3 Buckeye Dr · Richmond, IN 47374

$47,900

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 115 Days on market

Built 1987 Est $61k · 22% under ↓ 17% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks

This is a super nice home on a great larger lot. The living room is huge with a wonderful wall of shelves around the fireplace! There is plenty of light from the wall with windows. It is such a comfortable room. It is next to the dining room that is also a generous size. Kitchens that are right sized are so much nicer to work in. It has a large pass thru so you are not isolated but any kitchen clutter is partially hid. Dishwashers make cooking nicer and ours is brand new, never used. Laundry is located just off the kitchen for great convenience. The master has a wall of closets and also a small shelved closet. The master bath is generous with a shower and tub also a double vanity. The main

Key facts

• Brand new dishwasher
• Wall of closets
• Laundry off kitchen

Tags

• LARGER LOT
• WALL OF SHELVES
• PLENTY OF LIGHT
• BRAND NEW DISHWASHER
• LAUNDRY OFF KITCHEN
• WALL OF CLOSETS

Property features AI

Exterior

• Parking: Paved, detached parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding construction; Shingle roof; One-story building
• Exterior features: Shingle roof; Vinyl siding

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Wood-burning fireplace; Dishwasher; Electric range; Refrigerator; Electric water heater
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $48k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• Cap rate 23.1% 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: Fairview Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 296 students, 90% FRL); Dennis Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 597 students, 82% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 277 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $331 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,589 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
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: 2.64% ✓
• Cap rate: 23.06%
• Cash-on-cash: 59.87%
• DSCR: 3.66
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $61,152
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Dogwood Dr	0.11mi	3/2.0	1,456 (-7%)	1mo	$74,000	$51	82
39 Court Rd	0.09mi	3/2.0	1,456 (-7%)	7mo	$56,250	$39	78
26 Hickory Dr	0.08mi	3/2.0	1,352 (-14%)	23mo	$50,000	$37	54

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: 58.6%
• Equity multiple: 3.60×
• Total profit: $34,875
• Equity at exit: $7,142

10-year hold

• IRR: 63.4%
• Equity multiple: 7.36×
• Total profit: $85,324
• Equity at exit: $4,142

Cash invested: $13,412 (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: 277
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,266 medium
• Mortgage (P&I): −$251
• Tax est. 1.5%: −$60 /mo · $718/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $669

Break-even live

Break-even rent $419

Max offer price $47,900

Occupancy floor 42%

Sensitivity live

Price	-10% $702	-5% $686	+0% $669	+5% $653	+10% $636
Rent	-10% $569	-5% $619	+0% $669	+5% $719	+10% $769
Rate	-1.0pp $693	-0.5pp $681	base $669	+0.5pp $657	+1.0pp $644

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: $11,975
• Closing costs: $1,437
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 NW L St Richmond, IN	3.0	1.0	1608	$1,275	$0.79	45d	1	0.41mi

Listing history 19 events

1. 2026-06-21
   days on market $47,900 Active 115 DOM
2. 2026-06-19
   days on market $47,900 Active 113 DOM
3. 2026-06-18
   days on market $47,900 Active 112 DOM
4. 2026-06-17
   days on market $47,900 Active 111 DOM
5. 2026-06-16
   days on market $47,900 Active 110 DOM
6. 2026-06-15
   days on market $47,900 Active 109 DOM
7. 2026-06-14
   days on market $47,900 Active 107 DOM
8. 2026-06-12
   days on market $47,900 Active 106 DOM
9. 2026-06-09
   days on market $47,900 Active 103 DOM
10. 2026-06-08
    days on market $47,900 Active 102 DOM
11. 2026-06-07
    days on market $47,900 Active 101 DOM
12. 2026-06-03
    pricedays on market $47,900 Active 97 DOM
13. 2026-06-02
    days on market $49,900 Active 96 DOM
14. 2026-06-01
    days on market $49,900 Active 95 DOM
15. 2026-05-31
    days on market $49,900 Active 94 DOM
16. 2026-05-30
    days on market $49,900 Active 93 DOM
17. 2026-04-17
    price $49,900
18. 2026-02-26
    listed $57,000 Active
19. 2025-10-09
    price $59,900

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

Taxation est. · year 1

• Rental income: $15,192
• − Mortgage interest: −$2,683
• − Property taxes: −$718
• − Insurance: −$240
• − Repairs & maintenance: −$1,215
• − Management: −$1,215
• − Depreciation: −$1,393
• Taxable income: $7,727
• Est. tax owed @ 24.0%: −$1,855
• After-tax cash flow: $6,175/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

-16.7% since first listed

3 events — show timeline

• 2026-04-17 Price Changed $49,900 RRELMS
• 2026-02-26 Listed $57,000 RRELMS
• 2025-10-09 Price Changed $59,900 RRELMS