206 S 3rd St · Kentland, IN 47951

$120,000

3 bd · 1.0 ba · 1,792 sqft · MultiFamily public records · 15 Days on market

Built 1938 4,500 sqft lot

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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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• 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

Live downstairs and rent the upstairs to make the payment. Immaculate property. Home has 2 bedrooms, kitchen, living room, bath and utility room downstairs. Private entrance apartment upstairs with 2 bedrooms, bath, kitchen and living room. No garage but a lawn shed for supplies. Both apartments pay separate utilities. Upstairs has a window air unit and a gas stove, not a forced air furnace.

Key facts

• Second kitchen
• Ada-accessible bath
• 4,500 sq ft lot

Tags

• DUPLEX OR SINGLE-FAMILY HOME
• ADA-ACCESSIBLE BATH
• INTERIOR SPIRAL STAIRCASE
• SECOND KITCHEN
• WHEELCHAIR RAMP ACCESS

Property features AI

Finance

• Other: Property contains 2 units (1 two-bedroom unit and 1 three-bedroom unit); Currently vacant

Exterior

• Parking: Driveway; Off-street parking; Gravel parking
• Utilities: Electricity connected; Public water; Public sewer; Natural gas connected
• Home design: One-and-one-half story building; Built in 1938; Property listed as fixer; Accessible features present
• Construction: Shingle roof; Crawl space basement
• Exterior features: Deck; Porch; Rain gutters; Neighborhood view; Shed(s)

Interior

• Kitchen: Electric range; Gas range
• Bedrooms: Two 2-bedroom and 3-bedroom units (total 2 units)
• Flooring: Carpet; Laminate; Hardwood
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning; Unit control cooling
• Interior features: Laminate counters; Accessible full bathroom; Accessible approach with ramp; Pets allowed
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup; Main level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#265 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment D-.
• South Newton School Corporation (rural): math 29% / reading 35% proficiency, ranked #219 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Newton Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 416 students, 68% FRL); South Newton Middle School (math 22% / reading 32%, grade F, #234 of 330 statewide, top 71%, 204 students, 71% FRL); South Newton Senior High School (math 24% / reading 64%, grade F, #169 of 369 statewide, top 51%, 242 students, 52% FRL).
• Market conditions: 24 active listings in the ZIP; 24 units permitted in Newton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Newton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 15 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $44k; list at $120k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1938 — 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 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?
4. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.53%
• DSCR: 2.00
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.2%
• Equity multiple: 4.14×
• Total profit: $105,495
• Equity at exit: $108,106

10-year hold

• IRR: 35.5%
• Equity multiple: 9.30×
• Total profit: $278,972
• Equity at exit: $233,134

Cash invested: $33,600 (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 47951

• Home prices YoY: 11.4%
• Active inventory: 24
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,700 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$33 /mo · $393/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $631

Break-even live

Break-even rent $901

Max offer price $120,000

Occupancy floor 58%

Sensitivity live

Price	-10% $699	-5% $665	+0% $631	+5% $597	+10% $563
Rent	-10% $497	-5% $564	+0% $631	+5% $698	+10% $765
Rate	-1.0pp $691	-0.5pp $661	base $631	+0.5pp $600	+1.0pp $568

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,700
Total (2 units)			$1,700

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $120,000 Active 15 DOM
2. 2026-06-21
   days on market $120,000 Active 14 DOM
3. 2026-06-18
   days on market $120,000 Active 12 DOM
4. 2026-06-17
   days on market $120,000 Active 11 DOM
5. 2026-06-16
   days on market $120,000 Active 10 DOM
6. 2026-06-15
   days on market $120,000 Active 9 DOM
7. 2026-06-13
   days on market $120,000 Active 7 DOM
8. 2026-06-12
   days on market $120,000 Active 6 DOM
9. 2026-06-09
   days on market $120,000 Active 3 DOM
10. 2026-06-08
    days on market $120,000 Active 2 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $120,000 Active 1 DOM

ⓘ 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: $393 · $33/mo
• Projected year-2 tax: $706 · $59/mo
• Expected delta: +$314/yr (+$26/mo · 79.8%)

ⓘ 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 ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,400
• − Mortgage interest: −$6,722
• − Property taxes: −$393
• − Insurance: −$600
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − Depreciation: −$3,491
• Taxable income: $5,930
• Est. tax owed @ 24.0%: −$1,423
• After-tax cash flow: $6,148/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: South Newton School Corporation
• NCES district ID: 1810470
• Math proficiency: 29% ▼ -18.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $46,624
• Composite: 27.52/100
• National rank: #6952
• State rank: #219 of 301 in IN

Livability — Kentland

• Score: 67/100
• State rank: #265
• US rank: #11108

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kentland, IN
• City population: 2,246
• Population (ZIP): 2,246

Population outlook (Newton County) Hauer SSP2

• Today (2025): 13,726 people
• By 2030: 13,448 · -2.0%
• By 2040: 12,771 · -7.0%
• By 2050: 12,104 · -11.8%
• By 2075: 11,059 · -19.4%
• By 2100: 9,813 · -28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Newton

• 2024 margin: Solid R (+57.0) · D 20.8% · R 77.7% · Other 1.5%
• 2008→2024 swing: -45.8pp toward R · 2008: -11.2pp · 2024: -57.0pp
• All cycles: 2024: R+57.0 2020: R+52.1 2016: R+46.1 2012: R+19.1 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.78%
• Current HPI: 262.4146
• 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

+161.4% since first listed

8 events — show timeline

• 2026-06-06 Listed $120,000 NIRA MLS as Distributed by MLS Grid
• 2015-07-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-06-16 Sold (Public Records) $44,000 Public Records
• 2015-06-15 Sold (MLS) $44,000 NIRA MLS as Distributed by MLS Grid
• 2015-01-08 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-12-12 Listed $45,900 NIRA MLS as Distributed by MLS Grid
• 2014-07-07 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2014-07-07 Listed $45,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2024): $393 · +0.0% YoY. Source: county tax records.