3001 N Erwin Rd · West Lafayette, IN 47906

$250,000

3 bd · 2.0 ba · 1,772 sqft · MultiFamily public records · 2 Days on market

Built 2003 5.32 ac lot

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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 +12.1/30.0
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Schools +4.0/10.0
• 1% rule +3.6/10.0
• DSCR +3.6/10.0
• Rent growth +3.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Opportunity awaits with this 3-bedroom, 2-bath ranch situated on a beautiful 5.3-acre wooded setting in the Klondike/Harrison school district. Surrounded by mature trees and natural scenery, this property offers endless potential for renovation, expansion, or creating your dream country retreat. Enjoy the privacy and peaceful atmosphere while still being conveniently located near all that Lafayette and West Lafayette have to offer. Bring your vision and make this unique property your own! Call your favorite Realtor to schedule a private showing today.

Key facts

• Privacy
• Peaceful atmosphere
• Natural scenery

Tags

• 5.3-ACRE WOODED SETTING
• MATURE TREES
• NATURAL SCENERY
• PRIVACY
• PEACEFUL ATMOSPHERE
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Utilities: Private well water; Septic tank
• Home design: Single-family residence (site-built); One-story
• Construction: Vinyl siding; Above-grade finished area approximately 1,772; Zoning: A1
• Exterior features: Wooded lot

Interior

• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Electric heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s); Crawl space basement
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $-54 ($-647/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (14.4% below list).
• Recommended offer: $214k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% in West Lafayette — 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 90/100 on livability (#1 in IN, #74 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment D.
• Tippecanoe School Corporation (rural): math 44% / reading 49% proficiency, ranked #80 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Klondike Elementary School (math 46% / reading 44%, grade D-, #374 of 994 statewide, top 38%, 981 students, 39% FRL); Klondike Middle School (math 45% / reading 57%, grade C, #40 of 330 statewide, top 12%, 465 students, 36% FRL); William Henry Harrison High School (math 53% / reading 73%, grade B-, #39 of 369 statewide, top 11%, 2,136 students, 30% FRL).
• Market conditions: Rents rising (+3.2%/yr); 342 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $2,141/mo this rent would consume 48% of the median local household income ($53k/yr) (locally 5978% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $214,119 (14.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.2% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.38×
• Total profit: $-43,469
• Equity at exit: $37,276

10-year hold

• IRR: -9.2%
• Equity multiple: 0.42×
• Total profit: $-40,318
• Equity at exit: $21,615

Cash invested: $70,000 (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 47906

• Rents YoY: 3.2%
• Active inventory: 342
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,141 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$330 /mo · $3,963/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $-54

Break-even live

Break-even rent $2,209

Max offer price $240,478

Occupancy floor 98%

Sensitivity live

Price	-10% $88	-5% $17	+0% $-54	+5% $-125	+10% $-195
Rent	-10% $-223	-5% $-138	+0% $-54	+5% $31	+10% $115
Rate	-1.0pp $72	-0.5pp $10	base $-54	+0.5pp $-119	+1.0pp $-185

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2390 Cousteau Dr West Lafayette, IN	3.0	2.0	1402	$1,880	$1.34	23d	1	1.16mi
3301 Maitland Dr West Lafayette, IN	3.0	2.0	1650	$1,950	$1.18	45d	1	1.18mi

Listing history 4 events

1. 2026-06-18
   status $250,000 Pending 2 DOM
2. 2026-06-18
   days on market $250,000 Active 2 DOM
3. 2026-06-17
   remarks 557-char remark
4. 2026-06-17
   listed $250,000 Active 1 DOM

ⓘ 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: $3,963 · $330/mo
• Projected year-2 tax: $3,963 · $330/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 ≥101°F today · 17 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: $25,694
• − Mortgage interest: −$14,004
• − Property taxes: −$3,963
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,056
• − Management: −$2,056
• − Depreciation: −$7,273
• Taxable loss: −$4,906
• Est. tax savings @ 24.0%: +$1,178
• After-tax cash flow: $531/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: Tippecanoe School Corporation
• NCES district ID: 1811340
• Math proficiency: 44% ▼ -6.00%
• Reading proficiency: 49% ▼ -5.00%
• Median HH income: $55,087
• Composite: 40.36/100
• National rank: #3741
• State rank: #80 of 301 in IN

Livability — West Lafayette

• Score: 90/100
• State rank: #1
• US rank: #74

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Tippecanoe County · 181,820 people
• City population: 75,198
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 75,198
• Household income: $53,103
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 5978.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 16% Hispanic / Latino 7% Two or more races 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 3% Italian 2%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 79% English-only · Chinese 5% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.80%
• Current HPI: 210.545
• Rent YoY: ▲ 3.20%
• Metro: Lafayette-West Lafayette, 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

1 event — show timeline

• 2026-06-17 Listed $250,000 IRMLS

Property tax history

+6.5%/yr

Latest (2024): $3,963 · +61.1% YoY. Source: county tax records.