909 E Southway Blvd · Kokomo, IN 46902

$165,000

3 bd · 2.0 ba · 1,436 sqft · SingleFamily public records · 15 Days on market

Built 1962 0.33 ac lot Est $211k · 22% under ↓ 8% since listing

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Why this score? — see what drove the C- 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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

Key facts

• Shed stays
• Corner lot
• 0.33 acre lot

Tags

• CORNER LOT
• SHED STAYS
• FIREPLACE IN DINING ROOM

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built, single-story home
• Construction: Vinyl siding
• Exterior features: Corner lot; Lot dimensions approximately 100 x 145

Interior

• Bedrooms: Bedrooms located on the main level
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Dining room fireplace; Crawl space basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $84 ($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 $142k (14.0% below list).
• Recommended offer: $142k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 5.1% 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: Pettit Park School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 241 students, 86% 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 67% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 235 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 $1k of loan paydown is wiped out by about $5k 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 15 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Recommended offer $141,945 (14.0% below list)

Questions for the listing agent

1. Built in 1962 — 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: 0.86% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $211,092
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 Linda Dr	0.19mi	3/2.0	1,488 (+4%)	5mo	$182,900	$123	81
709 Marsha Dr	0.26mi	3/2.0	1,408 (-2%)	4mo	$218,000	$155	81
3201 Alameda Blvd	0.26mi	3/1.5	1,504 (+5%)	2mo	$228,900	$152	76
3801 E Melody Ln	0.08mi	3/2.0	1,580 (+10%)	5mo	$214,900	$136	76
3505 W Melody Ln	0.21mi	3/1.5	1,531 (+7%)	2mo	$195,000	$127	75
3604 Candy Ln	0.45mi	3/2.0	1,418 (-1%)	3mo	$244,900	$173	75
3816 Tulip Ln	0.23mi	3/2.0	1,310 (-9%)	1mo	$235,500	$180	74
3812 Pamela Ct	0.15mi	3/2.0	1,560 (+9%)	7mo	$95,000	$61	73
3704 E Melody Ln	0.04mi	4/2.5 (+1)	1,600 (+11%)	10mo	$210,000	$131	64
3605 Tally Ho Dr	0.43mi	3/2.0	1,562 (+9%)	10mo	$230,000	$147	57
3715 Sugar Ln	0.38mi	3/2.5	1,596 (+11%)	9mo	$255,000	$160	54
4807 Orleans Dr	0.73mi	3/2.0	1,380 (-4%)	13mo	$200,000	$145	49

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-23,112
• Equity at exit: $24,602

10-year hold

• IRR: -7.2%
• Equity multiple: 0.56×
• Total profit: $-20,177
• Equity at exit: $14,266

Cash invested: $46,200 (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 46902

• Home prices YoY: -20.7%
• Rents YoY: 1.8%
• Active inventory: 235
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,419 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$103 /mo · $1,238/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $84

Break-even live

Break-even rent $1,313

Max offer price $165,000

Occupancy floor 89%

Sensitivity live

Price	-10% $178	-5% $131	+0% $84	+5% $37	+10% $-9
Rent	-10% $-28	-5% $28	+0% $84	+5% $140	+10% $196
Rate	-1.0pp $167	-0.5pp $126	base $84	+0.5pp $41	+1.0pp $-2

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3515 Melody Ln E Kokomo, IN	3.0	1.5	1736	$1,650	$0.95	45d	1	0.13mi
1220 E Alto Rd Unit H-86 Kokomo, IN	2.0	2.0	920	$960	$1.04	45d	1	0.32mi

Listing history 17 events

1. 2026-06-14
   statusdays on market $165,000 Pending 15 DOM
2. 2026-06-13
   days on market $165,000 Active 14 DOM
3. 2026-06-10
   days on market $165,000 Active 12 DOM
4. 2026-06-09
   days on market $165,000 Active 11 DOM
5. 2026-06-08
   days on market $165,000 Active 10 DOM
6. 2026-06-07
   days on market $165,000 Active 9 DOM
7. 2026-06-02
   days on market $165,000 Active 4 DOM
8. 2026-06-01
   days on market $165,000 Active 3 DOM
9. 2026-05-31
   days on market $165,000 Active 2 DOM
10. 2026-05-28
    listed $165,000 Active
11. 2024-09-25
    soldstatus $150,000 Closed 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

12. 2024-08-26
    status Pending 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

13. 2024-08-13
    status Active 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

14. 2024-08-13
    price $165,000 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

15. 2024-08-02
    status Pending 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

16. 2024-07-15
    price $175,000 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

17. 2024-07-08
    listed $180,000 Active 242-char remark

    Show marketing remark (242 chars)

    Step into this spacious ranch home with no shortage of storage! This 1,436 square foot home is completed with large living spaces, large bedrooms and tons of closet space. Located on a corner lot, this home has great space for outdoor living.

ⓘ 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: $1,238 · $103/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$82/yr (+$7/mo · 6.6%)

ⓘ 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 ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,033
• − Mortgage interest: −$9,243
• − Property taxes: −$1,238
• − Insurance: −$825
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$4,800
• Taxable loss: −$1,798
• Est. tax savings @ 24.0%: +$431
• After-tax cash flow: $1,441/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): 37,017
• Household income: $62,126
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1262.0

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 (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada, Vietnam, China
• Languages at home: 96% English-only · Vietnamese 1% Other Asian/Pacific 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: ▼ -61.76%
• Current HPI: 236.8237
• Rent YoY: ▲ 1.80%
• 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

-8.3% since first listed

8 events — show timeline

• 2026-05-28 Listed $165,000 IRMLS
• 2024-09-25 Sold (MLS) $150,000 IRMLS
• 2024-08-26 Pending — IRMLS
• 2024-08-13 Relisted — IRMLS
• 2024-08-13 Price Changed $165,000 IRMLS
• 2024-08-02 Pending — IRMLS
• 2024-07-15 Price Changed $175,000 IRMLS
• 2024-07-08 Listed $180,000 IRMLS

Property tax history

-0.5%/yr

Latest (2024): $1,238 · +9.0% YoY. Source: county tax records.