322 S Washington St · Warsaw, IN 46580

$205,000

4 bd · 4.0 ba · 2,997 sqft · MultiFamily public records · 60 Days on market

Built 1910 8,712 sqft lot Est $252k · 19% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Solid rental history with potential for increase in rents. Plenty of offstreet parking. Convenient location. Seller pays utilities on unit 2. There are 3 gfa furnaces and 3 central air units and 2 water heaters. Possible 4th unit as an efficiency.

Key facts

• New furnace
• New refrigerator
• Re-roofed

Tags

• NEW REFRIGERATOR
• REPLACING BATHROOM FLOORING
• NEW FURNACE
• TANK-LESS WATER HEATER
• RE-ROOFED

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Off-street parking; Four open parking spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (triplex); Two stories
• Construction: Vinyl siding
• Exterior features: Corner lot; Cable service available

Interior

• Kitchen: Range; Refrigerator
• Flooring: Vinyl
• Bathrooms: Four full bathrooms; Five main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Range; Refrigerator; Vinyl flooring; Partial basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $665/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $205k).
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.0% 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: Washington Elementary School (math 47% / reading 45%, grade D-, #357 of 994 statewide, top 37%, 504 students, 48% 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) — zoned schools at 45% FRL track the district average.
• Market conditions: 102 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).
• At $4,397/mo this rent would consume 74% of the median local household income ($72k/yr) (locally 374% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $205k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 2.14% ✓
• Cap rate: 17.97%
• Cash-on-cash: 41.69%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $251,748
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 N Fort Wayne Ave	0.51mi	5/3.5 (+1)	2,710 (-10%)	7mo	$227,000	$84	47

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: 38.3%
• Equity multiple: 2.64×
• Total profit: $93,901
• Equity at exit: $30,566

10-year hold

• IRR: 44.8%
• Equity multiple: 5.28×
• Total profit: $245,746
• Equity at exit: $17,725

Cash invested: $57,400 (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 46580

• Home prices YoY: -19.2%
• Active inventory: 102
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $4,397 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$319 /mo · $3,827/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$923
• Net cashflow: $1,994

Break-even live

Break-even rent $1,873

Max offer price $205,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$4,398
Total (3 units)			$4,397

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-01
   status Pending
2. 2026-04-16
   status Active
3. 2026-03-27
   historical
4. 2026-02-24
   price $205,000
5. 2026-02-09
   listed $225,000 Active
6. 2026-02-06
   listed
7. 2015-09-25
   soldstatus $100,000 247-char remark

   Show marketing remark (247 chars)

   Solid rental history with potential for increase in rents. Plenty of offstreet parking. Convenient location. Seller pays utilities on unit 2. There are 3 gfa furnaces and 3 central air units and 2 water heaters. Possible 4th unit as an efficiency.

8. 2015-08-17
   listed $103,000 247-char remark

   Show marketing remark (247 chars)

   Solid rental history with potential for increase in rents. Plenty of offstreet parking. Convenient location. Seller pays utilities on unit 2. There are 3 gfa furnaces and 3 central air units and 2 water heaters. Possible 4th unit as an efficiency.

ⓘ 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: $3,827 · $319/mo
• Projected year-2 tax: $3,827 · $319/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 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,764
• − Mortgage interest: −$11,483
• − Property taxes: −$3,827
• − Insurance: −$1,025
• − Repairs & maintenance: −$4,221
• − Management: −$4,221
• − Depreciation: −$5,964
• Taxable income: $22,023
• Est. tax owed @ 24.0%: −$5,286
• After-tax cash flow: $18,646/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): 21,794
• Household income: $71,687
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 374.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Portuguese 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

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: ▼ -67.41%
• Current HPI: 283.1513
• 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

+99.0% since first listed

8 events — show timeline

• 2026-05-01 Pending — IRMLS
• 2026-04-16 Relisted — IRMLS
• 2026-03-27 Rental Removed — IRMLS
• 2026-02-24 Price Changed $205,000 IRMLS
• 2026-02-09 Listed $225,000 IRMLS
• 2026-02-06 Listed for Rent — IRMLS
• 2015-09-25 Sold (MLS) $100,000 IRMLS
• 2015-08-17 Listed $103,000 IRMLS

Property tax history

+4.6%/yr

Latest (2024): $3,827 · +2.1% YoY. Source: county tax records.