400 S 12th St · Richmond, IN 47374

$22,500

8 bd · 4.0 ba · 3,622 sqft · MultiFamily public records · 80 Days on market

Built 1920 5,097 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Due to an electrical fire, this 4 Unit became uninhabitable while it had been tenant occupied. The above information reflects the floor plan prior to the fire. It had 2 two bedroom apts downstairs with 2 one bedroom apts up. It included 4 gas furnaces and 4 electric water heaters. Since the fire a new metal roof has been installed, most windows are new and some exterior vinyl siding has been installed. Call or Text Debbie Rudd for additional information at 765-969-6822

Key facts

• New metal roof
• New windows
• 5,097 sq ft lot

Tags

• NEW METAL ROOF
• NEW WINDOWS
• EXTERIOR VINYL SIDING

Property features AI

Finance

• Other: Zoning: Residential
• Financial info: No investor, income, or expense details provided
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; 2 stories
• Construction: No construction year or material details provided
• Exterior features: Metal roof

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total rooms: 16
• Flooring: No flooring details provided
• Bathrooms: 4 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Electric water heater; Full basement
• Laundry & utility: No laundry details provided

🏷️ Possibly a rental listed for sale. The $22,500 price doesn't fit this home's estimated sale value (~$112,282) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $22k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $22k).
• Recommended offer: $21k (6.0% below list) — sets the bar for market timing.
• Cap rate 138.8% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• At $3,341/mo this rent would consume 79% of the median local household income ($51k/yr) (locally 1600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $156 of loan paydown is wiped out by about $675 of value loss. Plan a longer hold.
• Wayne County population projected at -21% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 14.85% ✓
• Cap rate: 138.77%
• Cash-on-cash: 473.12%
• DSCR: 22.05
• GRM: 0.6

CMA / ARV

• ARV (on-the-fly): $112,282
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1020 S C St	0.15mi	7/3.0 (-1)	3,192 (-12%)	17mo	$100,000	$31	50

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: —
• Equity multiple: 25.54×
• Total profit: $154,605
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 54.74×
• Total profit: $338,541
• Equity at exit: $1,945

Cash invested: $6,300 (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 47374

• Active inventory: 273
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $3,341 medium
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $2,484

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 21%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,778
▸ 2× units	1	1	$1,562
Total (4 units)			$3,341

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $22,500 Active 80 DOM
2. 2026-06-18
   days on market $22,500 Active 79 DOM
3. 2026-06-17
   days on market $22,500 Active 78 DOM
4. 2026-06-16
   days on market $22,500 Active 77 DOM
5. 2026-06-15
   days on market $22,500 Active 76 DOM
6. 2026-06-14
   days on market $22,500 Active 74 DOM
7. 2026-06-12
   days on market $22,500 Active 73 DOM
8. 2026-06-09
   days on market $22,500 Active 70 DOM
9. 2026-06-08
   days on market $22,500 Active 69 DOM
10. 2026-06-07
    days on market $22,500 Active 68 DOM
11. 2026-06-03
    days on market $22,500 Active 64 DOM
12. 2026-06-02
    days on market $22,500 Active 63 DOM
13. 2026-06-01
    days on market $22,500 Active 62 DOM
14. 2026-05-31
    days on market $22,500 Active 61 DOM
15. 2026-05-30
    days on market $22,500 Active 60 DOM
16. 2026-03-06
    listed $22,500 Active 473-char remark

    Show marketing remark (473 chars)

    Due to an electrical fire, this 4 Unit became uninhabitable while it had been tenant occupied. The above information reflects the floor plan prior to the fire. It had 2 two bedroom apts downstairs with 2 one bedroom apts up. It included 4 gas furnaces and 4 electric water heaters. Since the fire a new metal roof has been installed, most windows are new and some exterior vinyl siding has been installed. Call or Text Debbie Rudd for additional information at 765-969-6822

17. 2026-03-06
    listed $22,500 Active

    Show marketing remark (473 chars)

    Due to an electrical fire, this 4 Unit became uninhabitable while it had been tenant occupied. The above information reflects the floor plan prior to the fire. It had 2 two bedroom apts downstairs with 2 one bedroom apts up. It included 4 gas furnaces and 4 electric water heaters. Since the fire a new metal roof has been installed, most windows are new and some exterior vinyl siding has been installed. Call or Text Debbie Rudd for additional information at 765-969-6822

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,092
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$3,207
• − Management: −$3,207
• − Depreciation: −$655
• Taxable income: $31,312
• Est. tax owed @ 24.0%: −$7,515
• After-tax cash flow: $22,292/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

+0.0% since first listed

2 events — show timeline

• 2026-03-06 Listed $22,500 RRELMS
• 2026-03-06 Listed $22,500 RRELMS

Property tax history

+1.1%/yr

Latest (2024): $1,186 · -6.6% YoY. Source: county tax records.