331 S 11th St · Richmond, IN 47374

$10,000

2 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 501 Days on market

Built 1890 3,920 sqft lot ↓ 60% since listing

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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

Expand your portfolio, this house would make a great rental! Property needs completely renovated

Key facts

• 3,920 sq ft lot
• Built 1890
• Listed 501 days

🏷️ Possibly a rental listed for sale. The $10,000 price doesn't fit this home's estimated sale value (~$132,192) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $9k (12.0% below list) — sets the bar for market timing.
• Cap rate 94.0% 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: 277 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 $69 of loan paydown is wiped out by about $300 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 501 days — a 12% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $15k (60%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $8,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 501 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 10.19% ✓
• Cap rate: 94.01%
• Cash-on-cash: 313.26%
• DSCR: 14.94
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $132,192
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 S 12th St	0.16mi	3/1.0 (+1)	1,612 (-1%)	8mo	$31,000	$19	79
431 S 13th St	0.17mi	2/1.5	1,400 (-14%)	10mo	$98,000	$70	58
518 S 15th St	0.33mi	3/1.5 (+1)	1,514 (-7%)	9mo	$170,000	$112	58
203 S 17th St	0.49mi	2/2.0	1,706 (+4%)	10mo	$253,000	$148	57
105 S 17th St	0.51mi	3/1.5 (+1)	1,577 (-3%)	11mo	$127,000	$81	54
103 N 15th St	0.60mi	3/1.0 (+1)	1,669 (+2%)	12mo	$119,900	$72	53
301 S 16th St	0.39mi	3/2.5 (+1)	1,782 (+9%)	4mo	$270,000	$152	52
611 S 12th St	0.25mi	3/1.5 (+1)	1,414 (-13%)	9mo	$60,000	$42	51
735 S 13th St	0.40mi	3/2.0 (+1)	1,485 (-9%)	10mo	$119,900	$81	50
205 S 19th St	0.61mi	3/1.5 (+1)	1,536 (-6%)	12mo	$215,500	$140	45
906 S 5th St	0.71mi	3/1.0 (+1)	1,778 (+9%)	9mo	$120,000	$67	40
1126 N D St	0.71mi	2/1.0	1,876 (+15%)	8mo	$50,000	$27	36

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: 17.05×
• Total profit: $44,952
• Equity at exit: $1,491

10-year hold

• IRR: —
• Equity multiple: 36.42×
• Total profit: $99,164
• Equity at exit: $865

Cash invested: $2,800 (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: 277
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$17 /mo · $208/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $731

Break-even live

Break-even rent $94

Max offer price $10,000

Occupancy floor 23%

Sensitivity live

Price	-10% $737	-5% $734	+0% $731	+5% $728	+10% $725
Rent	-10% $650	-5% $691	+0% $731	+5% $771	+10% $811
Rate	-1.0pp $736	-0.5pp $733	base $731	+0.5pp $728	+1.0pp $726

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: $2,500
• Closing costs: $300
• 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	45d	4	0.97mi

Listing history 7 events

1. 2025-09-21
   status Pending
2. 2025-07-29
   status Active
3. 2025-07-29
   price $10,000
4. 2025-02-01
   status Active
5. 2024-07-02
   status Active
6. 2024-02-27
   status Active
7. 2023-05-09
   listed $25,000 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: $208 · $17/mo
• Projected year-2 tax: $208 · $17/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: $12,226
• − Mortgage interest: −$560
• − Property taxes: −$208
• − Insurance: −$50
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$291
• Taxable income: $9,161
• Est. tax owed @ 24.0%: −$2,199
• After-tax cash flow: $6,573/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

-60.0% since first listed

7 events — show timeline

• 2025-09-21 Pending — SEIBR
• 2025-07-29 Relisted — SEIBR
• 2025-07-29 Price Changed $10,000 SEIBR
• 2025-02-01 Relisted — SEIBR
• 2024-07-02 Relisted — SEIBR
• 2024-02-27 Relisted — SEIBR
• 2023-05-09 Listed $25,000 SEIBR

Property tax history

-10.7%/yr

Latest (2024): $208 · +13.0% YoY. Source: county tax records.