211 W Railroad St · Kentland, IN 47951

$360,000

2 bd · 1.0 ba · 1,456 sqft · MultiFamily public records · 38 Days on market

Built 1999 0.40 ac lot

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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).

• Appreciation +10.0/10.0
• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

211 Railroad Is A Three-Unit, Renovated Townhouse Property Located In Kentland, Indiana. Each Two-Story Townhome Features 3BR/1BA, With An Upper Level Living Area, Combined Kitchen/Dining Area, Two Bedrooms And The Bathroom. While The Main Level Boasts The Third Bedroom, Large Laundry/Flex Space And Attached Garage. The Property Has Undergone Recent Improvements And All Units Are Currently Leased. With Multiple Parking Spaces And Quick Access To US24, The Location Is Ideal. Respectfully, Please Allow 48 Hours Notice For Showings.

Key facts

• 0.4 acre lot
• 3 garage spots
• Built 1999

Property features AI

Finance

• Financial info: Gross income reported: $40,800; Net operating income reported: $30,248; Insurance expense: $2,000; Taxes (annual): $4,952; Other expenses: $3,600; Multi-unit with 3 total units; occupant type: tenant

Exterior

• Parking: Attached gravel parking; Additional parking; 3-car garage
• Security: Smoke detectors
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: Two levels; Built in 1999
• Construction: Shingle roof
• Exterior features: Covered porch; Neighborhood view; Shingle roof

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Three 3-bedroom units (multi-unit property)
• Bathrooms: Three full bathrooms
• Interior features: Other interior features; Neighborhood view
• Laundry & utility: Washer; Dryer; Laundry located on lower level

Heating & cooling

• Heating & cooling: Forced air heating (natural gas); Central air conditioning

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-394 ($-5k/yr) — negative. Per door: $-131/mo.
• To cash-flow at today's rent, offer at most $290k (19.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (30.4% below list).
• Recommended offer: $250k (30.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#265 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: schools D, amenities F, commute F.
• South Newton School Corporation (rural): math 29% / reading 35% proficiency, ranked #219 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 24 units permitted in Newton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Newton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $188k; list at $360k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,500 (30.4% 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 38 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. 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. 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: 0.70% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.69%
• DSCR: 0.79
• GRM: 12.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 2.70×
• Total profit: $170,943
• Equity at exit: $324,317

10-year hold

• IRR: 19.0%
• Equity multiple: 6.19×
• Total profit: $523,064
• Equity at exit: $699,401

Cash invested: $100,800 (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 47951

• Home prices YoY: 11.4%
• Active inventory: 24
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $2,505 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$335 /mo · $4,020/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $-394

Break-even live

Break-even rent $3,004

Max offer price $290,411

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,505
Total (3 units)			$2,505

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $360,000 Active 38 DOM
2. 2026-06-17
   days on market $360,000 Active 37 DOM
3. 2026-06-16
   days on market $360,000 Active 36 DOM
4. 2026-06-16
   price $360,000 Active 35 DOM
5. 2026-06-15
   days on market $375,000 Active 35 DOM
6. 2026-06-13
   days on market $375,000 Active 33 DOM
7. 2026-06-12
   days on market $375,000 Active 32 DOM
8. 2026-06-09
   days on market $375,000 Active 29 DOM
9. 2026-06-08
   days on market $375,000 Active 28 DOM
10. 2026-06-07
    days on market $375,000 Active 27 DOM
11. 2026-06-04
    days on market $375,000 Active 23 DOM
12. 2026-06-02
    days on market $375,000 Active 22 DOM
13. 2026-06-01
    days on market $375,000 Active 21 DOM
14. 2026-05-31
    days on market $375,000 Active 20 DOM
15. 2026-05-31
    days on market $375,000 Active 19 DOM
16. 2026-05-11
    listed $375,000 Active 394-char remark
17. 2021-07-01
    soldstatus $187,500 535-char remark

    Show marketing remark (535 chars)

    211 Railroad Is A Three-Unit, Renovated Townhouse Property Located In Kentland, Indiana. Each Two-Story Townhome Features 3BR/1BA, With An Upper Level Living Area, Combined Kitchen/Dining Area, Two Bedrooms And The Bathroom. While The Main Level Boasts The Third Bedroom, Large Laundry/Flex Space And Attached Garage. The Property Has Undergone Recent Improvements And All Units Are Currently Leased. With Multiple Parking Spaces And Quick Access To US24, The Location Is Ideal. Respectfully, Please Allow 48 Hours Notice For Showings.

18. 2021-07-01
    soldstatus $187,500

    Show marketing remark (535 chars)

    211 Railroad Is A Three-Unit, Renovated Townhouse Property Located In Kentland, Indiana. Each Two-Story Townhome Features 3BR/1BA, With An Upper Level Living Area, Combined Kitchen/Dining Area, Two Bedrooms And The Bathroom. While The Main Level Boasts The Third Bedroom, Large Laundry/Flex Space And Attached Garage. The Property Has Undergone Recent Improvements And All Units Are Currently Leased. With Multiple Parking Spaces And Quick Access To US24, The Location Is Ideal. Respectfully, Please Allow 48 Hours Notice For Showings.

19. 2021-05-04
    listed $189,000 535-char remark

    Show marketing remark (535 chars)

    211 Railroad Is A Three-Unit, Renovated Townhouse Property Located In Kentland, Indiana. Each Two-Story Townhome Features 3BR/1BA, With An Upper Level Living Area, Combined Kitchen/Dining Area, Two Bedrooms And The Bathroom. While The Main Level Boasts The Third Bedroom, Large Laundry/Flex Space And Attached Garage. The Property Has Undergone Recent Improvements And All Units Are Currently Leased. With Multiple Parking Spaces And Quick Access To US24, The Location Is Ideal. Respectfully, Please Allow 48 Hours Notice For Showings.

20. 2016-02-15
    historical
21. 2015-08-14
    listed $201,600
22. 2015-07-15
    historical
23. 2015-01-14
    listed $201,600

ⓘ 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: $4,020 · $335/mo
• Projected year-2 tax: $4,020 · $335/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,060
• − Mortgage interest: −$20,166
• − Property taxes: −$4,020
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,405
• − Management: −$2,405
• − Depreciation: −$10,473
• Taxable loss: −$11,208
• Est. tax savings @ 24.0%: +$2,690
• After-tax cash flow: $-2,037/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: South Newton School Corporation
• NCES district ID: 1810470
• Math proficiency: 29% ▼ -18.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $46,624
• Composite: 27.52/100
• National rank: #6952
• State rank: #219 of 301 in IN

Livability — Kentland

• Score: 67/100
• State rank: #265
• US rank: #11108

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kentland, IN
• City population: 2,246
• Population (ZIP): 2,246

Population outlook (Newton County) Hauer SSP2

• Today (2025): 13,726 people
• By 2030: 13,448 · -2.0%
• By 2040: 12,771 · -7.0%
• By 2050: 12,104 · -11.8%
• By 2075: 11,059 · -19.4%
• By 2100: 9,813 · -28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Newton

• 2024 margin: Solid R (+57.0) · D 20.8% · R 77.7% · Other 1.5%
• 2008→2024 swing: -45.8pp toward R · 2008: -11.2pp · 2024: -57.0pp
• All cycles: 2024: R+57.0 2020: R+52.1 2016: R+46.1 2012: R+19.1 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.78%
• Current HPI: 262.4146
• 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

+78.6% since first listed

9 events — show timeline

• 2026-06-15 Price Changed $360,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-11 Listed $375,000 NIRA MLS as Distributed by MLS Grid
• 2021-07-01 Sold (Public Records) $187,500 Public Records
• 2021-07-01 Sold (MLS) $187,500 NIRA MLS as Distributed by MLS Grid
• 2021-05-04 Listed $189,000 NIRA MLS as Distributed by MLS Grid
• 2016-02-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-08-14 Listed $201,600 NIRA MLS as Distributed by MLS Grid
• 2015-07-15 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-01-14 Listed $201,600 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2024): $4,020 · +9.0% YoY. Source: county tax records.