691 W Hill St · Wabash, IN 46992

$155,000

3 bd · 3.0 ba · 3,450 sqft · MultiFamily public records · 44 Days on market

Built 1910 0.26 ac lot $45/sqft · 11% below area Est $174k · 11% under ↓ 6% 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
• ARV discount +12.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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: 3 units. confirmed

Listing remarks

Fully occupied income-producing triplex featuring two 2 bed/1 bath units and one 1 bed/1 bath unit with long-term tenants in place for 5+ years. This property offers steady cash flow with on-site laundry for added tenant convenience. Recent updates include a durable metal roof and a new main water line, helping minimize future maintenance costs. A solid investment opportunity with stable occupancy and proven rental history.

Key facts

• On site laundry
• Metal roof
• New main water line

Tags

• INCOME PRODUCING TRIPLEX
• ON SITE LAUNDRY
• METAL ROOF
• NEW MAIN WATER LINE
• PROVEN RENTAL HISTORY

Property features AI

Finance

• Other: Pets allowed; Roof listed as green energy efficient
• Financial info: Annual tax amount listed (not included per instructions)

Exterior

• Parking: 3 open parking spaces; On-street parking and gravel parking areas
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories; Entry level not specified; Lot roughly 86 x 132 (0.26 acre)
• Construction: Aluminum siding; Block foundation; Built with metal roof
• Exterior features: Metal roof; Corner lot

Interior

• Kitchen: Range, Microwave, Refrigerator, Dishwasher not listed
• Flooring: Carpet; Laminate
• Bathrooms: 3 full bathrooms; 5 main-level bathrooms
• Heating & cooling: Electric, Forced air, Natural gas heating; Wall unit cooling
• Interior features: Dryer, Microwave, Range, Refrigerator, Washer; Carpet and laminate flooring; Has basement with partial crawl space
• Laundry & utility: Washer hookup; Washer and Dryer included (appliances listed)

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $449/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.7% vs local median 4.1% in Wabash — 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 76/100 on livability (#48 in IN, #3,353 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Wabash City Schools (town): math 21% / reading 38% proficiency, ranked #249 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: O J Neighbours Elementary School (math 24% / reading 25%, grade F, #762 of 994 statewide, top 78%, 391 students, 57% FRL); Wabash Middle School (math 18% / reading 43%, grade F, #203 of 330 statewide, top 63%, 443 students, 60% FRL); Wabash High School (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 478 students, 53% FRL).
• Market conditions: 37 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Wabash County population projected at -16% 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 $43k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $150,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.92% ✓
• Cap rate: 16.72%
• Cash-on-cash: 37.24%
• DSCR: 2.66
• GRM: 4.3

CMA / ARV

• ARV (median comp): $173,736
• List price: $155,000
• Delta: -10.78%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 33.2%
• Equity multiple: 2.40×
• Total profit: $60,671
• Equity at exit: $23,111

10-year hold

• IRR: 40.1%
• Equity multiple: 4.76×
• Total profit: $163,303
• Equity at exit: $13,402

Cash invested: $43,400 (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 46992

• Home prices YoY: -21.3%
• Active inventory: 37
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,973 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$124 /mo · $1,492/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $1,347

Break-even live

Break-even rent $1,268

Max offer price $155,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,435	-5% $1,391	+0% $1,347	+5% $1,303	+10% $1,259
Rent	-10% $1,112	-5% $1,229	+0% $1,347	+5% $1,464	+10% $1,582
Rate	-1.0pp $1,425	-0.5pp $1,386	base $1,347	+0.5pp $1,307	+1.0pp $1,266

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,964
1× unit	1	1	$1,008
Total (3 units)			$2,973

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-22
   days on market $155,000 Active 44 DOM
2. 2026-06-21
   days on market $155,000 Active 43 DOM
3. 2026-06-21
   days on market $155,000 Active 42 DOM
4. 2026-06-18
   days on market $155,000 Active 40 DOM
5. 2026-06-17
   days on market $155,000 Active 39 DOM
6. 2026-06-16
   days on market $155,000 Active 38 DOM
7. 2026-06-15
   days on market $155,000 Active 37 DOM
8. 2026-06-13
   days on market $155,000 Active 35 DOM
9. 2026-06-12
   pricedays on market $155,000 Active 34 DOM
10. 2026-06-09
    days on market $165,000 Active 31 DOM
11. 2026-06-08
    days on market $165,000 Active 30 DOM
12. 2026-06-07
    days on market $165,000 Active 29 DOM
13. 2026-06-04
    days on market $165,000 Active 25 DOM
14. 2026-06-02
    days on market $165,000 Active 24 DOM
15. 2026-06-01
    days on market $165,000 Active 23 DOM
16. 2026-05-31
    days on market $165,000 Active 22 DOM
17. 2026-05-31
    days on market $165,000 Active 21 DOM
18. 2026-05-09
    listed $165,000 Active 427-char remark

ⓘ 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: $1,492 · $124/mo
• Projected year-2 tax: $1,492 · $124/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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,676
• − Mortgage interest: −$8,682
• − Property taxes: −$1,492
• − Insurance: −$775
• − Repairs & maintenance: −$2,854
• − Management: −$2,854
• − Depreciation: −$4,509
• Taxable income: $14,509
• Est. tax owed @ 24.0%: −$3,482
• After-tax cash flow: $12,681/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: Wabash City Schools
• NCES district ID: 1812150
• Math proficiency: 21% ▼ -10.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $38,900
• Composite: 24.66/100
• National rank: #7622
• State rank: #249 of 301 in IN

Livability — Wabash

• Score: 76/100
• State rank: #48
• US rank: #3353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wabash, IN
• City population: 16,475
• Population (ZIP): 16,475

Population outlook (Wabash County) Hauer SSP2

• Today (2025): 30,872 people
• By 2030: 29,933 · -3.0%
• By 2040: 27,877 · -9.7%
• By 2050: 25,887 · -16.1%
• By 2075: 22,404 · -27.4%
• By 2100: 19,461 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Wabash

• 2024 margin: Solid R (+50.8) · D 23.9% · R 74.7% · Other 1.4%
• 2008→2024 swing: -30.7pp toward R · 2008: -20.1pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+49.9 2016: R+50.7 2012: R+36.2 2008: R+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.46%
• Current HPI: 220.0458
• 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

-6.1% since first listed

2 events — show timeline

• 2026-06-12 Price Changed $155,000 IRMLS
• 2026-05-09 Listed $165,000 IRMLS

Property tax history

-0.5%/yr

Latest (2024): $1,492 · +1.6% YoY. Source: county tax records.