214 S Elm St · Albion, IN 46701

$99,000

3 bd · 1.0 ba · 1,685 sqft · SingleFamily public records · 3 Days on market

Built 1925 7,275 sqft lot ↓ 17% since listing

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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 +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.4/5.0
• 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

Open concept two bedroom 1.5 story home on a large corner lot. There is great potential with this property. Property is being Sold As Is.

Key facts

• Spacious landing
• Full block basement
• Corner lot

Tags

• SPACIOUS LANDING
• FULL BLOCK BASEMENT
• CORNER LOT
• CENTRAL AIR CONDITIONING

Property features AI

Exterior

• Parking: Detached garage; Garage with door opener; Off-street parking; 2 garage spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence; Site-built home; One-story
• Construction: Aluminum siding; Block and stone foundation; Built as site-built construction
• Exterior features: Deck; Corner lot

Interior

• Kitchen: Dishwasher; Refrigerator; Electric cooktop; Electric range; Exhaust fan
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air; Window unit(s)
• Interior features: Eat-in kitchen; Living room fireplace
• Laundry & utility: Washer; Dryer; Laundry on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).

Location & tenants

• Location reads 67/100 on livability (#237 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Central Noble Community School Corporation (rural): math 32% / reading 34% proficiency, ranked #207 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Noble Primary School (249 students, 47% FRL); Central Noble Junior Senior Hs (math 23% / reading 37%, grade F, #307 of 369 statewide, top 83%, 654 students, 46% FRL) — zoned schools average 46% FRL vs 31% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,000

Questions for the listing agent

1. Built in 1925 — 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. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.43%
• DSCR: 1.64
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $222,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 S Liberty St	0.07mi	3/2.0	1,472 (-13%)	4mo	$225,000	$153	68
307 S Orange St	0.16mi	3/2.0	1,562 (-7%)	11mo	$200,000	$128	67
301 S High St	0.45mi	3/1.0	1,552 (-8%)	1mo	$210,000	$135	65
506 N Liberty Dr	0.39mi	4/2.0 (+1)	1,706 (+1%)	10mo	$225,000	$132	62
410 S Oak St	0.29mi	4/1.0 (+1)	1,530 (-9%)	6mo	$189,900	$124	61
306 Riverview Dr	0.51mi	3/2.0	1,604 (-5%)	10mo	$238,000	$148	56
115 N Elm St	0.18mi	2/1.0 (-1)	1,488 (-12%)	18mo	$132,500	$89	52
211 E Jefferson St	0.20mi	3/2.0	1,470 (-13%)	18mo	$172,500	$117	50
513 N Orange St	0.47mi	4/2.0 (+1)	1,877 (+11%)	0mo	$237,500	$127	50
402 Riverview Dr	0.53mi	3/2.5	1,587 (-6%)	12mo	$255,000	$161	50
701 E South St	0.26mi	4/2.0 (+1)	1,932 (+15%)	17mo	$251,000	$130	40
712 Taylor Ln	0.71mi	3/2.0	1,481 (-12%)	4mo	$235,000	$159	39

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: 4.8%
• Equity multiple: 1.19×
• Total profit: $5,169
• Equity at exit: $14,761

10-year hold

• IRR: 14.3%
• Equity multiple: 2.15×
• Total profit: $31,768
• Equity at exit: $8,560

Cash invested: $27,720 (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 46701

• Home prices YoY: -16.8%
• Active inventory: 29
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,216 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$67 /mo · $799/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $333

Break-even live

Break-even rent $794

Max offer price $99,000

Occupancy floor 68%

Sensitivity live

Price	-10% $389	-5% $361	+0% $333	+5% $305	+10% $277
Rent	-10% $237	-5% $285	+0% $333	+5% $381	+10% $429
Rate	-1.0pp $383	-0.5pp $358	base $333	+0.5pp $308	+1.0pp $282

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $99,000 Active 3 DOM
2. 2026-06-17
   remarks 693-char remark
3. 2026-06-17
   listed $99,000 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: $799 · $67/mo
• Projected year-2 tax: $820 · $68/mo
• Expected delta: +$21/yr (+$2/mo · 2.7%)

ⓘ 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 (unshaded) · 55% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,586
• − Mortgage interest: −$5,546
• − Property taxes: −$799
• − Insurance: −$495
• − Repairs & maintenance: −$1,167
• − Management: −$1,167
• − Depreciation: −$2,880
• Taxable income: $2,533
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $3,392/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: Central Noble Community School Corporation
• NCES district ID: 1801710
• Math proficiency: 32% ▼ -1.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $48,911
• Composite: 28.58/100
• National rank: #6718
• State rank: #207 of 301 in IN

Livability — Albion

• Score: 67/100
• State rank: #237
• US rank: #10276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albion, IN
• Population (ZIP): 8,186

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 13% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.57%
• Current HPI: 250.7517
• 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

-16.8% since first listed

9 events — show timeline

• 2026-06-17 Price Changed $99,000 IRMLS
• 2026-06-17 Listed $129,000 IRMLS
• 2026-03-16 Price Changed $129,000 IRMLS
• 2026-03-09 Price Changed $129,900 IRMLS
• 2026-03-02 Price Changed $135,500 IRMLS
• 2026-02-17 Listed $136,000 IRMLS
• 2022-07-26 Sold (MLS) $115,000 IRMLS
• 2022-06-22 Pending — IRMLS
• 2022-06-18 Listed $119,000 IRMLS

Property tax history

+14.3%/yr

Latest (2024): $799 · +11.8% YoY. Source: county tax records.