408 W Mulberry St · Kokomo, IN 46901

$299,900

9 bd · 5.1 ba · 7,756 sqft · MultiFamily public records · 11 Days on market

Built 1919 8,712 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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: 3 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 MLS

Great 5 unit income producing rental building. Washer and dryer are coin operated. 3 units are occupied and 2 units need updating before renting.

Key facts

• Downtown amenities
• Rental units
• Shopping

Tags

• INVESTMENT OPPORTUNITY
• MULTI-UNIT PROPERTY
• RENTAL UNITS
• INCOME-PRODUCING POTENTIAL
• DOWNTOWN AMENITIES
• SHOPPING

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Eight open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family fiveplex); Three stories
• Construction: Brick construction; Stone foundation
• Exterior features: Level lot; Lot dimensions approximately 66 x 132

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: Five full bathrooms; Nine main-level bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Range; Refrigerator; Unfinished basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $381/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 10.9% 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: Pettit Park School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 241 students, 86% FRL); Central Middle School (math 23% / reading 38%, grade F, #203 of 330 statewide, top 63%, 458 students, 57% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL) — zoned schools at 67% FRL track the district average.
• 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 $4,011/mo this rent would consume 80% 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 $9k 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 8y 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.
• Current owner paid $155k; list at $300k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.34% ✓
• Cap rate: 10.87%
• Cash-on-cash: 16.34%
• DSCR: 1.73
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $829,892
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 N Main St	0.29mi	9/8.5	7,036 (-9%)	15mo	$755,000	$107	45

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: 4.0%
• Equity multiple: 1.15×
• Total profit: $12,491
• Equity at exit: $44,716

10-year hold

• IRR: 10.5%
• Equity multiple: 1.71×
• Total profit: $59,333
• Equity at exit: $25,930

Cash invested: $83,972 (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: 18.7×

Monthly cashflow live

• Estimated rent: $4,011 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$328 /mo · $3,934/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$842
• Net cashflow: $1,143

Break-even live

Break-even rent $2,564

Max offer price $299,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,313	-5% $1,228	+0% $1,143	+5% $1,058	+10% $973
Rent	-10% $826	-5% $985	+0% $1,143	+5% $1,302	+10% $1,460
Rate	-1.0pp $1,294	-0.5pp $1,219	base $1,143	+0.5pp $1,065	+1.0pp $986

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,011
Total (3 units)			$4,011

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-05-18
   status Pending
2. 2026-05-07
   listed $299,900 Active
3. 2025-08-20
   historical $775
4. 2025-08-08
   listed $775
5. 2025-07-31
   historical $795
6. 2025-06-21
   price $795
7. 2025-05-22
   listed $850
8. 2025-03-21
   historical $775
9. 2025-03-21
   listed $775
10. 2025-03-21
    historical $845
11. 2025-03-12
    listed $845
12. 2025-01-25
    historical $550
13. 2025-01-25
    listed $550
14. 2025-01-02
    historical $595
15. 2024-12-20
    historical $595
16. 2024-12-19
    listed $595
17. 2024-12-10
    price $750
18. 2024-12-04
    price $775
19. 2024-11-26
    listed $800
20. 2024-11-07
    historical $700
21. 2024-11-06
    listed $700
22. 2024-10-19
    historical $700
23. 2024-10-12
    historical $700
24. 2024-10-12
    listed $700
25. 2024-09-25
    price $825
26. 2024-08-21
    price $875
27. 2024-07-19
    listed $950
28. 2020-05-29
    soldstatus $155,000 145-char remark

    Show marketing remark (145 chars)

    Great 5 unit income producing rental building. Washer and dryer are coin operated. 3 units are occupied and 2 units need updating before renting.

29. 2020-04-15
    listed $195,000 145-char remark

    Show marketing remark (145 chars)

    Great 5 unit income producing rental building. Washer and dryer are coin operated. 3 units are occupied and 2 units need updating before renting.

30. 2018-12-20
    soldstatus $165,000 31-char remark

    Show marketing remark (31 chars)

    One party- sold & closed.

31. 2018-09-14
    listed $165,000 31-char remark

    Show marketing remark (31 chars)

    One party- sold & closed.

ⓘ 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: $3,934 · $328/mo
• Projected year-2 tax: $3,934 · $328/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 ≥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: $48,132
• − Mortgage interest: −$16,799
• − Property taxes: −$3,934
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,851
• − Management: −$3,851
• − Depreciation: −$8,724
• Taxable income: $9,474
• Est. tax owed @ 24.0%: −$2,274
• After-tax cash flow: $11,445/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

+81.8% since first listed

31 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-07 Listed $299,900 IRMLS
• 2025-08-20 Rental Removed $775 MIBOR
• 2025-08-08 Listed for Rent $775 MIBOR
• 2025-07-31 Rental Removed $795 MIBOR
• 2025-06-21 Price Changed $795 MIBOR
• 2025-05-22 Listed for Rent $850 MIBOR
• 2025-03-21 Rental Removed $775 MIBOR
• 2025-03-21 Listed for Rent $775 MIBOR
• 2025-03-21 Rental Removed $845 MIBOR
• 2025-03-12 Listed for Rent $845 MIBOR
• 2025-01-25 Rental Removed $550 MIBOR
• 2025-01-25 Listed for Rent $550 MIBOR
• 2025-01-02 Rental Removed $595 MIBOR
• 2024-12-20 Rental Removed $595 MIBOR
• 2024-12-19 Listed for Rent $595 MIBOR
• 2024-12-10 Price Changed $750 MIBOR
• 2024-12-04 Price Changed $775 MIBOR
• 2024-11-26 Listed for Rent $800 MIBOR
• 2024-11-07 Rental Removed $700 MIBOR
• 2024-11-06 Listed for Rent $700 MIBOR
• 2024-10-19 Rental Removed $700 MIBOR
• 2024-10-12 Rental Removed $700 MIBOR
• 2024-10-12 Listed for Rent $700 MIBOR
• 2024-09-25 Price Changed $825 MIBOR
• 2024-08-21 Price Changed $875 MIBOR
• 2024-07-19 Listed for Rent $950 MIBOR
• 2020-05-29 Sold (MLS) $155,000 IRMLS
• 2020-04-15 Listed $195,000 IRMLS
• 2018-12-20 Sold (MLS) $165,000 IRMLS
• 2018-09-14 Listed $165,000 IRMLS

Property tax history

+3.4%/yr

Latest (2024): $3,934 · +10.0% YoY. Source: county tax records.