129 E Washington St · Dunkirk, IN 47336

$86,449

4 bd · 2.0 ba · 1,839 sqft · MultiFamily public records · 45 Days on market

Built 1900 0.26 ac lot $47/sqft · 6% below area Est $92k · 6% 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 +10.2/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Appreciation +6.8/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Discover the exceptional duplex at 129 East Washington Street, Dunkirk, Indiana—an investment opportunity brimming with possibilities. This versatile property is sold as is, making it an ideal opportunity for those looking to customize and add value. One of the highlights of this property is its potential to be converted back into a single-family home, providing a unique chance to create your dream living space. The layout is perfect for accommodating multiple living arrangements, whether you choose to maintain it as a duplex or transform it into a single residence. Located in a friendly and convenient neighborhood, 129 East Washington Street offers easy access to local amenities, schools, and parks, ensuring a comfortable and vibrant community atmosphere. For more information, please contact: Brian Ingle 765-960-0533

Key facts

• 0.26 acre lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Attached garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; 2 stories
• Construction: Vinyl siding
• Exterior features: Wood fencing; Shingle roof

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Total of 10 rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $86k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#404 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, health & safety D, amenities F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($598 loan paydown + $3k appreciation (3.6% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($84k) 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,855 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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 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: 1.47% ✓
• Cap rate: 11.84%
• Cash-on-cash: 19.80%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (median comp): $92,054
• List price: $86,449
• Delta: -6.09%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 2.60×
• Total profit: $38,839
• Equity at exit: $42,024

10-year hold

• IRR: 27.4%
• Equity multiple: 5.09×
• Total profit: $99,093
• Equity at exit: $67,329

Cash invested: $24,206 (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 47336

• Home prices YoY: 1.6%
• Active inventory: 32
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,274 medium
• Mortgage (P&I): −$453
• Tax from tax record: −$118 /mo · $1,412/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $399

Break-even live

Break-even rent $768

Max offer price $86,449

Occupancy floor 64%

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: $21,612
• Closing costs: $2,593
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $86,449 Active 45 DOM
2. 2026-06-17
   days on market $86,449 Active 44 DOM
3. 2026-06-16
   days on market $86,449 Active 43 DOM
4. 2026-06-15
   days on market $86,449 Active 42 DOM
5. 2026-06-13
   days on market $86,449 Active 40 DOM
6. 2026-06-12
   days on market $86,449 Active 39 DOM
7. 2026-06-09
   days on market $86,449 Active 36 DOM
8. 2026-06-08
   days on market $86,449 Active 35 DOM
9. 2026-06-07
   days on market $86,449 Active 34 DOM
10. 2026-06-05
    days on market $86,449 Active 32 DOM
11. 2026-06-04
    days on market $86,449 Active 30 DOM
12. 2026-06-02
    days on market $86,449 Active 29 DOM
13. 2026-06-01
    days on market $86,449 Active 28 DOM
14. 2026-05-31
    days on market $86,449 Active 27 DOM
15. 2026-05-31
    days on market $86,449 Active 26 DOM
16. 2026-05-04
    listed $86,450 Active 835-char remark

    Show marketing remark (835 chars)

    Discover the exceptional duplex at 129 East Washington Street, Dunkirk, Indiana—an investment opportunity brimming with possibilities. This versatile property is sold as is, making it an ideal opportunity for those looking to customize and add value. One of the highlights of this property is its potential to be converted back into a single-family home, providing a unique chance to create your dream living space. The layout is perfect for accommodating multiple living arrangements, whether you choose to maintain it as a duplex or transform it into a single residence. Located in a friendly and convenient neighborhood, 129 East Washington Street offers easy access to local amenities, schools, and parks, ensuring a comfortable and vibrant community atmosphere. For more information, please contact: Brian Ingle 765-960-0533

17. 2026-05-04
    listed $86,449 Active 863-char remark

    Show marketing remark (835 chars)

    Discover the exceptional duplex at 129 East Washington Street, Dunkirk, Indiana—an investment opportunity brimming with possibilities. This versatile property is sold as is, making it an ideal opportunity for those looking to customize and add value. One of the highlights of this property is its potential to be converted back into a single-family home, providing a unique chance to create your dream living space. The layout is perfect for accommodating multiple living arrangements, whether you choose to maintain it as a duplex or transform it into a single residence. Located in a friendly and convenient neighborhood, 129 East Washington Street offers easy access to local amenities, schools, and parks, ensuring a comfortable and vibrant community atmosphere. For more information, please contact: Brian Ingle 765-960-0533

18. 2025-11-18
    price $86,449
19. 2025-05-23
    price $86,450
20. 2025-05-23
    price $86,450

ⓘ 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: $1,412 · $118/mo
• Projected year-2 tax: $1,412 · $118/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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,287
• − Mortgage interest: −$4,842
• − Property taxes: −$1,412
• − Insurance: −$432
• − Repairs & maintenance: −$1,223
• − Management: −$1,223
• − Depreciation: −$2,515
• Taxable income: $3,640
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $3,919/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Dunkirk

• Score: 64/100
• State rank: #404
• US rank: #14764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, IN
• Population (ZIP): 2,793

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Scotch-Irish 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.64%
• Current HPI: 238.768
• Rent YoY: —
• Metro: —
• 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

-0.0% since first listed

5 events — show timeline

• 2026-05-04 Listed $86,449 RRELMS
• 2026-05-04 Listed $86,450 RRELMS
• 2025-11-18 Price Changed $86,449 RRELMS
• 2025-05-23 Price Changed $86,450 RRELMS
• 2025-05-23 Price Changed $86,450 RRELMS

Property tax history

+9.6%/yr

Latest (2025): $1,412 · +5.8% YoY. Source: county tax records.