205 N 5th St · Richmond, IN 47374

$25,000

3 bd · 1.5 ba · 960 sqft · SingleFamily public records · 25 Days on market

Built 1920 3,049 sqft lot ↓ 30% since listing

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Here is a deal you won't want to miss. This spacious home is a 3-bedroom, 1-bath home which was at one point used as 4 bedrooms! Located in the heart of Richmond, IN, this charming property is just steps away from Morrison-Reeves Library, the vibrant Depot District, and Elstro Plaza. Listed at a competitive $69,900, it's an incredible opportunity for its size and central location. Inside, you'll find newer flooring and carpet throughout, as well as spacious rooms that offer endless possibilities. Property includes a privacy fence and 200amp service. Whether you're a savvy investor looking for your next project or a buyer eager to make this home your own, this property is brimming with potential. Don't miss the chance to own a home in such a desirable and convenient spot. Schedule your showing today!

Key facts

• 3,049 sq ft lot
• Built 1920
• Listed 25 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding
• Exterior features: Wood fence; Shingle roof

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Electric range; Refrigerator; Gas water heater
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 39.2% 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+, 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: Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 22% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Richmond Community Schools average implies; a family-tenant draw the district grade alone would hide.
• 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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $24,625 (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. 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?
6. 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.
7. 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.
8. 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: 4.39% ✓
• Cap rate: 39.24%
• Cash-on-cash: 117.66%
• DSCR: 6.24
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $79,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
327 N 10th St #18	0.36mi	2/1.0 (-1)	1,008 (+5%)	2mo	$56,201	$56	66
31 NW J St	0.65mi	2/1.0 (-1)	952 (-1%)	2mo	$78,000	$82	59
948 Sheridan St	0.59mi	2/1.0 (-1)	946 (-2%)	5mo	$90,000	$95	59
9 NW J St	0.65mi	2/1.0 (-1)	984 (+2%)	3mo	$81,500	$83	56
407 NW E St	0.65mi	2/1.0 (-1)	970 (+1%)	10mo	$81,900	$84	52
106 NW G St	0.53mi	3/1.0	1,056 (+10%)	6mo	$70,000	$66	52
413 NW 2nd St	0.42mi	3/1.0	1,074 (+12%)	12mo	$71,500	$67	48
836 N 12th St	0.69mi	2/1.0 (-1)	924 (-4%)	11mo	$70,000	$76	46
1120 Butler St	0.71mi	2/1.0 (-1)	896 (-7%)	10mo	$79,000	$88	41
349 SW 2nd St	0.72mi	2/2.0 (-1)	888 (-8%)	8mo	$107,000	$120	40
938 Sheridan St	0.56mi	3/1.0	1,089 (+13%)	12mo	$68,000	$62	39
342 SW 1st St	0.68mi	3/1.0	1,101 (+15%)	8mo	$135,000	$123	35

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: —
• Equity multiple: 6.67×
• Total profit: $39,683
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 13.99×
• Total profit: $90,928
• Equity at exit: $2,162

Cash invested: $7,000 (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 47374

• Active inventory: 273
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,096 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $686

Break-even live

Break-even rent $228

Max offer price $25,000

Occupancy floor 32%

Sensitivity live

Price	-10% $700	-5% $693	+0% $686	+5% $679	+10% $672
Rent	-10% $600	-5% $643	+0% $686	+5% $730	+10% $773
Rate	-1.0pp $699	-0.5pp $693	base $686	+0.5pp $680	+1.0pp $673

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: $6,250
• Closing costs: $750
• 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	0.36mi

Listing history 23 events

1. 2026-06-13
   status $25,000 Pending 25 DOM
2. 2026-06-12
   days on market $25,000 Active 25 DOM
3. 2026-06-09
   days on market $25,000 Active 22 DOM
4. 2026-06-08
   days on market $25,000 Active 21 DOM
5. 2026-06-07
   days on market $25,000 Active 20 DOM
6. 2026-06-03
   pricedays on market $25,000 Active 16 DOM
7. 2026-06-02
   days on market $30,000 Active 15 DOM
8. 2026-06-01
   days on market $30,000 Active 14 DOM
9. 2026-05-31
   days on market $30,000 Active 13 DOM
10. 2026-05-30
    days on market $30,000 Active 12 DOM
11. 2026-05-15
    listed $30,000 Active
12. 2025-02-19
    soldstatus $69,900 Closed 810-char remark

    Show marketing remark (810 chars)

    Here is a deal you won't want to miss. This spacious home is a 3-bedroom, 1-bath home which was at one point used as 4 bedrooms! Located in the heart of Richmond, IN, this charming property is just steps away from Morrison-Reeves Library, the vibrant Depot District, and Elstro Plaza. Listed at a competitive $69,900, it's an incredible opportunity for its size and central location. Inside, you'll find newer flooring and carpet throughout, as well as spacious rooms that offer endless possibilities. Property includes a privacy fence and 200amp service. Whether you're a savvy investor looking for your next project or a buyer eager to make this home your own, this property is brimming with potential. Don't miss the chance to own a home in such a desirable and convenient spot. Schedule your showing today!

13. 2025-01-21
    status Pending 810-char remark

    Show marketing remark (810 chars)

    Here is a deal you won't want to miss. This spacious home is a 3-bedroom, 1-bath home which was at one point used as 4 bedrooms! Located in the heart of Richmond, IN, this charming property is just steps away from Morrison-Reeves Library, the vibrant Depot District, and Elstro Plaza. Listed at a competitive $69,900, it's an incredible opportunity for its size and central location. Inside, you'll find newer flooring and carpet throughout, as well as spacious rooms that offer endless possibilities. Property includes a privacy fence and 200amp service. Whether you're a savvy investor looking for your next project or a buyer eager to make this home your own, this property is brimming with potential. Don't miss the chance to own a home in such a desirable and convenient spot. Schedule your showing today!

14. 2024-12-03
    listed $69,900 Active 810-char remark

    Show marketing remark (810 chars)

    Here is a deal you won't want to miss. This spacious home is a 3-bedroom, 1-bath home which was at one point used as 4 bedrooms! Located in the heart of Richmond, IN, this charming property is just steps away from Morrison-Reeves Library, the vibrant Depot District, and Elstro Plaza. Listed at a competitive $69,900, it's an incredible opportunity for its size and central location. Inside, you'll find newer flooring and carpet throughout, as well as spacious rooms that offer endless possibilities. Property includes a privacy fence and 200amp service. Whether you're a savvy investor looking for your next project or a buyer eager to make this home your own, this property is brimming with potential. Don't miss the chance to own a home in such a desirable and convenient spot. Schedule your showing today!

15. 2021-12-03
    soldstatus $47,750 1416-char remark

    Show marketing remark (1416 chars)

    This updated, move-in ready and super spacious 3 bedrooms, 1 bath home is in a great location and comes with new laminate floors through most of the main level, newer flooring throughout the rest of the home, a large kitchen with updated counter tops, a privacy fence, and a 200 amp service. Another great thing to mention is that this home has been used as a 4 bedroom home in the past so you could do the same if you chose to set it up that way. You will be located mere minutes from the Depot District, and also be immediately near the post office, Morrisson-Reeves Library, and Jack Elstro Plaza. Imagine how cool it would be to be so close to all the fun festivals and farmers markets that happen each year in Richmond, and be so close to the wonderful local businesses in that location that are so important to Richmond!! On top of the home being updated and move-in ready, you will love the covered front porch where you'll be able to sit and watch the world go by, enjoy coffee in the mornings, and even enjoy breakfast, lunch or dinner outside if you want! It is hard to find a home like this at this price in the tough real estate market we are in today so be sure to act quickly. For all you investors out there, this would make a great rental property to add to your portfolio!! Call Brian Lackey at 765-200-0547 for your personal tour of this home. Text 816317 to 35620 for more information and photos.

16. 2021-08-27
    listed $49,900 1416-char remark

    Show marketing remark (1416 chars)

    This updated, move-in ready and super spacious 3 bedrooms, 1 bath home is in a great location and comes with new laminate floors through most of the main level, newer flooring throughout the rest of the home, a large kitchen with updated counter tops, a privacy fence, and a 200 amp service. Another great thing to mention is that this home has been used as a 4 bedroom home in the past so you could do the same if you chose to set it up that way. You will be located mere minutes from the Depot District, and also be immediately near the post office, Morrisson-Reeves Library, and Jack Elstro Plaza. Imagine how cool it would be to be so close to all the fun festivals and farmers markets that happen each year in Richmond, and be so close to the wonderful local businesses in that location that are so important to Richmond!! On top of the home being updated and move-in ready, you will love the covered front porch where you'll be able to sit and watch the world go by, enjoy coffee in the mornings, and even enjoy breakfast, lunch or dinner outside if you want! It is hard to find a home like this at this price in the tough real estate market we are in today so be sure to act quickly. For all you investors out there, this would make a great rental property to add to your portfolio!! Call Brian Lackey at 765-200-0547 for your personal tour of this home. Text 816317 to 35620 for more information and photos.

17. 2021-07-05
    soldstatus $40,000 Closed
18. 2021-07-05
    soldstatus $40,000 Sold
19. 2021-06-25
    soldstatus $40,000
20. 2021-04-07
    listed $43,000 Active
21. 2021-02-26
    historical
22. 2020-09-01
    listed $44,900 Active
23. 2019-08-26
    listed $43,000

ⓘ 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: $460 · $38/mo
• Projected year-2 tax: $460 · $38/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: $13,157
• − Mortgage interest: −$1,400
• − Property taxes: −$460
• − Insurance: −$125
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$727
• Taxable income: $8,339
• Est. tax owed @ 24.0%: −$2,001
• After-tax cash flow: $6,235/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

-30.2% since first listed

13 events — show timeline

• 2026-05-15 Listed $30,000 RRELMS
• 2025-02-19 Sold (MLS) $69,900 RRELMS
• 2025-01-21 Pending — RRELMS
• 2024-12-03 Listed $69,900 RRELMS
• 2021-12-03 Sold (MLS) $47,750 RRELMS
• 2021-08-27 Listed $49,900 RRELMS
• 2021-07-05 Sold (MLS) $40,000 Dayton MLS
• 2021-07-05 Sold (MLS) $40,000 Dayton MLS
• 2021-06-25 Sold (MLS) $40,000 RRELMS
• 2021-04-07 Listed $43,000 Dayton MLS
• 2021-02-26 Listing Removed — Dayton MLS
• 2020-09-01 Listed $44,900 Dayton MLS
• 2019-08-26 Listed $43,000 RRELMS

Property tax history

+11.5%/yr

Latest (2024): $460 · +14.7% YoY. Source: county tax records.