4984 Cook Rd · Richmond, IN 47374

$104,900

3 bd · 2.0 ba · 2,056 sqft · SingleFamily public records · 28 Days on market

Built 1979 4.50 ac lot Est $114k · 8% under · waterfront ↓ 16% since listing

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Why this score? — see what drove the C+ 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 +26.7/30.0
• ARV discount +11.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.0/10.0
• 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 MLS

Welcome to this spacious and inviting 4-bedroom, 2-bath home offering 2,056 square feet of comfortable living space. Nestled on 4.5 beautiful acres, this property provides the perfect blend of privacy, open space, and everyday functionality. Outside, the expansive acreage offers endless possibilities—whether you're looking to enjoy peaceful country views, start a hobby farm, or simply have room to roam. The property also features two garages, including a 2-car and a 1-car garage, providing ample storage for vehicles, equipment, or workshop space. If you're searching for space, versatility, and a serene setting, this property is ready to welcome you. Seller Choice of services, Bring all offers! Sold as-is: Seller will not make or pay for any repairs or pay for or provide any reports. All offers must be written on State Form only! CASH ONLY

Key facts

• 4.5 acre lot
• 3 garage spots
• Built 1979

Property features AI

Exterior

• Parking: 3-car garage; Attached and detached parking options
• Utilities: Private well water; Septic tank
• Home design: Single family residence; Residential property; 2-story home
• Construction: Frame construction
• Exterior features: Covered patio/porch; Rolling slope lot

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating
• Interior features: Electric water heater; Crawl space basement; 7 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (24.1% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $80k (24.1% below list) — sets the bar for cash-flow.
• Cap rate 9.5% vs local median 5.2% in Richmond — 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 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); Dennis Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 597 students, 82% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k 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 28 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,616 (24.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.20% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.58%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $113,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4984 Cook Rd	0.00mi	4/2.0 (+1)	2,056 (0%)	1mo	$85,000	$41	94
4649 Indiana 227	0.20mi	4/1.0 (+1)	1,900 (-8%)	23mo	$60,000	$32	49

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: -25.9%
• Equity multiple: 0.12×
• Total profit: $-25,839
• Equity at exit: $15,641

10-year hold

• IRR: -21.5%
• Equity multiple: -0.13×
• Total profit: $-33,122
• Equity at exit: $9,070

Cash invested: $29,372 (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: 277
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$121 /mo · $1,450/yr
• Insurance: −$44
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-143

Break-even live

Break-even rent $1,445

Max offer price $79,616

Occupancy floor —

Sensitivity live

Price	-10% $-84	-5% $-113	+0% $-143	+5% $-173	+10% $-203
Rent	-10% $-243	-5% $-193	+0% $-143	+5% $-93	+10% $-43
Rate	-1.0pp $-90	-0.5pp $-116	base $-143	+0.5pp $-170	+1.0pp $-198

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-06
   status Pending

   Show marketing remark (858 chars)

   Welcome to this spacious and inviting 4-bedroom, 2-bath home offering 2,056 square feet of comfortable living space. Nestled on 4.5 beautiful acres, this property provides the perfect blend of privacy, open space, and everyday functionality. Outside, the expansive acreage offers endless possibilities—whether you're looking to enjoy peaceful country views, start a hobby farm, or simply have room to roam. The property also features two garages, including a 2-car and a 1-car garage, providing ample storage for vehicles, equipment, or workshop space. If you're searching for space, versatility, and a serene setting, this property is ready to welcome you. Seller Choice of services, Bring all offers! Sold as-is: Seller will not make or pay for any repairs or pay for or provide any reports. All offers must be written on State Form only! CASH ONLY

2. 2026-05-06
   status Pending 858-char remark

   Show marketing remark (858 chars)

   Welcome to this spacious and inviting 4-bedroom, 2-bath home offering 2,056 square feet of comfortable living space. Nestled on 4.5 beautiful acres, this property provides the perfect blend of privacy, open space, and everyday functionality. Outside, the expansive acreage offers endless possibilities—whether you're looking to enjoy peaceful country views, start a hobby farm, or simply have room to roam. The property also features two garages, including a 2-car and a 1-car garage, providing ample storage for vehicles, equipment, or workshop space. If you're searching for space, versatility, and a serene setting, this property is ready to welcome you. Seller Choice of services, Bring all offers! Sold as-is: Seller will not make or pay for any repairs or pay for or provide any reports. All offers must be written on State Form only! CASH ONLY

3. 2026-04-08
   listed $104,900 Active 858-char remark

   Show marketing remark (858 chars)

   Welcome to this spacious and inviting 4-bedroom, 2-bath home offering 2,056 square feet of comfortable living space. Nestled on 4.5 beautiful acres, this property provides the perfect blend of privacy, open space, and everyday functionality. Outside, the expansive acreage offers endless possibilities—whether you're looking to enjoy peaceful country views, start a hobby farm, or simply have room to roam. The property also features two garages, including a 2-car and a 1-car garage, providing ample storage for vehicles, equipment, or workshop space. If you're searching for space, versatility, and a serene setting, this property is ready to welcome you. Seller Choice of services, Bring all offers! Sold as-is: Seller will not make or pay for any repairs or pay for or provide any reports. All offers must be written on State Form only! CASH ONLY

4. 2026-04-08
   listed $104,900 Active

   Show marketing remark (858 chars)

   Welcome to this spacious and inviting 4-bedroom, 2-bath home offering 2,056 square feet of comfortable living space. Nestled on 4.5 beautiful acres, this property provides the perfect blend of privacy, open space, and everyday functionality. Outside, the expansive acreage offers endless possibilities—whether you're looking to enjoy peaceful country views, start a hobby farm, or simply have room to roam. The property also features two garages, including a 2-car and a 1-car garage, providing ample storage for vehicles, equipment, or workshop space. If you're searching for space, versatility, and a serene setting, this property is ready to welcome you. Seller Choice of services, Bring all offers! Sold as-is: Seller will not make or pay for any repairs or pay for or provide any reports. All offers must be written on State Form only! CASH ONLY

5. 2021-07-20
   soldstatus $120,000 725-char remark

   Show marketing remark (725 chars)

   The possibilities are endless with this quaint home with country living. With a little TLC this home could really shine. Located within minutes of Interstate 70 sitting on nearly 4 1/2 acres this is a home you won't want to miss. This home features 3 bedrooms and 2 full baths, although there is an office space that could be used as a potential 4th bedroom if needed. The home will be sold "as is" and an "as is" addendum should be attached with any offer. Anything left in the property at this time will be included in the sale. This property is also located within a flood plain, any financing will require flood insurance. To schedule your private showing call or text Lindsey Fortman at 765-541-1659!

6. 2021-05-27
   listed $124,900 725-char remark

   Show marketing remark (725 chars)

   The possibilities are endless with this quaint home with country living. With a little TLC this home could really shine. Located within minutes of Interstate 70 sitting on nearly 4 1/2 acres this is a home you won't want to miss. This home features 3 bedrooms and 2 full baths, although there is an office space that could be used as a potential 4th bedroom if needed. The home will be sold "as is" and an "as is" addendum should be attached with any offer. Anything left in the property at this time will be included in the sale. This property is also located within a flood plain, any financing will require flood insurance. To schedule your private showing call or text Lindsey Fortman at 765-541-1659!

ⓘ 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: $1,450 · $121/mo
• Projected year-2 tax: $1,450 · $121/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 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $15,161
• − Mortgage interest: −$5,876
• − Property taxes: −$1,450
• − Insurance: −$5,643
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$3,052
• Taxable loss: −$3,286
• Est. tax savings @ 24.0%: +$789
• After-tax cash flow: $-929/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

• 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

-16.0% since first listed

6 events — show timeline

• 2026-05-06 Pending — ECIAOR
• 2026-05-06 Pending — RRELMS
• 2026-04-08 Listed $104,900 RRELMS
• 2026-04-08 Listed $104,900 ECIAOR
• 2021-07-20 Sold (MLS) $120,000 RRELMS
• 2021-05-27 Listed $124,900 RRELMS

Property tax history

+5.4%/yr

Latest (2024): $1,450 · +17.6% YoY. Source: county tax records.