524 E Center St · Warsaw, IN 46580

$99,900

3 bd · 1.0 ba · 1,328 sqft · SingleFamily public records · 14 Days on market

Built 1880 4,356 sqft lot Est $191k · 48% 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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.5/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This home offers room gather, entertain, and create. From the living spaces to the charming character throughout, you’ll find endless possibilities to make this property uniquely yours. Affordable opportunities like this don’t come around often! Seller will be present for showings. Property only available for showings on Sunday and Monday. Agents please see showing remarks.

Key facts

• 4,356 sq ft lot
• Built 1880
• Listed 13 days

Property features AI

Finance

• Other: Property listed as residential; Directions: From Indiana 15 turn onto E Prairie St. Turn left onto S Detroit St. Turn right onto E Center St and the home is on your right.

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; Two-story
• Construction: Vinyl siding; Asphalt roof; Above-grade finished area reported (1,328)
• Exterior features: Level lot; Lot dimensions approximately 33 x 132

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: One fireplace; Full unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 9.6% vs local median 3.2% in Warsaw — 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 77/100 on livability (#42 in IN, #3,114 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, crime D+, amenities F.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln Elementary School (math 58% / reading 51%, grade C, #197 of 994 statewide, top 22%, 457 students, 52% FRL); Lakeview Middle School (math 35% / reading 41%, grade F, #136 of 330 statewide, top 44%, 477 students, 60% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL).
• Market conditions: 102 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1880 — 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 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?
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: 1.15% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.85%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $191,232
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
541 E Main Street St	0.10mi	3/1.5	1,320 (-1%)	3mo	$196,000	$148	90
903 E Center St	0.34mi	3/2.0	1,384 (+4%)	7mo	$193,000	$139	68
215 N Fort Wayne Ave	0.12mi	4/1.0 (+1)	1,464 (+10%)	6mo	$174,900	$119	67
513 W Porter St	0.64mi	3/1.0	1,294 (-3%)	5mo	$135,000	$104	62
618 W Winona Ave Ave	0.72mi	3/1.5	1,305 (-2%)	8mo	$205,000	$157	55
516 N Park Ave	0.37mi	2/1.0 (-1)	1,201 (-10%)	9mo	$74,000	$62	55
302 N Bronson St	0.70mi	3/2.0	1,406 (+6%)	2mo	$219,900	$156	52
413 W Fort Wayne St	0.55mi	3/1.0	1,152 (-13%)	2mo	$166,000	$144	50
115 N Maple Ave	0.54mi	2/1.0 (-1)	1,154 (-13%)	2mo	$167,000	$145	46
411 W Perry St	0.62mi	3/1.5	1,500 (+13%)	7mo	$79,900	$53	41
1103 E Clark St	0.54mi	2/1.0 (-1)	1,512 (+14%)	9mo	$175,000	$116	39
523 S Union St	0.65mi	3/1.5	1,522 (+15%)	6mo	$244,000	$160	38

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,384
• Equity at exit: $14,895

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $23,785
• Equity at exit: $8,638

Cash invested: $27,972 (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 46580

• Home prices YoY: -19.2%
• Active inventory: 102
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,152 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$68 /mo · $821/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $276

Break-even live

Break-even rent $802

Max offer price $99,900

Occupancy floor 71%

Sensitivity live

Price	-10% $333	-5% $304	+0% $276	+5% $248	+10% $220
Rent	-10% $185	-5% $231	+0% $276	+5% $322	+10% $367
Rate	-1.0pp $326	-0.5pp $302	base $276	+0.5pp $250	+1.0pp $224

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Kinney Dr Warsaw, IN	2.0	2.0	917	$1,195	$1.30	44d	1	0.84mi
313 Lakeland Dr Warsaw, IN	2.0	1.0	924	$1,145	$1.24	44d	1	0.85mi
1103 W Winona Ave Unit B Warsaw, IN	2.0	2.0	1000	$1,000	$1.00	44d	1	1.12mi

Listing history 12 events

1. 2026-06-19
   days on market $99,900 Active 14 DOM
2. 2026-06-18
   days on market $99,900 Active 13 DOM
3. 2026-06-17
   days on market $99,900 Active 12 DOM
4. 2026-06-16
   days on market $99,900 Active 11 DOM
5. 2026-06-15
   days on market $99,900 Active 10 DOM
6. 2026-06-14
   days on market $99,900 Active 8 DOM
7. 2026-06-12
   remarks 376-char remark
8. 2026-06-12
   days on market $99,900 Active 7 DOM
9. 2026-06-09
   days on market $99,900 Active 4 DOM
10. 2026-06-08
    days on market $99,900 Active 3 DOM
11. 2026-06-07
    remarks 245-char remark
12. 2026-06-07
    listed $99,900 Active 2 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: $821 · $68/mo
• Projected year-2 tax: $835 · $70/mo
• Expected delta: +$14/yr (+$1/mo · 1.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,825
• − Mortgage interest: −$5,596
• − Property taxes: −$821
• − Insurance: −$500
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$2,906
• Taxable income: $1,790
• Est. tax owed @ 24.0%: −$430
• After-tax cash flow: $2,885/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Warsaw

• Score: 77/100
• State rank: #42
• US rank: #3114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IN
• County: Kosciusko County · 36,398 people
• City population: 36,398
• Metro: Warsaw, IN
• Population (ZIP): 21,794
• Household income: $71,687
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 374.0

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Portuguese 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.41%
• Current HPI: 283.1513
• Rent YoY: —
• Metro: Warsaw, 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

• 2026-06-02 Listed $99,900 IRMLS

Property tax history

-3.5%/yr

Latest (2024): $821 · +31.5% YoY. Source: county tax records.