225 NW J St · Richmond, IN 47374

$124,900

3 bd · 2.5 ba · 1,795 sqft · SingleFamily public records · 8 Days on market

Built 1930 7,405 sqft lot Est $126k · at est.

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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 +22.2/30.0
• ARV discount +7.8/15.0
• DSCR +7.1/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in condition 3 BR two story home with 1 full bath and 2 half baths. You will appreciate the main floor bedroom and utility area which includes the w/ d and an additional refrigerator. The dining room includes a beautiful natural woodwork hutch. New laminate flooring, gas water heater 2021, front roof put on in 2003 and the rear installed in 2021, newer windows and vinyl siding. The basement includes a family room currently being used as an office, and another utility area with an additional washer/dryer which are included. You will also appreciate the basement 1/2 bath for its convenience. The rear yard is fenced and includes a 2 car detached garage. Call or Text Debbie Rudd at 765-969-6822.

Key facts

• Main floor half bath
• Unfinished basement
• Fenced in yard

Tags

• MAIN FLOOR HALF BATH
• UNFINISHED BASEMENT
• NEWLY REMODELED FULL BATH
• DETACHED TWO CAR GARAGE
• FENCED IN YARD
• CLOSE PROXIMITY TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.2% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fairview Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 296 students, 90% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $89k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,900

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $125,650
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 Randolph St	0.48mi	3/2.0	1,752 (-2%)	1mo	$45,000	$26	71
1208 Harris St	0.20mi	3/1.0	1,968 (+10%)	9mo	$120,000	$61	61
1424 Boyer St	0.44mi	4/2.0 (+1)	1,872 (+4%)	8mo	$129,500	$69	59
334 NW J St	0.10mi	3/1.5	1,532 (-15%)	14mo	$108,000	$70	55
118 Randolph St	0.48mi	3/2.0	1,682 (-6%)	18mo	$26,000	$15	50
2 Cedar Ct	0.61mi	3/2.0	1,568 (-13%)	2mo	$42,000	$27	47
431 Lincoln St	0.62mi	3/1.0	1,608 (-10%)	2mo	$146,500	$91	46
34 Waterfall Rd	0.74mi	3/2.0	1,818 (+1%)	20mo	$149,900	$82	44
231 Richmond Ave	0.44mi	3/1.5	1,534 (-14%)	9mo	$126,000	$82	44
357 Randolph St	0.53mi	3/1.5	1,624 (-10%)	15mo	$130,000	$80	43
319 Kinsey St	0.75mi	3/2.0	1,584 (-12%)	3mo	$60,000	$38	41
706 Indiana Ave	0.64mi	2/1.0 (-1)	1,536 (-14%)	1mo	$109,900	$72	34

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-7,293
• Equity at exit: $18,623

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $10,246
• Equity at exit: $10,799

Cash invested: $34,972 (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 47374

• Active inventory: 273
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,256 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$82 /mo · $981/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $204

Break-even live

Break-even rent $998

Max offer price $124,900

Occupancy floor 79%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	43d	1	0.32mi

Listing history 6 events

1. 2025-07-29
   status Pending
2. 2025-07-21
   listed $124,900 Active
3. 2022-10-06
   soldstatus $89,000 705-char remark

   Show marketing remark (705 chars)

   Move in condition 3 BR two story home with 1 full bath and 2 half baths. You will appreciate the main floor bedroom and utility area which includes the w/ d and an additional refrigerator. The dining room includes a beautiful natural woodwork hutch. New laminate flooring, gas water heater 2021, front roof put on in 2003 and the rear installed in 2021, newer windows and vinyl siding. The basement includes a family room currently being used as an office, and another utility area with an additional washer/dryer which are included. You will also appreciate the basement 1/2 bath for its convenience. The rear yard is fenced and includes a 2 car detached garage. Call or Text Debbie Rudd at 765-969-6822.

4. 2022-08-31
   listed $92,500 705-char remark

   Show marketing remark (705 chars)

   Move in condition 3 BR two story home with 1 full bath and 2 half baths. You will appreciate the main floor bedroom and utility area which includes the w/ d and an additional refrigerator. The dining room includes a beautiful natural woodwork hutch. New laminate flooring, gas water heater 2021, front roof put on in 2003 and the rear installed in 2021, newer windows and vinyl siding. The basement includes a family room currently being used as an office, and another utility area with an additional washer/dryer which are included. You will also appreciate the basement 1/2 bath for its convenience. The rear yard is fenced and includes a 2 car detached garage. Call or Text Debbie Rudd at 765-969-6822.

5. 2019-01-11
   soldstatus $64,000 857-char remark

   Show marketing remark (857 chars)

   So much to offer in this 3 BR, 2 1/2 BA, two story home. This well maintained and ready to move into home offers newer windows, newer roof, vinyl siding, fenced rear yard and detached 2 car garage. Includes all appliances in an eat in kitchen as well as a dining room with a built-in hutch. You will appreciate the main floor bedroom and half bath. Also helpful is the large and tidy mud room as you enter from the rear deck. The second full bath is found in the basement conveniently located next to the utility area. The basement also includes a family/rec area with a significant amount of storage. The closet space throughout the house is exceptional. The landing at the top of the second floor stairway would make a great den/office/or child’s hangout area. Call Debbie Rudd at 969-6822 or Jason Wise at 969-3400 for your tour of this great home.

6. 2018-09-19
   listed $69,999 857-char remark

   Show marketing remark (857 chars)

   So much to offer in this 3 BR, 2 1/2 BA, two story home. This well maintained and ready to move into home offers newer windows, newer roof, vinyl siding, fenced rear yard and detached 2 car garage. Includes all appliances in an eat in kitchen as well as a dining room with a built-in hutch. You will appreciate the main floor bedroom and half bath. Also helpful is the large and tidy mud room as you enter from the rear deck. The second full bath is found in the basement conveniently located next to the utility area. The basement also includes a family/rec area with a significant amount of storage. The closet space throughout the house is exceptional. The landing at the top of the second floor stairway would make a great den/office/or child’s hangout area. Call Debbie Rudd at 969-6822 or Jason Wise at 969-3400 for your tour of this great home.

ⓘ 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: $981 · $82/mo
• Projected year-2 tax: $1,021 · $85/mo
• Expected delta: +$40/yr (+$3/mo · 4.1%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,075
• − Mortgage interest: −$6,996
• − Property taxes: −$981
• − Insurance: −$624
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$3,633
• Taxable income: $428
• Est. tax owed @ 24.0%: −$103
• After-tax cash flow: $2,342/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

+78.4% since first listed

6 events — show timeline

• 2025-07-29 Pending — RRELMS
• 2025-07-21 Listed $124,900 RRELMS
• 2022-10-06 Sold (MLS) $89,000 RRELMS
• 2022-08-31 Listed $92,500 RRELMS
• 2019-01-11 Sold (MLS) $64,000 RRELMS
• 2018-09-19 Listed $69,999 RRELMS

Property tax history

+9.1%/yr

Latest (2024): $981 · +49.2% YoY. Source: county tax records.