1906 N Sandpiper Dr · Warsaw, IN 46582

$459,000

8 bd · 4.0 ba · 3,400 sqft · MultiFamily public records · 7 Days on market

Built 1990 0.28 ac lot $135/sqft · at area comps Est $444k · at est.

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Why this score? — see what drove the C- 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 +22.6/30.0
• DSCR +7.3/10.0
• ARV discount +6.0/15.0
• 1% rule +5.3/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Good investment opportunity awaits you with this well maintained 4 unit apartment building. Each 2 bedroom, 1 bath unit includes refrigerator, range/oven, disposal, dishwasher & washer/dryer. Great location to the new YMCA, movie theatre, shopping and Harrison Elementary school, all within walking distance. FHA financing available to owner occupant buyers. Solid rental history.

Key facts

• Convenient location
• 0.28 acre lot
• 8 parking spots

Tags

• 4 UNIT APARTMENT COMPLEX
• CONVENIENT LOCATION
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO RESTAURANTS

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Parking lot with 8 open spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (fourplex); Two stories
• Construction: Vinyl siding; Shingle roof
• Exterior features: Level lot

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Disposal
• Flooring: Carpet
• Bathrooms: Four full bathrooms; Eight main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Disposal; Range; Refrigerator; Crawl space
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $459k.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $459k).
• Cap rate 8.3% vs local median 3.2% in Warsaw — 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 77/100 on livability (#42 in IN, #3,114 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, crime D+, amenities F.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrison Elementary School (math 46% / reading 46%, grade D-, #357 of 994 statewide, top 37%, 446 students, 60% FRL); Edgewood Middle School (math 41% / reading 51%, grade D+, #76 of 330 statewide, top 23%, 537 students, 45% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL).
• Market conditions: 63 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• At $4,742/mo this rent would consume 85% of the median local household income ($67k/yr) (locally 668% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $459,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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?
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 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: 1.03% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (median comp): $444,290
• List price: $459,000
• Delta: 3.31%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1906 N Sandpiper Dr	0.00mi	8/4.0	3,400 (0%)	0mo	$410,000	$121	100

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-24,435
• Equity at exit: $68,438

10-year hold

• IRR: 4.6%
• Equity multiple: 1.33×
• Total profit: $42,871
• Equity at exit: $39,686

Cash invested: $128,520 (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 46582

• Home prices YoY: -22.2%
• Active inventory: 63
• Price-to-rent: 32.3×

Monthly cashflow live

• Estimated rent: $4,742 high
• Mortgage (P&I): −$2,407
• Tax from tax record: −$363 /mo · $4,354/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$996
• Net cashflow: $785

Break-even live

Break-even rent $3,748

Max offer price $459,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,740
Total (4 units)			$4,742

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: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-14
   status Pending 283-char remark
2. 2026-05-07
   listed $459,000 Active 283-char remark
3. 2014-11-25
   soldstatus $215,000 386-char remark

   Show marketing remark (386 chars)

   Good investment opportunity awaits you with this well maintained 4 unit apartment building. Each 2 bedroom, 1 bath unit includes refrigerator, range/oven, disposal, dishwasher & washer/dryer. Great location to the new YMCA, movie theatre, shopping and Harrison Elementary school, all within walking distance. FHA financing available to owner occupant buyers. Solid rental history.

4. 2014-04-23
   listed $219,000 386-char remark

   Show marketing remark (386 chars)

   Good investment opportunity awaits you with this well maintained 4 unit apartment building. Each 2 bedroom, 1 bath unit includes refrigerator, range/oven, disposal, dishwasher & washer/dryer. Great location to the new YMCA, movie theatre, shopping and Harrison Elementary school, all within walking distance. FHA financing available to owner occupant buyers. Solid rental history.

ⓘ 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: $4,354 · $363/mo
• Projected year-2 tax: $4,354 · $363/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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,904
• − Mortgage interest: −$25,711
• − Property taxes: −$4,354
• − Insurance: −$2,295
• − Repairs & maintenance: −$4,552
• − Management: −$4,552
• − Depreciation: −$13,353
• Taxable income: $2,087
• Est. tax owed @ 24.0%: −$501
• After-tax cash flow: $8,920/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Warsaw

• Score: 77/100
• State rank: #42
• US rank: #3114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IN
• County: Kosciusko County · 36,398 people
• City population: 36,398
• Metro: Warsaw, IN
• Population (ZIP): 14,604
• Household income: $66,738
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 668.0

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 16% Two or more races 11% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5%
• Common ancestry: Romanian 4% Iranian 2% Italian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 82% English-only · Spanish 11% Other Asian/Pacific 3% Other Indo-European 2%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.70%
• Current HPI: 229.7727
• Rent YoY: —
• Metro: Warsaw, 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

+87.2% since first listed

5 events — show timeline

• 2026-06-11 Sold (MLS) $410,000 IRMLS
• 2026-05-14 Pending — IRMLS
• 2026-05-07 Listed $459,000 IRMLS
• 2014-11-25 Sold (MLS) $215,000 IRMLS
• 2014-04-23 Listed $219,000 IRMLS

Property tax history

-0.7%/yr

Latest (2024): $4,354 · +17.2% YoY. Source: county tax records.