220 E Van Buren St · Columbia City, IN 46725

$137,500

1 bd · 3.0 ba · 2,142 sqft · SingleFamily public records

Built 1942 6,407 sqft lot ↓ 12% since listing

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Why this score? — see what drove the F 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 +9.5/30.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• 1% rule +2.8/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* * * * TWO TRIPLEX'S for $275,000 * * * See agent remarks. Seller has newer investment opportunity and wants to sell these asap!. .. Do they need work. . YES but. . opportunity awaits with this Triplex, a lucrative deal for a savvy investors. Boasting three well-appointed units in a strategic location, this property ensures a strong rental history and tons of potential! This triplex offers three 1 bed/1 bath units.

Key facts

• 6,407 sq ft lot
• 3 parking spots
• Built 1942

What this means for you Summary

Snapshot

• This is a 1-bed/3.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (21.8% below list).
• Recommended offer: $108k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.6% in Columbia City — 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 (#73 in IN, #4,647 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities D, commute F.
• Whitley County Consolidated Schools (rural): math 36% / reading 43% proficiency, ranked #140 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mary Raber Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 251 students, 51% FRL); Indian Springs Middle School (math 28% / reading 40%, grade F, #173 of 330 statewide, top 53%, 834 students, 33% FRL); Columbia City High School (math 36% / reading 69%, grade C-, #102 of 369 statewide, top 28%, 1,147 students, 27% FRL).
• Market conditions: 113 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $951 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,506 (21.8% 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 1942 — 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. 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?
6. 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.
7. 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.
8. 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: 0.78% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.98%
• DSCR: 0.87
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.26×
• Total profit: $-28,366
• Equity at exit: $20,502

10-year hold

• IRR: -14.8%
• Equity multiple: 0.16×
• Total profit: $-32,500
• Equity at exit: $11,888

Cash invested: $38,500 (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 46725

• Home prices YoY: -21.5%
• Active inventory: 113
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,075 medium
• Mortgage (P&I): −$721
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $-96

Break-even live

Break-even rent $1,196

Max offer price $120,585

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-57	+0% $-96	+5% $-135	+10% $-174
Rent	-10% $-181	-5% $-138	+0% $-96	+5% $-53	+10% $-11
Rate	-1.0pp $-27	-0.5pp $-61	base $-96	+0.5pp $-131	+1.0pp $-168

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2025-12-03
   price $137,500
2. 2025-10-07
   listed $149,000 Active
3. 2023-12-28
   status Active
4. 2023-12-15
   status Pending
5. 2023-12-06
   listed $157,000 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: $2,000 · $167/mo
• Projected year-2 tax: $2,000 · $167/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 ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,901
• − Mortgage interest: −$7,702
• − Property taxes: −$2,000
• − Insurance: −$688
• − Repairs & maintenance: −$1,032
• − Management: −$1,032
• − Depreciation: −$4,000
• Taxable loss: −$3,553
• Est. tax savings @ 24.0%: +$853
• After-tax cash flow: $-296/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: Whitley County Consolidated Schools
• NCES district ID: 1802280
• Math proficiency: 36% ▼ -6.00%
• Reading proficiency: 43% ▼ -6.00%
• Median HH income: $54,445
• Composite: 34.48/100
• National rank: #5184
• State rank: #140 of 301 in IN

Livability — Columbia City

• Score: 74/100
• State rank: #73
• US rank: #4647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia City, IN
• City population: 22,941
• Population (ZIP): 22,941

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 33,363 people
• By 2030: 32,930 · -1.3%
• By 2040: 31,598 · -5.3%
• By 2050: 29,902 · -10.4%
• By 2075: 25,785 · -22.7%
• By 2100: 20,729 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+49.9) · D 24.1% · R 74.0% · Other 1.9%
• 2008→2024 swing: -28.4pp toward R · 2008: -21.5pp · 2024: -49.9pp
• All cycles: 2024: R+49.9 2020: R+49.1 2016: R+51.4 2012: R+38.9 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.71%
• Current HPI: 217.5929
• Rent YoY: —
• Metro: —
• 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

-12.4% since first listed

5 events — show timeline

• 2025-12-03 Price Changed $137,500 IRMLS
• 2025-10-07 Listed $149,000 IRMLS
• 2023-12-28 Relisted — IRMLS
• 2023-12-15 Pending — IRMLS
• 2023-12-06 Listed $157,000 IRMLS

Property tax history

+5.6%/yr

Latest (2024): $2,000 · +6.6% YoY. Source: county tax records.