17425 State Road 37 · Harlan, IN 46743

$325,000

28 bd · 16.0 ba · 4,016 sqft · MultiFamily public records · 87 Days on market

Built 1900 Fair condition 8,568 sqft lot $81/sqft · 9% below area Est $359k · 9% 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 +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Investment opportunity in Harlan, IN! This 4-unit multifamily property at 17425 St Rd 37 offers immediate income with additional upside potential. Two units are currently occupied, providing instant cash flow, while two vacant units allow a new owner to set market rents and increase returns. Tenants pay their own electric, and all residents reimburse the owner monthly for water, sewer, trash, and gas through a RUBS system, helping to control expenses and protect NOI. The property also features ample off-street parking and a convenient location with easy access to surrounding areas. Professional property management is already in place, making this a seamless transition for investors seeking a low-maintenance asset with value-add potential.

Key facts

• Vacant units
• Multifamily property
• Instant cash flow

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• MULTIFAMILY PROPERTY
• IMMEDIATE INCOME
• ADDITIONAL UPSIDE POTENTIAL
• INSTANT CASH FLOW
• VACANT UNITS

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $325k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $396/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $306k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#315 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 10 active listings in the ZIP; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• At $4,719/mo this rent would consume 79% of the median local household income ($72k/yr) — 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 $10k of value loss. Plan a longer hold.
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $232k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $305,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.45% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.87%
• DSCR: 1.93
• GRM: 5.7

CMA / ARV

• ARV (median comp): $358,534
• List price: $325,000
• Delta: -9.35%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.3%
• Equity multiple: 1.53×
• Total profit: $48,167
• Equity at exit: $48,459

10-year hold

• IRR: 22.1%
• Equity multiple: 2.89×
• Total profit: $171,805
• Equity at exit: $28,100

Cash invested: $91,000 (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 46743

• Home prices YoY: -16.1%
• Active inventory: 10
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $4,719 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$305 /mo · $3,663/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$991
• Net cashflow: $1,583

Break-even live

Break-even rent $2,715

Max offer price $325,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$4,720
Total (4 units)			$4,719

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $325,000 Active 87 DOM
2. 2026-06-17
   days on market $325,000 Active 86 DOM
3. 2026-06-16
   days on market $325,000 Active 85 DOM
4. 2026-06-15
   days on market $325,000 Active 84 DOM
5. 2026-06-14
   days on market $325,000 Active 82 DOM
6. 2026-06-13
   days on market $325,000 Active 81 DOM
7. 2026-06-10
   days on market $325,000 Active 79 DOM
8. 2026-06-09
   days on market $325,000 Active 78 DOM
9. 2026-06-08
   days on market $325,000 Active 77 DOM
10. 2026-06-07
    days on market $325,000 Active 76 DOM
11. 2026-06-03
    days on market $325,000 Active 72 DOM
12. 2026-06-02
    days on market $325,000 Active 71 DOM
13. 2026-06-01
    days on market $325,000 Active 70 DOM
14. 2026-05-31
    days on market $325,000 Active 69 DOM
15. 2026-05-30
    days on market $325,000 Active 68 DOM
16. 2026-03-23
    listed $325,000 Active 748-char remark

    Show marketing remark (748 chars)

    Investment opportunity in Harlan, IN! This 4-unit multifamily property at 17425 St Rd 37 offers immediate income with additional upside potential. Two units are currently occupied, providing instant cash flow, while two vacant units allow a new owner to set market rents and increase returns. Tenants pay their own electric, and all residents reimburse the owner monthly for water, sewer, trash, and gas through a RUBS system, helping to control expenses and protect NOI. The property also features ample off-street parking and a convenient location with easy access to surrounding areas. Professional property management is already in place, making this a seamless transition for investors seeking a low-maintenance asset with value-add potential.

17. 2021-10-15
    soldstatus $232,000 697-char remark

    Show marketing remark (697 chars)

    A fantastic investment opportunity, minutes from Fort Wayne. This fourplex will provide a strong cash flow. 3 of the units feature 2 bedrooms, 1 full bathroom, kitchen and living room. The fourth unit features one bedroom, 1 bath, living room and kitchen, plus the basement. Each unit includes their own washer and dryer units for the tenants. The property has seen a number of recent improvements, including a new roof within the last year, newer windows, new vinyl siding, fresh exterior painting and landscaping. Interior of all the units have been recently cosmetically updated. All the electrical has been updated and newer HVAC systems are installed. Units are on separate electrical meters.

18. 2021-06-18
    listed $235,000 697-char remark

    Show marketing remark (697 chars)

    A fantastic investment opportunity, minutes from Fort Wayne. This fourplex will provide a strong cash flow. 3 of the units feature 2 bedrooms, 1 full bathroom, kitchen and living room. The fourth unit features one bedroom, 1 bath, living room and kitchen, plus the basement. Each unit includes their own washer and dryer units for the tenants. The property has seen a number of recent improvements, including a new roof within the last year, newer windows, new vinyl siding, fresh exterior painting and landscaping. Interior of all the units have been recently cosmetically updated. All the electrical has been updated and newer HVAC systems are installed. Units are on separate electrical meters.

ⓘ 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: $3,663 · $305/mo
• Projected year-2 tax: $3,663 · $305/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 · 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: $56,628
• − Mortgage interest: −$18,205
• − Property taxes: −$3,663
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,530
• − Management: −$4,530
• − Depreciation: −$9,455
• Taxable income: $14,620
• Est. tax owed @ 24.0%: −$3,509
• After-tax cash flow: $15,487/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This fourplex requires moderate renovations, focusing on updating the kitchen and bathroom, and improving the landscaping to enhance its curb appeal and value.

Repairs flagged

• Major Bathtub and sink in bathroom — Worn and outdated, needs replacement for a better look and functionality.
• Major Landscaping — Sparse and in need of maintenance, detracts from curb appeal.

Value-add opportunities

• Resale Update countertops and appliances in kitchen — Modernizing the kitchen will attract more buyers and increase its resale value.
• Resale Replace bathtub and sink in bathroom — A new, modern bathroom will significantly enhance the home's appeal and resale value.
• Both Landscaping improvements — Enhanced landscaping will improve curb appeal and attract more tenants, boosting both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Bathtub and sink in bathroom · Worn and outdated, needs replacement for a better look and functionality.	Major	$15,000–50,000
Landscaping · Sparse and in need of maintenance, detracts from curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Resale Update countertops and appliances in kitchen — Modernizing the kitchen will attract more buyers and increase its resale value. ↑
• Resale Replace bathtub and sink in bathroom — A new, modern bathroom will significantly enhance the home's appeal and resale value. ↑
• Both Landscaping improvements — Enhanced landscaping will improve curb appeal and attract more tenants, boosting both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Allen County Schools
• NCES district ID: 1802850
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 47% ▼ -4.00%
• Median HH income: $50,524
• Composite: 35.75/100
• National rank: #4849
• State rank: #122 of 301 in IN

Livability — Harlan

• Score: 65/100
• State rank: #315
• US rank: #12513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harlan, IN
• County: Allen · 2,191 people
• Metro: Fort Wayne, IN
• Population (ZIP): 2,191
• Household income: $71,875
• Rent vs Own: 18.1% rent · 81.9% own

Population outlook (Allen County) Hauer SSP2

• Today (2025): 394,020 people
• By 2030: 405,128 · +2.8%
• By 2040: 423,476 · +7.5%
• By 2050: 435,137 · +10.4%
• By 2075: 450,293 · +14.3%
• By 2100: 424,101 · +7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Polish 6% Italian 2% Lithuanian 2%
• Foreign-born: 0% · Canada
• Languages at home: 81% English-only · German/W. Germanic 18% Spanish 1%

Political lean MEDSL · Allen

• 2024 margin: R (+12.5) · D 42.9% · R 55.4% · Other 1.7%
• 2008→2024 swing: -8.1pp toward R · 2008: -4.3pp · 2024: -12.5pp
• All cycles: 2024: R+12.5 2020: R+11.2 2016: R+19.6 2012: R+16.8 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.65%
• Current HPI: 227.5913
• Rent YoY: —
• Metro: —
• 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

+38.3% since first listed

3 events — show timeline

• 2026-03-23 Listed $325,000 IRMLS
• 2021-10-15 Sold (MLS) $232,000 IRMLS
• 2021-06-18 Listed $235,000 IRMLS