3314 Richmond Ave · Connersville, IN 47331

$59,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 125 Days on market

Built 1890 0.28 ac lot $57/sqft · 46% below area Est $109k · 46% under ↓ 40% since listing

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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 +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks MLS

Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

Key facts

• 0.28 acre lot
• 3 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 4.9% in Connersville — 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 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grandview Elementary School (math 27% / reading 37%, grade F, #652 of 994 statewide, top 68%, 539 students, 71% FRL); Connersville Middle School (math 21% / reading 38%, grade F, #212 of 330 statewide, top 67%, 505 students, 61% FRL); Connersville Sr High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 966 students, 55% FRL).
• Market conditions: 173 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette County population projected at -26% 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 1890 — 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: 1.95% ✓
• Cap rate: 16.18%
• Cash-on-cash: 35.31%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $108,889
• List price: $59,000
• Delta: -45.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3321 Ostheimer Ave	0.05mi	3/1.0	1,040 (0%)	13mo	$106,000	$102	87
3120 Beeson Ave	0.24mi	3/1.0	1,092 (+5%)	3mo	$135,000	$124	78
3212 Beeson Ave	0.15mi	2/1.0 (-1)	1,056 (+2%)	14mo	$125,000	$118	74
3227 Richmond Ave	0.11mi	3/2.0	1,120 (+8%)	11mo	$165,000	$147	69
3012 Beeson Ave	0.38mi	2/1.0 (-1)	1,012 (-3%)	14mo	$130,000	$128	61
3311 Richmond Ave	0.03mi	3/2.0	924 (-11%)	18mo	$129,900	$141	61
3039 Indiana Ave	0.57mi	3/1.0	1,118 (+8%)	14mo	$124,900	$112	49
2808 Ohio Ave	0.64mi	3/1.0	1,092 (+5%)	16mo	$128,000	$117	49
2769 400 N	0.43mi	3/1.0	1,144 (+10%)	17mo	$177,000	$155	49
2813 Ohio Ave	0.64mi	3/1.0	1,110 (+7%)	22mo	$133,400	$120	40
2913 Ohio Ave	0.57mi	2/1.0 (-1)	888 (-15%)	15mo	$160,000	$180	31

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: 30.9%
• Equity multiple: 2.30×
• Total profit: $21,424
• Equity at exit: $8,797

10-year hold

• IRR: 38.1%
• Equity multiple: 4.55×
• Total profit: $58,629
• Equity at exit: $5,101

Cash invested: $16,520 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 173
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,152 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$90 /mo · $1,080/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $486

Break-even live

Break-even rent $537

Max offer price $59,000

Occupancy floor 53%

Sensitivity live

Price	-10% $519	-5% $503	+0% $486	+5% $469	+10% $453
Rent	-10% $395	-5% $441	+0% $486	+5% $532	+10% $577
Rate	-1.0pp $516	-0.5pp $501	base $486	+0.5pp $471	+1.0pp $455

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   days on market $59,000 Active 125 DOM
2. 2026-06-21
   days on market $59,000 Active 124 DOM
3. 2026-06-21
   days on market $59,000 Active 123 DOM
4. 2026-06-18
   days on market $59,000 Active 121 DOM
5. 2026-06-17
   days on market $59,000 Active 120 DOM
6. 2026-06-16
   days on market $59,000 Active 119 DOM
7. 2026-06-15
   days on market $59,000 Active 118 DOM
8. 2026-06-13
   days on market $59,000 Active 116 DOM
9. 2026-06-12
   days on market $59,000 Active 115 DOM
10. 2026-06-09
    days on market $59,000 Active 112 DOM
11. 2026-06-08
    days on market $59,000 Active 111 DOM
12. 2026-06-07
    days on market $59,000 Active 110 DOM
13. 2026-06-07
    days on market $59,000 Active 109 DOM
14. 2026-06-04
    days on market $59,000 Active 106 DOM
15. 2026-06-02
    days on market $59,000 Active 105 DOM
16. 2026-06-01
    days on market $59,000 Active 104 DOM
17. 2026-05-31
    days on market $59,000 Active 103 DOM
18. 2026-05-31
    days on market $59,000 Active 102 DOM
19. 2026-03-04
    price $59,000 497-char remark

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

20. 2026-03-04
    price $59,000

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

21. 2026-02-27
    price $79,000

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

22. 2026-02-27
    price $79,000 497-char remark

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

23. 2026-02-17
    listed $99,000 Active

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

24. 2026-02-17
    listed $99,000 Active 497-char remark

    Show marketing remark (497 chars)

    Opportunity awaits for this cozy home, add your personal touch to bring it back to life. This home features two detached garages. The standout feature is the 24' x 36' garage, ideal for car enthusiasts, hobbyists or anyone in need of extra storage or a workshop space. In addition, it also features a 14' x 24' garage providing even more space for your needs. This lot provides a great opportunity for out door entertainment with a partially fenced in yard. Bring your vision and make it your own!

ⓘ 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: $1,080 · $90/mo
• Projected year-2 tax: $1,080 · $90/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,823
• − Mortgage interest: −$3,305
• − Property taxes: −$1,080
• − Insurance: −$295
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$1,716
• Taxable income: $5,215
• Est. tax owed @ 24.0%: −$1,252
• After-tax cash flow: $4,581/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

-40.4% since first listed

6 events — show timeline

• 2026-03-04 Price Changed $59,000 RRELMS
• 2026-03-04 Price Changed $59,000 ECIAOR
• 2026-02-27 Price Changed $79,000 ECIAOR
• 2026-02-27 Price Changed $79,000 RRELMS
• 2026-02-17 Listed $99,000 ECIAOR
• 2026-02-17 Listed $99,000 RRELMS

Property tax history

+7.4%/yr

Latest (2024): $1,080 · +148.3% YoY. Source: county tax records.