1137 N Courtland Ave · Kokomo, IN 46901

$115,000

4 bd · 2.0 ba · 2,198 sqft · MultiFamily public records · 35 Days on market

Built 1909 6,098 sqft lot Est $108k · 7% over

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Why this score? — see what drove the C 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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.6/10.0
• ARV discount +4.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great income opportunity! This duplex offers two, 2 bedroom, 1 bath units with living room and eat-in kitchen. Appliances remain, newer furnace, and 2 car detached garage that tenants can share.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1909

Property features AI

Exterior

• Parking: Detached 2-car garage (768 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; Multi/split levels
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Lot under 1/4 acre

Interior

• Kitchen: Microwave; Range hood; Refrigerator
• Bedrooms: 4 bedrooms total (2 on the main level, 2 on the upper level)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms (1 on the main level, 1 on the upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Pantry; Basement
• Laundry & utility: Washer; Dryer; Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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, schools F, amenities 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.
• 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 $795 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $64k; list at $115k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.60%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $107,702
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 N Courtland Ave	0.20mi	5/2.0 (+1)	2,288 (+4%)	3mo	$70,000	$31	77
508-510 W Lordeman St	0.37mi	4/2.0	2,024 (-8%)	4mo	$100,000	$49	66
1210 & 1212 W Jefferson St	0.53mi	4/2.0	1,952 (-11%)	22mo	$234,000	$120	38

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-1,302
• Equity at exit: $17,147

10-year hold

• IRR: 5.1%
• Equity multiple: 1.32×
• Total profit: $10,344
• Equity at exit: $9,943

Cash invested: $32,200 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$153 /mo · $1,832/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $338

Break-even live

Break-even rent $1,017

Max offer price $115,000

Occupancy floor 72%

Sensitivity live

Price	-10% $403	-5% $371	+0% $338	+5% $306	+10% $273
Rent	-10% $224	-5% $281	+0% $338	+5% $395	+10% $452
Rate	-1.0pp $396	-0.5pp $367	base $338	+0.5pp $308	+1.0pp $278

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-13
   statusdays on market $115,000 Pending 35 DOM
2. 2026-06-10
   days on market $115,000 Active 34 DOM
3. 2026-06-09
   days on market $115,000 Active 33 DOM
4. 2026-06-08
   days on market $115,000 Active 32 DOM
5. 2026-06-07
   days on market $115,000 Active 31 DOM
6. 2026-06-02
   days on market $115,000 Active 26 DOM
7. 2026-06-01
   days on market $115,000 Active 25 DOM
8. 2026-05-31
   days on market $115,000 Active 24 DOM
9. 2026-05-30
   days on market $115,000 Active 23 DOM
10. 2026-05-05
    listed $115,000 Active
11. 2026-01-25
    price $124,900
12. 2026-01-15
    price $129,900
13. 2025-11-05
    price $134,900
14. 2025-09-08
    listed $149,900 Active
15. 2019-10-02
    soldstatus $64,000 195-char remark

    Show marketing remark (195 chars)

    Great income opportunity! This duplex offers two, 2 bedroom, 1 bath units with living room and eat-in kitchen. Appliances remain, newer furnace, and 2 car detached garage that tenants can share.

16. 2019-10-02
    soldstatus $64,000

    Show marketing remark (195 chars)

    Great income opportunity! This duplex offers two, 2 bedroom, 1 bath units with living room and eat-in kitchen. Appliances remain, newer furnace, and 2 car detached garage that tenants can share.

17. 2019-08-12
    listed $64,900
18. 2019-08-09
    listed $64,900 195-char remark

    Show marketing remark (195 chars)

    Great income opportunity! This duplex offers two, 2 bedroom, 1 bath units with living room and eat-in kitchen. Appliances remain, newer furnace, and 2 car detached garage that tenants can share.

19. 2010-08-17
    soldstatus $38,000

ⓘ 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: $1,832 · $153/mo
• Projected year-2 tax: $1,832 · $153/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,345
• − Mortgage interest: −$6,442
• − Property taxes: −$1,832
• − Insurance: −$575
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − Depreciation: −$3,345
• Taxable income: $2,375
• Est. tax owed @ 24.0%: −$570
• After-tax cash flow: $3,488/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

+202.6% since first listed

10 events — show timeline

• 2026-05-05 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2026-01-25 Price Changed $124,900 IRMLS
• 2026-01-15 Price Changed $129,900 IRMLS
• 2025-11-05 Price Changed $134,900 IRMLS
• 2025-09-08 Listed $149,900 IRMLS
• 2019-10-02 Sold (MLS) $64,000 IRMLS
• 2019-10-02 Sold (MLS) $64,000 IRMLS
• 2019-08-12 Listed $64,900 IRMLS
• 2019-08-09 Listed $64,900 IRMLS
• 2010-08-17 Sold (Public Records) $38,000 Public Records

Property tax history

+3.4%/yr

Latest (2024): $1,832 · +9.0% YoY. Source: county tax records.