632 Romig St · Lafayette, IN 47901

$189,000

4 bd · 1.0 ba · 1,292 sqft · SingleFamily public records · 1 Days on market

Built 1988 6,970 sqft lot Est $221k · 14% under

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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 +17.9/30.0
• ARV discount +14.0/15.0
• Appreciation +6.8/10.0
• DSCR +5.6/10.0
• 1% rule +3.7/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Rare 4 bedroom, 2 bath within walking distance of downtown Lafayette.

Key facts

• 6,970 sq ft lot
• Built 1988

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; Single-story
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Chain link and privacy fencing; Sidewalks (community feature)

Interior

• Bedrooms: Total of 7 rooms (bedrooms included in room count)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Carpet and laminate flooring; Crawl space basement
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/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 $165k (12.7% below list).
• Recommended offer: $165k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.2% 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: Thomas Miller Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 343 students, 85% 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 fast (+4.8%/yr); 16 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• This rent runs 42% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.5% local appreciation)).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.5% appreciation + 4.8% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $165,077 (12.7% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $220,932
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
632 Romig St	0.00mi	4/2.0	1,292 (0%)	1mo	$184,900	$143	95
1500 El Prado St	0.53mi	3/1.0 (-1)	1,282 (-1%)	12mo	$225,000	$176	59
1204 Central St	0.63mi	3/1.5 (-1)	1,246 (-4%)	2mo	$270,000	$217	56
1413 Franklin St	0.65mi	3/1.0 (-1)	1,344 (+4%)	10mo	$220,000	$164	50
282 Smith St	0.41mi	3/1.0 (-1)	1,480 (+15%)	4mo	$225,000	$152	48
1722 Shortridge Dr	0.69mi	3/1.5 (-1)	1,344 (+4%)	8mo	$230,000	$171	48
222 Washington St	0.50mi	3/2.0 (-1)	1,200 (-7%)	11mo	$207,000	$173	47
1415 Virginia St	0.57mi	3/2.0 (-1)	1,380 (+7%)	9mo	$205,000	$149	46
1207 S 2nd St	0.70mi	3/2.0 (-1)	1,284 (-1%)	14mo	$125,000	$97	45
1415 Franklin St	0.65mi	3/2.0 (-1)	1,316 (+2%)	15mo	$260,000	$198	45
1118 S 14th St	0.71mi	3/1.5 (-1)	1,152 (-11%)	8mo	$217,000	$188	35
1214 King St	0.74mi	3/1.5 (-1)	1,460 (+13%)	6mo	$248,000	$170	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.53% appreciation · 4.83% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.78×
• Total profit: $41,356
• Equity at exit: $90,694

10-year hold

• IRR: 15.5%
• Equity multiple: 3.48×
• Total profit: $131,214
• Equity at exit: $144,384

Cash invested: $52,920 (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 47901

• Home prices YoY: 1.9%
• Rents YoY: 4.8%
• Active inventory: 16
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$991
• Tax from tax record: −$74 /mo · $889/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $160

Break-even live

Break-even rent $1,448

Max offer price $189,000

Occupancy floor 85%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	13d	1	0.32mi
1611 Grove St Lafayette, IN	3.0	1.5	1250	$1,195	$0.96	13d	1	0.59mi
915 N 6th St Lafayette, IN	2.0–3.0	1.0–2.0	850	$2,100	$2.47	43d	4	0.85mi
320 Brown St West Lafayette, IN	1.0–4.0	1.0–2.0	835	$1,599	$1.91	13d	12	0.92mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	13d	1	0.96mi
120 S Salisbury St West Lafayette, IN	3.0	2.0	935	$1,399	$1.50	13d	1	1.04mi
1038 Heath St Unit 1038 1/2 Lafayette, IN	4.0	2.0	1650	$1,850	$1.12	21d	1	1.07mi
407 N 24th St Lafayette, IN	3.0	2.0	1388	$2,200	$1.59	43d	1	1.10mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,115	$1.15	21d	1	1.14mi
400 N River Rd West Lafayette, IN	3.0	1.0–3.0	693	$1,229	$1.77	13d	42	1.15mi
1510 N 10th St Unit FP205 Lafayette, IN	3.0	1.0	1050	$1,197	$1.14	13d	1	1.28mi
2773 PROSPERITY WAY West Lafayette, IN	3.0	2.0	1691	$3,095	$1.83	21d	1	1.30mi
1502 N 13th St Lafayette, IN	3.0	1.0	1000	$1,050	$1.05	43d	1	1.30mi
419 Vine St West Lafayette, IN	3.0	3.0	880	$2,295	$2.61	21d	1	1.42mi
1707 Meharry St Lafayette, IN	3.0	2.0	1348	$1,500	$1.11	21d	1	1.46mi
1714 N 9th St Rd Lafayette, IN	1.0–3.0	1.0–2.0	800	$1,099	$1.37	13d	1	1.48mi

Listing history 2 events

1. 2026-05-05
   status Pending
2. 2026-05-05
   listed $189,000 Active

ⓘ 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: $889 · $74/mo
• Projected year-2 tax: $1,248 · $104/mo
• Expected delta: +$359/yr (+$30/mo · 40.3%)

ⓘ 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: $19,809
• − Mortgage interest: −$10,587
• − Property taxes: −$889
• − Insurance: −$945
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − Depreciation: −$5,498
• Taxable loss: −$1,279
• Est. tax savings @ 24.0%: +$307
• After-tax cash flow: $2,229/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): 4,585
• Household income: $47,206
• Rent vs Own: 91.9% rent · 8.1% own
• Severe rent burden: 314.0

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% Black 15% Asian 6% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 5% Romanian 4% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 87% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

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: ▲ 3.53%
• Current HPI: 192.353
• Rent YoY: ▲ 4.83%
• 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

2 events — show timeline

• 2026-05-05 Pending — IRMLS
• 2026-05-05 Listed $189,000 IRMLS

Property tax history

+8.6%/yr

Latest (2024): $889 · +1.1% YoY. Source: county tax records.