451 E 2nd St · Peru, IN 46970

$68,000

2 bd · 1.0 ba · 892 sqft · SingleFamily public records · 2 Days on market

Built 1920 6,098 sqft lot Est $103k · 34% 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 +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.6/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom, 1-bath home offers plenty of potential and is situated on a corner lot featuring a detached 2-car garage with a recently installed electrical service line, plenty of outlets and new LED lights. Inside you will find hardwood floors throughout much of the home, spacious rooms and a functional layout ready for your personal updates and improvements. All contents stay, including new interior solid core wood doors, a new bathroom vanity, ceiling fans, 10 new replacement windows measured to fit (bathroom and garage windows were not ordered). Property is being sold "as is", buyer to verify measurements and school district.

Key facts

• Ceiling fans
• New bathroom vanity
• New led lights

Tags

• CORNER LOT
• DETACHED GARAGE
• NEW LED LIGHTS
• HARDWOOD FLOORS
• NEW BATHROOM VANITY
• CEILING FANS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One-story
• Construction: Built with fiber cement, stone, and vinyl siding; Asphalt roof
• Exterior features: Corner lot; Lot dimensions approximately 45 x 132

Interior

• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces); Main-level laundry
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Hardwood and vinyl flooring; Basement
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($859 rent vs $68k).
• Cap rate 9.5% vs local median 6.1% in Peru — 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 (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blair Pointe Upper Elementary (math 34% / reading 38%, grade F, #577 of 994 statewide, top 59%, 552 students, 63% FRL); Peru Jr/Sr High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 883 students, 59% FRL).
• Market conditions: 129 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($58k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $470 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% 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 $19k cash investment doubles in ~10 years — 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 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 $68,000

Questions for the listing agent

1. Built in 1920 — 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: 1.26% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.47%
• DSCR: 1.51
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $103,472
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
433 E Main St	0.14mi	2/1.0	856 (-4%)	7mo	$135,900	$159	81
480 E Main St	0.18mi	2/1.0	938 (+5%)	12mo	$100,000	$107	73
511 E 3rd Street St	0.17mi	2/1.0	828 (-7%)	12mo	$120,000	$145	70
278 E 3rd St	0.32mi	3/1.0 (+1)	864 (-3%)	11mo	$125,000	$145	66
558 E 5th St	0.36mi	3/1.0 (+1)	816 (-8%)	5mo	$69,000	$85	59
429 Adams Ave	0.49mi	2/1.0	806 (-10%)	3mo	$61,000	$76	58
511 E Main St	0.21mi	2/1.0	979 (+10%)	21mo	$93,000	$95	57
465 Adams Ave	0.47mi	2/1.0	864 (-3%)	24mo	$100,000	$116	53
108 E Warren St	0.69mi	2/1.0	858 (-4%)	16mo	$93,000	$108	48
307 Columbia Ave	0.54mi	3/1.0 (+1)	984 (+10%)	10mo	$142,500	$145	44
257 E 9th St	0.53mi	2/1.0	1,000 (+12%)	13mo	$55,000	$55	44
501 Monroe Ave	0.65mi	3/1.0 (+1)	984 (+10%)	6mo	$141,000	$143	43

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $602
• Equity at exit: $10,139

10-year hold

• IRR: 10.5%
• Equity multiple: 1.82×
• Total profit: $15,569
• Equity at exit: $5,879

Cash invested: $19,040 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $859 medium
• Mortgage (P&I): −$357
• Tax from tax record: −$112 /mo · $1,340/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $182

Break-even live

Break-even rent $629

Max offer price $68,000

Occupancy floor 74%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
130 S Clay St Unit 6 Peru, IN	2.0	1.0	725	$799	$1.10	43d	1	0.57mi
283 W Main St Unit 1 Peru, IN	3.0	1.0	850	$929	$1.09	43d	1	1.37mi
700 Bobtail Ct Peru, IN	1.0	1.0	600	$729	$1.22	43d	4	1.43mi

Listing history 3 events

1. 2026-06-19
   days on market $68,000 Active 2 DOM
2. 2026-06-17
   remarks 639-char remark
3. 2026-06-17
   listed $68,000 Active 1 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: $1,340 · $112/mo
• Projected year-2 tax: $1,340 · $112/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 (shaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 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: $10,308
• − Mortgage interest: −$3,809
• − Property taxes: −$1,340
• − Insurance: −$340
• − Repairs & maintenance: −$825
• − Management: −$825
• − Depreciation: −$1,978
• Taxable income: $1,191
• Est. tax owed @ 24.0%: −$286
• After-tax cash flow: $1,898/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

• 2026-06-17 Listed $68,000 IRMLS

Property tax history

-4.0%/yr

Latest (2024): $1,340 · -1.0% YoY. Source: county tax records.