4121 N Co Rd 275 E · Richmond, IN 47374

$169,900

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 100 Days on market

Built 1998 2.00 ac lot

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Why this score? — see what drove the D- 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 +13.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• Schools +2.9/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Get your bags packed for country living. This 3 bedroom 2 bath home is waiting for you to put your personal touch and loving care to make it your own. You will love the open concept between the kitchen, dining and living room space. The kitchen has plenty of cabinets and countertop space for all storage needs. Walk out the sliding doors from the dining area onto the back deck over looking your spacious land. This is a split floor plan with the primary bedroom on one side of the home, and 2 bedrooms on the other. The garden tub in the master suite has been removed but the water lines remain, so you can add what fits your needs. All of the bedrooms have nice sized closets. This home comes complete with a shed, she shed, and pole barn. Behind the pole barn is new electric as well as septic so you can add a bath to the pole barn, or simply park a camper and hook-up! This home has a metal roof, a new water heater, a new well pump, and new septic pump. Call today for a personal tour of this home sitting on 2 Acres of land. 765-265-2663

Key facts

• Open concept
• Split floor plan
• Plenty of cabinets

Tags

• OPEN CONCEPT
• PLENTY OF CABINETS
• BACK DECK
• SPACIOUS LAND
• SPLIT FLOOR PLAN
• NICE SIZED CLOSETS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $14 ($163/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 $127k (25.1% below list).
• Recommended offer: $127k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.2% in Richmond — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+, schools D-, employment D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 277 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($51k/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.
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $127,336 (25.1% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.75% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.34%
• DSCR: 1.02
• GRM: 11.1

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: -15.8%
• Equity multiple: 0.44×
• Total profit: $-26,761
• Equity at exit: $25,333

10-year hold

• IRR: -7.5%
• Equity multiple: 0.53×
• Total profit: $-22,567
• Equity at exit: $14,690

Cash invested: $47,572 (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: 11.1×

Monthly cashflow live

• Estimated rent: $1,273 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$31 /mo · $368/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $14

Break-even live

Break-even rent $1,256

Max offer price $169,900

Occupancy floor 94%

Sensitivity live

Price	-10% $110	-5% $62	+0% $14	+5% $-35	+10% $-286
Rent	-10% $-87	-5% $-37	+0% $14	+5% $64	+10% $114
Rate	-1.0pp $99	-0.5pp $57	base $14	+0.5pp $-30	+1.0pp $-75

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $169,900 Active 100 DOM
2. 2026-06-18
   days on market $169,900 Active 98 DOM
3. 2026-06-17
   days on market $169,900 Active 97 DOM
4. 2026-06-16
   days on market $169,900 Active 96 DOM
5. 2026-06-15
   days on market $169,900 Active 95 DOM
6. 2026-06-13
   days on market $169,900 Active 93 DOM
7. 2026-06-12
   days on market $169,900 Active 92 DOM
8. 2026-06-09
   days on market $169,900 Active 89 DOM
9. 2026-06-08
   days on market $169,900 Active 88 DOM
10. 2026-06-07
    days on market $169,900 Active 87 DOM
11. 2026-06-07
    pricedays on market $169,900 Active 86 DOM
12. 2026-06-04
    days on market $174,900 Active 83 DOM
13. 2026-06-02
    days on market $174,900 Active 82 DOM
14. 2026-06-01
    days on market $174,900 Active 81 DOM
15. 2026-05-31
    days on market $174,900 Active 80 DOM
16. 2026-05-31
    days on market $174,900 Active 79 DOM
17. 2026-04-20
    price $184,900 1045-char remark

    Show marketing remark (1045 chars)

    Get your bags packed for country living. This 3 bedroom 2 bath home is waiting for you to put your personal touch and loving care to make it your own. You will love the open concept between the kitchen, dining and living room space. The kitchen has plenty of cabinets and countertop space for all storage needs. Walk out the sliding doors from the dining area onto the back deck over looking your spacious land. This is a split floor plan with the primary bedroom on one side of the home, and 2 bedrooms on the other. The garden tub in the master suite has been removed but the water lines remain, so you can add what fits your needs. All of the bedrooms have nice sized closets. This home comes complete with a shed, she shed, and pole barn. Behind the pole barn is new electric as well as septic so you can add a bath to the pole barn, or simply park a camper and hook-up! This home has a metal roof, a new water heater, a new well pump, and new septic pump. Call today for a personal tour of this home sitting on 2 Acres of land. 765-265-2663

18. 2026-03-11
    listed $189,900 Active 1045-char remark

    Show marketing remark (1045 chars)

    Get your bags packed for country living. This 3 bedroom 2 bath home is waiting for you to put your personal touch and loving care to make it your own. You will love the open concept between the kitchen, dining and living room space. The kitchen has plenty of cabinets and countertop space for all storage needs. Walk out the sliding doors from the dining area onto the back deck over looking your spacious land. This is a split floor plan with the primary bedroom on one side of the home, and 2 bedrooms on the other. The garden tub in the master suite has been removed but the water lines remain, so you can add what fits your needs. All of the bedrooms have nice sized closets. This home comes complete with a shed, she shed, and pole barn. Behind the pole barn is new electric as well as septic so you can add a bath to the pole barn, or simply park a camper and hook-up! This home has a metal roof, a new water heater, a new well pump, and new septic pump. Call today for a personal tour of this home sitting on 2 Acres of land. 765-265-2663

19. 2015-06-21
    historical
20. 2015-04-07
    listed $69,900 Active

ⓘ 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: $368 · $31/mo
• Projected year-2 tax: $906 · $75/mo
• Expected delta: +$538/yr (+$45/mo · 146.3%)

ⓘ 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 ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,280
• − Mortgage interest: −$9,517
• − Property taxes: −$368
• − Insurance: −$850
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$4,943
• Taxable loss: −$2,841
• Est. tax savings @ 24.0%: +$682
• After-tax cash flow: $844/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 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

• 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 (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

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 · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

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

+164.5% since first listed

4 events — show timeline

• 2026-04-20 Price Changed $184,900 RRELMS
• 2026-03-11 Listed $189,900 RRELMS
• 2015-06-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-04-07 Listed $69,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2024): $368 · +31.1% YoY. Source: county tax records.