515 E North A St · Gas City, IN 46933

$239,900

6 bd · 3.0 ba · 2,292 sqft · MultiFamily public records · 195 Days on market

Built 1900 5,663 sqft lot $105/sqft · 198% above area

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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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover a rare chance to own a fully leased, cash-flowing triplex that’s truly turnkey. This well-maintained investment property offers immediate income and peace of mind. Each unit features its own utility setup and has been thoughtfully updated to ensure low maintenance and strong resident satisfaction. Whether you're a seasoned investor or new to real estate, this property checks all the boxes: established rental history, steady cash flow, and low hassle. Located in a desirable neighborhood with strong rental demand, this triplex is priced to move and poised for long-term appreciation. Don’t miss your chance to add this proven performer to your portfolio!

Key facts

• Strong rental demand
• Updated
• Steady cash flow

Tags

• CASH-FLOWING TRIPLEX
• TURNKEY
• UPDATED
• ESTABLISHED RENTAL HISTORY
• STEADY CASH FLOW
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#177 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, employment D, health & safety D.
• Mississinewa Community School Corporation (town): math 29% / reading 34% proficiency, ranked #233 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 25 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 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.
• Grant County population projected at -18% 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 $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $211,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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 1900 — 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. 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: 1.14% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (median comp): $80,445
• List price: $239,900
• Delta: 198.22%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $481
• Equity at exit: $35,770

10-year hold

• IRR: 9.8%
• Equity multiple: 1.76×
• Total profit: $51,027
• Equity at exit: $20,742

Cash invested: $67,172 (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 46933

• Home prices YoY: -27.3%
• Active inventory: 25
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $2,745 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$192 /mo · $2,307/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $618

Break-even live

Break-even rent $1,962

Max offer price $239,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,745
Total (3 units)			$2,745

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-31
   days on market $239,900 Active 195 DOM
2. 2026-05-30
   days on market $239,900 Active 194 DOM
3. 2025-11-17
   listed $239,900 Active 679-char remark

   Show marketing remark (679 chars)

   Discover a rare chance to own a fully leased, cash-flowing triplex that’s truly turnkey. This well-maintained investment property offers immediate income and peace of mind. Each unit features its own utility setup and has been thoughtfully updated to ensure low maintenance and strong resident satisfaction. Whether you're a seasoned investor or new to real estate, this property checks all the boxes: established rental history, steady cash flow, and low hassle. Located in a desirable neighborhood with strong rental demand, this triplex is priced to move and poised for long-term appreciation. Don’t miss your chance to add this proven performer to your portfolio!

ⓘ 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: $2,307 · $192/mo
• Projected year-2 tax: $2,307 · $192/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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,940
• − Mortgage interest: −$13,438
• − Property taxes: −$2,307
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,635
• − Management: −$2,635
• − Depreciation: −$6,979
• Taxable income: $3,746
• Est. tax owed @ 24.0%: −$899
• After-tax cash flow: $6,521/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: Mississinewa Community School Corporation
• NCES district ID: 1806870
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -10.00%
• Median HH income: $41,555
• Composite: 26.62/100
• National rank: #7175
• State rank: #233 of 301 in IN

Livability — Gas City

• Score: 69/100
• State rank: #177
• US rank: #8286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gas City, IN
• City population: 6,469
• Population (ZIP): 6,469

Population outlook (Grant County) Hauer SSP2

• Today (2025): 64,394 people
• By 2030: 62,145 · -3.5%
• By 2040: 57,252 · -11.1%
• By 2050: 52,968 · -17.7%
• By 2075: 45,986 · -28.6%
• By 2100: 39,400 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 11% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Lithuanian 2% Scottish 1%
• Foreign-born: 1% · Vietnam

Political lean MEDSL · Grant

• 2024 margin: Solid R (+41.8) · D 28.2% · R 70.0% · Other 1.9%
• 2008→2024 swing: -28.7pp toward R · 2008: -13.1pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.8 2016: R+39.5 2012: R+22.0 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.53%
• Current HPI: 190.5785
• 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

1 event — show timeline

• 2025-11-17 Listed $239,900 IRMLS

Property tax history

+0.7%/yr

Latest (2025): $2,307 · +2.1% YoY. Source: county tax records.