403 S Main Street St · South Whitley, IN 46787

$110,000

3 bd · 1.0 ba · 1,784 sqft · SingleFamily public records · 57 Days on market

Built 1870 0.25 ac lot $62/sqft · 34% below area Est $171k · 36% under

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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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.6/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy town living with this beautifully remodeled home in South Whitley. The home offers over 1600 sq ft with 3 bedrooms, 1 full bath, 1 car attached garage and a huge fenced in backyard. Also, the home has a HUGE master bedroom with his and her closets!! Some recent updates include: new flooring throughout, fresh paint, newer drywall throughout most the home and new windows. The kitchen has a brand new vinyl plank flooring with tons of cabinet space. The refrigerator, gas range, washer and dryer all remain with the home. On the main level you’ll also have two huge living spaces, perfect for tons of company. The main level has another room that could potentially be a bedroom or perfect office/mud room near the garage. This home has so much to offer at such an incredible price. Don’t delay, schedule your showing today!

Key facts

• Large foyer
• Large fenced yard
• Off-street parking

Tags

• LARGE FOYER
• FARMHOUSE-STYLE KITCHEN
• WALK-IN PANTRY
• HEATED COOLED WORKSHOP
• LARGE FENCED YARD
• OFF-STREET PARKING

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Attached garage (1 car); Off-street gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; 2 stories; R2 zoning
• Construction: Vinyl siding; Shingle roof; Stone foundation; Partial, crawl space, and unfinished basement
• Exterior features: Full wood fencing; Shed on the property; Level lot; Asphalt road access; Public-maintained road

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas forced air heating; Window cooling units
• Interior features: Water softener (owned); 1 fireplace
• Laundry & utility: Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (4.3% below list).
• Recommended offer: $105k (4.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#454 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Whitko Community School Corporation (rural): math 27% / reading 39% proficiency, ranked #204 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Whitley Elementary School (math 42% / reading 52%, grade D-, #325 of 994 statewide, top 36%, 289 students, 47% FRL); Whitko Jr/Sr High School (math 18% / reading 40%, grade F, #312 of 369 statewide, top 85%, 541 students, 43% FRL).
• Market conditions: 6 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $30k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $110k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,294 (4.3% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.96% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• GRM: 8.7

CMA / ARV

• ARV (median comp): $170,764
• List price: $110,000
• Delta: -35.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
405 S Main St	0.01mi	3/1.0	1,591 (-11%)	9mo	$179,900	$113	74
507 S Jackson St	0.17mi	3/1.0	1,601 (-10%)	1mo	$201,500	$126	74
307 S Fosler Ave	0.16mi	3/1.0	1,932 (+8%)	14mo	$159,900	$83	68
101 S Maple St	0.27mi	4/2.0 (+1)	1,919 (+8%)	2mo	$140,000	$73	64
205 N Jefferson St	0.46mi	3/2.0	1,710 (-4%)	7mo	$165,000	$96	62
102 N Jefferson St	0.40mi	3/1.0	1,632 (-8%)	10mo	$159,000	$97	59
110 N Maple St	0.34mi	4/1.5 (+1)	1,904 (+7%)	10mo	$180,000	$95	57
207 N Line St	0.37mi	3/1.5	1,532 (-14%)	1mo	$200,000	$131	56
103 S Main St	0.22mi	4/2.0 (+1)	1,536 (-14%)	2mo	$140,000	$91	56
110 N Main St	0.30mi	3/2.0	1,604 (-10%)	12mo	$175,000	$109	55
103 N Jefferson St	0.39mi	3/2.5	1,586 (-11%)	4mo	$240,000	$151	54
317 W Deer Trl	0.45mi	4/2.5 (+1)	1,611 (-10%)	5mo	$265,000	$164	48

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: -11.0%
• Equity multiple: 0.60×
• Total profit: $-12,361
• Equity at exit: $16,401

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-3,709
• Equity at exit: $9,511

Cash invested: $30,800 (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 46787

• Home prices YoY: -17.4%
• Active inventory: 6
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,053 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$123 /mo · $1,482/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $86

Break-even live

Break-even rent $945

Max offer price $110,000

Occupancy floor 87%

Sensitivity live

Price	-10% $148	-5% $117	+0% $86	+5% $55	+10% $23
Rent	-10% $2	-5% $44	+0% $86	+5% $127	+10% $169
Rate	-1.0pp $141	-0.5pp $114	base $86	+0.5pp $57	+1.0pp $28

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $110,000 Active 57 DOM
2. 2026-06-18
   days on market $110,000 Active 56 DOM
3. 2026-06-17
   days on market $110,000 Active 55 DOM
4. 2026-06-16
   days on market $110,000 Active 54 DOM
5. 2026-06-15
   days on market $110,000 Active 53 DOM
6. 2026-06-14
   days on market $110,000 Active 51 DOM
7. 2026-06-12
   pricedays on market $110,000 Active 50 DOM
8. 2026-06-09
   days on market $120,000 Active 47 DOM
9. 2026-06-08
   days on market $120,000 Active 46 DOM
10. 2026-06-07
    days on market $120,000 Active 45 DOM
11. 2026-06-05
    days on market $120,000 Active 42 DOM
12. 2026-06-03
    days on market $120,000 Active 41 DOM
13. 2026-06-02
    days on market $120,000 Active 40 DOM
14. 2026-06-01
    days on market $120,000 Active 39 DOM
15. 2026-05-31
    days on market $120,000 Active 38 DOM
16. 2026-05-30
    days on market $120,000 Active 37 DOM
17. 2026-05-11
    price $120,000 720-char remark
18. 2026-05-01
    price $129,900 720-char remark
19. 2026-04-23
    listed $140,000 Active 720-char remark
20. 2016-01-19
    soldstatus $69,500 841-char remark

    Show marketing remark (841 chars)

    Enjoy town living with this beautifully remodeled home in South Whitley. The home offers over 1600 sq ft with 3 bedrooms, 1 full bath, 1 car attached garage and a huge fenced in backyard. Also, the home has a HUGE master bedroom with his and her closets!! Some recent updates include: new flooring throughout, fresh paint, newer drywall throughout most the home and new windows. The kitchen has a brand new vinyl plank flooring with tons of cabinet space. The refrigerator, gas range, washer and dryer all remain with the home. On the main level you’ll also have two huge living spaces, perfect for tons of company. The main level has another room that could potentially be a bedroom or perfect office/mud room near the garage. This home has so much to offer at such an incredible price. Don’t delay, schedule your showing today!

21. 2015-11-24
    listed $72,900 841-char remark

    Show marketing remark (841 chars)

    Enjoy town living with this beautifully remodeled home in South Whitley. The home offers over 1600 sq ft with 3 bedrooms, 1 full bath, 1 car attached garage and a huge fenced in backyard. Also, the home has a HUGE master bedroom with his and her closets!! Some recent updates include: new flooring throughout, fresh paint, newer drywall throughout most the home and new windows. The kitchen has a brand new vinyl plank flooring with tons of cabinet space. The refrigerator, gas range, washer and dryer all remain with the home. On the main level you’ll also have two huge living spaces, perfect for tons of company. The main level has another room that could potentially be a bedroom or perfect office/mud room near the garage. This home has so much to offer at such an incredible price. Don’t delay, schedule your showing today!

ⓘ 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: $1,482 · $123/mo
• Projected year-2 tax: $1,482 · $123/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 17 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: $12,635
• − Mortgage interest: −$6,162
• − Property taxes: −$1,482
• − Insurance: −$550
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$3,200
• Taxable loss: −$780
• Est. tax savings @ 24.0%: +$187
• After-tax cash flow: $1,215/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: Whitko Community School Corporation
• NCES district ID: 1813230
• Math proficiency: 27% ▼ -5.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $52,047
• Composite: 28.84/100
• National rank: #6650
• State rank: #204 of 301 in IN

Livability — South Whitley

• Score: 62/100
• State rank: #454
• US rank: #16110

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Whitley, IN
• Population (ZIP): 4,144

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 33,363 people
• By 2030: 32,930 · -1.3%
• By 2040: 31,598 · -5.3%
• By 2050: 29,902 · -10.4%
• By 2075: 25,785 · -22.7%
• By 2100: 20,729 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Iranian 4% Italian 3% Lithuanian 3%
• Foreign-born: 1% · Vietnam
• Languages at home: 90% English-only · German/W. Germanic 9% Vietnamese 1%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+49.9) · D 24.1% · R 74.0% · Other 1.9%
• 2008→2024 swing: -28.4pp toward R · 2008: -21.5pp · 2024: -49.9pp
• All cycles: 2024: R+49.9 2020: R+49.1 2016: R+51.4 2012: R+38.9 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -48.57%
• Current HPI: 230.5496
• Rent YoY: —
• Metro: —
• 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

+50.9% since first listed

6 events — show timeline

• 2026-06-12 Price Changed $110,000 IRMLS
• 2026-05-11 Price Changed $120,000 IRMLS
• 2026-05-01 Price Changed $129,900 IRMLS
• 2026-04-23 Listed $140,000 IRMLS
• 2016-01-19 Sold (MLS) $69,500 IRMLS
• 2015-11-24 Listed $72,900 IRMLS

Property tax history

+13.2%/yr

Latest (2024): $1,482 · +19.6% YoY. Source: county tax records.