2212 Glen Ct · Richmond, IN 47374

$114,900

3 bd · 1.0 ba · 1,120 sqft · MultiFamily public records · 100 Days on market

Built 1920 4,792 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
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment opportunity! This duplex features two spacious units, each offering 3 bedrooms and 1 full bathroom. Both units provide generously sized rooms and comfortable living spaces. The property is equipped with a gas furnace for reliable heating and offers off-street parking for added convenience. Currently fully occupied, this property is already generating steady rental income, making it an excellent turnkey addition to anyone's portfolio. Whether you're expanding your rental holdings or looking for a solid income-producing property, this duplex is one you won’t want to miss.

Key facts

• Gas furnace
• Two units
• Off-street parking

Tags

• INVESTMENT OPPORTUNITY
• TWO UNITS
• GAS FURNACE
• OFF-STREET PARKING
• INCOME-PRODUCING PROPERTY

Property features AI

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (duplex); 2 stories
• Construction: Block and wood siding construction; Concrete perimeter foundation; Built area above grade: 2,240
• Exterior features: Asphalt shingle roof; Pets allowed

Interior

• Kitchen: Microwave; Range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; 6 main-level bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Microwave, Range, Refrigerator; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.1% 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); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $2,002/mo this rent would consume 47% 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 $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $115k implies a 64% 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 $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 1.74% ✓
• Cap rate: 15.11%
• Cash-on-cash: 31.49%
• DSCR: 2.40
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $71,680
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1415 N D St	0.56mi	2/2.0 (-1)	1,176 (+5%)	12mo	$75,000	$64	47

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: 26.4%
• Equity multiple: 2.09×
• Total profit: $35,142
• Equity at exit: $17,132

10-year hold

• IRR: 34.0%
• Equity multiple: 4.10×
• Total profit: $99,813
• Equity at exit: $9,934

Cash invested: $32,172 (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: 277
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,002 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$87 /mo · $1,044/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $844

Break-even live

Break-even rent $933

Max offer price $114,900

Occupancy floor 53%

Sensitivity live

Price	-10% $909	-5% $877	+0% $844	+5% $812	+10% $779
Rent	-10% $686	-5% $765	+0% $844	+5% $923	+10% $1,002
Rate	-1.0pp $902	-0.5pp $873	base $844	+0.5pp $814	+1.0pp $784

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,002
Total (2 units)			$2,002

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	45d	3	0.90mi
114 N 34th St Richmond, IN	2.0	1.5	980	$1,018	$1.04	45d	1	0.92mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	45d	4	1.42mi

Listing history 28 events

1. 2026-06-21
   days on market $114,900 Active 100 DOM
2. 2026-06-19
   days on market $114,900 Active 98 DOM
3. 2026-06-18
   days on market $114,900 Active 97 DOM
4. 2026-06-17
   price $114,900 Active 96 DOM
5. 2026-06-17
   days on market $124,900 Active 96 DOM
6. 2026-06-16
   days on market $124,900 Active 95 DOM
7. 2026-06-15
   days on market $124,900 Active 94 DOM
8. 2026-06-14
   days on market $124,900 Active 92 DOM
9. 2026-06-12
   days on market $124,900 Active 91 DOM
10. 2026-06-09
    days on market $124,900 Active 88 DOM
11. 2026-06-08
    days on market $124,900 Active 87 DOM
12. 2026-06-07
    days on market $124,900 Active 86 DOM
13. 2026-06-03
    days on market $124,900 Active 82 DOM
14. 2026-06-02
    days on market $124,900 Active 81 DOM
15. 2026-06-01
    days on market $124,900 Active 80 DOM
16. 2026-05-31
    days on market $124,900 Active 79 DOM
17. 2026-05-30
    days on market $124,900 Active 78 DOM
18. 2026-05-06
    price $124,900 599-char remark

    Show marketing remark (599 chars)

    Great investment opportunity! This duplex features two spacious units, each offering 3 bedrooms and 1 full bathroom. Both units provide generously sized rooms and comfortable living spaces. The property is equipped with a gas furnace for reliable heating and offers off-street parking for added convenience. Currently fully occupied, this property is already generating steady rental income, making it an excellent turnkey addition to anyone's portfolio. Whether you're expanding your rental holdings or looking for a solid income-producing property, this duplex is one you won’t want to miss.

19. 2026-05-06
    price $124,900

    Show marketing remark (599 chars)

    Great investment opportunity! This duplex features two spacious units, each offering 3 bedrooms and 1 full bathroom. Both units provide generously sized rooms and comfortable living spaces. The property is equipped with a gas furnace for reliable heating and offers off-street parking for added convenience. Currently fully occupied, this property is already generating steady rental income, making it an excellent turnkey addition to anyone's portfolio. Whether you're expanding your rental holdings or looking for a solid income-producing property, this duplex is one you won’t want to miss.

20. 2026-03-12
    listed $134,900 Active 599-char remark

    Show marketing remark (599 chars)

    Great investment opportunity! This duplex features two spacious units, each offering 3 bedrooms and 1 full bathroom. Both units provide generously sized rooms and comfortable living spaces. The property is equipped with a gas furnace for reliable heating and offers off-street parking for added convenience. Currently fully occupied, this property is already generating steady rental income, making it an excellent turnkey addition to anyone's portfolio. Whether you're expanding your rental holdings or looking for a solid income-producing property, this duplex is one you won’t want to miss.

21. 2026-03-12
    listed $134,900 Active

    Show marketing remark (599 chars)

    Great investment opportunity! This duplex features two spacious units, each offering 3 bedrooms and 1 full bathroom. Both units provide generously sized rooms and comfortable living spaces. The property is equipped with a gas furnace for reliable heating and offers off-street parking for added convenience. Currently fully occupied, this property is already generating steady rental income, making it an excellent turnkey addition to anyone's portfolio. Whether you're expanding your rental holdings or looking for a solid income-producing property, this duplex is one you won’t want to miss.

22. 2024-08-29
    soldstatus $70,000 Closed 396-char remark

    Show marketing remark (396 chars)

    Located on a quiet street, this is a great investment opportunity! Super clean and ready for tenants or ready for someone to house hack by living on one side, and renting the other side out. Previous tenants were paying $750 per month. Utilities are split and paid by tenants. Call/Text Chandra Falcone for your private tour. [phone]. Text 859511 to 35620 for more information and photos.

23. 2024-07-31
    status Pending 396-char remark

    Show marketing remark (396 chars)

    Located on a quiet street, this is a great investment opportunity! Super clean and ready for tenants or ready for someone to house hack by living on one side, and renting the other side out. Previous tenants were paying $750 per month. Utilities are split and paid by tenants. Call/Text Chandra Falcone for your private tour. [phone]. Text 859511 to 35620 for more information and photos.

24. 2024-07-30
    listed $70,000 Active 396-char remark

    Show marketing remark (396 chars)

    Located on a quiet street, this is a great investment opportunity! Super clean and ready for tenants or ready for someone to house hack by living on one side, and renting the other side out. Previous tenants were paying $750 per month. Utilities are split and paid by tenants. Call/Text Chandra Falcone for your private tour. [phone]. Text 859511 to 35620 for more information and photos.

25. 2019-05-21
    soldstatus $28,000
26. 2019-05-06
    listed $34,500
27. 2017-06-30
    soldstatus $17,900
28. 2017-05-18
    listed $29,900

ⓘ 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: $1,044 · $87/mo
• Projected year-2 tax: $1,044 · $87/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: $24,024
• − Mortgage interest: −$6,436
• − Property taxes: −$1,044
• − Insurance: −$574
• − Repairs & maintenance: −$1,922
• − Management: −$1,922
• − Depreciation: −$3,343
• Taxable income: $8,783
• Est. tax owed @ 24.0%: −$2,108
• After-tax cash flow: $8,022/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

+317.7% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $124,900 RRELMS
• 2026-05-06 Price Changed $124,900 IRMLS
• 2026-03-12 Listed $134,900 IRMLS
• 2026-03-12 Listed $134,900 RRELMS
• 2024-08-29 Sold (MLS) $70,000 RRELMS
• 2024-07-31 Pending — RRELMS
• 2024-07-30 Listed $70,000 RRELMS
• 2019-05-21 Sold (MLS) $28,000 RRELMS
• 2019-05-06 Listed $34,500 RRELMS
• 2017-06-30 Sold (MLS) $17,900 RRELMS
• 2017-05-18 Listed $29,900 RRELMS

Property tax history

+0.7%/yr

Latest (2024): $1,044 · +14.7% YoY. Source: county tax records.