340 SW 3rd St · Richmond, IN 47374

$129,900

2 bd · 1.0 ba · 948 sqft · SingleFamily public records · 23 Days on market

Built 1925 5,440 sqft lot Est $126k · at est.

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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 +11.0/30.0
• ARV discount +6.1/15.0
• Livability +4.2/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This updated bungalow features 3 bedrooms and 2 baths, a covered porch, garage, updated kitchen, mud room, full unfinished basement, nice yard and more!

Key facts

• Covered front porch
• Full basement
• Private rear yard

Tags

• FINISHED SECOND FLOOR
• FULL BASEMENT
• COVERED FRONT PORCH
• PRIVATE REAR YARD
• UPDATED KITCHEN
• UPDATED BATHROOMS

Property features AI

Exterior

• Parking: Detached garage (1.5 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Brick and vinyl siding construction
• Exterior features: Shingle roof

Interior

• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Gas water heater; Water softener; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-55 ($-655/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (27.2% below list).
• Recommended offer: $95k (27.2% below list) — sets the bar for 1% rule.

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: Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 22% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Richmond Community Schools average implies; a family-tenant draw the district grade alone would hide.
• 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 $898 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

• It's been on market 23 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $66k; list at $130k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,540 (27.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. 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 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: 0.73% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $126,084
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
316 SW F St	0.21mi	3/1.0 (+1)	960 (+1%)	4mo	$144,000	$150	79
349 SW 2nd St	0.09mi	2/2.0	888 (-6%)	8mo	$107,000	$120	75
905 SW 1st St	0.52mi	2/1.0	986 (+4%)	2mo	$90,000	$91	68
121 SW I St	0.47mi	2/2.0	962 (+2%)	9mo	$134,900	$140	64
404 SW 5th St	0.16mi	3/1.0 (+1)	1,056 (+11%)	12mo	$139,900	$132	58
214 NW 6th St	0.57mi	2/1.0	1,014 (+7%)	7mo	$103,000	$102	56
817 NW B St	0.64mi	3/2.0 (+1)	900 (-5%)	2mo	$134,900	$150	51
1027 W Main St	0.68mi	2/1.5	888 (-6%)	6mo	$117,000	$132	51
1014 W Main St	0.69mi	2/1.0	840 (-11%)	1mo	$140,500	$167	48
409 NW 8th St	0.74mi	3/1.0 (+1)	854 (-10%)	7mo	$114,000	$133	38
113 SW I St	0.48mi	3/2.0 (+1)	1,080 (+14%)	11mo	$169,900	$157	36
413 NW 2nd St	0.69mi	3/1.0 (+1)	1,074 (+13%)	12mo	$71,500	$67	31

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: -19.3%
• Equity multiple: 0.32×
• Total profit: $-24,569
• Equity at exit: $19,369

10-year hold

• IRR: -12.1%
• Equity multiple: 0.28×
• Total profit: $-26,050
• Equity at exit: $11,231

Cash invested: $36,372 (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: 11.5×

Monthly cashflow live

• Estimated rent: $945 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$66 /mo · $793/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $-55

Break-even live

Break-even rent $1,014

Max offer price $120,263

Occupancy floor —

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	44d	3	1.15mi

Listing history 19 events

1. 2026-06-19
   days on market $129,900 Active 23 DOM
2. 2026-06-18
   days on market $129,900 Active 22 DOM
3. 2026-06-17
   days on market $129,900 Active 21 DOM
4. 2026-06-16
   days on market $129,900 Active 20 DOM
5. 2026-06-15
   days on market $129,900 Active 19 DOM
6. 2026-06-14
   days on market $129,900 Active 17 DOM
7. 2026-06-12
   days on market $129,900 Active 16 DOM
8. 2026-06-09
   days on market $129,900 Active 13 DOM
9. 2026-06-08
   days on market $129,900 Active 12 DOM
10. 2026-06-07
    days on market $129,900 Active 11 DOM
11. 2026-06-03
    days on market $129,900 Active 7 DOM
12. 2026-06-03
    price $129,900 Active 6 DOM
13. 2026-06-02
    days on market $134,900 Active 6 DOM
14. 2026-06-01
    days on market $134,900 Active 5 DOM
15. 2026-05-31
    days on market $134,900 Active 4 DOM
16. 2026-05-30
    days on market $134,900 Active 3 DOM
17. 2026-05-27
    listed $134,900 Active
18. 2019-08-21
    soldstatus $66,000 152-char remark

    Show marketing remark (152 chars)

    This updated bungalow features 3 bedrooms and 2 baths, a covered porch, garage, updated kitchen, mud room, full unfinished basement, nice yard and more!

19. 2019-06-06
    listed $69,900 152-char remark

    Show marketing remark (152 chars)

    This updated bungalow features 3 bedrooms and 2 baths, a covered porch, garage, updated kitchen, mud room, full unfinished basement, nice yard and more!

ⓘ 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: $793 · $66/mo
• Projected year-2 tax: $949 · $79/mo
• Expected delta: +$156/yr (+$13/mo · 19.6%)

ⓘ 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: $11,345
• − Mortgage interest: −$7,276
• − Property taxes: −$793
• − Insurance: −$650
• − Repairs & maintenance: −$908
• − Management: −$908
• − Depreciation: −$3,779
• Taxable loss: −$2,968
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $58/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

+93.0% since first listed

3 events — show timeline

• 2026-05-27 Listed $134,900 RRELMS
• 2019-08-21 Sold (MLS) $66,000 RRELMS
• 2019-06-06 Listed $69,900 RRELMS

Property tax history

+6.6%/yr

Latest (2024): $793 · +16.6% YoY. Source: county tax records.