2421 Edgelea Dr · Lafayette, IN 47909

$125,000

3 bd · 1.0 ba · 1,356 sqft · SingleFamily public records · 1 Days on market

Built 1955 6,011 sqft lot Est $212k · 41% under

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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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.8/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newly updated home conveniently located close to the Fairgrounds & Tippecanoe Mall. New roof, new carpet, new laminate & all new bathrooms. Kitchen has new counter tops and washer, dryer,microwave and range stay. Nice newly screened in porch & porch furniture stays. Great room has built in bar. All is freshly painted and move-in ready!! Fenced in yard! Must see!!!

Key facts

• 6,011 sq ft lot
• Built 1955

Property features AI

Finance

• Other: Approximately 1,356 above-grade finished square feet

Exterior

• Parking: Concrete parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Single-story
• Construction: Aluminum siding; Asphalt roof; Slab foundation; Built as a site-built home
• Exterior features: Level lot; Lot dimensions approximately 50 x 120

Interior

• Bedrooms: Bedrooms on the main level
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Vinyl flooring; One fireplace located in a bedroom
• Laundry & utility: Laundry area on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 9.7% vs local median 4.2% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D+, crime F.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Edgelea Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 457 students, 65% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL) — zoned schools at 67% FRL track the district average.
• Zoned-school proficiency averages 46% at this address vs 32% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Lafayette School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.7%/yr); 186 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 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.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $77k; list at $125k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1955 — 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. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.19%
• DSCR: 1.54
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $211,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2421 Edgelea Dr	0.00mi	3/2.0	1,356 (0%)	0mo	$150,000	$111	96
2417 Foxhall Dr	0.11mi	3/2.0	1,360 (+0%)	4mo	$195,000	$143	87
2609 Oxford St	0.22mi	3/1.0	1,325 (-2%)	4mo	$200,000	$151	83
2402 Beck Ln	0.65mi	3/1.5	1,368 (+1%)	2mo	$212,500	$155	64
2303 Ottawa Dr Dr	0.54mi	3/2.0	1,282 (-6%)	4mo	$200,000	$156	58
2303 Sioux Pl	0.50mi	4/2.0 (+1)	1,443 (+6%)	2mo	$232,500	$161	56
1427 Stanforth Ave	0.68mi	3/2.0	1,284 (-5%)	0mo	$295,000	$230	55
1303 Rochelle Dr	0.59mi	3/2.0	1,445 (+7%)	3mo	$205,000	$142	55
2505 Kickapoo Dr	0.37mi	4/2.0 (+1)	1,208 (-11%)	4mo	$229,900	$190	52
1432 Kenilworth Dr	0.63mi	3/1.0	1,225 (-10%)	5mo	$237,900	$194	51
1619 Logan Ave	0.65mi	2/2.0 (-1)	1,456 (+7%)	1mo	$167,000	$115	48
1405 Rochelle Dr	0.66mi	4/1.0 (+1)	1,201 (-11%)	4mo	$204,000	$170	42

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,003
• Equity at exit: $18,638

10-year hold

• IRR: 10.9%
• Equity multiple: 1.84×
• Total profit: $29,301
• 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 47909

• Rents YoY: 2.7%
• Active inventory: 186
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,478 high
• Mortgage (P&I): −$656
• Tax from tax record: −$104 /mo · $1,254/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $356

Break-even live

Break-even rent $1,028

Max offer price $125,000

Occupancy floor 71%

Sensitivity live

Price	-10% $426	-5% $391	+0% $356	+5% $320	+10% $285
Rent	-10% $239	-5% $297	+0% $356	+5% $414	+10% $472
Rate	-1.0pp $419	-0.5pp $387	base $356	+0.5pp $323	+1.0pp $290

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: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2411 S 18th St Unit 2415 Lafayette, IN	3.0	1.0	1000	$1,160	$1.16	14d	1	0.15mi
2760 Medford St Lafayette, IN	3.0	1.0	938	$1,400	$1.49	14d	1	0.30mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	14d	1	0.84mi
2450 S Earl Ave Lafayette, IN	1.0–2.0	1.0	755	$1,214	$1.61	14d	3	0.86mi
3224 S 9th St Lafayette, IN	1.0–3.0	1.0–2.0	825	$1,520	$1.84	14d	18	0.95mi
3090 Pheasant Run Dr Lafayette, IN	3.0	1.0–2.0	852	$1,591	$1.87	14d	52	1.19mi
901 S 4th St Lafayette, IN	1.0–2.0	1.0	739	$1,033	$1.40	14d	3	1.23mi
612 S 10th St Unit 612 Lafayette, IN	2.0	1.0	1028	$1,035	$1.01	14d	1	1.26mi
1812 Starks Cir Lafayette, IN	3.0	2.0	1210	$1,725	$1.43	14d	1	1.48mi
549 S 3rd St Lafayette, IN	2.0	1.0	1000	$1,100	$1.10	44d	1	1.48mi

Listing history 2 events

1. 2026-06-07
   remarks 64-char remark
2. 2026-06-07
   listed $125,000 Pending 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: $1,254 · $104/mo
• Projected year-2 tax: $1,254 · $104/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 18 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: $17,738
• − Mortgage interest: −$7,002
• − Property taxes: −$1,254
• − Insurance: −$625
• − Repairs & maintenance: −$1,419
• − Management: −$1,419
• − Depreciation: −$3,636
• Taxable income: $2,383
• Est. tax owed @ 24.0%: −$572
• After-tax cash flow: $3,696/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 43,561
• Household income: $68,035
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1332.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Black 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 2% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.96%
• Current HPI: 214.2557
• Rent YoY: ▲ 2.74%
• Metro: Lafayette-West Lafayette, 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

+56.4% since first listed

4 events — show timeline

• 2026-06-05 Pending — IRMLS
• 2026-06-04 Listed $125,000 IRMLS
• 2015-07-10 Sold (MLS) $77,000 MIBOR as Distributed by MLS Grid
• 2015-05-11 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2024): $1,254 · +10.9% YoY. Source: county tax records.