423 Lake Ave · Plymouth, IN 46563

$165,000

16 bd · 16.0 ba · 3,824 sqft · MultiFamily public records · 2 Days on market

Built 1860 7,405 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

INVESTMENT OPPORTUNITY!!! Here’s your chance to own a fully rented 4-unit income-producing property right in Plymouth, Indiana! These units have seen recent updates, including newer windows, roof, and an overall facelift, making this a solid, turn-key investment. All units are currently generating income, with appliances included for added value. Whether you’re looking to grow your portfolio or jump into investing, this one is ready to go! Don’t wait, call today!

Key facts

• Newer windows
• Appliances included
• New roof

Tags

• NEWER WINDOWS
• NEW ROOF
• APPLIANCES INCLUDED

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $860/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $165k).
• Cap rate 31.3% vs local median 3.5% in Plymouth — 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 71/100 on livability (#142 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Plymouth Community School Corporation (town): math 33% / reading 41% proficiency, ranked #173 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Discovery Academy (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 225 students, 65% FRL); Lincoln Junior High School (math 30% / reading 46%, grade F, #136 of 330 statewide, top 44%, 510 students, 56% FRL); Plymouth High School (math 37% / reading 60%, grade D, #139 of 369 statewide, top 38%, 1,078 students, 51% FRL).
• Market conditions: 82 active listings in the ZIP; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• At $5,790/mo this rent would consume 95% of the median local household income ($73k/yr) (locally 243% 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 $5k of value loss. Plan a longer hold.
• Marshall 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 + 3.0% rent growth), your $46k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y 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 $100k; list at $165k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,000

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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 3.51% ✓
• Cap rate: 31.32%
• Cash-on-cash: 89.38%
• DSCR: 4.98
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 90.0%
• Equity multiple: 5.17×
• Total profit: $192,510
• Equity at exit: $24,602

10-year hold

• IRR: 93.0%
• Equity multiple: 10.74×
• Total profit: $450,179
• Equity at exit: $14,266

Cash invested: $46,200 (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 46563

• Home prices YoY: -27.7%
• Active inventory: 82
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $5,790 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$199 /mo · $2,388/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,216
• Net cashflow: $3,441

Break-even live

Break-even rent $1,434

Max offer price $165,000

Occupancy floor 36%

Sensitivity live

Price	-10% $3,534	-5% $3,488	+0% $3,441	+5% $3,394	+10% $3,348
Rent	-10% $2,984	-5% $3,212	+0% $3,441	+5% $3,670	+10% $3,898
Rate	-1.0pp $3,524	-0.5pp $3,483	base $3,441	+0.5pp $3,398	+1.0pp $3,355

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$5,788
Total (4 units)			$5,790

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-25
   status Pending
2. 2026-04-22
   listed $165,000 Active
3. 2020-08-18
   soldstatus $100,000
4. 2019-08-02
   listed $125,000
5. 2019-08-02
   listed $125,000

ⓘ 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: $2,388 · $199/mo
• Projected year-2 tax: $2,388 · $199/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,480
• − Mortgage interest: −$9,243
• − Property taxes: −$2,388
• − Insurance: −$825
• − Repairs & maintenance: −$5,558
• − Management: −$5,558
• − Depreciation: −$4,800
• Taxable income: $41,108
• Est. tax owed @ 24.0%: −$9,866
• After-tax cash flow: $31,427/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: Plymouth Community School Corporation
• NCES district ID: 1809060
• Math proficiency: 33% ▼ -10.00%
• Reading proficiency: 41% ▼ -11.00%
• Median HH income: $45,852
• Composite: 31.58/100
• National rank: #5949
• State rank: #173 of 301 in IN

Livability — Plymouth

• Score: 71/100
• State rank: #142
• US rank: #7282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, IN
• County: Marshall County · 23,615 people
• City population: 23,615
• Metro: Plymouth, IN
• Population (ZIP): 23,615
• Household income: $73,293
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 243.0

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 16% Two or more races 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 12% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.52%
• Current HPI: 247.1045
• Rent YoY: —
• Metro: Plymouth, 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

+32.0% since first listed

5 events — show timeline

• 2026-04-25 Pending — IRMLS
• 2026-04-22 Listed $165,000 IRMLS
• 2020-08-18 Sold (MLS) $100,000 IRMLS
• 2019-08-02 Listed $125,000 IRMLS
• 2019-08-02 Listed $125,000 IRMLS

Property tax history

+3.7%/yr

Latest (2025): $2,388 · +6.8% YoY. Source: county tax records.