103 E 2nd St · Peru, IN 46970

$125,000

4 bd · 3.0 ba · 2,340 sqft · MultiFamily public records · 226 Days on market

Built 1880 8,712 sqft lot $53/sqft · 20% above area Est $103k · 21% over

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Why this score? — see what drove the C+ 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
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Unique opportunity to own a triplex in Peru. Close to downtown! Unit A is a one bed/one bath currently leased through 05/31/2026 for $650.00 per month. Unit B is a one bed/one bath with walk-in closet, currently vacant-previously rented for $600.00 per month Unit C is a 2 bed/ one bath, currently leased through 06/12/2026 and rents for $650.00 per month. Owner pays gas-average is $162.93, Peru Utilities (water/electric/trash)-average $374.20, lawn runs $150.00-$200.00 per month depending on frequency. To be sold as is. Tenant rights apply and all showings will require 24 hour notice.

Key facts

• 8,712 sq ft lot
• 4 parking spots
• Built 1880

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 1×2bd/1ba units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $347/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 6.1% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, schools D, commute F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 129 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• At $2,461/mo this rent would consume 51% of the median local household income ($58k/yr) (locally 498% 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Miami County population projected at -12% 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 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 1880 — 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: 1.97% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.73%
• DSCR: 2.59
• GRM: 4.2

CMA / ARV

• ARV (median comp): $103,148
• List price: $125,000
• Delta: 21.19%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 31.4%
• Equity multiple: 2.32×
• Total profit: $46,177
• Equity at exit: $18,638

10-year hold

• IRR: 38.6%
• Equity multiple: 4.60×
• Total profit: $125,920
• Equity at exit: $10,808

Cash invested: $35,000 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,461 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$194 /mo · $2,334/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $1,042

Break-even live

Break-even rent $1,142

Max offer price $125,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,113	-5% $1,077	+0% $1,042	+5% $1,007	+10% $971
Rent	-10% $848	-5% $945	+0% $1,042	+5% $1,139	+10% $1,237
Rate	-1.0pp $1,105	-0.5pp $1,074	base $1,042	+0.5pp $1,010	+1.0pp $977

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,588
1× unit	2	1	$873
Total (3 units)			$2,461

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $125,000 Active 226 DOM
2. 2026-06-18
   days on market $125,000 Active 225 DOM
3. 2026-06-17
   days on market $125,000 Active 224 DOM
4. 2026-06-16
   days on market $125,000 Active 223 DOM
5. 2026-06-15
   days on market $125,000 Active 222 DOM
6. 2026-06-14
   days on market $125,000 Active 220 DOM
7. 2026-06-12
   days on market $125,000 Active 219 DOM
8. 2026-06-09
   days on market $125,000 Active 216 DOM
9. 2026-06-08
   days on market $125,000 Active 215 DOM
10. 2026-06-07
    days on market $125,000 Active 214 DOM
11. 2026-06-07
    days on market $125,000 Active 213 DOM
12. 2026-06-03
    days on market $125,000 Active 210 DOM
13. 2026-06-02
    days on market $125,000 Active 209 DOM
14. 2026-06-01
    days on market $125,000 Active 208 DOM
15. 2026-05-31
    days on market $125,000 Active 207 DOM
16. 2026-05-31
    days on market $125,000 Active 206 DOM
17. 2026-04-02
    price $125,000 590-char remark

    Show marketing remark (590 chars)

    Unique opportunity to own a triplex in Peru. Close to downtown! Unit A is a one bed/one bath currently leased through 05/31/2026 for $650.00 per month. Unit B is a one bed/one bath with walk-in closet, currently vacant-previously rented for $600.00 per month Unit C is a 2 bed/ one bath, currently leased through 06/12/2026 and rents for $650.00 per month. Owner pays gas-average is $162.93, Peru Utilities (water/electric/trash)-average $374.20, lawn runs $150.00-$200.00 per month depending on frequency. To be sold as is. Tenant rights apply and all showings will require 24 hour notice.

18. 2025-11-05
    listed $135,000 Active 590-char remark

    Show marketing remark (590 chars)

    Unique opportunity to own a triplex in Peru. Close to downtown! Unit A is a one bed/one bath currently leased through 05/31/2026 for $650.00 per month. Unit B is a one bed/one bath with walk-in closet, currently vacant-previously rented for $600.00 per month Unit C is a 2 bed/ one bath, currently leased through 06/12/2026 and rents for $650.00 per month. Owner pays gas-average is $162.93, Peru Utilities (water/electric/trash)-average $374.20, lawn runs $150.00-$200.00 per month depending on frequency. To be sold as is. Tenant rights apply and all showings will require 24 hour notice.

19. 2024-07-03
    soldstatus $130,000 Closed 407-char remark

    Show marketing remark (407 chars)

    Great two-story triplex! Corner lot. Many updates in the last year alone. Floors, walls and ceilings were remodeled in 2023. New cabinets in two of the kitchens and two bathrooms. The multi-unit has two one-bedrooms and one two bedroom. New ranges in two of the units. Unit A recently vacated and available for viewing. Convenient mechanical access through exterior lower level door. New boiler heat system.

20. 2024-04-26
    status Pending 407-char remark

    Show marketing remark (407 chars)

    Great two-story triplex! Corner lot. Many updates in the last year alone. Floors, walls and ceilings were remodeled in 2023. New cabinets in two of the kitchens and two bathrooms. The multi-unit has two one-bedrooms and one two bedroom. New ranges in two of the units. Unit A recently vacated and available for viewing. Convenient mechanical access through exterior lower level door. New boiler heat system.

21. 2024-03-17
    price $164,000 407-char remark

    Show marketing remark (407 chars)

    Great two-story triplex! Corner lot. Many updates in the last year alone. Floors, walls and ceilings were remodeled in 2023. New cabinets in two of the kitchens and two bathrooms. The multi-unit has two one-bedrooms and one two bedroom. New ranges in two of the units. Unit A recently vacated and available for viewing. Convenient mechanical access through exterior lower level door. New boiler heat system.

22. 2024-02-27
    listed $174,000 Active 407-char remark

    Show marketing remark (407 chars)

    Great two-story triplex! Corner lot. Many updates in the last year alone. Floors, walls and ceilings were remodeled in 2023. New cabinets in two of the kitchens and two bathrooms. The multi-unit has two one-bedrooms and one two bedroom. New ranges in two of the units. Unit A recently vacated and available for viewing. Convenient mechanical access through exterior lower level door. New boiler heat system.

23. 2022-07-05
    soldstatus $95,000
24. 2022-06-30
    soldstatus $95,000 Closed
25. 2022-04-18
    historical
26. 2022-04-02
    price $550
27. 2021-10-29
    listed $110,000
28. 2021-10-14
    listed $110,000
29. 2021-05-10
    soldstatus $350,000
30. 2021-04-20
    soldstatus $350,000
31. 2021-02-25
    listed $350,000
32. 2017-08-30
    soldstatus $25,150
33. 2017-06-30
    listed $30,000

ⓘ 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: $2,334 · $194/mo
• Projected year-2 tax: $2,334 · $194/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 6/10 Major FEMA zone X (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,532
• − Mortgage interest: −$7,002
• − Property taxes: −$2,334
• − Insurance: −$625
• − Repairs & maintenance: −$2,363
• − Management: −$2,363
• − Depreciation: −$3,636
• Taxable income: $11,210
• Est. tax owed @ 24.0%: −$2,690
• After-tax cash flow: $9,815/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

+316.7% since first listed

17 events — show timeline

• 2026-04-02 Price Changed $125,000 IRMLS
• 2025-11-05 Listed $135,000 IRMLS
• 2024-07-03 Sold (MLS) $130,000 IRMLS
• 2024-04-26 Pending — IRMLS
• 2024-03-17 Price Changed $164,000 IRMLS
• 2024-02-27 Listed $174,000 IRMLS
• 2022-07-05 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2022-06-30 Sold (MLS) $95,000 IRMLS
• 2022-04-18 Delisted — IRMLS
• 2022-04-02 Price Changed $550 RENT.
• 2021-10-29 Listed $110,000 IRMLS
• 2021-10-14 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2021-05-10 Sold (Public Records) $350,000 Public Records
• 2021-04-20 Sold (MLS) $350,000 MIBOR as Distributed by MLS Grid
• 2021-02-25 Listed $350,000 MIBOR as Distributed by MLS Grid
• 2017-08-30 Sold (MLS) $25,150 IRMLS
• 2017-06-30 Listed $30,000 IRMLS

Property tax history

+3.3%/yr

Latest (2024): $2,334 · +49.8% YoY. Source: county tax records.