605 N Huntington St · Syracuse, IN 46567

$149,000

3 bd · 2.0 ba · 1,278 sqft · MultiFamily public records · 85 Days on market

Built 1918 3,920 sqft lot $117/sqft · 34% below area Est $227k · 34% under

---

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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Investment opportunity in the heart of Syracuse; great for starting or expanding your portfolio! Ideally located within walking distance to local shops and the Syracuse Park & Beach, this duplex offers strong renter history with long term tenants. The main level unit features 1 bedroom and 1 bathroom (currently utilized as a 2-bedroom setup), giving added flexibility and value. Recent updates include all new flooring, a brand new tub and surround, and a new exterior door. This long-term tenant enjoys the convenience of in-unit laundry along with a covered front porch. Upstairs, the second unit offers 2 bedrooms and 1 bathroom, also equipped with in-unit laundry for added tenant comfort and convenience. From an investor standpoint, the property checks all the right boxes: separately metered gas, electric, and water (tenant paid utilities), plus two newer HVAC systems and water heaters to minimize maintenance concerns. The roof is only a few years old, offering additional peace of mind. Owner covers the sewer and trash bill. With recent updated mechanicals and big ticket items, long term tenants, and a prime walkable location - this is the kind of investment property that performs today and continues to deliver long-term value.

Key facts

• Covered front porch
• Recent updates
• In unit laundry

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTER HISTORY
• RECENT UPDATES
• IN UNIT LAUNDRY
• COVERED FRONT PORCH
• SEPARATELY METERED UTILITIES

🏷️ Possibly a rental listed for sale. The $149,000 price doesn't fit this home's estimated sale value (~$227,266) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 1.7% in Syracuse — 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 78/100 on livability (#32 in IN, #2,516 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A; Watch: schools D, employment D, commute F.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 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 $4k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $31k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $149k implies a 513% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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 1918 — 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: 1.48% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• GRM: 5.6

CMA / ARV

• ARV (median comp): $227,266
• List price: $149,000
• Delta: -34.44%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.9%
• Equity multiple: 1.55×
• Total profit: $23,146
• Equity at exit: $22,216

10-year hold

• IRR: 22.7%
• Equity multiple: 2.94×
• Total profit: $81,084
• Equity at exit: $12,883

Cash invested: $41,720 (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 46567

• Home prices YoY: -21.4%
• Active inventory: 87
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$152 /mo · $1,827/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $742

Break-even live

Break-even rent $1,260

Max offer price $149,000

Occupancy floor 61%

Sensitivity live

Price	-10% $827	-5% $784	+0% $742	+5% $700	+10% $658
Rent	-10% $569	-5% $655	+0% $742	+5% $829	+10% $916
Rate	-1.0pp $817	-0.5pp $780	base $742	+0.5pp $704	+1.0pp $664

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,200
Total (2 units)			$2,200

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $149,000 Active 85 DOM
2. 2026-06-18
   days on market $149,000 Active 84 DOM
3. 2026-06-17
   days on market $149,000 Active 83 DOM
4. 2026-06-16
   days on market $149,000 Active 82 DOM
5. 2026-06-15
   days on market $149,000 Active 81 DOM
6. 2026-06-14
   days on market $149,000 Active 79 DOM
7. 2026-06-12
   days on market $149,000 Active 78 DOM
8. 2026-06-09
   days on market $149,000 Active 75 DOM
9. 2026-06-08
   days on market $149,000 Active 74 DOM
10. 2026-06-07
    days on market $149,000 Active 73 DOM
11. 2026-06-03
    days on market $149,000 Active 69 DOM
12. 2026-06-02
    days on market $149,000 Active 68 DOM
13. 2026-06-01
    days on market $149,000 Active 67 DOM
14. 2026-05-31
    days on market $149,000 Active 66 DOM
15. 2026-05-30
    days on market $149,000 Active 65 DOM
16. 2026-04-21
    price $165,000 1251-char remark

    Show marketing remark (1251 chars)

    Investment opportunity in the heart of Syracuse; great for starting or expanding your portfolio! Ideally located within walking distance to local shops and the Syracuse Park & Beach, this duplex offers strong renter history with long term tenants. The main level unit features 1 bedroom and 1 bathroom (currently utilized as a 2-bedroom setup), giving added flexibility and value. Recent updates include all new flooring, a brand new tub and surround, and a new exterior door. This long-term tenant enjoys the convenience of in-unit laundry along with a covered front porch. Upstairs, the second unit offers 2 bedrooms and 1 bathroom, also equipped with in-unit laundry for added tenant comfort and convenience. From an investor standpoint, the property checks all the right boxes: separately metered gas, electric, and water (tenant paid utilities), plus two newer HVAC systems and water heaters to minimize maintenance concerns. The roof is only a few years old, offering additional peace of mind. Owner covers the sewer and trash bill. With recent updated mechanicals and big ticket items, long term tenants, and a prime walkable location - this is the kind of investment property that performs today and continues to deliver long-term value.

17. 2026-03-26
    listed $180,000 Active 1251-char remark

    Show marketing remark (1251 chars)

    Investment opportunity in the heart of Syracuse; great for starting or expanding your portfolio! Ideally located within walking distance to local shops and the Syracuse Park & Beach, this duplex offers strong renter history with long term tenants. The main level unit features 1 bedroom and 1 bathroom (currently utilized as a 2-bedroom setup), giving added flexibility and value. Recent updates include all new flooring, a brand new tub and surround, and a new exterior door. This long-term tenant enjoys the convenience of in-unit laundry along with a covered front porch. Upstairs, the second unit offers 2 bedrooms and 1 bathroom, also equipped with in-unit laundry for added tenant comfort and convenience. From an investor standpoint, the property checks all the right boxes: separately metered gas, electric, and water (tenant paid utilities), plus two newer HVAC systems and water heaters to minimize maintenance concerns. The roof is only a few years old, offering additional peace of mind. Owner covers the sewer and trash bill. With recent updated mechanicals and big ticket items, long term tenants, and a prime walkable location - this is the kind of investment property that performs today and continues to deliver long-term value.

18. 2015-10-03
    listed $79,900
19. 2013-05-06
    historical
20. 2012-12-20
    listed $25,900
21. 2012-12-18
    historical
22. 2012-06-18
    listed $31,954
23. 2012-02-23
    soldstatus $24,303

ⓘ 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: $1,827 · $152/mo
• Projected year-2 tax: $1,827 · $152/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 · 16 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: $26,400
• − Mortgage interest: −$8,346
• − Property taxes: −$1,827
• − Insurance: −$745
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$4,335
• Taxable income: $6,923
• Est. tax owed @ 24.0%: −$1,662
• After-tax cash flow: $7,246/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: Wawasee Community School Corporation
• NCES district ID: 1805550
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $52,439
• Composite: 30.97/100
• National rank: #6100
• State rank: #179 of 301 in IN

Livability — Syracuse

• Score: 78/100
• State rank: #32
• US rank: #2516

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Syracuse, IN
• Population (ZIP): 9,371

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.32%
• Current HPI: 276.7243
• 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

+578.9% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $165,000 IRMLS
• 2026-03-26 Listed $180,000 IRMLS
• 2015-10-03 Listed $79,900 IRMLS
• 2013-05-06 Listing Removed — MARMLS
• 2012-12-20 Listed $25,900 MARMLS
• 2012-12-18 Listing Removed — MARMLS
• 2012-06-18 Listed $31,954 MARMLS
• 2012-02-23 Sold (Public Records) $24,303 Public Records

Property tax history

+5.6%/yr

Latest (2024): $1,827 · +3.9% YoY. Source: county tax records.