118 S Walnut St · Ridgeville, IN 47380

$110,000

4 bd · 2.0 ba · 6,142 sqft · MultiFamily · 8 Days on market

Built 1909 Good condition 5,663 sqft lot ↓ 4% since listing

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 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 MLS

Investor’s dream in downtown Ridgeville! This building features two newly renovated 2BR/1BA apartments currently rented for $550 & $600/mo, each with laundry hookups and new electric furnaces (leases available). Main level includes a former retail space with working restroom and a 3BR/1.5BA apartment in need of renovation. Upstairs offers 2,000+ sq ft of storage with great potential. Don’t miss this income producing opportunity

Key facts

• Working restroom
• Laundry hookups
• 5,663 sq ft lot

Tags

• NEWLY RENOVATED APARTMENTS
• LAUNDRY HOOKUPS
• NEW ELECTRIC FURNACES
• WORKING RESTROOM
• STORAGE WITH GREAT POTENTIAL
• INCOME PRODUCING OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $963 ($12k/yr) — positive. Per door: $481/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).

Location & tenants

• Location reads 59/100 on livability (#548 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools C-, crime D, health & safety D.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($761 loan paydown + $11k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

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 1909 — 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. 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. 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: 1.98% ✓
• Cap rate: 16.80%
• Cash-on-cash: 37.51%
• DSCR: 2.67
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.2%
• Equity multiple: 4.94×
• Total profit: $121,263
• Equity at exit: $99,097

10-year hold

• IRR: 46.8%
• Equity multiple: 11.03×
• Total profit: $308,943
• Equity at exit: $213,706

Cash invested: $30,800 (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 47380

• Home prices YoY: 4.7%
• Active inventory: 7
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,181 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $963

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,039	-5% $1,001	+0% $963	+5% $925	+10% $887
Rent	-10% $791	-5% $877	+0% $963	+5% $1,049	+10% $1,135
Rate	-1.0pp $1,018	-0.5pp $991	base $963	+0.5pp $934	+1.0pp $905

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,182
Total (2 units)			$2,181

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $110,000 Active 8 DOM
2. 2026-06-18
   days on market $110,000 Active 6 DOM
3. 2026-06-17
   days on market $110,000 Active 5 DOM
4. 2026-06-16
   days on market $110,000 Active 4 DOM
5. 2026-06-15
   days on market $110,000 Active 3 DOM
6. 2026-06-12
   days on marketlisting id $110,000 Active 1 DOM
7. 2026-05-31
   days on market $110,000 Active 285 DOM
8. 2026-05-31
   days on market $110,000 Active 284 DOM
9. 2026-04-15
   price $110,000 449-char remark

   Show marketing remark (449 chars)

   Investor’s dream in downtown Ridgeville! This building features two newly renovated 2BR/1BA apartments currently rented for $550 & $600/mo, each with laundry hookups and new electric furnaces (leases available). Main level includes a former retail space with working restroom and a 3BR/1.5BA apartment in need of renovation. Upstairs offers 2,000+ sq ft of storage with great potential. Don’t miss this income producing opportunity

10. 2026-04-15
    price $110,000 449-char remark

    Show marketing remark (449 chars)

    Investor’s dream in downtown Ridgeville! This building features two newly renovated 2BR/1BA apartments currently rented for $550 & $600/mo, each with laundry hookups and new electric furnaces (leases available). Main level includes a former retail space with working restroom and a 3BR/1.5BA apartment in need of renovation. Upstairs offers 2,000+ sq ft of storage with great potential. Don’t miss this income producing opportunity

11. 2025-08-19
    listed $115,000 Active 449-char remark

    Show marketing remark (449 chars)

    Investor’s dream in downtown Ridgeville! This building features two newly renovated 2BR/1BA apartments currently rented for $550 & $600/mo, each with laundry hookups and new electric furnaces (leases available). Main level includes a former retail space with working restroom and a 3BR/1.5BA apartment in need of renovation. Upstairs offers 2,000+ sq ft of storage with great potential. Don’t miss this income producing opportunity

12. 2025-08-19
    listed $115,000 Active 449-char remark

    Show marketing remark (449 chars)

    Investor’s dream in downtown Ridgeville! This building features two newly renovated 2BR/1BA apartments currently rented for $550 & $600/mo, each with laundry hookups and new electric furnaces (leases available). Main level includes a former retail space with working restroom and a 3BR/1.5BA apartment in need of renovation. Upstairs offers 2,000+ sq ft of storage with great potential. Don’t miss this income producing opportunity

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,172
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − Depreciation: −$3,200
• Taxable income: $10,423
• Est. tax owed @ 24.0%: −$2,501
• After-tax cash flow: $9,052/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property features two renovated 2BR/1BA apartments and a 3BR/1.5BA apartment in need of renovation, all currently rented. The exterior and interior are in good condition, with potential for further improvements to enhance its value.

Value-add opportunities

• Both Painting the exterior brick and siding — Enhances curb appeal and can increase both resale and rental value
• Both Upgrading the kitchen appliances — Modernizes the space and can attract more renters
• Both Renovating the 3BR/1.5BA apartment — Can increase rental income and attract more tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior brick and siding — Enhances curb appeal and can increase both resale and rental value ↑
• Both Upgrading the kitchen appliances — Modernizes the space and can attract more renters ↑
• Both Renovating the 3BR/1.5BA apartment — Can increase rental income and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Ridgeville

• Score: 59/100
• State rank: #548
• US rank: #19629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ridgeville, IN
• Population (ZIP): 1,537

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 1% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.20%
• Current HPI: 269.4161
• Rent YoY: —
• Metro: —
• 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

-4.3% since first listed

4 events — show timeline

• 2026-04-15 Price Changed $110,000 RRELMS
• 2026-04-15 Price Changed $110,000 IRMLS
• 2025-08-19 Listed $115,000 RRELMS
• 2025-08-19 Listed $115,000 IRMLS