524 S 31st St · Lafayette, IN 47904

$85,000

3 bd · 1.0 ba · 1,112 sqft · SingleFamily public records · 3 Days on market

Built 1947 5,968 sqft lot

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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

This charming fixer-upper offers a fantastic opportunity to for an investor or a home buyer that wants to get in at a great price and make their own renovations. The spacious front living room is a perfect gathering spot and is open to the centrally located kitchen. The back family room provides the ideal space for a playroom or office. Please note, the back two bedrooms do not have closets. Property has washer and dryer connections. Don't miss out on this well priced, potential-packed gem!

Key facts

• Back family room
• 5,968 sq ft lot
• Built 1947

Tags

• SPACIOUS FRONT LIVING ROOM
• CENTRALLY LOCATED KITCHEN
• BACK FAMILY ROOM
• WASHER AND DRYER CONNECTIONS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Asphalt shingle roof; Crawl space foundation; Built area above grade: 1,112
• Exterior features: Level lot; Lot with irregular dimensions

Interior

• Kitchen: Eat-in layout
• Bathrooms: 1 full bathroom; Main level bathroom
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Eat-in kitchen; Window treatments; One fireplace (no specified features)
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 13.6% 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: Murdock Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 250 students, 80% 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 (+2.8%/yr); 73 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 31% of the median local income ($52k/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 $588 of loan paydown is wiped out by about $3k 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 + 2.8% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1947 — 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: 1.57% ✓
• Cap rate: 13.58%
• Cash-on-cash: 26.03%
• DSCR: 2.16
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $189,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 S 31st St	0.00mi	3/1.0	1,112 (0%)	1mo	$128,000	$115	100
618 S 28th St	0.20mi	3/1.0	1,149 (+3%)	6mo	$215,000	$187	80
18 S 26th St	0.43mi	3/1.0	1,116 (+0%)	8mo	$205,000	$184	72
800 S 27th St	0.35mi	2/2.0 (-1)	1,126 (+1%)	3mo	$230,000	$204	70
116 S 30th St	0.23mi	2/1.5 (-1)	1,028 (-8%)	7mo	$175,000	$170	64
622 S 21st St	0.59mi	3/1.0	1,144 (+3%)	4mo	$192,000	$168	64
633 S 24th St	0.43mi	3/1.0	1,016 (-9%)	8mo	$110,000	$108	59
711 S 27th St	0.28mi	3/2.0	1,248 (+12%)	7mo	$203,000	$163	57
2412 Central St	0.52mi	3/1.0	1,008 (-9%)	8mo	$197,000	$195	54
907 S 21st St	0.64mi	3/1.0	1,178 (+6%)	10mo	$185,000	$157	52
530 N 28th St	0.64mi	3/1.0	988 (-11%)	9mo	$205,000	$207	44
1910 Perdue St	0.66mi	2/1.0 (-1)	993 (-11%)	8mo	$160,000	$161	40

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.79×
• Total profit: $18,825
• Equity at exit: $12,674

10-year hold

• IRR: 27.7%
• Equity multiple: 3.42×
• Total profit: $57,593
• Equity at exit: $7,349

Cash invested: $23,800 (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 47904

• Rents YoY: 2.8%
• Active inventory: 73
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,338 high
• Mortgage (P&I): −$446
• Tax from tax record: −$60 /mo · $718/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $516

Break-even live

Break-even rent $685

Max offer price $85,000

Occupancy floor 56%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 S 31st St Lafayette, IN	2.0	1.0	840	$1,250	$1.49	13d	1	0.09mi
2026 Scott St Lafayette, IN	2.0	2.0	1025	$1,450	$1.41	43d	1	0.57mi
512 Portledge Commons Dr Lafayette, IN	1.0–2.0	1.0–2.0	978	$1,325	$1.35	43d	1	0.67mi
2107 Central St Lafayette, IN	2.0	1.0	816	$1,179	$1.44	43d	1	0.68mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	43d	1	0.70mi
2450 S Earl Ave Lafayette, IN	1.0–2.0	1.0	755	$1,214	$1.61	13d	3	0.74mi
1739 Main St Unit 7 Lafayette, IN	3.0	1.0	750	$1,300	$1.73	13d	1	0.80mi
1739 Main St Unit 5 Lafayette, IN	3.0	1.0	850	$1,200	$1.41	43d	1	0.80mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	13d	1	0.86mi
1611 Grove St Lafayette, IN	3.0	1.5	1250	$1,195	$0.96	13d	1	0.87mi
409 S 15th St Lafayette, IN	2.0	2.0	864	$1,200	$1.39	43d	1	0.92mi
3545 McCarty Ln Lafayette, IN	1.0–2.0	1.0	628	$1,199	$1.91	13d	3	0.95mi
1512 Main St Unit 1 Lafayette, IN	2.0	1.5	1200	$1,349	$1.12	13d	1	1.00mi
1422 Main St Unit 05 Lafayette, IN	2.0	1.0	780	$875	$1.12	21d	1	1.07mi
612 S 10th St Unit 612 Lafayette, IN	2.0	1.0	1028	$1,035	$1.01	13d	1	1.25mi
1024 Main St Unit 10245 Lafayette, IN	2.0	1.0	1200	$1,350	$1.12	21d	1	1.32mi
3605 Wausau Ct Lafayette, IN	3.0	1.0	1073	$1,500	$1.40	43d	1	1.37mi
10 Emerald Pines Ct Unit 50-01 Lafayette, IN	2.0	2.0	900	$1,240	$1.38	21d	1	1.46mi
10 Emerald Pines Ct Lafayette, IN	1.0–2.0	1.0–2.5	742	$1,290	$1.74	43d	7	1.46mi
400 N 9th St Lafayette, IN	1.0–2.0	1.0–2.0	1600	$2,675	$1.67	43d	2	1.47mi

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-05-12
   listed $85,000 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: $718 · $60/mo
• Projected year-2 tax: $720 · $60/mo
• Expected delta: +$2/yr ($0/mo · 0.3%)

ⓘ 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: $16,058
• − Mortgage interest: −$4,761
• − Property taxes: −$718
• − Insurance: −$425
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$2,473
• Taxable income: $5,112
• Est. tax owed @ 24.0%: −$1,227
• After-tax cash flow: $4,967/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): 16,257
• Household income: $51,687
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 563.0

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% Hispanic / Latino 16% Two or more races 11% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 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: ▼ -147.53%
• Current HPI: 227.1555
• Rent YoY: ▲ 2.80%
• 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

2 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-12 Listed $85,000 IRMLS

Property tax history

+6.6%/yr

Latest (2024): $718 · +18.5% YoY. Source: county tax records.