2008 Arapahoe Dr · Lafayette, IN 47909

$225,000

3 bd · 2.0 ba · 1,503 sqft · SingleFamily public records · 36 Days on market

Built 1963 7,231 sqft lot Est $234k · at est.

---

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).

• Cash flow +13.9/30.0
• ARV discount +9.3/15.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Focusing on expansive living areas and smart utility, this residence emphasizes functional design and many updates. The heart of the home is an oversized, open-concept kitchen and living space that exceeds the typical footprint of the neighborhood, providing a generous environment for hosting and daily activity. The Chef’s Kitchen Designed for maximum efficiency, the remodeled kitchen serves as a high-performance workspace featuring: Storage & Organization: An abundance of cabinetry complemented by a dedicated appliance garage to keep counters clear. Workspace: Extensive prep surfaces and a central island with integrated breakfast bar seating. Details: Crown molding accents thr

Key facts

• Central island
• Open-concept kitchen
• Walk-in shower

Tags

• OPEN-CONCEPT KITCHEN
• DEDICATED APPLIANCE GARAGE
• CENTRAL ISLAND
• CROWN MOLDING ACCENTS
• ENSUITE BATHROOM
• WALK-IN SHOWER

Property features AI

Finance

• Other: Lot is level; Lot dimensions approximately 67 x 108; Zoned R1 (residential)
• HOA & community: No association amenities

Exterior

• Parking: Attached garage with garage door opener (1 car); Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Asphalt shingle roof; Slab foundation; Built with site-built construction
• Exterior features: Deck; Chain link fence; Shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric oven; Electric range; Kitchen island; Breakfast bar; Laminate counters
• Bedrooms: Primary suite on the main level
• Flooring: Carpet; Vinyl; Ceramic tile
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Breakfast bar; Kitchen island; Laminate counters; Primary bedroom on main level; One fireplace
• Laundry & utility: Washer included; Dryer included; Electric dryer hookup on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $24 ($292/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (19.8% below list).
• Recommended offer: $180k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.2% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Miami Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 458 students, 86% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising (+2.7%/yr); 186 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 32% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,369 (19.8% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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?
6. 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?
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 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: 0.80% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $234,468
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1303 Rochelle Dr	0.39mi	3/2.0	1,445 (-4%)	3mo	$205,000	$142	73
2402 Beck Ln	0.27mi	3/1.5	1,368 (-9%)	2mo	$212,500	$155	69
20 Equinox Ct	0.64mi	3/2.0	1,538 (+2%)	1mo	$285,000	$185	65
2403 Pueblo Dr	0.59mi	3/2.0	1,560 (+4%)	1mo	$250,000	$160	65
2303 Sioux Pl	0.50mi	4/2.0 (+1)	1,443 (-4%)	2mo	$232,500	$161	64
2408 Yuma Dr	0.25mi	3/1.0	1,306 (-13%)	4mo	$194,500	$149	59
2421 Edgelea Dr	0.54mi	3/2.0	1,356 (-10%)	0mo	$150,000	$111	58
2303 Ottawa Dr Dr	0.33mi	3/2.0	1,282 (-15%)	4mo	$200,000	$156	57
2417 Foxhall Dr	0.51mi	3/2.0	1,360 (-10%)	4mo	$195,000	$143	56
2609 Oxford St	0.44mi	3/1.0	1,325 (-12%)	4mo	$200,000	$151	53
3245 Commanche Trl	0.56mi	3/1.5	1,320 (-12%)	0mo	$233,000	$177	51
1023 Brick N Wood Dr	0.69mi	3/2.0	1,691 (+12%)	3mo	$270,000	$160	44

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.44×
• Total profit: $-35,450
• Equity at exit: $33,548

10-year hold

• IRR: -7.9%
• Equity multiple: 0.51×
• Total profit: $-31,073
• Equity at exit: $19,454

Cash invested: $63,000 (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 47909

• Rents YoY: 2.7%
• Active inventory: 186
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$127 /mo · $1,523/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $24

Break-even live

Break-even rent $1,773

Max offer price $225,000

Occupancy floor 94%

Sensitivity live

Price	-10% $152	-5% $88	+0% $24	+5% $-39	+10% $-103
Rent	-10% $-118	-5% $-47	+0% $24	+5% $96	+10% $167
Rate	-1.0pp $138	-0.5pp $82	base $24	+0.5pp $-34	+1.0pp $-93

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3090 Pheasant Run Dr Lafayette, IN	3.0	1.0–2.0	852	$1,591	$1.87	14d	52	0.71mi
3224 S 9th St Lafayette, IN	1.0–3.0	1.0–2.0	825	$1,520	$1.84	14d	18	0.82mi
1812 Starks Cir Lafayette, IN	3.0	2.0	1210	$1,725	$1.43	14d	1	1.06mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	14d	1	1.24mi
2121 Kyra Dr Lafayette, IN	1.0–3.0	1.0–2.0	1035	$1,640	$1.58	14d	1	1.49mi

Listing history 3 events

1. 2026-05-30
   status $225,000 Pending 36 DOM
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-23
   listed $225,000 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: $1,523 · $127/mo
• Projected year-2 tax: $1,718 · $143/mo
• Expected delta: +$195/yr (+$16/mo · 12.8%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,644
• − Mortgage interest: −$12,603
• − Property taxes: −$1,523
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$6,545
• Taxable loss: −$3,616
• Est. tax savings @ 24.0%: +$868
• After-tax cash flow: $1,159/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 43,561
• Household income: $68,035
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1332.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Black 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 2% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.96%
• Current HPI: 214.2557
• Rent YoY: ▲ 2.74%
• Metro: Lafayette-West Lafayette, 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

• 2026-04-29 Contingent — IRMLS
• 2026-04-23 Listed $225,000 IRMLS

Property tax history

+12.3%/yr

Latest (2024): $1,523 · +7.3% YoY. Source: county tax records.