1122 Sheridan St · Richmond, IN 47374

$105,000

3 bd · 1.0 ba · 1,472 sqft · SingleFamily public records · 114 Days on market

Built 1930 4,792 sqft lot Est $109k · at est.

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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 +23.7/30.0
• ARV discount +9.1/15.0
• DSCR +7.6/10.0
• 1% rule +5.8/10.0
• 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

Are you looking for a large single family home? Here is that chance. This property has a large living room, family room, and a formal dining room. Additionally on the first floor you have a bathroom, kitchen and enclosed porch. On the upper level you have 3 spacious bedrooms.

Key facts

• New counter tops
• New vanity
• New carpet

Tags

• NEW CARPET
• NEW GAS STOVE
• NEW COUNTER TOPS
• NEW CERAMIC TILE TUB SURROUND
• NEW VANITY
• NEW SINK

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding
• Exterior features: Asphalt roof

Interior

• Kitchen: Gas range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Disposal; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: Fairview Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 296 students, 90% 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; 2 comparable units currently listed for rent nearby; 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 $726 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 114 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $14k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $105k implies a 1203% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.08% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $108,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1007 Sheridan St	0.10mi	3/2.0	1,504 (+2%)	10mo	$132,000	$88	79
239 NW I St	0.32mi	2/1.0 (-1)	1,416 (-4%)	1mo	$112,000	$79	73
1034 Boyer St	0.16mi	2/1.5 (-1)	1,404 (-5%)	8mo	$37,600	$27	71
1140 Hunt St	0.31mi	3/1.0	1,398 (-5%)	12mo	$104,000	$74	67
76 NW H St	0.24mi	3/2.0	1,424 (-3%)	15mo	$14,000	$10	67
334 NW J St	0.36mi	3/1.5	1,532 (+4%)	14mo	$108,000	$70	63
1421 Ridge St	0.36mi	3/1.0	1,328 (-10%)	12mo	$76,500	$58	56
1318 Boyer St	0.25mi	3/1.5	1,266 (-14%)	9mo	$74,900	$59	55
231 Richmond Ave	0.62mi	3/1.5	1,534 (+4%)	9mo	$126,000	$82	55
1040 Oak Dr	0.71mi	2/1.0 (-1)	1,594 (+8%)	17mo	$65,000	$41	34
357 Randolph St	0.73mi	3/1.5	1,624 (+10%)	15mo	$130,000	$80	34
4 Waterfall Rd	0.64mi	4/2.0 (+1)	1,292 (-12%)	12mo	$175,900	$136	30

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-4,298
• Equity at exit: $15,656

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $12,629
• Equity at exit: $9,078

Cash invested: $29,400 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,134 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$102 /mo · $1,226/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $200

Break-even live

Break-even rent $882

Max offer price $105,000

Occupancy floor 77%

Sensitivity live

Price	-10% $259	-5% $229	+0% $200	+5% $170	+10% $140
Rent	-10% $110	-5% $155	+0% $200	+5% $244	+10% $289
Rate	-1.0pp $253	-0.5pp $226	base $200	+0.5pp $172	+1.0pp $145

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.44mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	0.75mi

Listing history 11 events

1. 2026-05-11
   status Pending
2. 2026-04-18
   price $105,000
3. 2026-02-16
   price $110,000
4. 2026-01-17
   listed $119,000 Active
5. 2025-11-09
   price $119,000
6. 2025-08-23
   price $129,500
7. 2025-06-21
   price $134,900
8. 2019-10-24
   soldstatus $8,058 276-char remark

   Show marketing remark (276 chars)

   Are you looking for a large single family home? Here is that chance. This property has a large living room, family room, and a formal dining room. Additionally on the first floor you have a bathroom, kitchen and enclosed porch. On the upper level you have 3 spacious bedrooms.

9. 2019-10-24
   soldstatus $8,058

   Show marketing remark (276 chars)

   Are you looking for a large single family home? Here is that chance. This property has a large living room, family room, and a formal dining room. Additionally on the first floor you have a bathroom, kitchen and enclosed porch. On the upper level you have 3 spacious bedrooms.

10. 2019-01-14
    listed $10,800 276-char remark

    Show marketing remark (276 chars)

    Are you looking for a large single family home? Here is that chance. This property has a large living room, family room, and a formal dining room. Additionally on the first floor you have a bathroom, kitchen and enclosed porch. On the upper level you have 3 spacious bedrooms.

11. 2019-01-14
    listed $8,058

    Show marketing remark (276 chars)

    Are you looking for a large single family home? Here is that chance. This property has a large living room, family room, and a formal dining room. Additionally on the first floor you have a bathroom, kitchen and enclosed porch. On the upper level you have 3 spacious bedrooms.

ⓘ 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: $1,226 · $102/mo
• Projected year-2 tax: $1,226 · $102/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 ≥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: $13,613
• − Mortgage interest: −$5,882
• − Property taxes: −$1,226
• − Insurance: −$525
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − Depreciation: −$3,055
• Taxable income: $748
• Est. tax owed @ 24.0%: −$180
• After-tax cash flow: $2,216/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

+1203.1% since first listed

11 events — show timeline

• 2026-05-11 Pending — RRELMS
• 2026-04-18 Price Changed $105,000 RRELMS
• 2026-02-16 Price Changed $110,000 RRELMS
• 2026-01-17 Listed $119,000 RRELMS
• 2025-11-09 Price Changed $119,000 RRELMS
• 2025-08-23 Price Changed $129,500 RRELMS
• 2025-06-21 Price Changed $134,900 RRELMS
• 2019-10-24 Sold (MLS) $8,058 IRMLS
• 2019-10-24 Sold (MLS) $8,058 RRELMS
• 2019-01-14 Listed $10,800 RRELMS
• 2019-01-14 Listed $8,058 IRMLS

Property tax history

+4.2%/yr

Latest (2024): $1,226 · +13.7% YoY. Source: county tax records.