238 Cartwright Dr · Richmond, IN 47374

$149,900

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 4 Days on market

Built 1946 0.31 ac lot Est $135k · 11% over

---

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 +15.2/30.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• 1% rule +3.4/10.0
• ARV discount +2.7/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing over sized Cape Cod boasting over 1,400 square feet. Entry off both Cartwright Dr. & NW 16th St make it extremely convenient for both those who have trouble with steps & plenty of parking for a get together with friends & family. Enjoy the oversized (2) car garage with 2 overhead doors, just steps from your back door, plenty of yard space for get together or just to let the kids play. You'll enjoy plenty of shade as you relax under your covered back porch for a good old fashion cook out or just to enjoy the nice breeze in private with a cup of coffee. Priced to sell, with newer windows, fresh paint & newer carpet, you'll enjoy low cost living on the cozy West Side of town. Call Luke Durbin @765.575.4600 for a private showing or visit us online at Durbinrealestate.net to learn more about this wonderful opportunity.

Key facts

• Fresh paint
• Newer flooring
• Updated windows

Tags

• HIGH EFFICIENCY FURNACE
• UPDATED WINDOWS
• FRESH PAINT
• NEWER FLOORING
• FLEXIBLE FLOOR PLAN
• PRIVATE THIRD BEDROOM

Property features AI

Exterior

• Parking: Detached 3-car garage
• Utilities: Public water; Public sewer; Cable available; Natural gas
• Home design: Single-family residence; One story
• Construction: Vinyl siding construction; Asphalt shingle roof; Full unfinished basement
• Exterior features: Asphalt shingle roof; Vinyl siding; Public water; Public sewer; Cable available; Lot approximately 0.31 acre; Residential zoning

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 6 total rooms (includes living and bedroom spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dishwasher; Electric range; Refrigerator; Gas water heater; Full unfinished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $53 ($640/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 $126k (16.1% below list).
• Recommended offer: $126k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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+, 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); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• 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 $1k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $120k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,735 (16.1% below list)

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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 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: 0.84% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.53%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $135,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 Cartwright Dr	0.04mi	3/1.5	1,440 (0%)	8mo	$128,500	$89	92
104 NW 18th St	0.24mi	3/1.0	1,412 (-2%)	1mo	$145,900	$103	83
232 NW 18th St	0.21mi	3/2.0	1,320 (-8%)	2mo	$150,000	$114	73
1837 NW A St	0.32mi	3/2.5	1,608 (+12%)	4mo	$130,000	$81	58
620 SW A St	0.74mi	3/1.5	1,456 (+1%)	8mo	$119,000	$82	57
105 SW 10th St	0.52mi	3/1.0	1,270 (-12%)	1mo	$157,500	$124	53
2423 NW B St	0.64mi	3/1.5	1,288 (-11%)	1mo	$189,000	$147	52
706 Indiana Ave	0.63mi	2/1.0 (-1)	1,536 (+7%)	1mo	$109,900	$72	52
1814 SW C St	0.48mi	3/2.0	1,260 (-12%)	7mo	$119,000	$94	49
624 Peacock Rd	0.69mi	3/1.0	1,334 (-7%)	7mo	$135,000	$101	48
2 Cedar Ct	0.75mi	3/2.0	1,568 (+9%)	2mo	$42,000	$27	47
116 SW 7th St	0.74mi	3/2.0	1,624 (+13%)	5mo	$138,000	$85	38

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-20,932
• Equity at exit: $22,351

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-14,015
• Equity at exit: $12,961

Cash invested: $41,972 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,257 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$91 /mo · $1,097/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $53

Break-even live

Break-even rent $1,190

Max offer price $149,900

Occupancy floor 91%

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: $37,475
• Closing costs: $4,497
• 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	43d	1	1.24mi

Listing history 5 events

1. 2026-05-22
   listed $149,900 Active
2. 2023-09-21
   soldstatus $119,900 856-char remark

   Show marketing remark (856 chars)

   Amazing over sized Cape Cod boasting over 1,400 square feet. Entry off both Cartwright Dr. & NW 16th St make it extremely convenient for both those who have trouble with steps & plenty of parking for a get together with friends & family. Enjoy the oversized (2) car garage with 2 overhead doors, just steps from your back door, plenty of yard space for get together or just to let the kids play. You'll enjoy plenty of shade as you relax under your covered back porch for a good old fashion cook out or just to enjoy the nice breeze in private with a cup of coffee. Priced to sell, with newer windows, fresh paint & newer carpet, you'll enjoy low cost living on the cozy West Side of town. Call Luke Durbin @765.575.4600 for a private showing or visit us online at Durbinrealestate.net to learn more about this wonderful opportunity.

3. 2023-08-22
   listed $119,900 856-char remark

   Show marketing remark (856 chars)

   Amazing over sized Cape Cod boasting over 1,400 square feet. Entry off both Cartwright Dr. & NW 16th St make it extremely convenient for both those who have trouble with steps & plenty of parking for a get together with friends & family. Enjoy the oversized (2) car garage with 2 overhead doors, just steps from your back door, plenty of yard space for get together or just to let the kids play. You'll enjoy plenty of shade as you relax under your covered back porch for a good old fashion cook out or just to enjoy the nice breeze in private with a cup of coffee. Priced to sell, with newer windows, fresh paint & newer carpet, you'll enjoy low cost living on the cozy West Side of town. Call Luke Durbin @765.575.4600 for a private showing or visit us online at Durbinrealestate.net to learn more about this wonderful opportunity.

4. 2015-04-30
   soldstatus $33,655 Sold 134-char remark

   Show marketing remark (134 chars)

   3 bedroom, 1.5 bath Bungalow built in 1946 with 1440 Sq Ft. Possible 4th bedroom upstairs in loft area. Property sits on .314 acres.

5. 2015-03-24
   listed $28,000 134-char remark

   Show marketing remark (134 chars)

   3 bedroom, 1.5 bath Bungalow built in 1946 with 1440 Sq Ft. Possible 4th bedroom upstairs in loft area. Property sits on .314 acres.

ⓘ 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: $1,097 · $91/mo
• Projected year-2 tax: $1,186 · $99/mo
• Expected delta: +$89/yr (+$7/mo · 8.1%)

ⓘ 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: $15,088
• − Mortgage interest: −$8,397
• − Property taxes: −$1,097
• − Insurance: −$750
• − Repairs & maintenance: −$1,207
• − Management: −$1,207
• − Depreciation: −$4,361
• Taxable loss: −$1,930
• Est. tax savings @ 24.0%: +$463
• After-tax cash flow: $1,103/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

+435.4% since first listed

5 events — show timeline

• 2026-05-22 Listed $149,900 RRELMS
• 2023-09-21 Sold (MLS) $119,900 RRELMS
• 2023-08-22 Listed $119,900 RRELMS
• 2015-04-30 Sold (MLS) $33,655 MIBOR as Distributed by MLS Grid
• 2015-03-24 Listed $28,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2024): $1,097 · +59.4% YoY. Source: county tax records.