932 E Mulberry St · Kokomo, IN 46901

$49,900

3 bd · 2.0 ba · 1,728 sqft · SingleFamily public records · 41 Days on market

Built 1925 0.30 ac lot Est $67k · 26% 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
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bedroom, 2 bath investment home with tenant in place on a month to month lease. One bedroom & one bath on the main level. Full basement. Located on 1/3 acre. Seller is willing to sell as a bundle sale including 818 E Buckley (202400481) & 611 N. Indiana (202400490).

Key facts

• 0.3 acre lot
• Built 1925
• Listed 41 days

🏷️ Possibly a rental listed for sale. The $49,900 price doesn't fit this home's estimated sale value (~$67,392) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.6% vs local median 5.2% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities F, commute F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sycamore Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 401 students, 75% FRL); Maple Crest Middle School (math 10% / reading 16%, grade F, #304 of 330 statewide, top 94%, 372 students, 77% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $15k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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: 2.70% ✓
• Cap rate: 22.55%
• Cash-on-cash: 58.06%
• DSCR: 3.58
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $67,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
932 E Mulberry St	0.00mi	3/2.0	1,728 (0%)	1mo	$42,000	$24	99
910 E Jefferson St	0.18mi	2/1.0 (-1)	1,697 (-2%)	0mo	$19,000	$11	79
804 E Sycamore St	0.18mi	3/1.5	1,516 (-12%)	1mo	$203,000	$134	68
1012 E Taylor St	0.08mi	3/1.0	1,932 (+12%)	8mo	$68,000	$35	66
822 E King St	0.59mi	3/2.0	1,728 (0%)	11mo	$177,900	$103	63
739 S Jay St	0.70mi	3/1.5	1,708 (-1%)	0mo	$67,000	$39	63
700 S Locke St	0.64mi	3/2.0	1,680 (-3%)	3mo	$87,000	$52	63
235 N Main St	0.57mi	3/2.0	1,799 (+4%)	11mo	$207,000	$115	58
1312 E Taylor St	0.31mi	4/2.0 (+1)	1,920 (+11%)	9mo	$70,000	$36	54
921 E Elm St	0.47mi	3/1.0	1,536 (-11%)	3mo	$18,500	$12	53
953 E Richmond St	0.36mi	3/1.0	1,474 (-15%)	9mo	$15,000	$10	47
225 E Vaile Ave	0.66mi	3/2.0	1,948 (+13%)	1mo	$170,000	$87	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 53.1%
• Equity multiple: 3.22×
• Total profit: $31,066
• Equity at exit: $7,440

10-year hold

• IRR: 57.1%
• Equity multiple: 5.82×
• Total profit: $67,415
• Equity at exit: $4,314

Cash invested: $13,972 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,349 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $676

Break-even live

Break-even rent $493

Max offer price $49,900

Occupancy floor 45%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-04-21
   status Pending
2. 2026-04-20
   price $49,900
3. 2026-03-30
   price $55,000
4. 2026-03-13
   status Active
5. 2026-03-13
   price $59,900
6. 2026-03-02
   status Pending
7. 2026-02-28
   listed $65,000 Active
8. 2024-01-26
   soldstatus $47,000 Closed 284-char remark

   Show marketing remark (284 chars)

   Three bedroom, 2 bath investment home with tenant in place on a month to month lease. One bedroom & one bath on the main level. Full basement. Located on 1/3 acre. Seller is willing to sell as a bundle sale including 818 E Buckley (202400481) & 611 N. Indiana (202400490).

9. 2024-01-05
   status Pending 284-char remark

   Show marketing remark (284 chars)

   Three bedroom, 2 bath investment home with tenant in place on a month to month lease. One bedroom & one bath on the main level. Full basement. Located on 1/3 acre. Seller is willing to sell as a bundle sale including 818 E Buckley (202400481) & 611 N. Indiana (202400490).

10. 2024-01-04
    listed $50,000 Active 284-char remark

    Show marketing remark (284 chars)

    Three bedroom, 2 bath investment home with tenant in place on a month to month lease. One bedroom & one bath on the main level. Full basement. Located on 1/3 acre. Seller is willing to sell as a bundle sale including 818 E Buckley (202400481) & 611 N. Indiana (202400490).

11. 2003-12-22
    soldstatus $11,000 274-char remark

    Show marketing remark (274 chars)

    Large 3 bed, 2 full bath home with master bed on 1st level, will make excellent investment, exterior appears to be in pretty good shape, interior needs a lot of cosmetics. Must provide proof of funds with offer. All off ers subject to seller addendums. Minimum EM of $1,000.

12. 2003-10-07
    listed $11,900 274-char remark

    Show marketing remark (274 chars)

    Large 3 bed, 2 full bath home with master bed on 1st level, will make excellent investment, exterior appears to be in pretty good shape, interior needs a lot of cosmetics. Must provide proof of funds with offer. All off ers subject to seller addendums. Minimum EM of $1,000.

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $1,282 · $107/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 6/10 Major FEMA zone X (shaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,182
• − Mortgage interest: −$2,795
• − Property taxes: −$1,282
• − Insurance: −$250
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$1,452
• Taxable income: $7,815
• Est. tax owed @ 24.0%: −$1,876
• After-tax cash flow: $6,237/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: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 75,099 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1116.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, 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

+319.3% since first listed

12 events — show timeline

• 2026-04-21 Pending — IRMLS
• 2026-04-20 Price Changed $49,900 IRMLS
• 2026-03-30 Price Changed $55,000 IRMLS
• 2026-03-13 Relisted — IRMLS
• 2026-03-13 Price Changed $59,900 IRMLS
• 2026-03-02 Pending — IRMLS
• 2026-02-28 Listed $65,000 IRMLS
• 2024-01-26 Sold (MLS) $47,000 IRMLS
• 2024-01-05 Pending — IRMLS
• 2024-01-04 Listed $50,000 IRMLS
• 2003-12-22 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2003-10-07 Listed $11,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2024): $1,282 · +20.3% YoY. Source: county tax records.