506 Romig St · Lafayette, IN 47901

$30,000

3 bd · 1.5 ba · 2,144 sqft · SingleFamily public records · 2 Days on market

Built 1890 5,250 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Uninhabitable. 2-story home with basement. Large lot with 2 sheds and a carport. Seller requests 15 days post-possession to remove personal belongings.

Key facts

• 5,250 sq ft lot
• Built 1890
• Listed 2 days

Property features AI

Finance

• Other: Property listed by Keller Williams Lafayette

Exterior

• Parking: Concrete parking surface
• Utilities: Public water; Public sewer
• Home design: Single family residence; Site-built home; 2 stories
• Construction: Vinyl siding; Brick/mortar foundation; Asphalt roof; Above-grade finished living area approximately 2,144
• Exterior features: Chain link fencing; Level lot; Shed(s) on the property; Lot dimensions approximately 42 x 125

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Partial basement; Total of 8 rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Cap rate 60.6% 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: Thomas Miller Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 343 students, 85% FRL); Jefferson High School (math 23% / reading 55%, grade F, #235 of 369 statewide, top 65%, 2,118 students, 69% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 16 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $1,982/mo this rent would consume 50% of the median local household income ($47k/yr) (locally 314% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($207 loan paydown + $1k appreciation (3.5% local appreciation)).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.5% appreciation + 4.8% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,000

Questions for the listing agent

1. Built in 1890 — 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: 6.61% ✓
• Cap rate: 60.63%
• Cash-on-cash: 194.05%
• DSCR: 9.63
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $270,144
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 Romig St	0.00mi	3/1.0	2,144 (0%)	0mo	$30,000	$14	98
110 S 14th St	0.51mi	2/1.0 (-1)	2,184 (+2%)	0mo	$142,500	$65	66
814 Highland Ave	0.43mi	4/2.5 (+1)	2,176 (+2%)	4mo	$520,000	$239	65
619 S 10th St	0.42mi	3/1.0	2,040 (-5%)	7mo	$300,000	$147	65
599 S 3rd St	0.26mi	3/3.0	1,932 (-10%)	3mo	$350,000	$181	63
1406 Virginia St	0.63mi	3/1.0	2,266 (+6%)	6mo	$225,000	$99	54
649 N 7th St	0.69mi	4/2.5 (+1)	2,148 (+0%)	11mo	$270,000	$126	49
411 Hickory St	0.68mi	3/3.0	2,080 (-3%)	10mo	$185,000	$89	49
220 Hickory St	0.68mi	3/2.0	1,928 (-10%)	5mo	$200,000	$104	46
804 S 10th St	0.48mi	4/2.0 (+1)	2,400 (+12%)	6mo	$275,000	$115	46
1400 Adams St	0.66mi	4/3.0 (+1)	2,348 (+10%)	1mo	$376,000	$160	42
1438 Adams St	0.71mi	3/2.5	1,946 (-9%)	11mo	$299,900	$154	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.53% appreciation · 4.83% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.28×
• Total profit: $94,725
• Equity at exit: $14,396

10-year hold

• IRR: —
• Equity multiple: 27.29×
• Total profit: $220,818
• Equity at exit: $22,918

Cash invested: $8,400 (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 47901

• Home prices YoY: 1.9%
• Rents YoY: 4.8%
• Active inventory: 16
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,982 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $1,358

Break-even live

Break-even rent $262

Max offer price $30,000

Occupancy floor 26%

Sensitivity live

Price	-10% $1,379	-5% $1,369	+0% $1,358	+5% $1,348	+10% $1,338
Rent	-10% $1,202	-5% $1,280	+0% $1,358	+5% $1,437	+10% $1,515
Rate	-1.0pp $1,373	-0.5pp $1,366	base $1,358	+0.5pp $1,351	+1.0pp $1,343

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 S 4th St #6 Lafayette, IN	2.0	2.5	1767	$2,250	$1.27	45d	1	0.13mi
6 S 4th St Lafayette, IN	1.0–3.0	1.0–3.0	1102	$1,649	$1.50	14d	1	0.25mi
711 South St Lafayette, IN	2.0	2.5	1550	$1,824	$1.18	14d	1	0.27mi
711 South St Lafayette, IN	2.0	2.5	1550	$1,999	$1.29	45d	1	0.27mi
12 N 3rd St Unit 203 Lafayette, IN	2.0	2.0	1900	$2,695	$1.42	45d	1	0.31mi
102 N 3rd St Apt 3A Lafayette, IN	2.0	2.5	1725	$1,995	$1.16	45d	1	0.37mi
224 S 14th St Lafayette, IN	4.0	2.0	1900	$1,810	$0.95	14d	1	0.48mi
400 N 9th St Lafayette, IN	1.0–2.0	1.0–2.0	1600	$2,675	$1.67	45d	2	0.53mi
1213 S 19th St Lafayette, IN	3.0	2.0	1484	$1,900	$1.28	14d	1	1.04mi
270 Littleton St West Lafayette, IN	4.0	1.0–2.5	972	$1,010	$1.04	22d	1	1.08mi
1038 Heath St Unit 1038 1/2 Lafayette, IN	4.0	2.0	1650	$1,850	$1.12	22d	1	1.10mi
327 N 23rd St Lafayette, IN	4.0	2.5	2002	$1,995	$1.00	14d	1	1.13mi
2773 PROSPERITY WAY West Lafayette, IN	3.0	2.0	1691	$3,095	$1.83	22d	1	1.22mi

Listing history 1 events

1. 2026-05-23
   listed $30,000 Active

ⓘ 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 ≥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: $23,782
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$873
• Taxable income: $16,824
• Est. tax owed @ 24.0%: −$4,038
• After-tax cash flow: $12,262/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): 4,585
• Household income: $47,206
• Rent vs Own: 91.9% rent · 8.1% own
• Severe rent burden: 314.0

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 (73%)
• Race & ethnicity: White 73% Black 15% Asian 6% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 5% Romanian 4% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 87% English-only · Spanish 3% Other Indo-European 3% Chinese 2%

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: ▲ 3.53%
• Current HPI: 192.353
• Rent YoY: ▲ 4.83%
• 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

1 event — show timeline

• 2026-05-23 Listed $30,000 IRMLS

Property tax history

+2.9%/yr

Latest (2024): $2,888 · +7.0% YoY. Source: county tax records.