631 S 11th St · Richmond, IN 47374

$84,900

2 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 91 Days on market

Built 1910 Est $110k · 23% under ↓ 13% since listing

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Why this score? — see what drove the C+ 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.5/10.0
• 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

Exceptional investment opportunity featuring a 4-property package located at 631, 633, 637, and 639 S. 11th Street in Richmond, Indiana. Each property is a separate address with individual utilities and offers a spacious 3 bedroom, 1 bath layout, with all units mirroring one another in design and floor plan. 631 S. 11th St is rentable with minor repairs and cleaning, while 639 S. 11th St has already been updated and should be ready for occupancy with minimal additional investment. 633 and 637 S. 11th St require full renovation and are currently not livable, presenting strong value-add potential for investors looking to build equity. Major exterior improvements have already been completed ac

Key facts

• New roofs
• Individual utilities
• New rear decks

Tags

• INVESTMENT OPPORTUNITY
• 4 PROPERTY PACKAGE
• INDIVIDUAL UTILITIES
• SPACIOUS LAYOUT
• NEW ROOFS
• NEW REAR DECKS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single family residence; 2 stories; Stucco construction
• Construction: Stucco exterior
• Exterior features: Residential zoning

Interior

• Bathrooms: 1 full bathroom
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $587 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,259 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
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 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: 1.05% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.38%
• DSCR: 1.42
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $110,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 S 7th St	0.28mi	2/1.0	1,126 (-8%)	2mo	$89,900	$80	72
417 S 14th St	0.32mi	2/1.5	1,336 (+9%)	4mo	$43,000	$32	65
908 S 16th St	0.41mi	3/1.0 (+1)	1,118 (-9%)	0mo	$100,000	$89	61
1039 S 8th St	0.40mi	3/1.5 (+1)	1,288 (+5%)	7mo	$137,500	$107	60
822 S 16th St	0.39mi	3/1.5 (+1)	1,161 (-5%)	8mo	$175,000	$151	60
432 S 15th St	0.34mi	3/1.5 (+1)	1,344 (+10%)	5mo	$140,900	$105	56
1027 S 8th St	0.37mi	2/1.5	1,375 (+12%)	9mo	$23,000	$17	53
600 S 20th St	0.63mi	3/1.0 (+1)	1,141 (-7%)	4mo	$144,900	$127	51
42 S 16th St	0.69mi	2/1.0	1,316 (+8%)	6mo	$11,000	$8	50
447 S 15th St	0.35mi	3/1.0 (+1)	1,062 (-13%)	9mo	$150,000	$141	49
117 S 15th St	0.58mi	2/2.0	1,380 (+13%)	2mo	$79,900	$58	46
1229 S 4th St	0.71mi	2/1.0	1,056 (-14%)	6mo	$95,000	$90	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-1,953
• Equity at exit: $12,659

10-year hold

• IRR: 7.5%
• Equity multiple: 1.56×
• Total profit: $13,419
• Equity at exit: $7,341

Cash invested: $23,772 (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: 7.9×

Monthly cashflow live

• Estimated rent: $891 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$38 /mo · $454/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $186

Break-even live

Break-even rent $656

Max offer price $84,900

Occupancy floor 74%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 S 18th St Richmond, IN	3.0	2.0	847	$1,027	$1.21	44d	7	0.74mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	44d	4	0.88mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	0.95mi

Listing history 14 events

1. 2026-06-12
   statusdays on market $84,900 Pending 91 DOM
2. 2026-06-09
   days on market $84,900 Active 89 DOM
3. 2026-06-08
   days on market $84,900 Active 88 DOM
4. 2026-06-07
   pricedays on market $84,900 Active 87 DOM
5. 2026-06-03
   days on market $104,900 Active 83 DOM
6. 2026-06-02
   days on market $104,900 Active 82 DOM
7. 2026-06-01
   days on market $104,900 Active 81 DOM
8. 2026-05-31
   days on market $104,900 Active 80 DOM
9. 2026-05-30
   days on market $104,900 Active 79 DOM
10. 2026-04-13
    price $104,900
11. 2026-04-06
    status Active
12. 2026-03-17
    status Pending
13. 2026-03-09
    price $109,900
14. 2026-02-20
    listed $119,900 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: $454 · $38/mo
• Projected year-2 tax: $588 · $49/mo
• Expected delta: +$134/yr (+$11/mo · 29.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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: $10,697
• − Mortgage interest: −$4,756
• − Property taxes: −$454
• − Insurance: −$424
• − Repairs & maintenance: −$856
• − Management: −$856
• − Depreciation: −$2,470
• Taxable income: $881
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $2,018/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

-12.5% since first listed

5 events — show timeline

• 2026-04-13 Price Changed $104,900 RRELMS
• 2026-04-06 Relisted — RRELMS
• 2026-03-17 Pending — RRELMS
• 2026-03-09 Price Changed $109,900 RRELMS
• 2026-02-20 Listed $119,900 RRELMS

Property tax history

-2.9%/yr

Latest (2024): $454 · +14.1% YoY. Source: county tax records.