None · Crawfordsville, IN 47933

$199,900

2 bd · 1.0 ba · 2,304 sqft · MultiFamily public records · 24 Days on market

Built 1996 7,797 sqft lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +2.5/10.0
• 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

Investors looking for good return need to check out this 2 unit built in 1996. Each unit 3BDRM, 2BA, Gas F/A Heat and Central AC.

Key facts

• 7,797 sq ft lot
• Built 1996
• Listed 23 days

Property features AI

Finance

• Financial info: Two units total; Unit rents reported as $1,350 per month and $850 per month; Gross income and expenses reported as 0 in provided data

Exterior

• Utilities: One unit lists utilities as central air, electric, gas, and forced heat; No solid waste information indicated
• Home design: Duplex (residential income); Each unit spans 2 levels
• Construction: No conversion indicated
• Exterior features: Street access with street cuts; Current use as an apartment building with fewer than 20 units; Lot approximately 0.18 acres

Interior

• Kitchen: Kitchen present in each unit
• Bedrooms: Each unit is a 3-bedroom layout
• Heating & cooling: Forced heat (unit utilities indicate forced air); Central air listed under utilities for one unit
• Interior features: Two-unit residential income property
• Laundry & utility: Heating utilities include forced air

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.5% in Crawfordsville — 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 72/100 on livability (#118 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: commute D+, amenities F, employment D-.
• Crawfordsville Community Schools (town): math 27% / reading 32% proficiency, ranked #247 of 301 in IN (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crawfordsville Sr High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 692 students, 58% FRL) — zoned schools at 58% FRL track the district average.
• Zoned-school proficiency averages 47% at this address vs 30% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Crawfordsville Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.3%/yr); 203 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).
• At $2,630/mo this rent would consume 46% of the median local household income ($68k/yr) (locally 464% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $72k; list at $200k implies a 180% gain — meaningful room to come down on a strong offer.

Recommended offer $196,901 (1.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.28% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $9,893
• Equity at exit: $29,806

10-year hold

• IRR: 14.3%
• Equity multiple: 2.17×
• Total profit: $65,360
• Equity at exit: $17,284

Cash invested: $55,972 (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 47933

• Home prices YoY: -27.1%
• Rents YoY: 3.3%
• Active inventory: 203
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,630 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$295 /mo · $3,539/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $651

Break-even live

Break-even rent $1,806

Max offer price $199,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,630
Total (2 units)			$2,630

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-17
   days on market $199,900 Active 24 DOM
2. 2026-06-16
   days on market $199,900 Active 23 DOM
3. 2026-06-15
   days on market $199,900 Active 22 DOM
4. 2026-06-14
   days on market $199,900 Active 20 DOM
5. 2026-06-12
   days on market $199,900 Active 19 DOM
6. 2026-06-09
   days on market $199,900 Active 16 DOM
7. 2026-06-08
   days on market $199,900 Active 15 DOM
8. 2026-06-07
   days on market $199,900 Active 14 DOM
9. 2026-06-02
   days on market $199,900 Active 9 DOM
10. 2026-06-01
    days on market $199,900 Active 8 DOM
11. 2026-05-31
    days on market $199,900 Active 7 DOM
12. 2026-05-30
    days on market $199,900 Active 6 DOM
13. 2026-05-23
    listed $199,900 Active
14. 2013-10-04
    historical 129-char remark

    Show marketing remark (129 chars)

    Investors looking for good return need to check out this 2 unit built in 1996. Each unit 3BDRM, 2BA, Gas F/A Heat and Central AC.

15. 2013-10-04
    soldstatus $71,500 129-char remark

    Show marketing remark (129 chars)

    Investors looking for good return need to check out this 2 unit built in 1996. Each unit 3BDRM, 2BA, Gas F/A Heat and Central AC.

16. 2013-05-29
    listed $79,900 129-char remark

    Show marketing remark (129 chars)

    Investors looking for good return need to check out this 2 unit built in 1996. Each unit 3BDRM, 2BA, Gas F/A Heat and Central AC.

17. 2013-01-27
    historical
18. 2012-09-21
    listed $89,900

ⓘ 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: $3,539 · $295/mo
• Projected year-2 tax: $3,539 · $295/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,560
• − Mortgage interest: −$11,198
• − Property taxes: −$3,539
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,525
• − Management: −$2,525
• − Depreciation: −$5,815
• Taxable income: $4,959
• Est. tax owed @ 24.0%: −$1,190
• After-tax cash flow: $6,624/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: Crawfordsville Community Schools
• NCES district ID: 1802460
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $39,087
• Composite: 24.73/100
• National rank: #7606
• State rank: #247 of 301 in IN

Livability — Crawfordsville

• Score: 72/100
• State rank: #118
• US rank: #6376

Category grades

Amenities F Commute D+ 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: Crawfordsville, IN
• County: Montgomery County · 28,357 people
• City population: 28,357
• Metro: Crawfordsville, IN
• Population (ZIP): 28,357
• Household income: $68,130
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 464.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.91%
• Current HPI: 211.6864
• Rent YoY: ▲ 3.28%
• Metro: Crawfordsville, 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

+122.4% since first listed

6 events — show timeline

• 2026-05-23 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2013-10-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-10-04 Sold (MLS) $71,500 MIBOR as Distributed by MLS Grid
• 2013-05-29 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2013-01-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-09-21 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2025): $3,539 · -36.6% YoY. Source: county tax records.