527 NW L St · Richmond, IN 47374

$99,900

2 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 60 Days on market

Built 1920 7,841 sqft lot Est $90k · 11% over

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Why this score? — see what drove the D+ 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 +22.9/30.0
• DSCR +7.4/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• ARV discount +2.5/15.0
• 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

It is a two bedroom, 1 story home with hardwood floors, pocket doors, enclosed front porch, two tiered rear deck. It also has a full attic for potential of additional bedrooms.

Key facts

• Original built-ins
• Newer staircase
• Newer roof

Tags

• HARDWOOD FLOORS
• ORIGINAL BUILT-INS
• NEWER STAIRCASE
• NEW CABINETS
• NEWER ROOF
• HIGH-EFFICIENCY FURNACE

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Frame construction
• Exterior features: Chain link and wood fencing; Shingle roof

Interior

• Kitchen: Microwave; Electric range
• Bedrooms: Total of 6 rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Microwave; Electric range; Gas water heater; Basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: Fairview Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 296 students, 90% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.
• Current owner paid $45k; list at $100k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1920 — 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.01% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.54%
• DSCR: 1.34
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $89,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Court Rd	0.28mi	3/2.0 (+1)	1,200 (-1%)	1mo	$40,500	$34	75
306 NW J St	0.34mi	2/1.0	1,108 (-9%)	5mo	$25,000	$23	65
124 NW I St	0.50mi	2/1.5	1,178 (-3%)	7mo	$83,750	$71	64
403 NW J St	0.31mi	3/1.0 (+1)	1,112 (-9%)	8mo	$116,000	$104	60
1318 Boyer St	0.46mi	3/1.5 (+1)	1,266 (+4%)	9mo	$74,900	$59	57
1022 Boyer St	0.49mi	2/2.0	1,152 (-5%)	9mo	$114,900	$100	57
1344 Ratliff St	0.34mi	2/2.0	1,096 (-10%)	9mo	$25,000	$23	56
413 NW E St	0.59mi	3/1.0 (+1)	1,167 (-4%)	6mo	$95,000	$81	56
1140 Hunt St	0.30mi	3/1.0 (+1)	1,398 (+15%)	12mo	$104,000	$74	46
1017 Butler St	0.72mi	3/2.0 (+1)	1,144 (-6%)	3mo	$100,000	$87	45
106 NW G St	0.60mi	3/1.0 (+1)	1,056 (-13%)	6mo	$70,000	$66	40
624 Peacock Rd	0.74mi	3/1.0 (+1)	1,334 (+10%)	7mo	$135,000	$101	38

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-5,023
• Equity at exit: $14,895

10-year hold

• IRR: 4.8%
• Equity multiple: 1.36×
• Total profit: $9,934
• Equity at exit: $8,638

Cash invested: $27,972 (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: 277
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,013 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$59 /mo · $713/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $176

Break-even live

Break-even rent $791

Max offer price $99,900

Occupancy floor 78%

Sensitivity live

Price	-10% $232	-5% $204	+0% $176	+5% $147	+10% $119
Rent	-10% $96	-5% $136	+0% $176	+5% $216	+10% $256
Rate	-1.0pp $226	-0.5pp $201	base $176	+0.5pp $150	+1.0pp $123

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	45d	3	1.29mi

Listing history 25 events

1. 2026-06-21
   days on market $99,900 Active 60 DOM
2. 2026-06-19
   days on market $99,900 Active 58 DOM
3. 2026-06-18
   days on market $99,900 Active 57 DOM
4. 2026-06-17
   days on market $99,900 Active 56 DOM
5. 2026-06-16
   days on market $99,900 Active 55 DOM
6. 2026-06-15
   days on market $99,900 Active 54 DOM
7. 2026-06-14
   days on market $99,900 Active 52 DOM
8. 2026-06-12
   days on market $99,900 Active 51 DOM
9. 2026-06-09
   days on market $99,900 Active 48 DOM
10. 2026-06-08
    days on market $99,900 Active 47 DOM
11. 2026-06-07
    pricedays on market $99,900 Active 46 DOM
12. 2026-06-03
    days on market $104,900 Active 42 DOM
13. 2026-06-02
    days on market $104,900 Active 41 DOM
14. 2026-06-01
    days on market $104,900 Active 40 DOM
15. 2026-05-31
    days on market $104,900 Active 39 DOM
16. 2026-05-30
    days on market $104,900 Active 38 DOM
17. 2026-04-22
    listed $104,900 Active
18. 2025-12-22
    price $94,500
19. 2025-10-27
    price $99,900
20. 2022-06-01
    soldstatus $45,000 Closed 176-char remark

    Show marketing remark (176 chars)

    It is a two bedroom, 1 story home with hardwood floors, pocket doors, enclosed front porch, two tiered rear deck. It also has a full attic for potential of additional bedrooms.

21. 2022-01-26
    soldstatus $43,000
22. 2021-08-01
    listed $43,000
23. 2021-05-17
    status Pending 176-char remark

    Show marketing remark (176 chars)

    It is a two bedroom, 1 story home with hardwood floors, pocket doors, enclosed front porch, two tiered rear deck. It also has a full attic for potential of additional bedrooms.

24. 2021-02-27
    price $47,900 176-char remark

    Show marketing remark (176 chars)

    It is a two bedroom, 1 story home with hardwood floors, pocket doors, enclosed front porch, two tiered rear deck. It also has a full attic for potential of additional bedrooms.

25. 2021-01-25
    listed $25,000 Active 176-char remark

    Show marketing remark (176 chars)

    It is a two bedroom, 1 story home with hardwood floors, pocket doors, enclosed front porch, two tiered rear deck. It also has a full attic for potential of additional bedrooms.

ⓘ 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: $713 · $59/mo
• Projected year-2 tax: $781 · $65/mo
• Expected delta: +$68/yr (+$6/mo · 9.5%)

ⓘ 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: $12,161
• − Mortgage interest: −$5,596
• − Property taxes: −$713
• − Insurance: −$500
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$2,906
• Taxable income: $501
• Est. tax owed @ 24.0%: −$120
• After-tax cash flow: $1,988/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

+319.6% since first listed

9 events — show timeline

• 2026-04-22 Listed $104,900 RRELMS
• 2025-12-22 Price Changed $94,500 RRELMS
• 2025-10-27 Price Changed $99,900 RRELMS
• 2022-06-01 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2022-01-26 Sold (MLS) $43,000 RRELMS
• 2021-08-01 Listed $43,000 RRELMS
• 2021-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2021-02-27 Price Changed $47,900 MIBOR as Distributed by MLS Grid
• 2021-01-25 Listed $25,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2024): $713 · +14.3% YoY. Source: county tax records.