately 52 x 170

Interior

• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 10-bed/4.0-bath multifamily listed at $28k.

Deal economics

• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $28k (1.5% below list) — sets the bar for market timing.
• Cap rate 43.6% 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).
• This rent runs 34% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $197 of loan paydown is wiped out by about $855 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $6k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,072 (1.5% below list)

Questions for the listing agent

1. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 5.08% ✓
• Cap rate: 43.57%
• Cash-on-cash: 133.13%
• DSCR: 6.92
• GRM: 1.6

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: 7.49×
• Total profit: $51,828
• Equity at exit: $4,249

10-year hold

• IRR: —
• Equity multiple: 15.78×
• Total profit: $117,980
• Equity at exit: $2,464

Cash invested: $7,980 (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: 1.6×

Monthly cashflow live

• Estimated rent: $1,448 medium
• Mortgage (P&I): −$149
• Tax from tax record: −$97 /mo · $1,167/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $885

Break-even live

Break-even rent $327

Max offer price $28,500

Occupancy floor 34%

Sensitivity live

Price	-10% $901	-5% $893	+0% $885	+5% $877	+10% $869
Rent	-10% $771	-5% $828	+0% $885	+5% $943	+10% $1,000
Rate	-1.0pp $900	-0.5pp $893	base $885	+0.5pp $878	+1.0pp $870

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: $7,125
• Closing costs: $855
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-31
   status $28,500 Pending 18 DOM
2. 2026-05-30
   days on market $28,500 Active 18 DOM
3. 2026-05-20
   price $28,500
4. 2026-05-12
   listed $35,000 Active
5. 2025-05-05
   historical
6. 2025-04-18
   listed $50,000 Active
7. 2022-07-23
   soldstatus $70,000 423-char remark

   Show marketing remark (423 chars)

   Great investment opportunity! Four properties being sold as a package which are being sold "AS-IS WHERE IS" condition. All four properties must bring a minimum of $58,400.00. All offers are subject to court approval. Address: 212 South 7th Street - LOT 3 WM WIGGINS 1602 north E Street - LOT 51 T W 813 North 8th Street - 33 X 63 FT S ENDS LOTS 21 & 24 S SANDERS 109 Kinsey Street - E N NEWKIRK SUB LOT EAN

8. 2022-03-09
   listed $58,400 423-char remark

   Show marketing remark (423 chars)

   Great investment opportunity! Four properties being sold as a package which are being sold "AS-IS WHERE IS" condition. All four properties must bring a minimum of $58,400.00. All offers are subject to court approval. Address: 212 South 7th Street - LOT 3 WM WIGGINS 1602 north E Street - LOT 51 T W 813 North 8th Street - 33 X 63 FT S ENDS LOTS 21 & 24 S SANDERS 109 Kinsey Street - E N NEWKIRK SUB LOT EAN

ⓘ 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: $1,167 · $97/mo
• Projected year-2 tax: $1,167 · $97/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 ≥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: $17,376
• − Mortgage interest: −$1,596
• − Property taxes: −$1,167
• − Insurance: −$142
• − Repairs & maintenance: −$1,390
• − Management: −$1,390
• − Depreciation: −$829
• Taxable income: $10,861
• Est. tax owed @ 24.0%: −$2,607
• After-tax cash flow: $8,017/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

-51.2% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $28,500 RRELMS
• 2026-05-12 Listed $35,000 RRELMS
• 2025-05-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-18 Listed $50,000 MIBOR as Distributed by MLS Grid
• 2022-07-23 Sold (MLS) $70,000 RRELMS
• 2022-03-09 Listed $58,400 RRELMS

Property tax history

-1.8%/yr

Latest (2024): $1,167 · +13.7% YoY. Source: county tax records.