701 & 703 E Walnut St · Kokomo, IN 46901

$250,000

4 bd · 4.0 ba · 2,880 sqft · MultiFamily public records · 129 Days on market

Built 1916 6,970 sqft lot ↓ 7% 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 +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Incredible investment opportunity to own a cash flowing 4 unit building, conveniently located in the heart of downtown Kokomo. All units are rented and have been well maintained. Owner pays Gas/Water/Sewer/Lawncare. Residents pay their own electric but there is a 5th electric meter to the basement that owner pays. * All photos of units were taken prior to the residents moving in and are not intended as a direct representation of the property condition. Buyer to do their own due diligence.

Key facts

• Updated units
• New stove
• Fresh paint

Tags

• UPDATED UNITS
• NEW FLOORING
• FRESH PAINT
• NEW STOVE

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: 6 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex / fourplex); 2-story
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 50 x 140

Interior

• Kitchen: Range; Refrigerator
• Flooring: Vinyl
• Bathrooms: 4 full bathrooms; 6 main-level bathrooms
• Heating & cooling: Forced air heating (natural gas); Window cooling units
• Interior features: Range, Refrigerator; Vinyl flooring; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $680/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 5.2% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities F, commute F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sycamore Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 401 students, 75% FRL); Maple Crest Middle School (math 10% / reading 16%, grade F, #304 of 330 statewide, top 94%, 372 students, 77% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).
• At $5,375/mo this rent would consume 107% of the median local household income ($60k/yr) (locally 1116% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% 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 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 2.15% ✓
• Cap rate: 19.35%
• Cash-on-cash: 46.64%
• DSCR: 3.08
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $120,960
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 W Mulberry St	0.57mi	4/2.0	2,837 (-2%)	9mo	$120,000	$42	56
738 S Washington St	0.73mi	3/2.0 (-1)	2,514 (-13%)	12mo	$100,000	$40	22

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 40.6%
• Equity multiple: 2.67×
• Total profit: $116,978
• Equity at exit: $37,276

10-year hold

• IRR: 45.5%
• Equity multiple: 4.77×
• Total profit: $263,943
• Equity at exit: $21,615

Cash invested: $70,000 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $5,375 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$110 /mo · $1,324/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,129
• Net cashflow: $2,721

Break-even live

Break-even rent $1,931

Max offer price $250,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$5,376
Total (4 units)			$5,375

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $250,000 Active 129 DOM
2. 2026-06-18
   days on market $250,000 Active 128 DOM
3. 2026-06-17
   days on market $250,000 Active 127 DOM
4. 2026-06-16
   days on market $250,000 Active 126 DOM
5. 2026-06-15
   days on market $250,000 Active 125 DOM
6. 2026-06-14
   days on market $250,000 Active 123 DOM
7. 2026-06-13
   days on market $250,000 Active 122 DOM
8. 2026-06-10
   days on market $250,000 Active 120 DOM
9. 2026-06-09
   days on market $250,000 Active 119 DOM
10. 2026-06-08
    days on market $250,000 Active 118 DOM
11. 2026-06-07
    days on market $250,000 Active 117 DOM
12. 2026-06-02
    days on market $250,000 Active 112 DOM
13. 2026-06-01
    days on market $250,000 Active 111 DOM
14. 2026-05-31
    days on market $250,000 Active 110 DOM
15. 2026-05-30
    days on market $250,000 Active 109 DOM
16. 2026-05-02
    price $250,000
17. 2026-02-10
    listed $270,000 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: $1,324 · $110/mo
• Projected year-2 tax: $1,724 · $144/mo
• Expected delta: +$400/yr (+$33/mo · 30.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,500
• − Mortgage interest: −$14,004
• − Property taxes: −$1,324
• − Insurance: −$1,250
• − Repairs & maintenance: −$5,160
• − Management: −$5,160
• − Depreciation: −$7,273
• Taxable income: $30,329
• Est. tax owed @ 24.0%: −$7,279
• After-tax cash flow: $25,370/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: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 75,099 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1116.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, 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

-7.4% since first listed

2 events — show timeline

• 2026-05-02 Price Changed $250,000 IRMLS
• 2026-02-10 Listed $270,000 IRMLS

Property tax history

+19.8%/yr

Latest (2024): $1,324 · +501.8% YoY. Source: county tax records.