2228 N Plate St · Kokomo, IN 46901

$63,500

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 151 Days on market

Built 1956 7,100 sqft lot Est $93k · 32% under ↓ 7% since listing

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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 +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

Opportunity is knocking here! This 2 bedroom, 1 bath is in need of a rehab for either yourself, OR as an investment property. A Spacious kitchen for all sorts of entertaining. A Large living area space to enjoy everything you make in your remodeled kitchen. Yes, it needs help. But that's okay. Come in, put in the work, make it yours and either live in a place super cheap, or Rehab it and resell, or keep it as a rental property making you positive cash flow each month. Schedule a showing today! Note: Please do not use the front door as it needs replaced and has a padlock on it. And the Property has been winterized.

Key facts

• Large living area
• Rehab opportunity
• Spacious kitchen

Tags

• SPACIOUS KITCHEN
• LARGE LIVING AREA
• INVESTMENT PROPERTY
• REHAB OPPORTUNITY

Property features AI

Finance

• Other: Tax annual amount listed (not included per instructions)
• Financial info: No additional financial details provided
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Asphalt roof; Slab foundation; Built as site-built home
• Exterior features: Level lot

Interior

• Kitchen: No appliance details provided
• Bedrooms: Total of 4 rooms (includes bedrooms and other living spaces)
• Flooring: Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Forced air heating; Has cooling
• Interior features: Vinyl flooring; Ceiling fan(s); Wall unit(s)
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $64k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $64k).
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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); Bon Air Middle School (math 12% / reading 17%, grade F, #300 of 330 statewide, top 91%, 194 students, 84% FRL); Kokomo High School (math 19% / reading 48%, grade F, #289 of 369 statewide, top 78%, 1,519 students, 58% FRL).
• Market conditions: Rents soft (-1.5%/yr); 242 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $439 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.53% ✓
• Cap rate: 12.71%
• Cash-on-cash: 22.93%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $92,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2018 N Purdum St	0.53mi	3/1.0 (+1)	768 (0%)	0mo	$99,900	$130	70
1108 E Gano St	0.20mi	3/1.0 (+1)	832 (+8%)	4mo	$122,000	$147	69
2200 N Delphos St	0.20mi	2/1.0	672 (-12%)	4mo	$85,000	$126	67
2505 N Purdum St	0.54mi	2/1.0	720 (-6%)	1mo	$86,900	$121	63
2317 N Jay St	0.44mi	2/1.0	696 (-9%)	3mo	$65,000	$93	61
1122 E Fischer St	0.24mi	3/1.0 (+1)	864 (+12%)	7mo	$102,500	$119	57
2140 N Locke St	0.35mi	2/1.0	676 (-12%)	8mo	$67,000	$99	57
2510 N Locke St	0.40mi	2/1.0	672 (-12%)	13mo	$98,000	$146	50
900 Cornell Rd	0.42mi	3/1.0 (+1)	864 (+12%)	12mo	$134,900	$156	44
1908 N Lafountain St	0.74mi	3/1.0 (+1)	816 (+6%)	8mo	$52,500	$64	44
1724 N Apperson Way	0.72mi	2/1.0	672 (-12%)	7mo	$74,900	$111	40
1917 N Apperson Way	0.71mi	3/1.0 (+1)	880 (+15%)	7mo	$48,000	$55	32

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: 12.5%
• Equity multiple: 1.48×
• Total profit: $8,508
• Equity at exit: $9,468

10-year hold

• IRR: 18.9%
• Equity multiple: 2.37×
• Total profit: $24,287
• Equity at exit: $5,490

Cash invested: $17,780 (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: 5.4×

Monthly cashflow live

• Estimated rent: $973 medium
• Mortgage (P&I): −$333
• Tax from tax record: −$70 /mo · $836/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $340

Break-even live

Break-even rent $543

Max offer price $63,500

Occupancy floor 60%

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: $15,875
• Closing costs: $1,905
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 E Fischer St Kokomo, IN	2.0	1.0	720	$950	$1.32	43d	1	0.30mi
2864 Amberwood Pl Kokomo, IN	1.0–2.0	1.0	836	$1,069	$1.28	43d	4	1.19mi

Listing history 11 events

1. 2026-06-13
   days on market $63,500 Active 151 DOM
2. 2026-06-10
   days on market $63,500 Active 149 DOM
3. 2026-06-09
   days on market $63,500 Active 148 DOM
4. 2026-06-08
   days on market $63,500 Active 147 DOM
5. 2026-06-07
   days on market $63,500 Active 146 DOM
6. 2026-06-02
   days on market $63,500 Active 141 DOM
7. 2026-06-01
   days on market $63,500 Active 140 DOM
8. 2026-05-31
   days on market $63,500 Active 139 DOM
9. 2026-05-30
   days on market $63,500 Active 138 DOM
10. 2026-03-17
    price $63,500
11. 2026-01-12
    listed $68,000 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: $836 · $70/mo
• Projected year-2 tax: $836 · $70/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 ≥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: $11,680
• − Mortgage interest: −$3,557
• − Property taxes: −$836
• − Insurance: −$318
• − Repairs & maintenance: −$934
• − Management: −$934
• − Depreciation: −$1,847
• Taxable income: $3,253
• Est. tax owed @ 24.0%: −$781
• After-tax cash flow: $3,297/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

-6.6% since first listed

2 events — show timeline

• 2026-03-17 Price Changed $63,500 IRMLS
• 2026-01-12 Listed $68,000 IRMLS

Property tax history

+1.1%/yr

Latest (2024): $836 · +9.7% YoY. Source: county tax records.