515 N 19th St · Richmond, IN 47374

$69,900

3 bd · 1.0 ba · 1,324 sqft · SingleFamily public records · 278 Days on market

Built 1920 5,227 sqft lot Est $95k · 27% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• 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

Don’t miss your opportunity to own this true charmer. Ready for you this super adorable renovated 3 bedroom traditional home is located right in the heart of shopping and dining, but on a quiet and low traffic street. Nicely appointed, this home is move-in ready and features beautiful new solid surface flooring and fresh paint throughout, a new ultra-custom kitchen, beautiful countertops, a recently updated bathroom with walk-in shower, a covered front porch, a newer furnace, and much more. You can also relax, get some fresh air or entertain on your large rear deck. Your family or four-legged friends will love the partially fenced-in backyard, and you can keep your vehicle in rear with off street parking. Call or text Kyle Tom today @ 765.220.0199 for your private tour or visit kyletom.com for additional details.

Key facts

• Covered front porch
• Off street parking
• Ultra-custom kitchen

Tags

• ULTRA-CUSTOM KITCHEN
• COVERED FRONT PORCH
• LARGE REAR DECK
• PARTIALLY FENCED-IN BACKYARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 278 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $5k (7%) 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 $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 278 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 1920 — 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. 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: 1.38% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $95,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 N 18th St	0.34mi	3/1.0	1,344 (+2%)	9mo	$36,000	$27	74
231 N 18th St	0.18mi	3/1.0	1,452 (+10%)	4mo	$104,900	$72	72
109 N 21st St	0.29mi	3/1.5	1,456 (+10%)	1mo	$105,000	$72	67
106 N 16th St	0.36mi	3/1.0	1,252 (-5%)	11mo	$60,000	$48	65
627 N 13th St	0.46mi	2/1.0 (-1)	1,310 (-1%)	8mo	$35,000	$27	65
42 S 16th St	0.53mi	2/1.0 (-1)	1,316 (-1%)	6mo	$11,000	$8	64
1903 N A St	0.29mi	3/2.0	1,464 (+11%)	1mo	$62,000	$42	64
17 S 23rd St	0.47mi	3/2.5	1,292 (-2%)	7mo	$149,900	$116	62
2401 Hawkins Rd	0.53mi	3/2.0	1,200 (-9%)	1mo	$144,500	$120	55
117 S 15th St	0.64mi	2/2.0 (-1)	1,380 (+4%)	2mo	$79,900	$58	52
2514 S B St	0.73mi	3/2.5	1,380 (+4%)	6mo	$231,900	$168	48
54 S 24th St	0.58mi	4/2.5 (+1)	1,372 (+4%)	9mo	$210,000	$153	48

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: 11.1%
• Equity multiple: 1.44×
• Total profit: $8,567
• Equity at exit: $10,422

10-year hold

• IRR: 20.1%
• Equity multiple: 2.69×
• Total profit: $33,058
• Equity at exit: $6,044

Cash invested: $19,572 (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: 6.0×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$53 /mo · $632/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $312

Break-even live

Break-even rent $568

Max offer price $69,900

Occupancy floor 63%

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: $17,475
• Closing costs: $2,097
• 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	43d	3	0.67mi
114 N 34th St Richmond, IN	2.0	1.5	980	$1,018	$1.04	43d	1	1.12mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	43d	4	1.36mi

Listing history 7 events

1. 2026-04-23
   status Pending
2. 2026-04-23
   status Active
3. 2026-03-22
   status Active
4. 2025-10-15
   price $69,900
5. 2025-06-26
   listed $74,900 Active
6. 2022-07-01
   soldstatus $63,000 830-char remark

   Show marketing remark (830 chars)

   Don’t miss your opportunity to own this true charmer. Ready for you this super adorable renovated 3 bedroom traditional home is located right in the heart of shopping and dining, but on a quiet and low traffic street. Nicely appointed, this home is move-in ready and features beautiful new solid surface flooring and fresh paint throughout, a new ultra-custom kitchen, beautiful countertops, a recently updated bathroom with walk-in shower, a covered front porch, a newer furnace, and much more. You can also relax, get some fresh air or entertain on your large rear deck. Your family or four-legged friends will love the partially fenced-in backyard, and you can keep your vehicle in rear with off street parking. Call or text Kyle Tom today @ 765.220.0199 for your private tour or visit kyletom.com for additional details.

7. 2022-01-24
   listed $64,900 830-char remark

   Show marketing remark (830 chars)

   Don’t miss your opportunity to own this true charmer. Ready for you this super adorable renovated 3 bedroom traditional home is located right in the heart of shopping and dining, but on a quiet and low traffic street. Nicely appointed, this home is move-in ready and features beautiful new solid surface flooring and fresh paint throughout, a new ultra-custom kitchen, beautiful countertops, a recently updated bathroom with walk-in shower, a covered front porch, a newer furnace, and much more. You can also relax, get some fresh air or entertain on your large rear deck. Your family or four-legged friends will love the partially fenced-in backyard, and you can keep your vehicle in rear with off street parking. Call or text Kyle Tom today @ 765.220.0199 for your private tour or visit kyletom.com for additional details.

ⓘ 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: $632 · $53/mo
• Projected year-2 tax: $632 · $53/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: $11,557
• − Mortgage interest: −$3,915
• − Property taxes: −$632
• − Insurance: −$350
• − Repairs & maintenance: −$925
• − Management: −$925
• − Depreciation: −$2,033
• Taxable income: $2,777
• Est. tax owed @ 24.0%: −$667
• After-tax cash flow: $3,083/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

+7.7% since first listed

7 events — show timeline

• 2026-04-23 Pending — RRELMS
• 2026-04-23 Relisted — RRELMS
• 2026-03-22 Relisted — RRELMS
• 2025-10-15 Price Changed $69,900 RRELMS
• 2025-06-26 Listed $74,900 RRELMS
• 2022-07-01 Sold (MLS) $63,000 RRELMS
• 2022-01-24 Listed $64,900 RRELMS

Property tax history

+22.5%/yr

Latest (2024): $632 · +14.5% YoY. Source: county tax records.