208 E Van Buren St · Columbia City, IN 46725

$229,900

6 bd · 5.0 ba · 3,754 sqft · MultiFamily public records · 88 Days on market

Built 1910 0.26 ac lot ↓ 21% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Fully occupied 6 plex in Columbia City close to downtown. All units are 1 bedroom units with 4 ground floor apartments and 2 upstairs apartments. There are about 6+ parking spots available on site on the large 75' X150' lot. All leases have just been signed for a 1 year term. There are some long term tenants and rents are considered to be very affordable with upside potential at the end of the 1 year term. 5 units rent for $525 per month, unit 210 1/2 at $600. There are 6 electric meters and 4 gas meters and 1 water meter. Tenants pay gas and electric. Landlord pays water, sewer and trash. Per owner-water, sewer and trash about $380 per month.

Key facts

• 0.26 acre lot
• 6 parking spots
• Built 1910

Property features AI

Finance

• Other: Pets allowed with breed restrictions

Exterior

• Parking: Six open parking spaces; Gravel, off-street, private, unpaved parking
• Utilities: Public water; Public sewer
• Home design: Multi-family sixplex (residential income property); Two stories; Central Business zoning
• Construction: Vinyl siding; Brick/mortar foundation; Built with shingle roof
• Exterior features: Porch; Storm doors; Shingle roof; Level lot; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: Six full bathrooms (all on the main level)
• Heating & cooling: Baseboard heating; Electric heating; Natural gas heating; Ceiling fans for cooling
• Interior features: Range, Refrigerator; Carpet, Laminate, Vinyl flooring; Basement with partial finish, crawl space, and sump pump

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/?-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 3.8% 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: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.30% ✓
• Cap rate: 19.76%
• Cash-on-cash: 48.09%
• DSCR: 3.14
• GRM: 3.6

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: 45.6%
• Equity multiple: 2.97×
• Total profit: $127,114
• Equity at exit: $34,279

10-year hold

• IRR: 51.4%
• Equity multiple: 6.01×
• Total profit: $322,563
• Equity at exit: $19,878

Cash invested: $64,372 (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 46725

• Home prices YoY: -21.5%
• Active inventory: 112
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $5,278 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$289 /mo · $3,465/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,108
• Net cashflow: $2,579

Break-even live

Break-even rent $2,013

Max offer price $229,900

Occupancy floor 46%

Sensitivity live

Price	-10% $2,710	-5% $2,645	+0% $2,579	+5% $2,514	+10% $2,449
Rent	-10% $2,163	-5% $2,371	+0% $2,579	+5% $2,788	+10% $2,996
Rate	-1.0pp $2,695	-0.5pp $2,638	base $2,579	+0.5pp $2,520	+1.0pp $2,459

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	—	$5,280
Total (6 units)			$5,278

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
304 N Main St Columbia City, IN	6.0	3.5	4242	$1,500	$0.35	22d	1	0.21mi

Listing history 26 events

1. 2026-06-18
   days on market $229,900 Active 88 DOM
2. 2026-06-17
   days on market $229,900 Active 87 DOM
3. 2026-06-16
   days on market $229,900 Active 86 DOM
4. 2026-06-15
   days on market $229,900 Active 85 DOM
5. 2026-06-14
   days on market $229,900 Active 83 DOM
6. 2026-06-10
   days on market $229,900 Active 80 DOM
7. 2026-06-09
   days on market $229,900 Active 79 DOM
8. 2026-06-08
   days on market $229,900 Active 78 DOM
9. 2026-06-07
   days on market $229,900 Active 77 DOM
10. 2026-06-03
    days on market $229,900 Active 73 DOM
11. 2026-06-02
    days on market $229,900 Active 72 DOM
12. 2026-06-01
    days on market $229,900 Active 71 DOM
13. 2026-05-31
    days on market $229,900 Active 70 DOM
14. 2026-05-30
    days on market $229,900 Active 69 DOM
15. 2026-05-08
    price $229,900
16. 2026-03-24
    status Active
17. 2026-02-26
    status Pending
18. 2026-02-23
    listed $249,900 Active
19. 2025-12-05
    price $289,900
20. 2025-09-03
    price $304,900
21. 2025-08-23
    status Active
22. 2025-08-23
    historical
23. 2025-07-24
    status Active
24. 2025-07-24
    price $314,900
25. 2025-04-01
    status Pending
26. 2025-02-21
    listed $289,900 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: $3,465 · $289/mo
• Projected year-2 tax: $3,465 · $289/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: $63,336
• − Mortgage interest: −$12,878
• − Property taxes: −$3,465
• − Insurance: −$1,150
• − Repairs & maintenance: −$5,067
• − Management: −$5,067
• − Depreciation: −$6,688
• Taxable income: $29,022
• Est. tax owed @ 24.0%: −$6,965
• After-tax cash flow: $23,988/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

-20.7% since first listed

12 events — show timeline

• 2026-05-08 Price Changed $229,900 IRMLS
• 2026-03-24 Relisted — IRMLS
• 2026-02-26 Pending — IRMLS
• 2026-02-23 Listed $249,900 IRMLS
• 2025-12-05 Price Changed $289,900 IRMLS
• 2025-09-03 Price Changed $304,900 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-07-24 Relisted — IRMLS
• 2025-07-24 Price Changed $314,900 IRMLS
• 2025-04-01 Pending — IRMLS
• 2025-02-21 Listed $289,900 IRMLS

Property tax history

+4.7%/yr

Latest (2024): $3,465 · +6.7% YoY. Source: county tax records.