328-330 Mckee St · Logansport, IN 46947

$125,000

4 bd · 4.0 ba · 896 sqft · MultiFamily · 12 Days on market

Built 1991 Fair condition 7,500 sqft lot $140/sqft · 91% above area

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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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex with 1 bedroom, 1 full bath, and an open concept living room and kitchen on each side. Both units share a washer and dryer. Units are currently rented for $600 per month on each side.

Key facts

• 7,500 sq ft lot
• 2 parking spots
• Built 1991

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Two off-street open parking spaces on gravel
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); Single-story
• Construction: Vinyl siding; Block foundation; Built with 896 above-grade finished area
• Exterior features: Level lot; Asphalt roof

Interior

• Kitchen: Range; Refrigerator; Disposal
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Disposal; Crawl space
• Laundry & utility: Washer hookup; Dryer included

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive. Per door: $157/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 10.0% vs local median 4.4% in Logansport — 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 78/100 on livability (#34 in IN, #2,683 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F, employment D-.
• Logansport Community School Corporation (town): math 26% / reading 32% proficiency, ranked #252 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Fairview Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 449 students, 78% FRL); Logansport Junior High School (math 17% / reading 30%, grade F, #257 of 330 statewide, top 79%, 607 students, 67% FRL); Logansport Community High School (math 24% / reading 46%, grade F, #266 of 369 statewide, top 73%, 1,224 students, 62% FRL) — zoned schools average 69% FRL vs 50% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 129 active listings in the ZIP; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cass County population projected at -16% 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 $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.26% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $65,304
• List price: $125,000
• Delta: 91.41%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-145
• Equity at exit: $18,638

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $25,948
• Equity at exit: $10,808

Cash invested: $35,000 (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 46947

• Home prices YoY: -28.9%
• Active inventory: 129
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $1,576 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $315

Break-even live

Break-even rent $1,178

Max offer price $125,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,576
Total (2 units)			$1,576

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-11
   status Pending 190-char remark
2. 2026-04-29
   listed $125,000 Active 190-char remark
3. 2014-04-11
   listed $75,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,912
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$1,422
• − Repairs & maintenance: −$1,513
• − Management: −$1,513
• − Depreciation: −$3,636
• Taxable income: $1,950
• Est. tax owed @ 24.0%: −$468
• After-tax cash flow: $3,309/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

A fair condition multi-family home with moderate rehabilitation needs, primarily focusing on exterior and interior painting and landscaping to enhance its curb appeal and value.

Repairs flagged

• Moderate exterior siding — Significant weathering and discoloration
• Minor interior walls — Some paint wear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both landscaping — Improves curb appeal and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant weathering and discoloration	Moderate	$3,000–15,000
interior walls · Some paint wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both landscaping — Improves curb appeal and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Logansport Community School Corporation
• NCES district ID: 1806030
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $37,767
• Composite: 24.19/100
• National rank: #7733
• State rank: #252 of 301 in IN

Livability — Logansport

• Score: 78/100
• State rank: #34
• US rank: #2683

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Logansport, IN
• City population: 28,830
• Population (ZIP): 28,830

Population outlook (Cass County) Hauer SSP2

• Today (2025): 36,480 people
• By 2030: 35,390 · -3.0%
• By 2040: 33,077 · -9.3%
• By 2050: 30,631 · -16.0%
• By 2075: 25,426 · -30.3%
• By 2100: 20,617 · -43.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 22% Two or more races 8% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 80% English-only · Spanish 17% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+46.2) · D 26.2% · R 72.4% · Other 1.4%
• 2008→2024 swing: -37.7pp toward R · 2008: -8.5pp · 2024: -46.2pp
• All cycles: 2024: R+46.2 2020: R+41.1 2016: R+42.0 2012: R+21.7 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.21%
• Current HPI: 223.8394
• 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

+60.0% since first listed

4 events — show timeline

• 2026-06-03 Sold (MLS) $120,000 IRMLS
• 2026-05-11 Pending — IRMLS
• 2026-04-29 Listed $125,000 IRMLS
• 2014-04-11 Listed $75,000 IRMLS