321 N 13th St · Richmond, IN 47374

$119,900

15 bd · 9.0 ba · 1,976 sqft · MultiFamily · 14 Days on market

Built 1880 Average condition 9,148 sqft lot

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• Rent growth +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: 3 units. 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

Excellent investment opportunity with this triplex offering immediate income potential. Currently 2 of the 3 units are occupied, providing cash flow while leaving room for additional rental income. Recent improvements include a new roof installed in 2025, new hand railings and porch spindle updates completed in 2026, and two units featuring new water heaters, with the third scheduled for installation soon. One unit has been extensively updated with all new cabinets, countertops, flooring, and electrical service. Another unit received new carpeting in January 2025 along with updated outlets, switches, lights, and baseboard heaters. Whether you're looking to expand your investment portfolio or live in one unit while generating rental income from the others, this property offers a solid combination of updates, income potential, and value.

Key facts

• Extensively updated
• New hand railings
• New water heaters

Tags

• TRIPLEX
• NEW ROOF
• NEW HAND RAILINGS
• NEW WATER HEATERS
• EXTENSIVELY UPDATED
• NEW CABINETS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories
• Construction: Brick and vinyl siding construction
• Exterior features: Asphalt shingle roof; Pets allowed; Lot approximately 56 x 165 (0.21 acres)

Interior

• Kitchen: Microwave, Range, Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms; 5 main-level bathrooms
• Heating & cooling: Baseboard heating; Electric heating
• Interior features: Microwave, Range, Refrigerator; Partial basement

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $120k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Cap rate 18.6% 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+, 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: Starr Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 212 students, 93% FRL); Dennis Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 597 students, 82% 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; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $2,603/mo this rent would consume 62% 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 $829 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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 $70k; list at $120k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 2.17% ✓
• Cap rate: 18.58%
• Cash-on-cash: 43.89%
• DSCR: 2.95
• GRM: 3.8

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: 40.8%
• Equity multiple: 2.75×
• Total profit: $58,808
• Equity at exit: $17,877

10-year hold

• IRR: 47.1%
• Equity multiple: 5.53×
• Total profit: $152,060
• Equity at exit: $10,367

Cash invested: $33,572 (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: 11.1×

Monthly cashflow live

• Estimated rent: $2,603 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $1,228

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 48%

Sensitivity live

Price	-10% $1,311	-5% $1,269	+0% $1,228	+5% $1,186	+10% $1,145
Rent	-10% $1,022	-5% $1,125	+0% $1,228	+5% $1,331	+10% $1,433
Rate	-1.0pp $1,288	-0.5pp $1,258	base $1,228	+0.5pp $1,197	+1.0pp $1,165

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,804
1× unit	1	1	$798
Total (3 units)			$2,603

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-17
   status $119,900 Pending 14 DOM
2. 2026-06-16
   days on market $119,900 Active 14 DOM
3. 2026-06-15
   days on market $119,900 Active 13 DOM
4. 2026-06-14
   days on market $119,900 Active 11 DOM
5. 2026-06-12
   days on market $119,900 Active 10 DOM
6. 2026-06-09
   days on market $119,900 Active 7 DOM
7. 2026-06-08
   days on market $119,900 Active 6 DOM
8. 2026-06-07
   days on market $119,900 Active 5 DOM
9. 2026-06-03
   remarks 699-char remark
10. 2026-06-03
    listed $119,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $31,236
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$2,499
• − Management: −$2,499
• − Depreciation: −$3,488
• Taxable income: $13,636
• Est. tax owed @ 24.0%: −$3,273
• After-tax cash flow: $11,461/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.

Condition & rehab AI · 13 photos

Average 55/100 Moderate rehab

This triplex requires moderate renovations to improve its condition and appearance, with a focus on kitchens, bathrooms, and exterior updates. These improvements will significantly enhance its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Worn and dated appearance.
• Major Bathroom fixtures — Graffiti on bathtub and old shower curtain.
• Moderate Exterior siding — Weathered and faded paint.
• Major Landscaping — Overgrown and low curb appeal.
• Moderate Paint — Chipped in some areas, needs touch-up.

Value-add opportunities

• Both New kitchen cabinets and countertops — Modernizes the kitchen and improves aesthetics.
• Both New bathroom fixtures and paint — Enhances functionality and appearance.
• Both Landscaping and curb appeal improvements — Boosts curb appeal and property value.
• Both Paint exterior siding — Enhances curb appeal and property value.
• Both Replace worn flooring — Improves comfort and aesthetics.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and dated appearance.	Moderate	$3,000–15,000
Bathroom fixtures · Graffiti on bathtub and old shower curtain.	Major	$15,000–50,000
Exterior siding · Weathered and faded paint.	Moderate	$3,000–15,000
Landscaping · Overgrown and low curb appeal.	Major	$15,000–50,000
Paint · Chipped in some areas, needs touch-up.	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$39,000–145,000

Value-add ROI direction

• Both New kitchen cabinets and countertops — Modernizes the kitchen and improves aesthetics. ↑
• Both New bathroom fixtures and paint — Enhances functionality and appearance. ↑
• Both Landscaping and curb appeal improvements — Boosts curb appeal and property value. ↑
• Both Paint exterior siding — Enhances curb appeal and property value. ↑
• Both Replace worn flooring — Improves comfort and aesthetics. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+60.1% since first listed

6 events — show timeline

• 2026-06-02 Listed $119,900 RRELMS
• 2026-06-02 Listed $119,900 IRMLS
• 2024-07-22 Sold (MLS) $70,000 RRELMS
• 2024-06-19 Listed $74,900 RRELMS
• 2024-01-21 Rental Removed $495 APPFOLIO
• 2023-12-24 Listed for Rent $495 APPFOLIO