10 Howard Pl · Richmond, IN 47374

$59,900

1 bd · 1.0 ba · 576 sqft · SingleFamily public records · 117 Days on market

Built 1920 436 sqft lot $13/mo HOA · 2% of rent

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss this opportunity to own an amazing one-bedroom townhouse in Richmond’s highly sought-after Depot District. This luxurious yet affordable home is the perfect place to begin your journey in the vibrant downtown historic area and offers a combination of charm, comfort, and convenience. The townhouse features beautiful hardwood floors, modern amenities, a full basement for additional storage or flexible living space, an oversized bedroom, fresh paint, and updated lighting throughout. You will also appreciate the low utilities and taxes, along with a mostly maintenance-free exterior that makes ownership easy and practical. Ideally located within walking distance to dining,

Key facts

• Full basement
• Modern amenities
• Hardwood floors

Tags

• ONE BEDROOM TOWNHOUSE
• FULL BASEMENT
• HARDWOOD FLOORS
• MODERN AMENITIES
• MAINTENANCE FREE EXTERIOR
• WALKING DISTANCE TO DINING

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $150 (about $12.50/month)

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Residential single-family home; 2 stories
• Construction: Brick construction
• Exterior features: Asphalt shingle roof

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Forced air; Natural gas
• Interior features: Electric range; Refrigerator; Gas water heater; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($770 rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Starr Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 212 students, 93% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% 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 $17k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 9883% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

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

Recommended offer $54,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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. 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?
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 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: 1.28% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.75%
• DSCR: 1.70
• GRM: 6.5

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $4,309
• Equity at exit: $8,931

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $21,786
• Equity at exit: $5,179

Cash invested: $16,772 (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 47374

• Active inventory: 273
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $770 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$25
• HOA: −$13
• Vacancy / Maint / Mgmt: −$162
• Net cashflow: $220

Break-even live

Break-even rent $491

Max offer price $59,900

Occupancy floor 66%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$775	$0.95	43d	3	0.06mi

HOA detail

• Monthly dues: $13 · $156/yr

Listing history 15 events

1. 2026-06-17
   days on market $59,900 Active 117 DOM
2. 2026-06-16
   days on market $59,900 Active 116 DOM
3. 2026-06-15
   days on market $59,900 Active 115 DOM
4. 2026-06-14
   days on market $59,900 Active 113 DOM
5. 2026-06-12
   days on market $59,900 Active 112 DOM
6. 2026-06-09
   days on market $59,900 Active 109 DOM
7. 2026-06-08
   days on market $59,900 Active 108 DOM
8. 2026-06-07
   days on market $59,900 Active 107 DOM
9. 2026-06-03
   days on market $59,900 Active 103 DOM
10. 2026-06-02
    days on market $59,900 Active 102 DOM
11. 2026-06-01
    days on market $59,900 Active 101 DOM
12. 2026-05-31
    days on market $59,900 Active 100 DOM
13. 2026-05-30
    days on market $59,900 Active 99 DOM
14. 2026-02-21
    listed $600
15. 2026-02-20
    listed $59,900 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: $430 · $36/mo
• Projected year-2 tax: $470 · $39/mo
• Expected delta: +$40/yr (+$3/mo · 9.2%)

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

Taxation est. · year 1

• Rental income: $9,236
• − Mortgage interest: −$3,355
• − Property taxes: −$430
• − Insurance: −$300
• − Repairs & maintenance: −$739
• − Management: −$739
• − HOA: −$156
• − Depreciation: −$1,743
• Taxable income: $1,775
• Est. tax owed @ 24.0%: −$426
• After-tax cash flow: $2,215/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

2 events — show timeline

• 2026-02-21 Listed for Rent $600 RRELMS
• 2026-02-20 Listed $59,900 RRELMS

Property tax history

+7.5%/yr

Latest (2024): $430 · +0.5% YoY. Source: county tax records.