1317 S 23rd St · Lafayette, IN 47905

$80,000

1 bd · 1.0 ba · 660 sqft · SingleFamily public records · 26 Days on market

Built 1920 6,674 sqft lot $121/sqft · 37% below area ↓ 22% since listing

---

Why this score? — see what drove the C 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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bring your hammer. Improvements and remodeling are needed. Inspections are welcome, but the home is being sold in its as-is condition. Any junk or items of personal property left behind will be the responsibility of the buyer to use or dispose of as the buyer deems appropriate.

Key facts

• 6,674 sq ft lot
• Garage
• Built 1920

Property features AI

Exterior

• Parking: Attached garage (1 car); Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding
• Exterior features: Level lot; Asphalt road access; Yard shed(s)

Interior

• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces); Laundry located on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling system
• Interior features: One fireplace; No basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($992 rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Oakland Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 223 students, 73% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Zoned-school proficiency averages 44% at this address vs 32% district-wide (+13 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 fast (+5.1%/yr); 219 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $553 of loan paydown is wiped out by about $2k 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 + 5.1% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,800 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
6. 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.
7. 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.
8. 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: 1.24% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.50%
• DSCR: 1.38
• GRM: 6.7

CMA / ARV

• ARV (median comp): $161,481
• List price: $80,000
• Delta: -50.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1405 S 24th St	0.07mi	2/1.0 (+1)	736 (+12%)	4mo	$155,000	$211	69
1014 S 20th St	0.31mi	1/1.0	612 (-7%)	8mo	$157,000	$257	66
1417 Oak Ct	0.58mi	2/1.0 (+1)	672 (+2%)	8mo	$177,000	$263	58
708 S 20th St	0.45mi	2/1.0 (+1)	725 (+10%)	5mo	$157,000	$217	53
1016 S 12th St	0.70mi	2/1.0 (+1)	672 (+2%)	8mo	$148,000	$220	52
413 S 29th St	0.68mi	2/1.0 (+1)	696 (+6%)	4mo	$165,000	$237	50
1315 S 19th St	0.27mi	2/1.0 (+1)	748 (+13%)	13mo	$187,000	$250	50
1425 Adams St	0.61mi	2/1.0 (+1)	720 (+9%)	12mo	$195,000	$271	41
1202 Franklin St	0.70mi	2/1.0 (+1)	744 (+13%)	18mo	$210,000	$282	26

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 · 5.12% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-643
• Equity at exit: $11,928

10-year hold

• IRR: 11.3%
• Equity multiple: 1.98×
• Total profit: $21,949
• Equity at exit: $6,917

Cash invested: $22,400 (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 47905

• Home prices YoY: -33.2%
• Rents YoY: 5.1%
• Active inventory: 219
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $992 high
• Mortgage (P&I): −$420
• Tax from tax record: −$172 /mo · $2,068/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $159

Break-even live

Break-even rent $791

Max offer price $80,000

Occupancy floor 79%

Sensitivity live

Price	-10% $204	-5% $181	+0% $159	+5% $136	+10% $113
Rent	-10% $80	-5% $119	+0% $159	+5% $198	+10% $237
Rate	-1.0pp $199	-0.5pp $179	base $159	+0.5pp $138	+1.0pp $117

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2450 S Earl Ave Lafayette, IN	1.0–2.0	1.0	755	$1,057	$1.40	14d	3	0.11mi
1616 Center St Lafayette, IN	1.0	1.0	616	$920	$1.49	45d	1	0.86mi
2433 Oxford St Lafayette, IN	2.0	1.0	672	$1,025	$1.53	45d	1	0.95mi
3545 McCarty Ln Lafayette, IN	1.0–2.0	1.0	628	$1,084	$1.73	14d	3	1.04mi
1700 Columbia St Unit 7 Lafayette, IN	1.0	1.0	575	$925	$1.61	14d	1	1.07mi
901 S 4th St Lafayette, IN	1.0–2.0	1.0	739	$955	$1.29	14d	3	1.21mi
1217 Main St Apt 1 Lafayette, IN	1.0	1.0	500	$850	$1.70	45d	1	1.24mi
308 Perrin Ave Unit 1 Lafayette, IN	1.0	1.0	500	$1,100	$2.20	45d	1	1.29mi
104 S 7th St Lafayette, IN	1.0	1.0	728	$815	$1.12	45d	1	1.30mi
220 S 6th St Lafayette, IN	1.0	1.0	450	$840	$1.87	22d	1	1.33mi
3605 Brandywine Ct Lafayette, IN	1.0	1.0	655	$964	$1.47	45d	1	1.36mi
525 S 3rd St Unit 1 Lafayette, IN	1.0	1.0	450	$750	$1.67	22d	1	1.37mi
216 S 5th St Apt 2 Lafayette, IN	2.0	1.0	550	$829	$1.51	14d	1	1.39mi
52 Owen St Lafayette, IN	1.0	1.0	500	$879	$1.76	45d	1	1.44mi
103 S 4th St Lafayette, IN	—	1.0	600	$1,050	$1.75	14d	1	1.45mi
475 South St Lafayette, IN	1.0–2.0	1.0–2.0	870	$1,389	$1.60	14d	12	1.47mi
3005 Union St Apt 1-C Lafayette, IN	1.0	1.0	500	$895	$1.79	45d	1	1.48mi
1102 Holloway St Apt 2 Lafayette, IN	2.0	1.0	747	$995	$1.33	45d	1	1.48mi
1018 Holloway St Unit 1020 Lafayette, IN	1.0	1.0	625	$850	$1.36	14d	1	1.48mi
1116 Holloway St Lafayette, IN	1.0	1.0	625	$850	$1.36	22d	1	1.48mi
3090 Pheasant Run Dr Lafayette, IN	3.0	1.0–2.0	852	$1,032	$1.21	14d	52	1.50mi

Listing history 8 events

1. 2026-06-09
   status $80,000 Pending 26 DOM
2. 2026-06-08
   days on market $80,000 Active 26 DOM
3. 2026-06-07
   days on market $80,000 Active 25 DOM
4. 2026-06-02
   days on market $80,000 Active 20 DOM
5. 2026-06-01
   days on market $80,000 Active 19 DOM
6. 2026-05-31
   days on market $80,000 Active 18 DOM
7. 2026-05-30
   days on market $80,000 Active 17 DOM
8. 2026-05-13
   listed $80,000 Active 278-char remark

ⓘ 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: $2,068 · $172/mo
• Projected year-2 tax: $2,068 · $172/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $11,906
• − Mortgage interest: −$4,481
• − Property taxes: −$2,068
• − Insurance: −$400
• − Repairs & maintenance: −$952
• − Management: −$952
• − Depreciation: −$2,327
• Taxable income: $724
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $1,729/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): 42,219
• Household income: $65,861
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1475.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 8% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1% Vietnamese 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: ▼ -113.05%
• Current HPI: 227.1583
• Rent YoY: ▲ 5.12%
• 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

-22.5% since first listed

3 events — show timeline

• 2026-06-12 Sold (MLS) $62,000 IRMLS
• 2026-06-08 Pending — IRMLS
• 2026-05-13 Listed $80,000 IRMLS

Property tax history

+6.7%/yr

Latest (2024): $2,068 · +67.9% YoY. Source: county tax records.