65 & 67 W 2nd St · Peru, IN 46970

$79,999

3 bd · 1.5 ba · 1,592 sqft · SingleFamily public records · 76 Days on market

Built 1900 3,960 sqft lot Est $104k · 23% 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 +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious duplex offering a total of 6 bedrooms and 4 bathrooms with basement, with each unit featuring 3 bedrooms and 2 full baths. With approximately 3,400 total square feet, this property provides about 1,700 square feet per unit, offering generous living space for tenants or owner-occupants alike. Detached garage is included and ready for your finishing touches or updates. Great opportunity for investors or buyers looking to add value to a large multifamily property. Currently owner occupied, no tenants.

Key facts

• 3,960 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 6.1% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, schools D, commute F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $56k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,199 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 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 1900 — 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: 1.60% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.77%
• DSCR: 2.15
• GRM: 5.2

CMA / ARV

• ARV (median comp): $103,599
• List price: $79,999
• Delta: -22.78%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
75 W 2nd St	0.03mi	3/1.5	1,584 (-0%)	5mo	$147,000	$93	93
308 W 3rd St	0.45mi	3/2.5	1,558 (-2%)	2mo	$186,000	$119	70
128 W 6th St	0.33mi	4/1.0 (+1)	1,696 (+6%)	1mo	$77,000	$45	66
170 N Hood St	0.43mi	3/1.0	1,528 (-4%)	8mo	$89,000	$58	65
258 W 2nd St	0.35mi	4/2.0 (+1)	1,480 (-7%)	0mo	$79,900	$54	64
280 W 6th St	0.50mi	3/1.0	1,486 (-7%)	0mo	$175,000	$118	63
276 E 3rd St	0.65mi	3/1.5	1,584 (-0%)	10mo	$185,000	$117	60
312 W 6th St	0.54mi	3/1.0	1,456 (-8%)	3mo	$92,300	$63	56
63 W 6th St	0.28mi	3/1.5	1,362 (-14%)	10mo	$55,000	$40	55
84 Ewing St	0.46mi	3/2.0	1,736 (+9%)	11mo	$69,000	$40	52
262 E 6th St	0.68mi	2/1.0 (-1)	1,728 (+8%)	4mo	$69,000	$40	44
317 N Fremont St	0.66mi	3/1.0	1,368 (-14%)	6mo	$170,000	$124	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: 19.4%
• Equity multiple: 1.79×
• Total profit: $17,678
• Equity at exit: $11,928

10-year hold

• IRR: 27.7%
• Equity multiple: 3.45×
• Total profit: $54,863
• Equity at exit: $6,917

Cash invested: $22,400 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,279 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$77 /mo · $921/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $481

Break-even live

Break-even rent $670

Max offer price $79,999

Occupancy floor 57%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
548 Sycamore Trl Peru, IN	1.0–2.0	1.0–2.0	899	$1,345	$1.50	43d	2	0.89mi

Listing history 20 events

1. 2026-06-19
   days on market $79,999 Active 76 DOM
2. 2026-06-18
   days on market $79,999 Active 75 DOM
3. 2026-06-17
   days on market $79,999 Active 74 DOM
4. 2026-06-16
   days on market $79,999 Active 73 DOM
5. 2026-06-15
   days on market $79,999 Active 72 DOM
6. 2026-06-14
   days on market $79,999 Active 70 DOM
7. 2026-06-12
   days on market $79,999 Active 69 DOM
8. 2026-06-09
   days on market $79,999 Active 66 DOM
9. 2026-06-08
   days on market $79,999 Active 65 DOM
10. 2026-06-07
    days on market $79,999 Active 64 DOM
11. 2026-06-07
    days on market $79,999 Active 63 DOM
12. 2026-06-03
    days on market $79,999 Active 60 DOM
13. 2026-06-02
    days on market $79,999 Active 59 DOM
14. 2026-06-01
    days on market $79,999 Active 58 DOM
15. 2026-05-31
    days on market $79,999 Active 57 DOM
16. 2026-05-31
    days on market $79,999 Active 56 DOM
17. 2026-05-09
    price $87,500 512-char remark

    Show marketing remark (512 chars)

    Spacious duplex offering a total of 6 bedrooms and 4 bathrooms with basement, with each unit featuring 3 bedrooms and 2 full baths. With approximately 3,400 total square feet, this property provides about 1,700 square feet per unit, offering generous living space for tenants or owner-occupants alike. Detached garage is included and ready for your finishing touches or updates. Great opportunity for investors or buyers looking to add value to a large multifamily property. Currently owner occupied, no tenants.

18. 2026-04-21
    price $97,900 512-char remark

    Show marketing remark (512 chars)

    Spacious duplex offering a total of 6 bedrooms and 4 bathrooms with basement, with each unit featuring 3 bedrooms and 2 full baths. With approximately 3,400 total square feet, this property provides about 1,700 square feet per unit, offering generous living space for tenants or owner-occupants alike. Detached garage is included and ready for your finishing touches or updates. Great opportunity for investors or buyers looking to add value to a large multifamily property. Currently owner occupied, no tenants.

19. 2026-04-04
    listed $109,000 Active 512-char remark

    Show marketing remark (512 chars)

    Spacious duplex offering a total of 6 bedrooms and 4 bathrooms with basement, with each unit featuring 3 bedrooms and 2 full baths. With approximately 3,400 total square feet, this property provides about 1,700 square feet per unit, offering generous living space for tenants or owner-occupants alike. Detached garage is included and ready for your finishing touches or updates. Great opportunity for investors or buyers looking to add value to a large multifamily property. Currently owner occupied, no tenants.

20. 2011-06-21
    soldstatus $56,500

ⓘ 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: $921 · $77/mo
• Projected year-2 tax: $921 · $77/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) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 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: $15,351
• − Mortgage interest: −$4,481
• − Property taxes: −$921
• − Insurance: −$400
• − Repairs & maintenance: −$1,228
• − Management: −$1,228
• − Depreciation: −$2,327
• Taxable income: $4,766
• Est. tax owed @ 24.0%: −$1,144
• After-tax cash flow: $4,628/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

+54.9% since first listed

4 events — show timeline

• 2026-05-09 Price Changed $87,500 NIRA MLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $97,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-04 Listed $109,000 NIRA MLS as Distributed by MLS Grid
• 2011-06-21 Sold (Public Records) $56,500 Public Records

Property tax history

-0.5%/yr

Latest (2023): $921 · +20.2% YoY. Source: county tax records.