131 W Lordeman St · Kokomo, IN 46901

$99,000

3 bd · 2.0 ba · 1,734 sqft · SingleFamily public records · 1 Days on market

Built 1919 6,656 sqft lot Est $123k · 20% under

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Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

Key facts

• Large entry way
• New toilets
• Pex plumbing

Tags

• LARGE ENTRY WAY
• MUD ROOM
• SPACIOUS LIVING ROOM
• WALK IN PANTRY
• PEX PLUMBING
• NEW TOILETS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 11.1% vs local median 5.2% in Kokomo — 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 68/100 on livability (#227 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D, amenities F, commute F.
• Kokomo School Corporation (urban): math 22% / reading 30% proficiency, ranked #264 of 301 in IN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bon Air Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 232 students, 83% FRL); Central Middle School (math 23% / reading 38%, grade F, #203 of 330 statewide, top 63%, 458 students, 57% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL) — zoned schools at 66% FRL track the district average.
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y 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 $60k; list at $99k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,000

Questions for the listing agent

1. Built in 1919 — 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 F-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. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $123,114
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
131 W Lordeman St	0.00mi	3/2.0	1,734 (0%)	0mo	$95,000	$55	100
2225 N Lafountain St	0.49mi	3/2.5	1,648 (-5%)	0mo	$95,000	$58	67
1618 N Lafountain St	0.21mi	3/1.0	1,568 (-10%)	8mo	$40,000	$26	64
2305 N Armstrong St	0.50mi	4/1.5 (+1)	1,762 (+2%)	9mo	$145,260	$82	59
1122 W North St	0.70mi	3/2.0	1,600 (-8%)	1mo	$165,000	$103	54
1210 N Webster St	0.37mi	4/1.0 (+1)	1,565 (-10%)	6mo	$61,500	$39	52
915 E Morgan St	0.62mi	3/2.0	1,520 (-12%)	2mo	$164,900	$108	49
406 W North St	0.29mi	4/1.0 (+1)	1,496 (-14%)	10mo	$143,000	$96	47
1118 N Webster St	0.44mi	3/1.5	1,478 (-15%)	10mo	$63,000	$43	44
915 N Courtland Ave	0.60mi	4/2.0 (+1)	1,919 (+11%)	9mo	$136,000	$71	42
921 E Elm St	0.70mi	3/1.0	1,536 (-11%)	3mo	$18,500	$12	41
2118 N Waugh St	0.72mi	4/2.0 (+1)	1,920 (+11%)	8mo	$155,000	$81	37

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.19×
• Total profit: $5,317
• Equity at exit: $14,761

10-year hold

• IRR: 11.7%
• Equity multiple: 1.79×
• Total profit: $21,972
• Equity at exit: $8,560

Cash invested: $27,720 (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 46901

• Home prices YoY: -24.4%
• Rents YoY: -1.5%
• Active inventory: 242
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$108 /mo · $1,302/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $397

Break-even live

Break-even rent $847

Max offer price $99,000

Occupancy floor 66%

Sensitivity live

Price	-10% $453	-5% $425	+0% $397	+5% $369	+10% $341
Rent	-10% $291	-5% $344	+0% $397	+5% $451	+10% $504
Rate	-1.0pp $447	-0.5pp $422	base $397	+0.5pp $372	+1.0pp $346

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-18
   status Pending
2. 2026-04-17
   historical $1,100
3. 2026-04-17
   listed $99,000 Active
4. 2026-04-11
   listed $1,100
5. 2023-08-11
   soldstatus $60,000 Closed 219-char remark

   Show marketing remark (219 chars)

   Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

6. 2023-07-15
   status Pending

   Show marketing remark (219 chars)

   Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

7. 2023-07-15
   status Pending 219-char remark

   Show marketing remark (219 chars)

   Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

8. 2023-07-05
   price $60,000

   Show marketing remark (219 chars)

   Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

9. 2023-07-05
   listed $60,000 Active 219-char remark

   Show marketing remark (219 chars)

   Welcome to this excellent 3-bedroom 2-bathroom investment opportunity conveniently located near downtown Kokomo! This property currently has a tenant in place with a lease through January 31, 2024 - Tenant rights apply.

10. 2023-06-29
    status Active
11. 2023-06-24
    historical Active Under Contract
12. 2023-06-21
    listed $62,500 Active
13. 2004-08-31
    soldstatus $47,000

ⓘ 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: $1,302 · $108/mo
• Projected year-2 tax: $1,302 · $108/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 (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,196
• − Mortgage interest: −$5,546
• − Property taxes: −$1,302
• − Insurance: −$495
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − Depreciation: −$2,880
• Taxable income: $3,382
• Est. tax owed @ 24.0%: −$812
• After-tax cash flow: $3,956/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: Kokomo School Corporation
• NCES district ID: 1805370
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $35,804
• Composite: 21.5/100
• National rank: #8325
• State rank: #264 of 301 in IN

Livability — Kokomo

• Score: 68/100
• State rank: #227
• US rank: #9912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kokomo, IN
• County: Howard County · 75,099 people
• City population: 75,099
• Metro: Kokomo, IN
• Population (ZIP): 38,082
• Household income: $60,495
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1116.0

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.40%
• Current HPI: 242.2565
• Rent YoY: ▼ -1.47%
• Metro: Kokomo, 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

-97.7% since first listed

13 events — show timeline

• 2026-04-18 Pending — IRMLS
• 2026-04-17 Rental Removed $1,100 IRMLS
• 2026-04-17 Listed $99,000 IRMLS
• 2026-04-11 Listed for Rent $1,100 IRMLS
• 2023-08-11 Sold (MLS) $60,000 IRMLS
• 2023-07-15 Pending — IRMLS
• 2023-07-15 Pending — IRMLS
• 2023-07-05 Price Changed $60,000 IRMLS
• 2023-07-05 Listed $60,000 IRMLS
• 2023-06-29 Relisted — IRMLS
• 2023-06-24 Contingent — IRMLS
• 2023-06-21 Listed $62,500 IRMLS
• 2004-08-31 Sold (Public Records) $47,000 Public Records

Property tax history

+2.5%/yr

Latest (2024): $1,302 · +8.7% YoY. Source: county tax records.