133 18th St · Richmond, IN 47374

$35,000

3 bd · 1.0 ba · 1,516 sqft · SingleFamily public records · 24 Days on market

Built 1920 5,663 sqft lot

---

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
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

Key facts

• 5,663 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.5% 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).
• Market conditions: 273 active listings in the ZIP; 1 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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $23k; list at $35k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.34% ✓
• Cap rate: 30.50%
• Cash-on-cash: 86.46%
• DSCR: 4.85
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $109,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 N 18th St	0.08mi	3/1.0	1,452 (-4%)	4mo	$104,900	$72	86
1903 N A St	0.09mi	3/2.0	1,464 (-3%)	1mo	$62,000	$42	85
109 N 21st St	0.19mi	3/1.5	1,456 (-4%)	1mo	$105,000	$72	81
117 S 15th St	0.40mi	2/2.0 (-1)	1,380 (-9%)	2mo	$79,900	$58	56
42 S 16th St	0.29mi	2/1.0 (-1)	1,316 (-13%)	6mo	$11,000	$8	55
908 N 18th St	0.57mi	3/1.0	1,344 (-11%)	9mo	$36,000	$27	47
2514 S B St	0.62mi	3/2.5	1,380 (-9%)	6mo	$231,900	$168	46
17 S 23rd St	0.38mi	3/2.5	1,292 (-15%)	7mo	$149,900	$116	46
54 S 24th St	0.46mi	4/2.5 (+1)	1,372 (-10%)	9mo	$210,000	$153	44
432 S 15th St	0.68mi	3/1.5	1,344 (-11%)	5mo	$140,900	$105	43
627 N 13th St	0.54mi	2/1.0 (-1)	1,310 (-14%)	8mo	$35,000	$27	40
417 S 14th St	0.68mi	2/1.5 (-1)	1,336 (-12%)	4mo	$43,000	$32	38

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: 87.0%
• Equity multiple: 5.01×
• Total profit: $39,303
• Equity at exit: $5,219

10-year hold

• IRR: 90.1%
• Equity multiple: 10.40×
• Total profit: $92,145
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,170 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$20 /mo · $238/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $706

Break-even live

Break-even rent $276

Max offer price $35,000

Occupancy floor 35%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	43d	4	1.10mi

Listing history 8 events

1. 2025-12-17
   soldstatus $23,000 Closed 439-char remark

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

2. 2025-12-12
   status Pending 439-char remark

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

3. 2025-12-12
   status Pending

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

4. 2025-12-05
   price $30,000 439-char remark

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

5. 2025-11-14
   listed $35,000 Active 439-char remark

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

6. 2025-11-14
   listed $35,000 Active

   Show marketing remark (439 chars)

   This property is an exceptional opportunity for investors or buyers looking for their next flip project. Don’t miss this incredible flip opportunity, offering a blank canvas for renovation, you can bring your personal design ideas to life. This home is also conveniently located near restaurants, grocery stores, banks, the park and shopping! With plenty of room for updates this property provides affordability with major potential.

7. 2025-07-10
   soldstatus $10,000 18-char remark

   Show marketing remark (18 chars)

   Sold Before Listed

8. 2025-06-25
   listed $10,000 18-char remark

   Show marketing remark (18 chars)

   Sold Before Listed

ⓘ 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: $238 · $20/mo
• Projected year-2 tax: $268 · $22/mo
• Expected delta: +$30/yr (+$2/mo · 12.5%)

ⓘ 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: $14,036
• − Mortgage interest: −$1,961
• − Property taxes: −$238
• − Insurance: −$175
• − Repairs & maintenance: −$1,123
• − Management: −$1,123
• − Depreciation: −$1,018
• Taxable income: $8,399
• Est. tax owed @ 24.0%: −$2,016
• After-tax cash flow: $6,458/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

+130.0% since first listed

8 events — show timeline

• 2025-12-17 Sold (MLS) $23,000 RRELMS
• 2025-12-12 Pending — RRELMS
• 2025-12-12 Pending — ECIAOR
• 2025-12-05 Price Changed $30,000 RRELMS
• 2025-11-14 Listed $35,000 ECIAOR
• 2025-11-14 Listed $35,000 RRELMS
• 2025-07-10 Sold (MLS) $10,000 RRELMS
• 2025-06-25 Listed $10,000 RRELMS

Property tax history

-13.8%/yr

Latest (2024): $238 · +14.4% YoY. Source: county tax records.