707 W Main St · Richmond, IN 47374

$119,900

4 bd · 3.0 ba · 2,328 sqft · MultiFamily public records · 205 Days on market

Built 1910 8,015 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 +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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Outstanding investment opportunity for a well maintained turn-key property with 3-units fully occupied with great tenants. Total building income is $1,650/mo. The upstairs 2 bedroom apartment has been remodeled with all new flooring, countertops, and paint. The efficiency apartment has also been remodeled and fully furnished with a bed, refrigerator and microwave. The entire exterior has been freshly painted and a new railing installed for rear access. The garage is also rented out for additional income. Don't miss your chance to take over and start collecting rent today! Call or text Tony Foust for more information at [phone]. Text 1025762 to 35620 for more information and photos.

Key facts

• 8,015 sq ft lot
• Garage
• Built 1910

Property features AI

Exterior

• Parking: Detached parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (triplex); 2 stories
• Exterior features: Asphalt roof

Interior

• Bedrooms: Total of 9 rooms (bedrooms and other rooms included)
• Heating & cooling: Window unit(s) for cooling
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $390/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.0% 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: Westview Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 241 students, 77% FRL); Dennis Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 597 students, 82% 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; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $2,589/mo this rent would consume 61% of the median local household income ($51k/yr) (locally 1600% 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 $829 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 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; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.16% ✓
• Cap rate: 18.01%
• Cash-on-cash: 41.85%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $51,216
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
632 Richmond Ave	0.38mi	4/2.0	2,340 (+0%)	8mo	$52,000	$22	71
301 W Main St	0.30mi	4/2.0	2,477 (+6%)	2mo	$18,000	$7	69
347 Richmond Ave	0.47mi	4/3.0	2,330 (+0%)	19mo	$66,250	$28	62

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: 38.5%
• Equity multiple: 2.64×
• Total profit: $55,204
• Equity at exit: $17,877

10-year hold

• IRR: 45.0%
• Equity multiple: 5.30×
• Total profit: $144,359
• Equity at exit: $10,367

Cash invested: $33,572 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,589 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $1,171

Break-even live

Break-even rent $1,107

Max offer price $119,900

Occupancy floor 50%

Sensitivity live

Price	-10% $1,239	-5% $1,205	+0% $1,171	+5% $1,137	+10% $1,103
Rent	-10% $966	-5% $1,068	+0% $1,171	+5% $1,273	+10% $1,375
Rate	-1.0pp $1,231	-0.5pp $1,201	base $1,171	+0.5pp $1,140	+1.0pp $1,108

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$927
▸ 2× units	1	1	$1,662
Total (3 units)			$2,589

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	45d	1	1.07mi

Listing history 7 events

1. 2026-05-23
   status Pending
2. 2026-05-22
   status Active
3. 2025-09-09
   listed $119,900 Active
4. 2022-02-01
   soldstatus $100,000 698-char remark

   Show marketing remark (698 chars)

   Outstanding investment opportunity for a well maintained turn-key property with 3-units fully occupied with great tenants. Total building income is $1,650/mo. The upstairs 2 bedroom apartment has been remodeled with all new flooring, countertops, and paint. The efficiency apartment has also been remodeled and fully furnished with a bed, refrigerator and microwave. The entire exterior has been freshly painted and a new railing installed for rear access. The garage is also rented out for additional income. Don't miss your chance to take over and start collecting rent today! Call or text Tony Foust for more information at [phone]. Text 1025762 to 35620 for more information and photos.

5. 2021-07-23
   listed $114,900 698-char remark

   Show marketing remark (698 chars)

   Outstanding investment opportunity for a well maintained turn-key property with 3-units fully occupied with great tenants. Total building income is $1,650/mo. The upstairs 2 bedroom apartment has been remodeled with all new flooring, countertops, and paint. The efficiency apartment has also been remodeled and fully furnished with a bed, refrigerator and microwave. The entire exterior has been freshly painted and a new railing installed for rear access. The garage is also rented out for additional income. Don't miss your chance to take over and start collecting rent today! Call or text Tony Foust for more information at [phone]. Text 1025762 to 35620 for more information and photos.

6. 2019-03-29
   soldstatus $67,500 422-char remark

   Show marketing remark (422 chars)

   Amazing investment opportunity, walking distance to Earlhm College, Bethany seminary, & The Friends School. First time on market in generations. The property is in stellar condition and fully rented. There is 4 car parking in rear, plus the garage could be income producing as well. There is a community laundry in basement, each tenant has own access keys. Please call Rhonda Duning 765-967-7466 to view properties.

7. 2019-01-12
   listed $71,000 422-char remark

   Show marketing remark (422 chars)

   Amazing investment opportunity, walking distance to Earlhm College, Bethany seminary, & The Friends School. First time on market in generations. The property is in stellar condition and fully rented. There is 4 car parking in rear, plus the garage could be income producing as well. There is a community laundry in basement, each tenant has own access keys. Please call Rhonda Duning 765-967-7466 to view properties.

ⓘ 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: $2,350 · $196/mo
• Projected year-2 tax: $2,350 · $196/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: $31,068
• − Mortgage interest: −$6,716
• − Property taxes: −$2,350
• − Insurance: −$600
• − Repairs & maintenance: −$2,485
• − Management: −$2,485
• − Depreciation: −$3,488
• Taxable income: $12,943
• Est. tax owed @ 24.0%: −$3,106
• After-tax cash flow: $10,943/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

+68.9% since first listed

7 events — show timeline

• 2026-05-23 Pending — RRELMS
• 2026-05-22 Relisted — RRELMS
• 2025-09-09 Listed $119,900 RRELMS
• 2022-02-01 Sold (MLS) $100,000 RRELMS
• 2021-07-23 Listed $114,900 RRELMS
• 2019-03-29 Sold (MLS) $67,500 RRELMS
• 2019-01-12 Listed $71,000 RRELMS

Property tax history

+1.7%/yr

Latest (2024): $2,350 · +14.1% YoY. Source: county tax records.