224 South 15th St · Richmond, IN 47374

$117,800

3 bd · 1.5 ba · 1,506 sqft · SingleFamily public records · 87 Days on market

Built 1900 6,970 sqft lot Est $108k · 9% over

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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 +21.9/30.0
• DSCR +7.0/10.0
• 1% rule +4.9/10.0
• Livability +4.2/5.0
• ARV discount +3.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in Richmond, this 3 bedroom, 1.5 bathroom home offers 1,506 square feet of living space and is currently being used as an investment property, making it a great opportunity for investors or buyers looking for a home with income potential. The home features a comfortable layout with spacious living areas and a full basement, providing plenty of additional storage space or room for hobbies and future possibilities. A detached garage adds convenience for parking and extra storage. With its convenient location near local amenities, schools, and shopping, 224 South 15th Street presents a solid opportunity whether you’re looking to expand your investment portfolio or plan for future

Key facts

• Full basement
• Convenient location
• Detached garage

Tags

• FULL BASEMENT
• DETACHED GARAGE
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Detached garage (1.5 spaces)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories; Residential zoning
• Construction: Brick construction
• Exterior features: Asphalt shingle roof

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: 6 total rooms; Partial, unfinished crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $185 ($2k/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 $117k (0.8% below list).
• Recommended offer: $111k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 22% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Richmond Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 273 active listings in the ZIP; 1 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 $814 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,732 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 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. 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?
8. 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.
9. 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.
10. 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: 0.99% ✗
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $108,432
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 S 15th St	0.12mi	2/2.0 (-1)	1,380 (-8%)	2mo	$79,900	$58	72
432 S 15th St	0.19mi	3/1.5	1,344 (-11%)	5mo	$140,900	$105	69
1903 N A St	0.52mi	3/2.0	1,464 (-3%)	1mo	$62,000	$42	68
417 S 14th St	0.17mi	2/1.5 (-1)	1,336 (-11%)	4mo	$43,000	$32	65
505 S 12th St	0.32mi	3/1.0	1,612 (+7%)	8mo	$31,000	$19	65
109 N 21st St	0.62mi	3/1.5	1,456 (-3%)	1mo	$105,000	$72	64
231 N 18th St	0.58mi	3/1.0	1,452 (-4%)	4mo	$104,900	$72	62
2292 Charleston Pl	0.71mi	3/2.0	1,505 (-0%)	6mo	$275,000	$183	60
2316 Locust Ln	0.71mi	3/1.5	1,431 (-5%)	2mo	$154,250	$108	57
42 S 16th St	0.23mi	2/1.0 (-1)	1,316 (-13%)	6mo	$11,000	$8	56
17 S 23rd St	0.68mi	3/2.5	1,292 (-14%)	7mo	$149,900	$116	34
642 S 23rd St	0.72mi	2/2.0 (-1)	1,280 (-15%)	2mo	$223,000	$174	33

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: -6.0%
• Equity multiple: 0.78×
• Total profit: $-7,309
• Equity at exit: $17,564

10-year hold

• IRR: 3.6%
• Equity multiple: 1.26×
• Total profit: $8,722
• Equity at exit: $10,185

Cash invested: $32,984 (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: 273
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$618
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $185

Break-even live

Break-even rent $933

Max offer price $117,800

Occupancy floor 79%

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: $29,450
• Closing costs: $3,534
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	44d	4	0.83mi

Listing history 21 events

1. 2026-06-19
   days on market $117,800 Active 87 DOM
2. 2026-06-18
   days on market $117,800 Active 86 DOM
3. 2026-06-17
   days on market $117,800 Active 85 DOM
4. 2026-06-16
   days on market $117,800 Active 84 DOM
5. 2026-06-15
   days on market $117,800 Active 83 DOM
6. 2026-06-14
   days on market $117,800 Active 81 DOM
7. 2026-06-12
   days on market $117,800 Active 80 DOM
8. 2026-06-09
   days on market $117,800 Active 77 DOM
9. 2026-06-08
   days on market $117,800 Active 76 DOM
10. 2026-06-07
    days on market $117,800 Active 75 DOM
11. 2026-06-03
    days on market $117,800 Active 71 DOM
12. 2026-06-02
    days on market $117,800 Active 70 DOM
13. 2026-06-01
    days on market $117,800 Active 69 DOM
14. 2026-05-31
    days on market $117,800 Active 68 DOM
15. 2026-05-30
    days on market $117,800 Active 67 DOM
16. 2026-05-11
    price $117,800
17. 2026-05-05
    status Active
18. 2026-04-27
    status Pending
19. 2026-03-16
    listed $129,900 Active
20. 2018-06-21
    historical
21. 2017-12-21
    listed $89,900 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: $847 · $71/mo
• Projected year-2 tax: $924 · $77/mo
• Expected delta: +$77/yr (+$6/mo · 9.1%)

ⓘ 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: $14,018
• − Mortgage interest: −$6,599
• − Property taxes: −$847
• − Insurance: −$589
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$3,427
• Taxable income: $313
• Est. tax owed @ 24.0%: −$75
• After-tax cash flow: $2,150/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

+31.0% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $117,800 RRELMS
• 2026-05-05 Relisted — RRELMS
• 2026-04-27 Pending — RRELMS
• 2026-03-16 Listed $129,900 RRELMS
• 2018-06-21 Listing Removed — Dayton MLS
• 2017-12-21 Listed $89,900 Dayton MLS

Property tax history

+4.5%/yr

Latest (2024): $847 · +14.2% YoY. Source: county tax records.