403 N Main St St · Kendallville, IN 46755

$229,000

4 bd · 4.5 ba · 2,601 sqft · MultiFamily public records · 166 Days on market

Built 1910 8,052 sqft lot $88/sqft · 34% above area Est $170k · 34% 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +8.0/10.0
• Livability +3.3/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Triplex on corner lot with off street parking. Tenant pays electric. Seller pays water-sewer & garbage.

Key facts

• Off street parking
• Corner lot
• 8,052 sq ft lot

Tags

• CORNER LOT
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive. Per door: $220/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.6% in Kendallville — 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 66/100 on livability (#305 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, schools D, amenities F.
• East Noble School Corporation (town): math 32% / reading 32% proficiency, ranked #216 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 103 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.4

CMA / ARV

• ARV (median comp): $170,467
• List price: $229,000
• Delta: 34.34%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $5,109
• Equity at exit: $34,145

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $59,135
• Equity at exit: $19,800

Cash invested: $64,120 (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 46755

• Home prices YoY: -12.8%
• Active inventory: 103
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,988 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$403 /mo · $4,838/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $661

Break-even live

Break-even rent $2,151

Max offer price $229,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,988
Total (3 units)			$2,988

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $229,000 Active 166 DOM
2. 2026-06-17
   days on market $229,000 Active 165 DOM
3. 2026-06-16
   days on market $229,000 Active 164 DOM
4. 2026-06-15
   days on market $229,000 Active 163 DOM
5. 2026-06-13
   days on market $229,000 Active 161 DOM
6. 2026-06-12
   days on market $229,000 Active 160 DOM
7. 2026-06-09
   days on market $229,000 Active 157 DOM
8. 2026-06-08
   days on market $229,000 Active 156 DOM
9. 2026-06-07
   days on market $229,000 Active 155 DOM
10. 2026-06-04
    days on market $229,000 Active 151 DOM
11. 2026-06-02
    days on market $229,000 Active 150 DOM
12. 2026-06-01
    days on market $229,000 Active 149 DOM
13. 2026-05-31
    days on market $229,000 Active 148 DOM
14. 2026-05-31
    days on market $229,000 Active 147 DOM
15. 2026-01-03
    listed $229,000 Active 109-char remark

    Show marketing remark (109 chars)

    Triplex on corner lot with off street parking. Tenant pays electric. Seller pays water-sewer & garbage.

16. 2025-04-08
    price $205,000
17. 2025-02-12
    listed $215,000 Active
18. 2024-04-30
    price $209,000
19. 2024-04-04
    listed $219,000 Active

ⓘ 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: $4,838 · $403/mo
• Projected year-2 tax: $4,838 · $403/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 ≥99°F today · 16 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: $35,856
• − Mortgage interest: −$12,828
• − Property taxes: −$4,838
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,868
• − Management: −$2,868
• − Depreciation: −$6,662
• Taxable income: $4,646
• Est. tax owed @ 24.0%: −$1,115
• After-tax cash flow: $6,817/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: East Noble School Corporation
• NCES district ID: 1802970
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $47,954
• Composite: 27.67/100
• National rank: #6916
• State rank: #216 of 301 in IN

Livability — Kendallville

• Score: 66/100
• State rank: #305
• US rank: #12100

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kendallville, IN
• City population: 15,528
• Population (ZIP): 15,528

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 11% Romanian 4% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Arabic 4%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.00%
• Current HPI: 245.3292
• 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

+4.6% since first listed

5 events — show timeline

• 2026-01-03 Listed $229,000 IRMLS
• 2025-04-08 Price Changed $205,000 IRMLS
• 2025-02-12 Listed $215,000 IRMLS
• 2024-04-30 Price Changed $209,000 IRMLS
• 2024-04-04 Listed $219,000 IRMLS

Property tax history

+2.0%/yr

Latest (2024): $4,838 · +13.8% YoY. Source: county tax records.