2515 Eckman Dr · Lafayette, IN 47909

$124,500

3 bd · 2.5 ba · 1,760 sqft · SingleFamily public records · 12 Days on market

Built 1978 10,411 sqft lot ↓ 17% since listing

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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 +3.7/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter home. Spacious 1760 sq ft has slots to offer. Large eat-in kitchen, two family rooms, wood burning fireplace and great fenced back yard.

Key facts

• Fenced back yard
• Eat-in kitchen
• 0.24 acre lot

Tags

• EAT-IN KITCHEN
• WOOD BURNING FIREPLACE
• FENCED BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Cap rate 11.3% vs local median 4.2% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Edgelea Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 457 students, 65% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL) — zoned schools at 67% FRL track the district average.
• Zoned-school proficiency averages 46% at this address vs 32% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Lafayette School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.7%/yr); 186 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 33% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $861 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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.

Recommended offer $124,500

Questions for the listing agent

1. Built in 1978 — 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 F 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: 1.50% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.83%
• DSCR: 1.79
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $267,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2404 Bennett Rd	0.16mi	4/1.5 (+1)	1,836 (+4%)	2mo	$245,000	$133	75
350 Limestone Ct W	0.31mi	3/2.0	1,635 (-7%)	8mo	$330,000	$202	64
2524 Whitehall Dr	0.50mi	4/2.0 (+1)	1,808 (+3%)	1mo	$264,500	$146	64
416 Atlas Dr	0.30mi	3/2.0	1,650 (-6%)	13mo	$320,000	$194	63
359 Limestone Ct	0.31mi	4/2.5 (+1)	1,900 (+8%)	12mo	$339,000	$178	57
901 Southlea Dr	0.63mi	4/1.5 (+1)	1,762 (+0%)	6mo	$235,000	$133	56
532 Duroc Ct	0.39mi	2/2.0 (-1)	1,869 (+6%)	12mo	$253,000	$135	55
2065 S 9th St	0.63mi	3/1.5	1,960 (+11%)	0mo	$297,000	$152	48
2525 S 9th St	0.47mi	3/2.0	1,512 (-14%)	10mo	$274,900	$182	44
2545 Lafayette Dr	0.59mi	3/2.0	1,548 (-12%)	8mo	$80,000	$52	44
134 Kensal Ct	0.72mi	3/2.5	1,522 (-14%)	13mo	$267,900	$176	33
210 Montifiore St	0.75mi	2/2.0 (-1)	1,558 (-12%)	8mo	$199,900	$128	32

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.36×
• Total profit: $12,415
• Equity at exit: $18,563

10-year hold

• IRR: 18.1%
• Equity multiple: 2.48×
• Total profit: $51,654
• Equity at exit: $10,764

Cash invested: $34,860 (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 47909

• Rents YoY: 2.7%
• Active inventory: 186
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,864 medium
• Mortgage (P&I): −$653
• Tax from tax record: −$250 /mo · $3,003/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $518

Break-even live

Break-even rent $1,209

Max offer price $124,500

Occupancy floor 67%

Sensitivity live

Price	-10% $588	-5% $553	+0% $518	+5% $483	+10% $447
Rent	-10% $371	-5% $444	+0% $518	+5% $592	+10% $665
Rate	-1.0pp $581	-0.5pp $550	base $518	+0.5pp $486	+1.0pp $453

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
324 Plantation Way Lafayette, IN	3.0	2.0	1276	$1,820	$1.43	45d	1	1.32mi
340 Plantation Way Lafayette, IN	3.0	2.0	1404	$1,595	$1.14	45d	1	1.34mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	14d	1	1.41mi

Listing history 4 events

1. 2026-03-30
   status Pending
2. 2026-03-18
   listed $124,500 Active
3. 2020-06-09
   soldstatus $151,500 150-char remark

   Show marketing remark (150 chars)

   Great starter home. Spacious 1760 sq ft has slots to offer. Large eat-in kitchen, two family rooms, wood burning fireplace and great fenced back yard.

4. 2020-04-03
   listed $150,000 150-char remark

   Show marketing remark (150 chars)

   Great starter home. Spacious 1760 sq ft has slots to offer. Large eat-in kitchen, two family rooms, wood burning fireplace and great fenced back yard.

ⓘ 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: $3,003 · $250/mo
• Projected year-2 tax: $3,003 · $250/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 · 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: $22,374
• − Mortgage interest: −$6,974
• − Property taxes: −$3,003
• − Insurance: −$622
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$3,622
• Taxable income: $4,573
• Est. tax owed @ 24.0%: −$1,098
• After-tax cash flow: $5,118/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 43,561
• Household income: $68,035
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1332.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Black 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 2% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.96%
• Current HPI: 214.2557
• Rent YoY: ▲ 2.74%
• Metro: Lafayette-West Lafayette, 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

-17.0% since first listed

4 events — show timeline

• 2026-03-30 Pending — IRMLS
• 2026-03-18 Listed $124,500 IRMLS
• 2020-06-09 Sold (MLS) $151,500 IRMLS
• 2020-04-03 Listed $150,000 IRMLS

Property tax history

+11.4%/yr

Latest (2024): $3,003 · -10.7% YoY. Source: county tax records.