15 Howard Pl · Richmond, IN 47374

$56,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 7 Days on market

Built 1920 1,089 sqft lot Est $84k · 33% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Currently occupied with a month to month tenant paying $450 per month for this 2 BR, 1 BA, 2 story townhouse. Annual HOA fee of $200. Call or Text Debbie Rudd at 765-969-6822 for additional information.

Key facts

• Built 1920
• Listed 7 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential condominium; 2-story
• Construction: Brick construction
• Exterior features: Asphalt shingle roof; Residential zoning

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Electric range; Refrigerator; Gas water heater; Full unfinished basement
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $56,000 price doesn't fit this home's estimated sale value (~$83,664) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($871 rent vs $56k).
• Cap rate 13.1% 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: Starr Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 212 students, 93% FRL); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $387 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $36k; list at $56k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 1.55% ✓
• Cap rate: 13.12%
• Cash-on-cash: 24.39%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $83,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
327 N 10th St #18	0.00mi	2/1.0	1,008 (0%)	2mo	$56,201	$56	98
9 NW J St	0.68mi	2/1.0	984 (-2%)	3mo	$81,500	$83	62
836 N 12th St	0.42mi	2/1.0	924 (-8%)	11mo	$70,000	$76	58
31 NW J St	0.70mi	2/1.0	952 (-6%)	2mo	$78,000	$82	56
948 Sheridan St	0.69mi	2/1.0	946 (-6%)	5mo	$90,000	$95	54
800 15th St	0.53mi	3/1.0 (+1)	1,065 (+6%)	11mo	$29,500	$28	52
106 NW G St	0.72mi	3/1.0 (+1)	1,056 (+5%)	6mo	$70,000	$66	48
827 N 17th St	0.69mi	3/1.0 (+1)	960 (-5%)	9mo	$89,900	$94	48
413 NW 2nd St	0.75mi	3/1.0 (+1)	1,074 (+6%)	12mo	$71,500	$67	39
1120 Butler St	0.75mi	2/1.0	896 (-11%)	10mo	$79,000	$88	39
1017 Butler St	0.66mi	3/2.0 (+1)	1,144 (+14%)	3mo	$100,000	$87	36
8 Sunset Dr	0.74mi	3/1.0 (+1)	1,152 (+14%)	8mo	$163,900	$142	30

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: 17.7%
• Equity multiple: 1.72×
• Total profit: $11,228
• Equity at exit: $8,350

10-year hold

• IRR: 26.2%
• Equity multiple: 3.29×
• Total profit: $35,926
• Equity at exit: $4,842

Cash invested: $15,680 (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: 277
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $871 medium
• Mortgage (P&I): −$294
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $319

Break-even live

Break-even rent $467

Max offer price $56,000

Occupancy floor 58%

Sensitivity live

Price	-10% $350	-5% $335	+0% $319	+5% $303	+10% $287
Rent	-10% $250	-5% $284	+0% $319	+5% $353	+10% $388
Rate	-1.0pp $347	-0.5pp $333	base $319	+0.5pp $304	+1.0pp $289

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	45d	3	0.06mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	45d	4	1.49mi

Listing history 5 events

1. 2026-06-12
   statusdays on market $56,000 Pending 7 DOM
2. 2026-06-09
   days on market $56,000 Active 6 DOM
3. 2026-06-08
   days on market $56,000 Active 5 DOM
4. 2026-06-07
   remarks 699-char remark
5. 2026-06-07
   listed $56,000 Active 4 DOM

ⓘ 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: $624 · $52/mo
• Projected year-2 tax: $624 · $52/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 ≥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: $10,447
• − Mortgage interest: −$3,137
• − Property taxes: −$624
• − Insurance: −$280
• − Repairs & maintenance: −$836
• − Management: −$836
• − Depreciation: −$1,629
• Taxable income: $3,105
• Est. tax owed @ 24.0%: −$745
• After-tax cash flow: $3,080/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

+119.6% since first listed

6 events — show timeline

• 2026-06-01 Listed $56,000 RRELMS
• 2025-08-22 Sold (MLS) $36,000 RRELMS
• 2025-08-08 Delisted — RRELMS
• 2025-07-22 Listed $35,000 RRELMS
• 2015-05-20 Sold (MLS) $21,000 RRELMS
• 2015-02-09 Listed $25,500 RRELMS

Property tax history

-3.1%/yr

Latest (2024): $624 · +13.9% YoY. Source: county tax records.