205 Lincoln St · Lafayette, IN 47904

$289,900

6 bd · 3.0 ba · 1,976 sqft · MultiFamily public records · 23 Days on market

Built 1996 6,098 sqft lot Est $207k · 40% over

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Why this score? — see what drove the F 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 +14.3/30.0
• DSCR +4.3/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Fully leased duplex comes with new roof, new flooring, new paint, front loader washer and dryer, dishwasher. Each unit has a one car garage, 3 Bedrooms and 1.5 bathrooms. Some new appliances. Electric and Gas metered to each unit while landlord owner pays water/sewage. $1375 and $1500 rent and $1000 deposits.

Key facts

• Fully leased
• Near columbian park
• Close to major roads

Tags

• NEAR COLUMBIAN PARK
• CLOSE TO MAJOR ROADS
• FULLY LEASED

Property features AI

Exterior

• Parking: Garage; 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income property); 2 stories
• Construction: Vinyl siding
• Exterior features: Shingle roof; Pets allowed

Interior

• Kitchen: Dishwasher; Disposal; Range; Refrigerator
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Disposal; Range; Refrigerator
• Laundry & utility: Washer hookup; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $53 ($634/yr) — positive. Per door: $26/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (14.3% below list).
• Recommended offer: $248k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.1% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Murdock Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 250 students, 80% FRL); Lafayette Sunnyside Intermediate (math 26% / reading 26%, grade F, #240 of 330 statewide, top 73%, 1,047 students, 77% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising (+2.8%/yr); 75 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $2,484/mo this rent would consume 58% of the median local household income ($52k/yr) (locally 563% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $235k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $248,400 (14.3% below list)

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $207,480
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Lincoln St	0.00mi	6/3.0	1,976 (0%)	0mo	$270,000	$137	100
620-622 N 11th St	0.74mi	5/2.0 (-1)	2,136 (+8%)	5mo	$225,000	$105	39
118 S 7th St	0.73mi	6/2.0	2,184 (+10%)	10mo	$175,000	$80	36

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.46×
• Total profit: $-44,132
• Equity at exit: $43,225

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-36,220
• Equity at exit: $25,065

Cash invested: $81,172 (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 47904

• Rents YoY: 2.8%
• Active inventory: 75
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $2,484 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$268 /mo · $3,222/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $53

Break-even live

Break-even rent $2,417

Max offer price $289,900

Occupancy floor 93%

Sensitivity live

Price	-10% $217	-5% $135	+0% $53	+5% $-29	+10% $-111
Rent	-10% $-143	-5% $-45	+0% $53	+5% $151	+10% $249
Rate	-1.0pp $199	-0.5pp $127	base $53	+0.5pp $-22	+1.0pp $-99

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$2,484
Total (2 units)			$2,484

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-07
   status Pending
2. 2026-05-07
   status Active
3. 2026-04-23
   status Pending
4. 2026-04-12
   price $289,900
5. 2026-04-01
   listed $299,900 Active
6. 2025-12-28
   historical $1,450
7. 2025-11-22
   listed $1,450
8. 2024-03-20
   soldstatus $235,000 Closed 310-char remark

   Show marketing remark (310 chars)

   Fully leased duplex comes with new roof, new flooring, new paint, front loader washer and dryer, dishwasher. Each unit has a one car garage, 3 Bedrooms and 1.5 bathrooms. Some new appliances. Electric and Gas metered to each unit while landlord owner pays water/sewage. $1375 and $1500 rent and $1000 deposits.

9. 2024-02-15
   status Pending 310-char remark

   Show marketing remark (310 chars)

   Fully leased duplex comes with new roof, new flooring, new paint, front loader washer and dryer, dishwasher. Each unit has a one car garage, 3 Bedrooms and 1.5 bathrooms. Some new appliances. Electric and Gas metered to each unit while landlord owner pays water/sewage. $1375 and $1500 rent and $1000 deposits.

10. 2024-02-14
    listed $255,000 Active 310-char remark

    Show marketing remark (310 chars)

    Fully leased duplex comes with new roof, new flooring, new paint, front loader washer and dryer, dishwasher. Each unit has a one car garage, 3 Bedrooms and 1.5 bathrooms. Some new appliances. Electric and Gas metered to each unit while landlord owner pays water/sewage. $1375 and $1500 rent and $1000 deposits.

ⓘ 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: $3,222 · $268/mo
• Projected year-2 tax: $3,222 · $268/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 ≥102°F today · 18 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: $29,808
• − Mortgage interest: −$16,239
• − Property taxes: −$3,222
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,385
• − Management: −$2,385
• − Depreciation: −$8,433
• Taxable loss: −$4,305
• Est. tax savings @ 24.0%: +$1,033
• After-tax cash flow: $1,667/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 16,257
• Household income: $51,687
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 563.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 16% Two or more races 11% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 1% Iranian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -147.53%
• Current HPI: 227.1555
• Rent YoY: ▲ 2.80%
• Metro: Lafayette-West Lafayette, 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

+13.7% since first listed

10 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-05-07 Relisted — IRMLS
• 2026-04-23 Pending — IRMLS
• 2026-04-12 Price Changed $289,900 IRMLS
• 2026-04-01 Listed $299,900 IRMLS
• 2025-12-28 Rental Removed $1,450 APPFOLIO
• 2025-11-22 Listed for Rent $1,450 APPFOLIO
• 2024-03-20 Sold (MLS) $235,000 IRMLS
• 2024-02-15 Pending — IRMLS
• 2024-02-14 Listed $255,000 IRMLS

Property tax history

+1.9%/yr

Latest (2024): $3,222 · +21.6% YoY. Source: county tax records.