2600 6th St · Bedford, IN 47421

$3,000,000

88 bd · 44.0 ba · 4,614 sqft · MultiFamily public records · 73 Days on market

Built 1985 5.55 ac lot $650/sqft · 785% above area Est $2513k · 19% 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 44 units. confirmed

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 investment opportunity featuring a 44-unit apartment community comprised of 2BD/1BA units (~900 SF) across 10 buildings. Property maintains strong occupancy (~95%) with recent leases achieving $875–$895 per unit, plus a $50/month utility reimbursement for water, sewer, and trash. Tenants pay electric, providing low owner utility exposure. Current ownership has implemented a proven rent growth strategy, with continued opportunity to standardize remaining units and increase income. The property generates approximately $278,000+ in net operating income, offering an attractive ~9% cap rate at the current list price. Recent improvements include HVAC upgrades, unit renovations, and a new lift station (2020), reducing near-term capital expenditure needs. Additional updates throughout include flooring, paint, appliances, and mechanical improvements.

Key facts

• Unit renovations
• Hvac upgrades
• Appliances

Tags

• HVAC UPGRADES
• UNIT RENOVATIONS
• NEW LIFT STATION
• FLOORING
• PAINT
• APPLIANCES

What this means for you Summary

Snapshot

• This is a 44 × 2-bed/1.0-bath units multifamily listed at $3.00M.

Deal economics

• At list price, monthly cash flow is $15k ($184k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($42k rent vs $3.00M).
• Recommended offer: $2.82M (6.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.2% in Bedford — 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 80/100 on livability (#23 in IN, #1,958 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D, commute F.
• North Lawrence Community Schools (rural): math 35% / reading 40% proficiency, ranked #170 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 158 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• At $42,084/mo this rent would consume 741% of the median local household income ($68k/yr) (locally 507% 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 $21k of loan paydown is wiped out by about $90k of value loss. Plan a longer hold.
• Lawrence County population projected at -14% 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 $840k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($2.82M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $2.19M; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $2,820,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.40% ✓
• Cap rate: 12.44%
• Cash-on-cash: 21.96%
• DSCR: 1.98
• GRM: 5.9

CMA / ARV

• ARV (median comp): $2,512,547
• List price: $3,000,000
• Delta: 19.40%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.6%
• Equity multiple: 1.59×
• Total profit: $491,981
• Equity at exit: $447,310

10-year hold

• IRR: 23.3%
• Equity multiple: 3.01×
• Total profit: $1,684,766
• Equity at exit: $259,385

Cash invested: $840,000 (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 47421

• Home prices YoY: -25.2%
• Active inventory: 158
• Price-to-rent: 261.4×

Monthly cashflow live

• Estimated rent: $42,084 medium
• Mortgage (P&I): −$15,732
• Tax from tax record: −$889 /mo · $10,670/yr
• Insurance: −$1,250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,838
• Net cashflow: $15,375

Break-even live

Break-even rent $22,622

Max offer price $3,000,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 44× units	2	1	$42,064
Total (44 units)			$42,084

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: $750,000
• Closing costs: $90,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $3,000,000 Active 73 DOM
2. 2026-06-18
   days on market $3,000,000 Active 72 DOM
3. 2026-06-17
   days on market $3,000,000 Active 71 DOM
4. 2026-06-16
   days on market $3,000,000 Active 70 DOM
5. 2026-06-15
   days on market $3,000,000 Active 69 DOM
6. 2026-06-14
   days on market $3,000,000 Active 67 DOM
7. 2026-06-13
   days on market $3,000,000 Active 66 DOM
8. 2026-06-10
   days on market $3,000,000 Active 64 DOM
9. 2026-06-09
   days on market $3,000,000 Active 63 DOM
10. 2026-06-08
    days on market $3,000,000 Active 62 DOM
11. 2026-06-07
    days on market $3,000,000 Active 61 DOM
12. 2026-06-05
    days on market $3,000,000 Active 58 DOM
13. 2026-06-03
    days on market $3,000,000 Active 57 DOM
14. 2026-06-02
    days on market $3,000,000 Active 56 DOM
15. 2026-06-01
    days on market $3,000,000 Active 55 DOM
16. 2026-05-31
    days on market $3,000,000 Active 54 DOM
17. 2026-05-30
    days on market $3,000,000 Active 53 DOM
18. 2026-04-07
    listed $3,000,000 Active 865-char remark

    Show marketing remark (865 chars)

    Great investment opportunity featuring a 44-unit apartment community comprised of 2BD/1BA units (~900 SF) across 10 buildings. Property maintains strong occupancy (~95%) with recent leases achieving $875–$895 per unit, plus a $50/month utility reimbursement for water, sewer, and trash. Tenants pay electric, providing low owner utility exposure. Current ownership has implemented a proven rent growth strategy, with continued opportunity to standardize remaining units and increase income. The property generates approximately $278,000+ in net operating income, offering an attractive ~9% cap rate at the current list price. Recent improvements include HVAC upgrades, unit renovations, and a new lift station (2020), reducing near-term capital expenditure needs. Additional updates throughout include flooring, paint, appliances, and mechanical improvements.

19. 2021-04-10
    soldstatus $2,195,000 283-char remark

    Show marketing remark (283 chars)

    Great Investment Opportunity! 10 building- 44 units. 2BD/1BA with Washer/Dryer hook ups. Property has had many updates including a new lift station (2020), various units that have new paint, flooring, appliances, hvac, hot water heaters, and more! Financials available upon request.

20. 2020-12-31
    listed $2,295,000 283-char remark

    Show marketing remark (283 chars)

    Great Investment Opportunity! 10 building- 44 units. 2BD/1BA with Washer/Dryer hook ups. Property has had many updates including a new lift station (2020), various units that have new paint, flooring, appliances, hvac, hot water heaters, and more! Financials available upon request.

21. 2016-06-16
    soldstatus $1,400,000

ⓘ 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: $10,670 · $889/mo
• Projected year-2 tax: $18,085 · $1,507/mo
• Expected delta: +$7,415/yr (+$618/mo · 69.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $505,008
• − Mortgage interest: −$168,047
• − Property taxes: −$10,670
• − Insurance: −$15,000
• − Repairs & maintenance: −$40,401
• − Management: −$40,401
• − Depreciation: −$87,273
• Taxable income: $143,217
• Est. tax owed @ 24.0%: −$34,372
• After-tax cash flow: $150,126/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: North Lawrence Community Schools
• NCES district ID: 1807860
• Math proficiency: 35% ▼ -2.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $44,566
• Composite: 31.88/100
• National rank: #5864
• State rank: #170 of 301 in IN

Livability — Bedford

• Score: 80/100
• State rank: #23
• US rank: #1958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bedford, IN
• County: Lawrence County · 27,599 people
• City population: 27,599
• Metro: Bedford, IN
• Population (ZIP): 27,599
• Household income: $68,108
• Rent vs Own: 20.0% rent · 80.0% own
• Severe rent burden: 507.0

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Italian 2% Scotch-Irish 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.32%
• Current HPI: 240.959
• Rent YoY: —
• Metro: Bedford, 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

+114.3% since first listed

4 events — show timeline

• 2026-04-07 Listed $3,000,000 IRMLS
• 2021-04-10 Sold (MLS) $2,195,000 IRMLS
• 2020-12-31 Listed $2,295,000 IRMLS
• 2016-06-16 Sold (Public Records) $1,400,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $10,670 · +19.3% YoY. Source: county tax records.