1308 Salem St · Lafayette, IN 47904

$179,900

4 bd · 1.0 ba · 1,516 sqft · SingleFamily public records · 40 Days on market

Built 1915 3,456 sqft lot $119/sqft · 42% above area Est $179k · at est.

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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 +20.9/30.0
• ARV discount +7.2/15.0
• DSCR +6.7/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on an amazing opportunity in the heart of Lafayette! This property presents an ideal canvas for renovation and revitalization poised to unlock its full potential with strategic updates and improvements. With its prime location and solid bones, this house offers a lucrative opportunity for investors looking to flip or rent! New roof in 2016, new furnace 2020. Turn this vision into profit!

Key facts

• Walkout balcony
• Enclosed porch
• 3,456 sq ft lot

Tags

• COMPLETELY FINISHED BASEMENT
• WOOD BURNING FIREPLACE
• WALKOUT BALCONY
• ENCLOSED PORCH

Property features AI

Exterior

• Parking: Detached gravel garage; 1 garage space
• Utilities: Public water; Sewer: None specified; Cable available
• Home design: Single-family residence (site-built); 2 stories
• Construction: Stone and vinyl siding exterior; Block foundation; Asphalt/rubber shingle roof; Built as a site-built home
• Exterior features: Balcony; Enclosed porch

Interior

• Kitchen: Refrigerator; Gas oven; Gas range
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas forced air heating; Window and wall cooling units
• Interior features: Laminate counters; Window treatments; Finished full basement with sump pump
• Laundry & utility: Washer; Dryer; Washer hookup and electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (6.0% below list).
• Recommended offer: $169k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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: Vinton Elementary School (math 42% / reading 27%, grade F, #597 of 994 statewide, top 63%, 452 students, 86% FRL); Lafayette Sunnyside Intermediate (math 26% / reading 26%, grade F, #240 of 330 statewide, top 73%, 1,047 students, 77% 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); 75 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 39% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• It's been on market 40 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,098 (6.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 7.97%
• Cash-on-cash: 5.98%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (median comp): $178,641
• List price: $179,900
• Delta: 0.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1123 N 9th St	0.28mi	3/1.5 (-1)	1,552 (+2%)	1mo	$236,000	$152	75
1039 Tulip Ln	0.68mi	4/1.5	1,534 (+1%)	3mo	$228,000	$149	62
1118 Cincinnati St	0.22mi	3/2.0 (-1)	1,632 (+8%)	9mo	$148,000	$91	61
1410 Morton St	0.38mi	3/1.0 (-1)	1,392 (-8%)	9mo	$100,000	$72	57
1213 Morton St	0.35mi	3/1.5 (-1)	1,683 (+11%)	4mo	$220,000	$131	55
1430 N 16th St	0.44mi	3/2.0 (-1)	1,408 (-7%)	6mo	$152,000	$108	53
1904 Greenbush St	0.57mi	4/2.0	1,652 (+9%)	4mo	$250,000	$151	51
1706 Pierce St	0.39mi	3/2.0 (-1)	1,700 (+12%)	9mo	$210,000	$124	45
414 Cincinnati St	0.55mi	3/2.0 (-1)	1,701 (+12%)	0mo	$275,000	$162	45
1811 N 15th St	0.64mi	3/2.0 (-1)	1,664 (+10%)	3mo	$220,000	$132	43
1940 Morton St	0.59mi	3/1.5 (-1)	1,328 (-12%)	4mo	$156,000	$117	42
2217 Rainbow Dr	0.71mi	3/1.5 (-1)	1,698 (+12%)	7mo	$200,000	$118	34

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-13,568
• Equity at exit: $26,824

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $7,101
• Equity at exit: $15,554

Cash invested: $50,372 (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: 75
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,691 high
• Mortgage (P&I): −$943
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $251

Break-even live

Break-even rent $1,373

Max offer price $179,900

Occupancy floor 80%

Sensitivity live

Price	-10% $353	-5% $302	+0% $251	+5% $200	+10% $149
Rent	-10% $118	-5% $184	+0% $251	+5% $318	+10% $385
Rate	-1.0pp $342	-0.5pp $297	base $251	+0.5pp $205	+1.0pp $157

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	22d	1	0.23mi
1510 N 10th St Unit FP205 Lafayette, IN	3.0	1.0	1050	$1,197	$1.14	15d	1	0.48mi
1707 Meharry St Lafayette, IN	3.0	2.0	1348	$1,500	$1.11	22d	1	0.57mi
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	15d	1	0.77mi
224 S 14th St Lafayette, IN	4.0	2.0	1900	$1,810	$0.95	15d	1	0.78mi
1611 Grove St Lafayette, IN	3.0	1.5	1250	$1,195	$0.96	15d	1	0.78mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	45d	1	0.80mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	15d	1	0.82mi
320 Brown St West Lafayette, IN	1.0–4.0	1.0–2.0	835	$1,599	$1.91	15d	12	0.89mi
400 N River Rd West Lafayette, IN	3.0	1.0–3.0	693	$1,229	$1.77	15d	42	0.93mi
1609 Arlington Rd Lafayette, IN	3.0	1.0	1268	$1,300	$1.03	22d	1	0.94mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,115	$1.15	22d	1	1.06mi
932 Robinson St West Lafayette, IN	3.0	1.5	1944	$2,800	$1.44	15d	1	1.31mi
2773 PROSPERITY WAY West Lafayette, IN	3.0	2.0	1691	$3,095	$1.83	22d	1	1.32mi
2209 Monon Ave Lafayette, IN	3.0	2.0	2200	$1,650	$0.75	45d	1	1.39mi

Listing history 13 events

1. 2026-06-07
   statusdays on market $179,900 Pending 40 DOM
2. 2026-06-02
   days on market $179,900 Active 38 DOM
3. 2026-06-01
   days on market $179,900 Active 37 DOM
4. 2026-05-31
   days on market $179,900 Active 36 DOM
5. 2026-05-30
   days on market $179,900 Active 35 DOM
6. 2026-05-14
   price $179,900 966-char remark
7. 2026-05-05
   price $189,000 966-char remark
8. 2026-04-25
   listed $199,000 Active 966-char remark
9. 2026-03-02
   historical $1,600
10. 2026-01-29
    listed $1,600
11. 2024-04-02
    soldstatus $120,000 Closed 406-char remark

    Show marketing remark (406 chars)

    Don't miss out on an amazing opportunity in the heart of Lafayette! This property presents an ideal canvas for renovation and revitalization poised to unlock its full potential with strategic updates and improvements. With its prime location and solid bones, this house offers a lucrative opportunity for investors looking to flip or rent! New roof in 2016, new furnace 2020. Turn this vision into profit!

12. 2024-03-12
    status Pending 406-char remark

    Show marketing remark (406 chars)

    Don't miss out on an amazing opportunity in the heart of Lafayette! This property presents an ideal canvas for renovation and revitalization poised to unlock its full potential with strategic updates and improvements. With its prime location and solid bones, this house offers a lucrative opportunity for investors looking to flip or rent! New roof in 2016, new furnace 2020. Turn this vision into profit!

13. 2024-02-20
    listed $140,000 Active 406-char remark

    Show marketing remark (406 chars)

    Don't miss out on an amazing opportunity in the heart of Lafayette! This property presents an ideal canvas for renovation and revitalization poised to unlock its full potential with strategic updates and improvements. With its prime location and solid bones, this house offers a lucrative opportunity for investors looking to flip or rent! New roof in 2016, new furnace 2020. Turn this vision into profit!

ⓘ 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: $796 · $66/mo
• Projected year-2 tax: $1,163 · $97/mo
• Expected delta: +$366/yr (+$31/mo · 46.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $20,292
• − Mortgage interest: −$10,077
• − Property taxes: −$796
• − Insurance: −$900
• − Repairs & maintenance: −$1,623
• − Management: −$1,623
• − Depreciation: −$5,233
• Taxable income: $39
• Est. tax owed @ 24.0%: −$9
• After-tax cash flow: $3,004/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

+28.5% since first listed

9 events — show timeline

• 2026-06-05 Pending — IRMLS
• 2026-05-14 Price Changed $179,900 IRMLS
• 2026-05-05 Price Changed $189,000 IRMLS
• 2026-04-25 Listed $199,000 IRMLS
• 2026-03-02 Rental Removed $1,600 APPFOLIO
• 2026-01-29 Listed for Rent $1,600 APPFOLIO
• 2024-04-02 Sold (MLS) $120,000 IRMLS
• 2024-03-12 Pending — IRMLS
• 2024-02-20 Listed $140,000 IRMLS

Property tax history

+12.0%/yr

Latest (2024): $796 · +20.5% YoY. Source: county tax records.