1014 Heath St · Lafayette, IN 47904

$259,900

4 bd · 2.0 ba · 2,224 sqft · MultiFamily public records · 11 Days on market

Built 1901 6,103 sqft lot Est $227k · 15% over

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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).

• Cash flow +14.7/30.0
• DSCR +4.5/10.0
• Livability +3.7/5.0
• 1% rule +3.5/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• ARV discount +0.9/15.0
• 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

Turnkey investment opportunity just minutes from Downtown Lafayette and Purdue University! This well-maintained historic duplex was cared for by an owner-occupant for a number of years. It features approximately 2,800 square feet across two spacious units, both 2 bedrooms and 1 bath each. Fully leased with renewed tenant agreements through July 2027, this property offers immediate, dependable income and a proven rental history. Over the years, the owner has completed numerous quality improvements, including a newer roof, separate utilities, updated kitchens and baths, refinished hardwood floors, multiple HVAC and water heater replacements, and finished third-floor living space. Long-term te

Key facts

• Separate utilities
• Updated baths
• Updated kitchens

Tags

• HISTORIC DUPLEX
• SEPARATE UTILITIES
• UPDATED KITCHENS
• UPDATED BATHS
• REFINISHED HARDWOOD FLOORS
• RECENT STREET IMPROVEMENTS

Property features AI

Finance

• Other: Pets allowed; Green energy / efficiency features for HVAC, thermostat, windows and doors; Zoning: B1 (multi-family)

Exterior

• Parking: Garage with door opener; 1 off-street open parking space; On-street parking; Paved parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (duplex); 3 stories
• Construction: Aluminum siding; Shingle roof; Brick/mortar foundation; Built with a full basement and crawl space
• Exterior features: Covered deck; Storm doors; Chain link fenced yard; Level lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range; Refrigerator
• Flooring: Carpet; Concrete; Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Ceiling fans; Forced air heating
• Interior features: Walk-in closets; Eat-in kitchen; Entrance foyer; Pantry; Storm windows
• Laundry & utility: Washer hookup; Dryer included; Washer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $67 ($802/yr) — positive. Per door: $33/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (15.1% below list).
• Recommended offer: $221k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: Thomas Miller Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 343 students, 85% 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $2,206/mo this rent would consume 51% of the median local household income ($52k/yr) (locally 563% 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 $2k of loan paydown is wiped out by about $8k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,600 (15.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.85% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $226,848
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620-622 N 11th St	0.40mi	5/2.0 (+1)	2,136 (-4%)	5mo	$225,000	$105	66
1826 Wilson St	0.46mi	5/2.0 (+1)	2,108 (-5%)	2mo	$90,000	$43	63
910 N 9th St	0.23mi	4/3.0	1,944 (-13%)	8mo	$210,000	$108	58
1109 Elizabeth St	0.39mi	4/4.0	2,496 (+12%)	4mo	$250,000	$100	50
1316 Ferry St	0.62mi	4/2.0	2,326 (+5%)	17mo	$245,000	$105	49
1216 Cincinnati St	0.43mi	4/2.0	2,024 (-9%)	24mo	$90,000	$44	45
1003 Cincinnati St	0.45mi	5/3.0 (+1)	2,458 (+10%)	17mo	$250,000	$102	38
425 Asher St Unit one	0.67mi	4/2.5	2,424 (+9%)	22mo	$160,000	$66	33

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-38,342
• Equity at exit: $38,752

10-year hold

• IRR: -6.5%
• Equity multiple: 0.59×
• Total profit: $-29,881
• Equity at exit: $22,471

Cash invested: $72,772 (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 47904

• Rents YoY: 2.8%
• Active inventory: 73
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $2,206 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$205 /mo · $2,456/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $67

Break-even live

Break-even rent $2,121

Max offer price $259,900

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,206
Total (2 units)			$2,206

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1038 Heath St Unit 1038 1/2 Lafayette, IN	4.0	2.0	1650	$1,850	$1.12	21d	1	0.03mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	13d	1	0.93mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,115	$1.15	21d	1	0.97mi
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	13d	1	0.98mi
224 S 14th St Lafayette, IN	4.0	2.0	1900	$1,810	$0.95	13d	1	1.00mi
932 Robinson St West Lafayette, IN	3.0	1.5	1944	$2,800	$1.44	13d	1	1.12mi
2773 PROSPERITY WAY West Lafayette, IN	3.0	2.0	1691	$3,095	$1.83	21d	1	1.23mi
2209 Monon Ave Lafayette, IN	3.0	2.0	2200	$1,650	$0.75	43d	1	1.27mi

Listing history 10 events

1. 2026-06-19
   days on market $259,900 Active 11 DOM
2. 2026-06-18
   days on market $259,900 Active 10 DOM
3. 2026-06-17
   days on market $259,900 Active 9 DOM
4. 2026-06-16
   days on market $259,900 Active 8 DOM
5. 2026-06-15
   days on market $259,900 Active 7 DOM
6. 2026-06-14
   days on market $259,900 Active 5 DOM
7. 2026-06-13
   days on market $259,900 Active 4 DOM
8. 2026-06-10
   days on market $259,900 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $259,900 Active 1 DOM

ⓘ 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: $2,456 · $205/mo
• Projected year-2 tax: $2,456 · $205/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 ≥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: $26,472
• − Mortgage interest: −$14,558
• − Property taxes: −$2,456
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,118
• − Management: −$2,118
• − Depreciation: −$7,561
• Taxable loss: −$3,638
• Est. tax savings @ 24.0%: +$873
• After-tax cash flow: $1,675/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

1 event — show timeline

• 2026-06-08 Listed $259,900 IRMLS

Property tax history

+7.8%/yr

Latest (2024): $2,456 · +19.5% YoY. Source: county tax records.