323 W Main St · Richmond, IN 47374

$149,000

4 bd · 2.0 ba · 2,024 sqft · SingleFamily public records · 49 Days on market

Built 1920 3,920 sqft lot Est $166k · 10% under

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Why this score? — see what drove the D+ 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 +15.3/30.0
• ARV discount +12.1/15.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• 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

Step into this beautifully maintained 4-bedroom, 2-bath brick home built in 1920. This classic and spacious residence blends historic character with modern updates, offering original woodwork, gorgeous built-ins, and thoughtful renovations throughout. The inviting entryway features a custom built-in bench and bookshelf, setting the tone for the craftsmanship found in every room. The main floor boasts a fully remodeled kitchen with modern finishes and a renovated full bathroom, along with new flooring throughout the home for a fresh, cohesive feel. Major improvements provide peace of mind, including a new roof installed in May 2025, a garage roof only 3 years old, updated electrical, all-new

Key facts

• New flooring
• Gorgeous built-ins
• Original woodwork

Tags

• ORIGINAL WOODWORK
• GORGEOUS BUILT-INS
• CUSTOM BUILT-IN BENCH
• FULLY REMODELED KITCHEN
• RENOVATED FULL BATHROOM
• NEW FLOORING

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Brick and vinyl siding construction
• Exterior features: Metal roof; Lot zoned residential

Interior

• Kitchen: Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Dishwasher; Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $54 ($646/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (7.9% below list).
• Recommended offer: $137k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.2% in Richmond — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Crestdale Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 390 students, 80% 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).
• This rent runs 32% of the median local income ($51k/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 $1k 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

• It's been on market 49 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,161 (7.9% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $165,968
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 SW 4th St	0.27mi	4/2.0	1,850 (-9%)	3mo	$151,000	$82	71
319 W Main St	0.01mi	3/1.5 (-1)	1,756 (-13%)	8mo	$120,000	$68	64
125 S 3rd St	0.49mi	3/2.0 (-1)	1,924 (-5%)	3mo	$90,000	$47	61
333 W National Rd	0.15mi	3/1.5 (-1)	1,738 (-14%)	4mo	$156,000	$90	59
916 W National Rd	0.52mi	3/2.0 (-1)	2,087 (+3%)	10mo	$192,000	$92	57
412 SW 5th St	0.41mi	4/2.0	1,744 (-14%)	1mo	$145,900	$84	57
218 Randolph St	0.34mi	3/2.0 (-1)	1,752 (-13%)	1mo	$45,000	$26	56
239 S 4th St	0.58mi	4/2.5	2,215 (+9%)	1mo	$115,000	$52	54
826 SW A St	0.41mi	5/1.5 (+1)	1,794 (-11%)	2mo	$205,000	$114	54
215 NW 10th St	0.52mi	3/1.0 (-1)	1,832 (-10%)	2mo	$95,000	$52	49
86 Fort Wayne Ave	0.64mi	3/2.0 (-1)	2,305 (+14%)	1mo	$18,000	$8	41
312 SW H St	0.63mi	4/2.0	1,760 (-13%)	10mo	$163,000	$93	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-20,693
• Equity at exit: $22,216

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-13,517
• Equity at exit: $12,883

Cash invested: $41,720 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $54

Break-even live

Break-even rent $1,303

Max offer price $149,000

Occupancy floor 91%

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: $37,250
• Closing costs: $4,470
• 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	44d	1	1.04mi

Listing history 7 events

1. 2026-06-18
   days on market $149,000 Active 49 DOM
2. 2026-06-17
   days on market $149,000 Active 48 DOM
3. 2026-06-16
   days on market $149,000 Active 47 DOM
4. 2026-06-15
   days on market $149,000 Active 46 DOM
5. 2026-06-14
   days on market $149,000 Active 44 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $149,000 Active 43 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $16,459
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$745
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$4,335
• Taxable loss: −$1,835
• Est. tax savings @ 24.0%: +$440
• After-tax cash flow: $1,087/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

2 events — show timeline

• 2026-06-11 Relisted — RRELMS
• 2026-03-18 Listed $149,000 RRELMS

Property tax history

-16.2%/yr

Latest (2024): $90 · -81.8% YoY. Source: county tax records.