220 S Mccann St · Kokomo, IN 46901

$240,000

4 bd · 2.0 ba · 2,604 sqft · MultiFamily public records · 30 Days on market

Built 1929 0.28 ac lot ↓ 19% since listing

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Why this score? — see what drove the D 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 +15.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +3.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Welcome to this beautiful and partially updated 4 bedroom, 3 bathroom home offering 2600 sq ft of comfortable living space sitting on a quarter of an acre corner lot just steps away from Foster park. Updates include fully renovated kitchen and bathrooms, windows, flooring, A/C, furnace, new doors, plumbing, and whole house Generac generator all in 2018. This property also features a full basement. Whether you need extra living space, a home gym, storage, or entertainment area. The possibilities are endless! Come take a look at this unique and spacious property, just minutes away from downtown Kokomo.

Key facts

• Full basement
• Corner lot
• 0.28 acre lot

Tags

• FULLY RENOVATED KITCHEN
• FULLY RENOVATED BATHROOMS
• WHOLE HOUSE GENERAC GENERATOR
• FULL BASEMENT
• CORNER LOT
• STEPS AWAY FROM FOSTER PARK

Property features AI

Exterior

• Parking: Detached garage with 2 garage spaces; Circular driveway; Off-street parking
• Utilities: Public water; Public sewer; Generator available for electric; Cable connected
• Home design: Single-family residence, site-built; Two stories; Above-grade finished living area
• Construction: Aluminum siding; Asphalt roof
• Exterior features: Covered porch; Corner lot; Partial fencing

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Gas range
• Bedrooms: 8 total rooms (includes bedrooms and living spaces)
• Bathrooms: Three full bathrooms; One main-level bathroom
• Heating & cooling: Natural gas heating; Central air conditioning; Ceiling fans for cooling
• Interior features: Ceiling fans; Blinds; Full basement
• Laundry & utility: Washer and dryer included; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $106 ($1k/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 $207k (13.8% below list).
• Recommended offer: $207k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 5.2% in Kokomo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Lafayette Park Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 434 students, 74% 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 63% 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).
• This rent runs 41% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,900 (13.8% below list)

Questions for the listing agent

1. Built in 1929 — 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. 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?
6. 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.
7. 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.
8. 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: 6.82%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $109,368
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1314 & 1316 W Walnut St	0.33mi	4/2.5	2,618 (+0%)	12mo	$105,000	$40	72
400 W Mulberry St	0.45mi	4/2.0	2,837 (+9%)	9mo	$120,000	$42	57
738 S Washington St	0.57mi	3/2.0 (-1)	2,514 (-4%)	12mo	$100,000	$40	53
903 N Courtland Ave	0.67mi	5/2.0 (+1)	2,288 (-12%)	3mo	$70,000	$31	41
919 S Washington St	0.66mi	3/2.0 (-1)	2,263 (-13%)	1mo	$120,000	$53	41
921 S Buckeye St	0.70mi	5/4.0 (+1)	2,218 (-15%)	2mo	$170,000	$77	28

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: -16.5%
• Equity multiple: 0.43×
• Total profit: $-38,240
• Equity at exit: $35,785

10-year hold

• IRR: -14.3%
• Equity multiple: 0.28×
• Total profit: $-48,223
• Equity at exit: $20,751

Cash invested: $67,200 (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: 19.3×

Monthly cashflow live

• Estimated rent: $2,069 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$170 /mo · $2,037/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $106

Break-even live

Break-even rent $1,935

Max offer price $240,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,034
1× unit	2	2	$1,034
Total (2 units)			$2,069

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $240,000 Active 30 DOM
2. 2026-06-18
   days on market $240,000 Active 29 DOM
3. 2026-06-17
   days on market $240,000 Active 28 DOM
4. 2026-06-16
   days on market $240,000 Active 27 DOM
5. 2026-06-15
   days on market $240,000 Active 26 DOM
6. 2026-06-14
   days on market $240,000 Active 24 DOM
7. 2026-06-13
   days on market $240,000 Active 23 DOM
8. 2026-06-10
   days on market $240,000 Active 21 DOM
9. 2026-06-09
   days on market $240,000 Active 20 DOM
10. 2026-06-08
    days on market $240,000 Active 19 DOM
11. 2026-06-07
    days on market $240,000 Active 18 DOM
12. 2026-06-02
    days on market $240,000 Active 13 DOM
13. 2026-06-01
    days on market $240,000 Active 12 DOM
14. 2026-05-31
    days on market $240,000 Active 11 DOM
15. 2026-05-30
    days on market $240,000 Active 10 DOM
16. 2026-05-20
    listed $240,000 Active
17. 2026-04-30
    price $250,000
18. 2026-03-24
    price $270,000
19. 2026-02-09
    price $288,000
20. 2026-01-21
    price $290,000
21. 2025-12-18
    price $292,000
22. 2025-11-18
    listed $295,000 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: $2,037 · $170/mo
• Projected year-2 tax: $2,038 · $170/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 ≥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: $24,828
• − Mortgage interest: −$13,444
• − Property taxes: −$2,037
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,986
• − Management: −$1,986
• − Depreciation: −$6,982
• Taxable loss: −$2,807
• Est. tax savings @ 24.0%: +$674
• After-tax cash flow: $1,948/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

-18.6% since first listed

7 events — show timeline

• 2026-05-20 Listed $240,000 IRMLS
• 2026-04-30 Price Changed $250,000 IRMLS
• 2026-03-24 Price Changed $270,000 IRMLS
• 2026-02-09 Price Changed $288,000 IRMLS
• 2026-01-21 Price Changed $290,000 IRMLS
• 2025-12-18 Price Changed $292,000 IRMLS
• 2025-11-18 Listed $295,000 IRMLS

Property tax history

+14.3%/yr

Latest (2024): $2,037 · +25.5% YoY. Source: county tax records.