415 S Buffalo St · Warsaw, IN 46580

$139,000

3 bd · 1.0 ba · 1,252 sqft · SingleFamily public records · 178 Days on market

Built 1910 4,356 sqft lot $111/sqft · 16% above area Est $171k · 19% under ↓ 23% 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).

• ARV discount +15.0/15.0
• Cash flow +11.5/30.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Where Historic Charm and Everyday Elegance Align. Timeless character meets refined comfort in this beautifully maintained 3-bedroom, 1-bath residence, offering 1,252 square feet of thoughtfully designed living space with additional versatility in the partially finished basement, bringing the total usable area to 1,788 square feet. Originally built in 1910, this home showcases enduring craftsmanship while benefiting from tasteful updates that enhance everyday living. The warm and inviting interior features seven well-proportioned rooms, abundant natural light, and a functional layout ideal for both relaxation and entertaining. The partially finished basement provides endless possibilities—perfect for a private retreat, home office, or additional living area. Set on a platted lot spanning 4,356 square feet, the property includes a detached garage offering convenient off-street parking and storage. The home is serviced by public water and sewer, with gas-forced air heating ensuring comfort year-round. Located within the established Hood & Britton Addition, this residence offers a rare blend of classic charm, manageable outdoor space, and long-term value—an exceptional opportunity for discerning buyers seeking character, comfort, and potential.

Key facts

• Public sewer
• Detached garage
• Public water

Tags

• PARTIALLY FINISHED BASEMENT
• DETACHED GARAGE
• PUBLIC WATER
• PUBLIC SEWER
• GAS-FORCED AIR HEATING
• MANAGEABLE OUTDOOR SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $-45 ($-546/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (16.8% below list).
• Recommended offer: $116k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.2% in Warsaw — 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 77/100 on livability (#42 in IN, #3,114 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, schools D+, crime D+.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 102 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $41k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,600 (16.8% 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 178 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.40%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $170,785
• List price: $139,000
• Delta: -18.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1103 Ranch Rd	0.58mi	3/1.0	1,267 (+1%)	6mo	$190,000	$150	66
513 W Porter St	0.54mi	3/1.0	1,294 (+3%)	5mo	$135,000	$104	65
541 E Main Street St	0.45mi	3/1.5	1,320 (+5%)	3mo	$196,000	$148	65
618 W Winona Ave Ave	0.42mi	3/1.5	1,305 (+4%)	8mo	$205,000	$157	65
413 W Fort Wayne St	0.45mi	3/1.0	1,152 (-8%)	2mo	$166,000	$144	64
501 E Center St	0.35mi	2/1.0 (-1)	1,320 (+5%)	10mo	$151,000	$114	62
903 S Lake St	0.46mi	3/1.5	1,326 (+6%)	13mo	$231,000	$174	56
722 W Market St	0.51mi	2/1.0 (-1)	1,128 (-10%)	1mo	$40,000	$35	54
610 S Washington St	0.21mi	2/1.0 (-1)	1,078 (-14%)	11mo	$169,900	$158	53
516 N Park Ave	0.68mi	2/1.0 (-1)	1,201 (-4%)	9mo	$74,000	$62	49
770 W Market St	0.61mi	3/1.0	1,082 (-14%)	2mo	$195,000	$180	47
903 E Center St	0.67mi	3/2.0	1,384 (+10%)	7mo	$193,000	$139	42

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: -18.6%
• Equity multiple: 0.35×
• Total profit: $-25,403
• Equity at exit: $20,725

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-25,783
• Equity at exit: $12,018

Cash invested: $38,920 (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 46580

• Home prices YoY: -19.2%
• Active inventory: 102
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$172 /mo · $2,062/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-45

Break-even live

Break-even rent $1,214

Max offer price $130,969

Occupancy floor 99%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Kinney Dr Warsaw, IN	2.0	2.0	917	$1,195	$1.30	43d	1	0.53mi
313 Lakeland Dr Warsaw, IN	2.0	1.0	924	$1,145	$1.24	43d	1	0.55mi
1103 W Winona Ave Unit B Warsaw, IN	2.0	2.0	1000	$1,000	$1.00	43d	1	0.83mi

Listing history 20 events

1. 2026-06-19
   days on market $139,000 Active 178 DOM
2. 2026-06-18
   days on market $139,000 Active 177 DOM
3. 2026-06-17
   days on market $139,000 Active 176 DOM
4. 2026-06-16
   days on market $139,000 Active 175 DOM
5. 2026-06-15
   days on market $139,000 Active 174 DOM
6. 2026-06-14
   days on market $139,000 Active 172 DOM
7. 2026-06-12
   days on market $139,000 Active 171 DOM
8. 2026-06-09
   days on market $139,000 Active 168 DOM
9. 2026-06-08
   days on market $139,000 Active 167 DOM
10. 2026-06-07
    days on market $139,000 Active 166 DOM
11. 2026-06-02
    days on market $139,000 Active 161 DOM
12. 2026-06-01
    days on market $139,000 Active 160 DOM
13. 2026-05-31
    days on market $139,000 Active 159 DOM
14. 2026-05-30
    days on market $139,000 Active 158 DOM
15. 2026-05-20
    price $139,000 1278-char remark

    Show marketing remark (1278 chars)

    Where Historic Charm and Everyday Elegance Align. Timeless character meets refined comfort in this beautifully maintained 3-bedroom, 1-bath residence, offering 1,252 square feet of thoughtfully designed living space with additional versatility in the partially finished basement, bringing the total usable area to 1,788 square feet. Originally built in 1910, this home showcases enduring craftsmanship while benefiting from tasteful updates that enhance everyday living. The warm and inviting interior features seven well-proportioned rooms, abundant natural light, and a functional layout ideal for both relaxation and entertaining. The partially finished basement provides endless possibilities—perfect for a private retreat, home office, or additional living area. Set on a platted lot spanning 4,356 square feet, the property includes a detached garage offering convenient off-street parking and storage. The home is serviced by public water and sewer, with gas-forced air heating ensuring comfort year-round. Located within the established Hood & Britton Addition, this residence offers a rare blend of classic charm, manageable outdoor space, and long-term value—an exceptional opportunity for discerning buyers seeking character, comfort, and potential.

16. 2026-03-17
    price $130,000 1278-char remark

    Show marketing remark (1278 chars)

    Where Historic Charm and Everyday Elegance Align. Timeless character meets refined comfort in this beautifully maintained 3-bedroom, 1-bath residence, offering 1,252 square feet of thoughtfully designed living space with additional versatility in the partially finished basement, bringing the total usable area to 1,788 square feet. Originally built in 1910, this home showcases enduring craftsmanship while benefiting from tasteful updates that enhance everyday living. The warm and inviting interior features seven well-proportioned rooms, abundant natural light, and a functional layout ideal for both relaxation and entertaining. The partially finished basement provides endless possibilities—perfect for a private retreat, home office, or additional living area. Set on a platted lot spanning 4,356 square feet, the property includes a detached garage offering convenient off-street parking and storage. The home is serviced by public water and sewer, with gas-forced air heating ensuring comfort year-round. Located within the established Hood & Britton Addition, this residence offers a rare blend of classic charm, manageable outdoor space, and long-term value—an exceptional opportunity for discerning buyers seeking character, comfort, and potential.

17. 2026-01-09
    price $167,000 1278-char remark

    Show marketing remark (1278 chars)

    Where Historic Charm and Everyday Elegance Align. Timeless character meets refined comfort in this beautifully maintained 3-bedroom, 1-bath residence, offering 1,252 square feet of thoughtfully designed living space with additional versatility in the partially finished basement, bringing the total usable area to 1,788 square feet. Originally built in 1910, this home showcases enduring craftsmanship while benefiting from tasteful updates that enhance everyday living. The warm and inviting interior features seven well-proportioned rooms, abundant natural light, and a functional layout ideal for both relaxation and entertaining. The partially finished basement provides endless possibilities—perfect for a private retreat, home office, or additional living area. Set on a platted lot spanning 4,356 square feet, the property includes a detached garage offering convenient off-street parking and storage. The home is serviced by public water and sewer, with gas-forced air heating ensuring comfort year-round. Located within the established Hood & Britton Addition, this residence offers a rare blend of classic charm, manageable outdoor space, and long-term value—an exceptional opportunity for discerning buyers seeking character, comfort, and potential.

18. 2025-12-23
    listed $180,000 Active 1278-char remark

    Show marketing remark (1278 chars)

    Where Historic Charm and Everyday Elegance Align. Timeless character meets refined comfort in this beautifully maintained 3-bedroom, 1-bath residence, offering 1,252 square feet of thoughtfully designed living space with additional versatility in the partially finished basement, bringing the total usable area to 1,788 square feet. Originally built in 1910, this home showcases enduring craftsmanship while benefiting from tasteful updates that enhance everyday living. The warm and inviting interior features seven well-proportioned rooms, abundant natural light, and a functional layout ideal for both relaxation and entertaining. The partially finished basement provides endless possibilities—perfect for a private retreat, home office, or additional living area. Set on a platted lot spanning 4,356 square feet, the property includes a detached garage offering convenient off-street parking and storage. The home is serviced by public water and sewer, with gas-forced air heating ensuring comfort year-round. Located within the established Hood & Britton Addition, this residence offers a rare blend of classic charm, manageable outdoor space, and long-term value—an exceptional opportunity for discerning buyers seeking character, comfort, and potential.

19. 2025-08-15
    listed $180,000 Active
20. 2025-08-05
    listed $180,000 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: $2,062 · $172/mo
• Projected year-2 tax: $2,062 · $172/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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,872
• − Mortgage interest: −$7,786
• − Property taxes: −$2,062
• − Insurance: −$695
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$4,044
• Taxable loss: −$2,935
• Est. tax savings @ 24.0%: +$704
• After-tax cash flow: $159/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Warsaw

• Score: 77/100
• State rank: #42
• US rank: #3114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IN
• County: Kosciusko County · 36,398 people
• City population: 36,398
• Metro: Warsaw, IN
• Population (ZIP): 21,794
• Household income: $71,687
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 374.0

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Portuguese 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.41%
• Current HPI: 283.1513
• Rent YoY: —
• Metro: Warsaw, 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

-22.8% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $139,000 IRMLS
• 2026-03-17 Price Changed $130,000 IRMLS
• 2026-01-09 Price Changed $167,000 IRMLS
• 2025-12-23 Listed $180,000 IRMLS
• 2025-08-15 Listed $180,000 IRMLS
• 2025-08-05 Listed $180,000 IRMLS

Property tax history

+4.5%/yr

Latest (2024): $2,062 · +12.6% YoY. Source: county tax records.