606 N Grant St · Edinburgh, IN 46124

$499,900

4 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 80 Days on market

Built 1997 8,625 sqft lot

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Why this score? — see what drove the F 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 +8.6/30.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

Public Remarks: ATTENTION INVESTORS!!! 1 Lot, 2 Duplexes, 4 Units. Each building totaling 2016 Sq Ft. Each Unit 1008 Sq Ft - 2 Bed 1 Bath. One Unit is Furnished and includes Linens & Cookware along with Refrigerator, Oven/Range, Microwave, Clothes Washer & Dryer. Large Primary, Open Concept Kitchen / Living, Pantry, Nice Laundry Area.

Key facts

• 8,625 sq ft lot
• Built 1997
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $-434 ($-5k/yr) — negative. Per door: $-145/mo.
• To cash-flow at today's rent, offer at most $423k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (29.9% below list).
• Recommended offer: $350k (29.9% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.4% in Edinburgh — 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 61/100 on livability (#505 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D, employment D, amenities F.
• Edinburgh Community School Corporation (suburban): math 27% / reading 39% proficiency, ranked #214 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 37 active listings in the ZIP; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.

Recommended offer $350,500 (29.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 5.25%
• Cash-on-cash: -3.72%
• DSCR: 0.83
• GRM: 11.9

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: -22.6%
• Equity multiple: 0.22×
• Total profit: $-108,749
• Equity at exit: $74,537

10-year hold

• IRR: -16.9%
• Equity multiple: 0.07×
• Total profit: $-130,703
• Equity at exit: $43,222

Cash invested: $139,972 (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 46124

• Active inventory: 37
• Price-to-rent: 35.7×

Monthly cashflow live

• Estimated rent: $3,505 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$373 /mo · $4,478/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $-434

Break-even live

Break-even rent $4,054

Max offer price $423,233

Occupancy floor —

Sensitivity live

Price	-10% $-151	-5% $-293	+0% $-434	+5% $-575	+10% $-717
Rent	-10% $-711	-5% $-572	+0% $-434	+5% $-296	+10% $-157
Rate	-1.0pp $-182	-0.5pp $-307	base $-434	+0.5pp $-564	+1.0pp $-695

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$3,504
Total (3 units)			$3,505

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $499,900 Active 80 DOM
2. 2026-06-18
   days on market $499,900 Active 77 DOM
3. 2026-06-17
   days on market $499,900 Active 76 DOM
4. 2026-06-16
   days on market $499,900 Active 75 DOM
5. 2026-06-15
   days on market $499,900 Active 74 DOM
6. 2026-06-13
   days on market $499,900 Active 72 DOM
7. 2026-06-09
   days on market $499,900 Active 68 DOM
8. 2026-06-08
   days on market $499,900 Active 67 DOM
9. 2026-06-07
   days on market $499,900 Active 66 DOM
10. 2026-06-05
    days on market $499,900 Active 63 DOM
11. 2026-06-03
    days on market $499,900 Active 62 DOM
12. 2026-06-02
    days on market $499,900 Active 61 DOM
13. 2026-06-01
    days on market $499,900 Active 60 DOM
14. 2026-05-31
    days on market $499,900 Active 59 DOM
15. 2026-04-01
    listed $499,900 Active 344-char remark

    Show marketing remark (344 chars)

    Public Remarks: ATTENTION INVESTORS!!! 1 Lot, 2 Duplexes, 4 Units. Each building totaling 2016 Sq Ft. Each Unit 1008 Sq Ft - 2 Bed 1 Bath. One Unit is Furnished and includes Linens & Cookware along with Refrigerator, Oven/Range, Microwave, Clothes Washer & Dryer. Large Primary, Open Concept Kitchen / Living, Pantry, Nice Laundry Area.

ⓘ 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: $4,478 · $373/mo
• Projected year-2 tax: $4,478 · $373/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 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,060
• − Mortgage interest: −$28,002
• − Property taxes: −$4,478
• − Insurance: −$2,500
• − Repairs & maintenance: −$3,365
• − Management: −$3,365
• − Depreciation: −$14,543
• Taxable loss: −$14,191
• Est. tax savings @ 24.0%: +$3,406
• After-tax cash flow: $-1,802/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: Edinburgh Community School Corporation
• NCES district ID: 1803240
• Math proficiency: 27% ▼ -13.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $40,262
• Composite: 27.72/100
• National rank: #6906
• State rank: #214 of 301 in IN

Livability — Edinburgh

• Score: 61/100
• State rank: #505
• US rank: #17914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edinburgh, IN
• Population (ZIP): 7,638

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Serbian 0%
• Foreign-born: 1% · Vietnam, Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.43%
• Current HPI: 204.1713
• 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

1 event — show timeline

• 2026-04-01 Listed $499,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $4,478 · -0.5% YoY. Source: county tax records.