422 W Sycamore St · Kokomo, IN 46901

$150,000

3 bd · 2.0 ba · 3,408 sqft · MultiFamily public records · 15 Days on market

Built 1894 4,443 sqft lot Est $133k · 13% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This two unit home offers plenty of space and is two blocks away from downtown. The east unit has appx 2,000 sqft and features two bedrooms, hardwood floors, new carpet, fresh paint, and 1.5 bathrooms. All rooms are large. The west unit has appx 1,400 sqft with two bedrooms, hardwood floors, brick fireplace, and 1.5 bathrooms. Both units are currently rented. House has metal roof and vinyl siding.

Key facts

• 4,443 sq ft lot
• Built 1894
• Listed 15 days

Property features AI

Finance

• Financial info: Two-unit property; Gross rental income reported: $18,360/year; Net operating income reported: $15,000/year; Expenses reported: $3,500/year; Owner pays lawn care; Unit 1 rent: $800/month; Unit 2 rent: $730/month

Exterior

• Parking: One assigned car space and additional other parking
• Utilities: Solid waste service: No
• Home design: Duplex (residential income property); Conversion
• Construction: No year built provided
• Exterior features: Residential use; Lot is approximately 0.1 acre; Road access: Not applicable

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: Two 2-bedroom units (each unit spans 2 levels)
• Heating & cooling: Unit 2: Central air and forced air heating
• Interior features: Has basement; Property is a conversion
• Laundry & utility: Unit 2 includes central air and forced heat (listed under utilities for that unit)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $800 ($10k/yr) — positive. Per door: $400/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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, schools F, amenities 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.
• 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 $2,298/mo this rent would consume 46% 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 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 $68k; list at $150k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (1.5% below list)

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 1894 — 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: 1.53% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.87%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $132,912
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
721 W Jefferson St	0.34mi	4/2.0 (+1)	3,840 (+13%)	18mo	$150,000	$39	43

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: 12.4%
• Equity multiple: 1.48×
• Total profit: $19,952
• Equity at exit: $22,365

10-year hold

• IRR: 18.9%
• Equity multiple: 2.36×
• Total profit: $57,069
• Equity at exit: $12,969

Cash invested: $42,000 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,298 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$166 /mo · $1,992/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $800

Break-even live

Break-even rent $1,285

Max offer price $150,000

Occupancy floor 60%

Sensitivity live

Price	-10% $885	-5% $843	+0% $800	+5% $758	+10% $715
Rent	-10% $619	-5% $710	+0% $800	+5% $891	+10% $982
Rate	-1.0pp $876	-0.5pp $838	base $800	+0.5pp $761	+1.0pp $722

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,298
Total (2 units)			$2,298

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-12
   listed $150,000 Active
2. 2018-08-31
   soldstatus $67,500 400-char remark

   Show marketing remark (400 chars)

   This two unit home offers plenty of space and is two blocks away from downtown. The east unit has appx 2,000 sqft and features two bedrooms, hardwood floors, new carpet, fresh paint, and 1.5 bathrooms. All rooms are large. The west unit has appx 1,400 sqft with two bedrooms, hardwood floors, brick fireplace, and 1.5 bathrooms. Both units are currently rented. House has metal roof and vinyl siding.

3. 2018-07-02
   listed $74,500 400-char remark

   Show marketing remark (400 chars)

   This two unit home offers plenty of space and is two blocks away from downtown. The east unit has appx 2,000 sqft and features two bedrooms, hardwood floors, new carpet, fresh paint, and 1.5 bathrooms. All rooms are large. The west unit has appx 1,400 sqft with two bedrooms, hardwood floors, brick fireplace, and 1.5 bathrooms. Both units are currently rented. House has metal roof and vinyl siding.

ⓘ 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: $1,992 · $166/mo
• Projected year-2 tax: $1,992 · $166/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: $27,576
• − Mortgage interest: −$8,402
• − Property taxes: −$1,992
• − Insurance: −$750
• − Repairs & maintenance: −$2,206
• − Management: −$2,206
• − Depreciation: −$4,364
• Taxable income: $7,656
• Est. tax owed @ 24.0%: −$1,837
• After-tax cash flow: $7,766/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

+101.3% since first listed

3 events — show timeline

• 2026-05-12 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2018-08-31 Sold (MLS) $67,500 IRMLS
• 2018-07-02 Listed $74,500 IRMLS

Property tax history

+3.1%/yr

Latest (2024): $1,992 · +13.8% YoY. Source: county tax records.