4 Court Rd · Richmond, IN 47374

$47,000

3 bd · 2.0 ba · 1,200 sqft · SingleFamily · 49 Days on market

Built 1989 Good condition Est $85k · 45% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

This is a very nicely maintained double wide in a 55 and older park. It has a great covered deck. One of the nicest in the park. Ideal for that morning coffee. You will enter with the new electronic wifi available door lock. The furnace and AC are also wifi capable with the Google Nest thermostat. The living room is large and open to the dining area. I like the layout of this kitchen. It is very easy to use and the pass thru to the dining area is very handy. You can also eat at the bar if you prefer less formal. We are leaving for you a nice washer and dryer in the laundry room. The primary bedroom has a walk in closet. The beautifully updated primary bathroom offers both style and function

Key facts

• Covered deck
• New walk-in shower
• Upgraded fixtures

Tags

• COVERED DECK
• PASS THRU TO DINING AREA
• WALK IN CLOSET
• NEW WALK-IN SHOWER
• UPGRADED FIXTURES
• GATED AT NIGHT

Property features AI

Finance

• Other: Zoned residential; Lot is listed as rented

Exterior

• Parking: Paved parking area
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Paved parking

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Washer; Dryer; Electric water heater; Six total rooms
• Laundry & utility: Washer and dryer in the home

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $47k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• Recommended offer: $46k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.2% 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; 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 $325 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Recommended offer $45,590 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.45% ✓
• Cap rate: 21.20%
• Cash-on-cash: 53.22%
• DSCR: 3.37
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $85,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Court Rd	0.00mi	3/2.0	1,200 (0%)	1mo	$40,500	$34	99
413 NW E St	0.37mi	3/1.0	1,167 (-3%)	6mo	$95,000	$81	69
403 NW J St	0.29mi	3/1.0	1,112 (-7%)	8mo	$116,000	$104	63
124 NW I St	0.49mi	2/1.5 (-1)	1,178 (-2%)	7mo	$83,750	$71	61
306 NW J St	0.36mi	2/1.0 (-1)	1,108 (-8%)	5mo	$25,000	$23	57
1022 Boyer St	0.52mi	2/2.0 (-1)	1,152 (-4%)	9mo	$114,900	$100	56
1032 NW D St	0.53mi	3/2.0	1,104 (-8%)	10mo	$156,000	$141	53
349 Grace Dr	0.70mi	3/1.0	1,140 (-5%)	2mo	$75,000	$66	53
1318 Boyer St	0.63mi	3/1.5	1,266 (+6%)	9mo	$74,900	$59	52
624 Peacock Rd	0.47mi	3/1.0	1,334 (+11%)	7mo	$135,000	$101	50
1344 Ratliff St	0.54mi	2/2.0 (-1)	1,096 (-9%)	9mo	$25,000	$23	48
106 NW G St	0.54mi	3/1.0	1,056 (-12%)	6mo	$70,000	$66	45

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: 51.3%
• Equity multiple: 3.25×
• Total profit: $29,577
• Equity at exit: $7,008

10-year hold

• IRR: 56.7%
• Equity multiple: 6.60×
• Total profit: $73,695
• Equity at exit: $4,064

Cash invested: $13,160 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$246
• Tax est. 1.5%: −$59 /mo · $705/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $584

Break-even live

Break-even rent $411

Max offer price $47,000

Occupancy floor 44%

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	1.27mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-03-13
   listed $47,000 Active

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

Taxation est. · year 1

• Rental income: $13,800
• − Mortgage interest: −$2,633
• − Property taxes: −$705
• − Insurance: −$235
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$1,367
• Taxable income: $6,652
• Est. tax owed @ 24.0%: −$1,596
• After-tax cash flow: $5,408/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

Good 75/100 Cosmetic rehab

This double-wide mobile home is in good condition with cosmetic updates needed. It has a great covered deck and is located in a 55+ park with amenities.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor kitchen countertops — dated design

Value-add opportunities

• Resale update kitchen cabinets — modernizing kitchen
• Both install hardwood flooring — enhances curb appeal and resale value
• Both paint exterior — enhances curb appeal and resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
kitchen countertops · dated design	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale update kitchen cabinets — modernizing kitchen ↑
• Both install hardwood flooring — enhances curb appeal and resale value ↑
• Both paint exterior — enhances curb appeal and resale value ↑

ⓘ 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

2 events — show timeline

• 2026-05-01 Pending — RRELMS
• 2026-03-13 Listed $47,000 RRELMS