1600 High St · Logansport, IN 46947

$230,000

5 bd · 3.0 ba · 3,160 sqft · MultiFamily public records · 34 Days on market

Built 1900 0.30 ac lot $73/sqft · 131% above area

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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
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Remarkable triplex building with excellent income. It has a 3BR/1.5BA unit and 2 2BR/1BA units. It has gutters, replacement windows, fenced in area, large side yard, plenty of street parking, a newly remodeled porch and a 2nd new porch, new appliances, newer flooring in all units, and a new hot water heater. All have excellent tenants bringing in $3200/month

Key facts

• Fenced in area
• Triplex building
• New appliances

Tags

• TRIPLEX BUILDING
• REPLACEMENT WINDOWS
• FENCED IN AREA
• LARGE SIDE YARD
• NEWLY REMODELED PORCH
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 2×2.0bd/1.0ba units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $978 ($12k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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: schools F, 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.
• Market conditions: 132 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 $2k of loan paydown is wiped out by about $7k 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 $64k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $190k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.31% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.23%
• DSCR: 1.81
• GRM: 6.4

CMA / ARV

• ARV (median comp): $99,658
• List price: $230,000
• Delta: 130.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
925-927 High St	0.46mi	5/2.0	2,880 (-9%)	2mo	$120,000	$42	58
1211 North St	0.32mi	4/4.0 (-1)	2,853 (-10%)	5mo	$88,000	$31	56
1424-26 High St	0.11mi	5/3.0	2,721 (-14%)	21mo	$179,900	$66	54
1318 North St	0.22mi	6/3.0 (+1)	3,565 (+13%)	18mo	$200,000	$56	48
1900 North St	0.25mi	5/2.0	2,790 (-12%)	20mo	$200,000	$72	48

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: 9.8%
• Equity multiple: 1.39×
• Total profit: $24,975
• Equity at exit: $34,294

10-year hold

• IRR: 18.9%
• Equity multiple: 2.58×
• Total profit: $101,690
• Equity at exit: $19,886

Cash invested: $64,400 (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: 132
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,003 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$92 /mo · $1,103/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$631
• Net cashflow: $978

Break-even live

Break-even rent $1,764

Max offer price $230,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,109	-5% $1,044	+0% $978	+5% $913	+10% $848
Rent	-10% $741	-5% $860	+0% $978	+5% $1,097	+10% $1,216
Rate	-1.0pp $1,094	-0.5pp $1,037	base $978	+0.5pp $919	+1.0pp $858

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$1,001
▸ 2× units	2.0	1	$2,002
Total (3 units)			$3,003

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   price $230,000 360-char remark

   Show marketing remark (360 chars)

   Remarkable triplex building with excellent income. It has a 3BR/1.5BA unit and 2 2BR/1BA units. It has gutters, replacement windows, fenced in area, large side yard, plenty of street parking, a newly remodeled porch and a 2nd new porch, new appliances, newer flooring in all units, and a new hot water heater. All have excellent tenants bringing in $3200/month

2. 2026-04-20
   listed $239,000 Active 360-char remark

   Show marketing remark (360 chars)

   Remarkable triplex building with excellent income. It has a 3BR/1.5BA unit and 2 2BR/1BA units. It has gutters, replacement windows, fenced in area, large side yard, plenty of street parking, a newly remodeled porch and a 2nd new porch, new appliances, newer flooring in all units, and a new hot water heater. All have excellent tenants bringing in $3200/month

3. 2024-10-01
   soldstatus $190,000 Closed 378-char remark

   Show marketing remark (378 chars)

   This large home has 3 apartments that are currently rented out on a month-to-month basis. The main floor 3-bedroom apartment has been updated and rents for $1200 a month. The upstairs unit has 2 bedrooms and rents for $850 per month while the other apartments is a 1 bedroom and rents for up to $750 a month. Start getting income immediately with this large investment property.

4. 2024-08-22
   status Pending 378-char remark

   Show marketing remark (378 chars)

   This large home has 3 apartments that are currently rented out on a month-to-month basis. The main floor 3-bedroom apartment has been updated and rents for $1200 a month. The upstairs unit has 2 bedrooms and rents for $850 per month while the other apartments is a 1 bedroom and rents for up to $750 a month. Start getting income immediately with this large investment property.

5. 2024-05-20
   listed $239,000 Active 378-char remark

   Show marketing remark (378 chars)

   This large home has 3 apartments that are currently rented out on a month-to-month basis. The main floor 3-bedroom apartment has been updated and rents for $1200 a month. The upstairs unit has 2 bedrooms and rents for $850 per month while the other apartments is a 1 bedroom and rents for up to $750 a month. Start getting income immediately with this large investment property.

6. 2017-02-09
   listed $59,900
7. 2015-02-16
   listed $59,900

ⓘ 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: $1,103 · $92/mo
• Projected year-2 tax: $1,529 · $127/mo
• Expected delta: +$426/yr (+$36/mo · 38.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 16% 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: $36,036
• − Mortgage interest: −$12,884
• − Property taxes: −$1,103
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,883
• − Management: −$2,883
• − Depreciation: −$6,691
• Taxable income: $8,443
• Est. tax owed @ 24.0%: −$2,026
• After-tax cash flow: $9,715/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: 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

+284.0% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $230,000 IRMLS
• 2026-04-20 Listed $239,000 IRMLS
• 2024-10-01 Sold (MLS) $190,000 IRMLS
• 2024-08-22 Pending — IRMLS
• 2024-05-20 Listed $239,000 IRMLS
• 2017-02-09 Listed $59,900 IRMLS
• 2015-02-16 Listed $59,900 IRMLS

Property tax history

-9.9%/yr

Latest (2024): $1,103 · -44.0% YoY. Source: county tax records.