663 Perrin Ave · Lafayette, IN 47904

$215,000

3 bd · 1.5 ba · 1,827 sqft · SingleFamily public records · 22 Days on market

Built 1920 6,360 sqft lot Est $259k · 17% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• Livability +3.7/5.0
• 1% rule +3.2/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the historic Perrin neighborhood. This 3 bed 1 1/2 bath house has a lot of original charm. The original wood floors and wood trim catch your eye as soon as you walk in and see the living room and dining room. The kitchen has a built-in cabinet and a large pantry. There is a mud room and half bath off the kitchen. Upstairs you will find 3 bedrooms with nice-sized closets and a full bathroom. In the basement is a large rec room, an office space and the laundry area. The back yard is fenced leading to the 2-car detached garage with a storage loft. Enjoy a firepit, tree house, shed and a raised garden bed in the back yard. The large front porch and deck on the side are relaxing places to wind down after a long day. The rain barrels stay with the house. Enjoy walking through the historic neighborhood as well as to schools, parks, pharmacies and much more. House is being sold AS IS, inspections are welcome.

Key facts

• Natural woodwork
• Covered front porch
• Craftsmanship

Tags

• ORIGINAL HARDWOOD FLOORS
• NATURAL WOODWORK
• CRAFTSMANSHIP
• PARTIALLY FINISHED BASEMENT
• FENCED BACKYARD
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: Detached off-street garage with 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Brick, vinyl siding, and wood siding construction; Brick/mortar and block foundation; Asphalt roof; Above-grade and below-grade finished living areas
• Exterior features: Covered porch; Deck; Porch; Chain link and wood fencing; Wooded lot; Lot dimensions approximately 46 x 159

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Microwave; Refrigerator; Washer; Dryer; Full basement
• Laundry & utility: Laundry located in basement; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $45 ($545/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (17.9% below list).
• Recommended offer: $177k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.2% in Lafayette — 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 (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Murdock Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 250 students, 80% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising (+2.8%/yr); 73 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 41% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,594 (17.9% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
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: 0.82% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.91%
• DSCR: 1.04
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $259,434
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1207 Digby Dr	0.63mi	3/1.5	1,803 (-1%)	5mo	$238,000	$132	65
1000 Hartford St	0.55mi	3/2.0	1,938 (+6%)	4mo	$215,000	$111	59
1720 Thompson St	0.54mi	3/2.0	1,720 (-6%)	7mo	$250,000	$145	58
5 Park Ave	0.61mi	3/2.0	1,695 (-7%)	1mo	$257,000	$152	57
1213 Morton St	0.66mi	3/1.5	1,683 (-8%)	4mo	$220,000	$131	53
2515 Union St	0.52mi	4/2.0 (+1)	1,648 (-10%)	1mo	$234,500	$142	52
1725 Shortridge Dr	0.61mi	2/1.5 (-1)	1,691 (-7%)	4mo	$218,000	$129	50
1802 Thompson St	0.52mi	4/1.5 (+1)	1,610 (-12%)	2mo	$170,000	$106	49
21 S 26th St	0.69mi	3/2.0	1,696 (-7%)	7mo	$151,000	$89	48
2707 Union St	0.64mi	4/2.0 (+1)	1,679 (-8%)	4mo	$273,500	$163	46
1123 N 9th St	0.63mi	3/1.5	1,552 (-15%)	1mo	$236,000	$152	44
1904 Greenbush St	0.67mi	4/2.0 (+1)	1,652 (-10%)	4mo	$250,000	$151	42

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-32,357
• Equity at exit: $32,057

10-year hold

• IRR: -6.9%
• Equity multiple: 0.57×
• Total profit: $-26,132
• Equity at exit: $18,589

Cash invested: $60,200 (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 47904

• Rents YoY: 2.8%
• Active inventory: 73
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,766 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $45

Break-even live

Break-even rent $1,708

Max offer price $215,000

Occupancy floor 92%

Sensitivity live

Price	-10% $167	-5% $106	+0% $45	+5% $-15	+10% $-76
Rent	-10% $-94	-5% $-24	+0% $45	+5% $115	+10% $185
Rate	-1.0pp $154	-0.5pp $100	base $45	+0.5pp $-10	+1.0pp $-67

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	14d	1	0.44mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	44d	1	0.47mi
400 N 9th St Lafayette, IN	1.0–2.0	1.0–2.0	1600	$2,675	$1.67	44d	2	0.50mi
802 N 9th St Lafayette, IN	2.0	1.0–2.0	902	$789	$0.87	14d	1	0.51mi
1611 Grove St Lafayette, IN	3.0	1.5	1250	$1,195	$0.96	14d	1	0.53mi
1038 Heath St Unit 1038 1/2 Lafayette, IN	4.0	2.0	1650	$1,850	$1.12	22d	1	0.54mi
224 S 14th St Lafayette, IN	4.0	2.0	1900	$1,810	$0.95	14d	1	0.61mi
711 South St Lafayette, IN	2.0	2.5	1550	$1,824	$1.18	14d	1	0.66mi
711 South St Lafayette, IN	2.0	2.5	1550	$1,999	$1.29	44d	1	0.66mi
1707 Meharry St Lafayette, IN	3.0	2.0	1348	$1,500	$1.11	22d	1	0.74mi
500 South St Lafayette, IN	1.0–2.0	1.0–2.0	1232	$2,000	$1.62	22d	1	0.80mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	14d	1	0.90mi
1609 Arlington Rd Lafayette, IN	3.0	1.0	1268	$1,300	$1.03	22d	1	0.92mi
102 N 3rd St Apt 3A Lafayette, IN	2.0	2.5	1725	$1,995	$1.16	44d	1	0.93mi
12 N 3rd St Unit 203 Lafayette, IN	2.0	2.0	1900	$2,695	$1.42	44d	1	0.94mi
201 S 4th St #6 Lafayette, IN	2.0	2.5	1767	$2,250	$1.27	44d	1	0.94mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	14d	1	1.26mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,010	$1.04	22d	1	1.35mi
2209 Monon Ave Lafayette, IN	3.0	2.0	2200	$1,650	$0.75	44d	1	1.49mi

Listing history 20 events

1. 2026-06-19
   days on market $215,000 Active 22 DOM
2. 2026-06-18
   days on market $215,000 Active 21 DOM
3. 2026-06-18
   price $215,000 Active 20 DOM
4. 2026-06-17
   days on market $220,000 Active 20 DOM
5. 2026-06-16
   days on market $220,000 Active 19 DOM
6. 2026-06-15
   days on market $220,000 Active 18 DOM
7. 2026-06-14
   days on market $220,000 Active 16 DOM
8. 2026-06-13
   days on market $220,000 Active 15 DOM
9. 2026-06-10
   days on market $220,000 Active 13 DOM
10. 2026-06-09
    days on market $220,000 Active 12 DOM
11. 2026-06-08
    days on market $220,000 Active 11 DOM
12. 2026-06-07
    days on market $220,000 Active 10 DOM
13. 2026-06-02
    days on market $220,000 Active 5 DOM
14. 2026-06-01
    days on market $220,000 Active 4 DOM
15. 2026-05-31
    days on market $220,000 Active 3 DOM
16. 2026-05-30
    days on market $220,000 Active 2 DOM
17. 2026-05-28
    listed $220,000 Active
18. 2023-06-16
    soldstatus $212,000 Closed 925-char remark

    Show marketing remark (925 chars)

    Welcome to the historic Perrin neighborhood. This 3 bed 1 1/2 bath house has a lot of original charm. The original wood floors and wood trim catch your eye as soon as you walk in and see the living room and dining room. The kitchen has a built-in cabinet and a large pantry. There is a mud room and half bath off the kitchen. Upstairs you will find 3 bedrooms with nice-sized closets and a full bathroom. In the basement is a large rec room, an office space and the laundry area. The back yard is fenced leading to the 2-car detached garage with a storage loft. Enjoy a firepit, tree house, shed and a raised garden bed in the back yard. The large front porch and deck on the side are relaxing places to wind down after a long day. The rain barrels stay with the house. Enjoy walking through the historic neighborhood as well as to schools, parks, pharmacies and much more. House is being sold AS IS, inspections are welcome.

19. 2023-04-22
    status Pending 925-char remark

    Show marketing remark (925 chars)

    Welcome to the historic Perrin neighborhood. This 3 bed 1 1/2 bath house has a lot of original charm. The original wood floors and wood trim catch your eye as soon as you walk in and see the living room and dining room. The kitchen has a built-in cabinet and a large pantry. There is a mud room and half bath off the kitchen. Upstairs you will find 3 bedrooms with nice-sized closets and a full bathroom. In the basement is a large rec room, an office space and the laundry area. The back yard is fenced leading to the 2-car detached garage with a storage loft. Enjoy a firepit, tree house, shed and a raised garden bed in the back yard. The large front porch and deck on the side are relaxing places to wind down after a long day. The rain barrels stay with the house. Enjoy walking through the historic neighborhood as well as to schools, parks, pharmacies and much more. House is being sold AS IS, inspections are welcome.

20. 2023-04-21
    listed $200,000 Active 925-char remark

    Show marketing remark (925 chars)

    Welcome to the historic Perrin neighborhood. This 3 bed 1 1/2 bath house has a lot of original charm. The original wood floors and wood trim catch your eye as soon as you walk in and see the living room and dining room. The kitchen has a built-in cabinet and a large pantry. There is a mud room and half bath off the kitchen. Upstairs you will find 3 bedrooms with nice-sized closets and a full bathroom. In the basement is a large rec room, an office space and the laundry area. The back yard is fenced leading to the 2-car detached garage with a storage loft. Enjoy a firepit, tree house, shed and a raised garden bed in the back yard. The large front porch and deck on the side are relaxing places to wind down after a long day. The rain barrels stay with the house. Enjoy walking through the historic neighborhood as well as to schools, parks, pharmacies and much more. House is being sold AS IS, inspections are welcome.

ⓘ 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: $1,591 · $133/mo
• Projected year-2 tax: $1,709 · $142/mo
• Expected delta: +$118/yr (+$10/mo · 7.4%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,191
• − Mortgage interest: −$12,043
• − Property taxes: −$1,591
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$6,255
• Taxable loss: −$3,163
• Est. tax savings @ 24.0%: +$759
• After-tax cash flow: $1,304/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 16,257
• Household income: $51,687
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 563.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 16% Two or more races 11% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -147.53%
• Current HPI: 227.1555
• Rent YoY: ▲ 2.80%
• Metro: Lafayette-West Lafayette, 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

+10.0% since first listed

4 events — show timeline

• 2026-05-28 Listed $220,000 IRMLS
• 2023-06-16 Sold (MLS) $212,000 IRMLS
• 2023-04-22 Pending — IRMLS
• 2023-04-21 Listed $200,000 IRMLS

Property tax history

+9.4%/yr

Latest (2024): $1,591 · +31.9% YoY. Source: county tax records.