311 S 7th St · Richmond, IN 47374

$39,000

3 bd · 2.0 ba · 2,619 sqft · SingleFamily public records · 28 Days on market

Built 1910 5,227 sqft lot Est $63k · 38% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Call or text Lori @ 765-967-1750

Key facts

• 5,227 sq ft lot
• Built 1910
• Listed 27 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Brick construction
• Exterior features: Shingle roof; Lot approximately 40 x 132 (0.12 acres)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas water heater; Basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• Cap rate 27.8% vs local median 5.2% in Richmond — 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 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: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($51k/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 $270 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $39k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,415 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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 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: 3.29% ✓
• Cap rate: 27.81%
• Cash-on-cash: 76.85%
• DSCR: 4.42
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $62,856
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 S 10th St	0.34mi	4/2.5 (+1)	2,865 (+9%)	6mo	$124,600	$43	57
315 S 8th St	0.06mi	3/1.5	2,232 (-15%)	20mo	$25,900	$12	54
86 Fort Wayne Ave	0.55mi	3/2.0	2,305 (-12%)	1mo	$18,000	$8	54
736 9th St	0.41mi	2/1.0 (-1)	2,340 (-11%)	16mo	$78,000	$33	41
72 S 16th St	0.67mi	4/2.5 (+1)	2,970 (+13%)	2mo	$72,000	$24	38
222 S 3rd St	0.31mi	2/1.0 (-1)	2,976 (+14%)	20mo	$64,000	$22	37
74 S 17th St	0.73mi	4/2.5 (+1)	2,398 (-8%)	21mo	$282,500	$118	27

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: 76.9%
• Equity multiple: 4.50×
• Total profit: $38,271
• Equity at exit: $5,815

10-year hold

• IRR: 80.5%
• Equity multiple: 9.32×
• Total profit: $90,873
• Equity at exit: $3,372

Cash invested: $10,920 (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 47374

• Active inventory: 273
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,283 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$93 /mo · $1,118/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $699

Break-even live

Break-even rent $397

Max offer price $39,000

Occupancy floor 40%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $39,000 Active 28 DOM
2. 2026-06-18
   days on market $39,000 Active 27 DOM
3. 2026-06-17
   days on market $39,000 Active 26 DOM
4. 2026-06-16
   days on market $39,000 Active 25 DOM
5. 2026-06-16
   price $39,000 Active 24 DOM
6. 2026-06-15
   days on market $45,000 Active 24 DOM
7. 2026-06-14
   days on market $45,000 Active 22 DOM
8. 2026-06-12
   days on market $45,000 Active 21 DOM
9. 2026-06-09
   days on market $45,000 Active 18 DOM
10. 2026-06-08
    days on market $45,000 Active 17 DOM
11. 2026-06-07
    days on market $45,000 Active 16 DOM
12. 2026-06-03
    days on market $45,000 Active 12 DOM
13. 2026-06-02
    pricedays on market $45,000 Active 11 DOM
14. 2026-06-01
    days on market $49,000 Active 10 DOM
15. 2026-05-31
    days on market $49,000 Active 9 DOM
16. 2026-05-30
    days on market $49,000 Active 8 DOM
17. 2026-05-22
    listed $49,000 Active
18. 2016-05-12
    soldstatus $16,000 32-char remark

    Show marketing remark (32 chars)

    Call or text Lori @ 765-967-1750

19. 2015-06-16
    listed $16,000 32-char remark

    Show marketing remark (32 chars)

    Call or text Lori @ 765-967-1750

ⓘ 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: $1,118 · $93/mo
• Projected year-2 tax: $1,118 · $93/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 ≥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: $15,392
• − Mortgage interest: −$2,185
• − Property taxes: −$1,118
• − Insurance: −$195
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$1,135
• Taxable income: $8,297
• Est. tax owed @ 24.0%: −$1,991
• After-tax cash flow: $6,401/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

+206.2% since first listed

3 events — show timeline

• 2026-05-22 Listed $49,000 RRELMS
• 2016-05-12 Sold (MLS) $16,000 RRELMS
• 2015-06-16 Listed $16,000 RRELMS

Property tax history

-7.8%/yr

Latest (2024): $1,118 · +13.6% YoY. Source: county tax records.