1308 South St · Lafayette, IN 47901

$370,000

6 bd · 4.0 ba · 3,936 sqft · MultiFamily public records · 39 Days on market

Built 1890 7,405 sqft lot $94/sqft · 6% above area Est $350k · 6% over

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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 +26.4/30.0
• DSCR +9.0/10.0
• Appreciation +6.8/10.0
• 1% rule +6.7/10.0
• ARV discount +5.0/15.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Nice, income producing triplex close to downtown. newer AC units, roof, and siding.

Key facts

• Dedicated parking
• 7,405 sq ft lot
• 3 parking spots

Tags

• DEDICATED PARKING
• CLOSE TO DOWNTOWN LAFAYETTE
• KITCHEN AND DINING AREA

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Annual taxes reported

Exterior

• Parking: 3 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Triplex; 2 stories; Facing information not provided
• Construction: Vinyl siding; Built with a partial basement
• Exterior features: Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 4 full bathrooms; 6 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Range; Refrigerator; Partial basement; Basement present

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $963 ($12k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $359k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: Thomas Miller Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 343 students, 85% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 16 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($3k loan paydown + $13k appreciation (3.5% local appreciation)).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.5% appreciation + 4.8% rent growth), your $104k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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 $275k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $358,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.17% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.15%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (median comp): $350,163
• List price: $370,000
• Delta: 5.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.53% appreciation · 4.83% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 2.20×
• Total profit: $124,493
• Equity at exit: $177,550

10-year hold

• IRR: 22.0%
• Equity multiple: 4.45×
• Total profit: $357,306
• Equity at exit: $282,656

Cash invested: $103,600 (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 47901

• Home prices YoY: 1.9%
• Rents YoY: 4.8%
• Active inventory: 16
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $4,320 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$356 /mo · $4,268/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$907
• Net cashflow: $963

Break-even live

Break-even rent $3,101

Max offer price $370,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$4,320
Total (3 units)			$4,320

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $370,000 Active 39 DOM
2. 2026-06-18
   days on market $370,000 Active 38 DOM
3. 2026-06-17
   days on market $370,000 Active 37 DOM
4. 2026-06-16
   days on market $370,000 Active 36 DOM
5. 2026-06-15
   days on market $370,000 Active 35 DOM
6. 2026-06-14
   days on market $370,000 Active 33 DOM
7. 2026-06-13
   days on market $370,000 Active 32 DOM
8. 2026-06-10
   days on market $370,000 Active 30 DOM
9. 2026-06-09
   days on market $370,000 Active 29 DOM
10. 2026-06-08
    days on market $370,000 Active 28 DOM
11. 2026-06-07
    days on market $370,000 Active 27 DOM
12. 2026-06-02
    days on market $370,000 Active 22 DOM
13. 2026-06-01
    days on market $370,000 Active 21 DOM
14. 2026-05-31
    days on market $370,000 Active 20 DOM
15. 2026-05-30
    days on market $370,000 Active 19 DOM
16. 2026-05-11
    listed $370,000 Active 272-char remark
17. 2023-04-21
    soldstatus $275,000 Closed

    Show marketing remark (83 chars)

    Nice, income producing triplex close to downtown. newer AC units, roof, and siding.

18. 2023-03-05
    status Pending

    Show marketing remark (83 chars)

    Nice, income producing triplex close to downtown. newer AC units, roof, and siding.

19. 2023-03-05
    listed $275,000 Active

    Show marketing remark (83 chars)

    Nice, income producing triplex close to downtown. newer AC units, roof, and siding.

20. 2020-06-23
    soldstatus $231,000
21. 2019-10-21
    listed $245,000
22. 2011-09-09
    listed $205,000

ⓘ 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: $4,268 · $356/mo
• Projected year-2 tax: $4,268 · $356/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 ≥102°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: $51,840
• − Mortgage interest: −$20,726
• − Property taxes: −$4,268
• − Insurance: −$1,850
• − Repairs & maintenance: −$4,147
• − Management: −$4,147
• − Depreciation: −$10,764
• Taxable income: $5,938
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $10,127/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): 4,585
• Household income: $47,206
• Rent vs Own: 91.9% rent · 8.1% own
• Severe rent burden: 314.0

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 (73%)
• Race & ethnicity: White 73% Black 15% Asian 6% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 5% Romanian 4% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 87% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

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: ▲ 3.53%
• Current HPI: 192.353
• Rent YoY: ▲ 4.83%
• 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

+80.5% since first listed

7 events — show timeline

• 2026-05-11 Listed $370,000 IRMLS
• 2023-04-21 Sold (MLS) $275,000 IRMLS
• 2023-03-05 Pending — IRMLS
• 2023-03-05 Listed $275,000 IRMLS
• 2020-06-23 Sold (MLS) $231,000 IRMLS
• 2019-10-21 Listed $245,000 IRMLS
• 2011-09-09 Listed $205,000 IRMLS

Property tax history

+5.6%/yr

Latest (2024): $4,268 · +39.8% YoY. Source: county tax records.