228 S Madison St · Knightstown, IN 46148

$120,000

7 bd · 3.5 ba · 3,820 sqft · MultiFamily public records · 52 Days on market

Built 1950 7,405 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• 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

This triplex located at 228 South Madison Street in Knightstown, Indiana. Built in 1950, the property features three units with efficient layouts and offers significant value-add potential. With one unit already renovated and ready for immediate occupancy, an investor can generate rental income while completing the remaining two units. The property consists of two 2-bedroom units and one 1-bedroom unit, appealing to a wide range of tenants. The two-bedroom units include dedicated laundry hookups, a highly desirable amenity that enhances convenience and increases tenant demand. This asset presents a clear opportunity to maximize rental income through strategic renovations and operational imp

Key facts

• Modern amenities
• 7,405 sq ft lot
• Built 1950

Tags

• DEDICATED LAUNDRY HOOKUPS
• ONE UNIT ALREADY RENOVATED
• MODERN AMENITIES

Property features AI

Finance

• Other: Current/possible use: Apartment (>20); Lot under 1/4 acre (0.17 acres)
• Financial info: Three total units; Owner pays sewer and water; Reported gross income: $0; Reported expenses: $0; Unit rents listed: one unit at $750/month, one unit at $900/month

Exterior

• Security: Smoke detector(s)
• Utilities: Frontage road access
• Home design: Residential income property (Triplex); One and one-half stories
• Construction: Brick and stucco exterior
• Exterior features: Storage shed

Interior

• Kitchen: Unit kitchens present (multiple units)
• Bedrooms: One 1-bedroom unit (1 level); One 2-bedroom unit (2 levels)
• Heating & cooling: Natural gas heating; Baseboard heating
• Interior features: Has basement; Smoke detector(s)

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $556/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#170 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• C A Beard Memorial School Corporation (rural): math 29% / reading 33% proficiency, ranked #231 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Knightstown Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 382 students, 49% FRL); Knightstown High School (math 22% / reading 72%, grade D-, #143 of 369 statewide, top 44%, 325 students, 49% FRL).
• Zoned-school proficiency averages 46% at this address vs 31% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the C A Beard Memorial School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 38 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected at -12% 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 $34k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1950 — 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. 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 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: 2.59% ✓
• Cap rate: 22.98%
• Cash-on-cash: 59.60%
• DSCR: 3.65
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 58.3%
• Equity multiple: 3.59×
• Total profit: $86,867
• Equity at exit: $17,892

10-year hold

• IRR: 63.1%
• Equity multiple: 7.33×
• Total profit: $212,588
• Equity at exit: $10,375

Cash invested: $33,600 (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 46148

• Home prices YoY: -19.9%
• Active inventory: 38
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,104 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $1,669

Break-even live

Break-even rent $991

Max offer price $120,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,100
1× unit	1	1	$1,003
Total (3 units)			$3,104

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $120,000 Active 52 DOM
2. 2026-06-17
   days on market $120,000 Active 51 DOM
3. 2026-06-16
   days on market $120,000 Active 50 DOM
4. 2026-06-15
   days on market $120,000 Active 49 DOM
5. 2026-06-13
   days on market $120,000 Active 47 DOM
6. 2026-06-09
   days on market $120,000 Active 43 DOM
7. 2026-06-08
   days on market $120,000 Active 42 DOM
8. 2026-06-07
   days on market $120,000 Active 41 DOM
9. 2026-06-03
   days on market $120,000 Active 37 DOM
10. 2026-06-02
    days on market $120,000 Active 36 DOM
11. 2026-06-01
    days on market $120,000 Active 35 DOM
12. 2026-05-31
    days on market $120,000 Active 34 DOM
13. 2026-04-26
    listed $120,000 Active
14. 2014-10-10
    historical
15. 2014-10-09
    historical
16. 2014-06-23
    listed $59,000
17. 2014-04-07
    listed $59,000

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $1,248 · $104/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,248
• − Mortgage interest: −$6,722
• − Property taxes: −$1,248
• − Insurance: −$600
• − Repairs & maintenance: −$2,980
• − Management: −$2,980
• − Depreciation: −$3,491
• Taxable income: $19,228
• Est. tax owed @ 24.0%: −$4,615
• After-tax cash flow: $15,412/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: C A Beard Memorial School Corporation
• NCES district ID: 1801060
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $47,269
• Composite: 26.76/100
• National rank: #7133
• State rank: #231 of 301 in IN

Livability — Knightstown

• Score: 70/100
• State rank: #170
• US rank: #8004

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Knightstown, IN
• Population (ZIP): 4,948

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Serbian 2% Slovak 2% Portuguese 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.84%
• Current HPI: 216.4292
• 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

+103.4% since first listed

5 events — show timeline

• 2026-04-26 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2014-10-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-10-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-23 Listed $59,000 MIBOR as Distributed by MLS Grid
• 2014-04-07 Listed $59,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2024): $1,248 · +38.0% YoY. Source: county tax records.