1604 Tam O Shanter Ln · Kokomo, IN 46902

$164,900

3 bd · 1.0 ba · 1,560 sqft · SingleFamily public records · 41 Days on market

Built 1965 7,841 sqft lot Est $190k · 13% under

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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 +14.5/30.0
• ARV discount +13.5/15.0
• DSCR +4.4/10.0
• Livability +3.4/5.0
• 1% rule +3.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 3-bedroom, 1-bath home offering over 1,500 sq ft in desirable Country Club Hills! Features include a large family room with a beautiful stone fireplace, generous living space, and a functional layout perfect for everyday living. Enjoy the large back deck overlooking the fenced backyard great for entertaining or relaxing outdoors. New electric water heater recently installed. Conveniently located close to shopping, dining, schools, and other amenities.

Key facts

• Large back deck
• Large family room
• Stone fireplace

Tags

• LARGE FAMILY ROOM
• STONE FIREPLACE
• LARGE BACK DECK
• FENCED BACKYARD
• NEW ELECTRIC WATER HEATER

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: Attached garage (1 space)
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence, site-built; One story
• Construction: Brick construction; Asphalt roof; Slab foundation; Built as single-story (above-grade finished area listed)
• Exterior features: Deck; Irregular lot (approx. 67 x 113, 0.18 acres)

Interior

• Kitchen: Eat-in kitchen with kitchen island; Disposal, Dishwasher, Microwave, Refrigerator
• Bedrooms: Total rooms: 6
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Wood stove; Natural gas heating with forced air; Central air; Ceiling fans
• Interior features: Ceiling fans; Eat-in kitchen; Kitchen island; Window treatments; Disposal; Dishwasher; Microwave; Refrigerator; Wood-burning stove fireplace in family room
• Laundry & utility: Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $37 ($441/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 $137k (17.0% below list).
• Recommended offer: $137k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.2% in Kokomo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Boulevard Elementary School (math 32% / reading 17%, grade F, #762 of 994 statewide, top 78%, 378 students, 57% 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 58% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 235 active listings in the ZIP; 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 41 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $165k implies a 127% gain — meaningful room to come down on a strong offer.

Recommended offer $136,948 (17.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — 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 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?
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: 0.83% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $190,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2505 S Park Rd	0.38mi	3/1.5	1,556 (-0%)	6mo	$195,000	$125	75
2325 Balmoral Blvd	0.19mi	3/2.0	1,386 (-11%)	4mo	$142,500	$103	65
2449 Tam O Shanter Rd	0.21mi	3/1.0	1,344 (-14%)	4mo	$140,000	$104	64
1409 Conti Ln	0.20mi	3/2.0	1,384 (-11%)	9mo	$189,500	$137	61
2214 S Indiana Ave	0.71mi	3/1.5	1,552 (-0%)	8mo	$187,300	$121	57
1212 W Boulevard St	0.28mi	2/2.5 (-1)	1,364 (-13%)	0mo	$137,000	$100	55
1106 W Boulevard St	0.33mi	2/2.5 (-1)	1,364 (-13%)	1mo	$122,000	$89	52
1723 N Osage Dr	0.64mi	3/2.0	1,470 (-6%)	8mo	$225,000	$153	50
806 James Dr	0.56mi	3/1.5	1,764 (+13%)	1mo	$183,000	$104	49
721 W Boulevard	0.66mi	2/1.0 (-1)	1,402 (-10%)	5mo	$184,200	$131	44
1729 N Osage Dr	0.65mi	3/2.0	1,748 (+12%)	6mo	$213,000	$122	41
521 Holly Ln	0.75mi	4/2.0 (+1)	1,736 (+11%)	3mo	$215,000	$124	35

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: -16.1%
• Equity multiple: 0.44×
• Total profit: $-26,051
• Equity at exit: $24,587

10-year hold

• IRR: -9.8%
• Equity multiple: 0.43×
• Total profit: $-26,367
• Equity at exit: $14,258

Cash invested: $46,172 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,369 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$112 /mo · $1,340/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $37

Break-even live

Break-even rent $1,323

Max offer price $164,900

Occupancy floor 92%

Sensitivity live

Price	-10% $130	-5% $83	+0% $37	+5% $-10	+10% $-57
Rent	-10% $-71	-5% $-17	+0% $37	+5% $91	+10% $145
Rate	-1.0pp $120	-0.5pp $79	base $37	+0.5pp $-6	+1.0pp $-49

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $164,900 Active 41 DOM
2. 2026-06-19
   days on market $164,900 Active 39 DOM
3. 2026-06-18
   days on market $164,900 Active 38 DOM
4. 2026-06-17
   days on market $164,900 Active 37 DOM
5. 2026-06-16
   days on market $164,900 Active 36 DOM
6. 2026-06-15
   days on market $164,900 Active 35 DOM
7. 2026-06-14
   days on market $164,900 Active 33 DOM
8. 2026-06-13
   days on market $164,900 Active 32 DOM
9. 2026-06-10
   days on market $164,900 Active 30 DOM
10. 2026-06-09
    days on market $164,900 Active 29 DOM
11. 2026-06-08
    days on market $164,900 Active 28 DOM
12. 2026-06-07
    pricedays on market $164,900 Active 27 DOM
13. 2026-06-02
    days on market $169,900 Active 22 DOM
14. 2026-06-01
    days on market $169,900 Active 21 DOM
15. 2026-05-31
    days on market $169,900 Active 20 DOM
16. 2026-05-30
    days on market $169,900 Active 19 DOM
17. 2026-05-19
    price $169,900
18. 2026-05-11
    listed $174,900 Active
19. 1998-07-16
    soldstatus $72,500

ⓘ 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: $1,340 · $112/mo
• Projected year-2 tax: $1,371 · $114/mo
• Expected delta: +$31/yr (+$3/mo · 2.3%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,434
• − Mortgage interest: −$9,237
• − Property taxes: −$1,340
• − Insurance: −$824
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$4,797
• Taxable loss: −$2,394
• Est. tax savings @ 24.0%: +$575
• After-tax cash flow: $1,016/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

+134.3% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $169,900 IRMLS
• 2026-05-11 Listed $174,900 IRMLS
• 1998-07-16 Sold (Public Records) $72,500 Public Records

Property tax history

+12.9%/yr

Latest (2024): $1,340 · +8.2% YoY. Source: county tax records.