205 E Market St · Hillsboro, IN 47949

$90,000

2 bd · 1.0 ba · 1,005 sqft · SingleFamily public records · 207 Days on market

Built 1900 Est $120k · 25% 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 +26.7/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.2/10.0
• 1% rule +5.9/10.0
• Schools +3.3/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this cozy two-bedroom, one-bath home offering a practical layout and comfortable living space. With its cozy feel and great possibilities, this home is ready for its next owner to make it their own. Schedule your showing today!

Key facts

• Flooring replaced
• Joists replaced
• 10 foot ceilings

Tags

• BATHROOM REMODELED
• JOISTS REPLACED
• FLOORING REPLACED
• 10 FOOT CEILINGS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#620 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Southeast Fountain School Corporation (rural): math 34% / reading 43% proficiency, ranked #163 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southeast Fountain Elementary (math 39% / reading 39%, grade F, #530 of 994 statewide, top 54%, 473 students, 56% FRL); Fountain Central High School (math 27% / reading 50%, grade F, #241 of 369 statewide, top 65%, 506 students, 51% FRL).
• Market conditions: 5 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Fountain County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $68k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.09% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.62%
• DSCR: 1.52
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $119,595
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 N Water St	0.20mi	2/1.0	1,009 (+0%)	14mo	$120,000	$119	78

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.8%
• Equity multiple: 3.56×
• Total profit: $64,513
• Equity at exit: $81,079

10-year hold

• IRR: 28.3%
• Equity multiple: 8.05×
• Total profit: $177,677
• Equity at exit: $174,850

Cash invested: $25,200 (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 47949

• Home prices YoY: 11.6%
• Active inventory: 5
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $979 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$20 /mo · $243/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $244

Break-even live

Break-even rent $671

Max offer price $90,000

Occupancy floor 70%

Sensitivity live

Price	-10% $295	-5% $269	+0% $244	+5% $218	+10% $193
Rent	-10% $167	-5% $205	+0% $244	+5% $283	+10% $321
Rate	-1.0pp $289	-0.5pp $267	base $244	+0.5pp $221	+1.0pp $197

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $90,000 Active 207 DOM
2. 2026-06-19
   days on market $90,000 Active 205 DOM
3. 2026-06-18
   days on market $90,000 Active 204 DOM
4. 2026-06-17
   days on market $90,000 Active 203 DOM
5. 2026-06-16
   days on market $90,000 Active 202 DOM
6. 2026-06-15
   days on market $90,000 Active 201 DOM
7. 2026-06-14
   days on market $90,000 Active 199 DOM
8. 2026-06-12
   days on market $90,000 Active 198 DOM
9. 2026-06-09
   days on market $90,000 Active 195 DOM
10. 2026-06-08
    days on market $90,000 Active 194 DOM
11. 2026-06-07
    days on market $90,000 Active 193 DOM
12. 2026-06-03
    days on market $90,000 Active 189 DOM
13. 2026-06-02
    days on market $90,000 Active 188 DOM
14. 2026-06-01
    days on market $90,000 Active 187 DOM
15. 2026-05-31
    days on market $90,000 Active 186 DOM
16. 2026-05-30
    days on market $90,000 Active 185 DOM
17. 2026-05-19
    soldstatus $67,500 Closed 240-char remark

    Show marketing remark (240 chars)

    Welcome to this cozy two-bedroom, one-bath home offering a practical layout and comfortable living space. With its cozy feel and great possibilities, this home is ready for its next owner to make it their own. Schedule your showing today!

18. 2026-04-17
    status Pending 240-char remark

    Show marketing remark (240 chars)

    Welcome to this cozy two-bedroom, one-bath home offering a practical layout and comfortable living space. With its cozy feel and great possibilities, this home is ready for its next owner to make it their own. Schedule your showing today!

19. 2026-03-11
    price $80,000 240-char remark

    Show marketing remark (240 chars)

    Welcome to this cozy two-bedroom, one-bath home offering a practical layout and comfortable living space. With its cozy feel and great possibilities, this home is ready for its next owner to make it their own. Schedule your showing today!

20. 2026-02-02
    listed $90,000 Active 240-char remark

    Show marketing remark (240 chars)

    Welcome to this cozy two-bedroom, one-bath home offering a practical layout and comfortable living space. With its cozy feel and great possibilities, this home is ready for its next owner to make it their own. Schedule your showing today!

21. 2025-11-25
    listed $90,000 Active
22. 2023-01-10
    soldstatus $65,000 Closed 499-char remark

    Show marketing remark (499 chars)

    This charming home is located in Hillsboro and has lots of potential! It's a two-bedroom quant home with tall ceilings. It has a newer roof that was replaced 2 years ago. Upon entering, you find a living area that opens up into the dining room. There are two bedrooms with a full bathroom in the middle. From the dining area you find the kitchen that opens up to the laundry room. Outside, there is a one car detached garage and a nice sitting area. The home is all electric and is being sold as is.

23. 2022-11-13
    status Pending 499-char remark

    Show marketing remark (499 chars)

    This charming home is located in Hillsboro and has lots of potential! It's a two-bedroom quant home with tall ceilings. It has a newer roof that was replaced 2 years ago. Upon entering, you find a living area that opens up into the dining room. There are two bedrooms with a full bathroom in the middle. From the dining area you find the kitchen that opens up to the laundry room. Outside, there is a one car detached garage and a nice sitting area. The home is all electric and is being sold as is.

24. 2022-11-12
    listed $55,000 Active 499-char remark

    Show marketing remark (499 chars)

    This charming home is located in Hillsboro and has lots of potential! It's a two-bedroom quant home with tall ceilings. It has a newer roof that was replaced 2 years ago. Upon entering, you find a living area that opens up into the dining room. There are two bedrooms with a full bathroom in the middle. From the dining area you find the kitchen that opens up to the laundry room. Outside, there is a one car detached garage and a nice sitting area. The home is all electric and is being sold as is.

25. 2018-10-24
    soldstatus $35,000
26. 2018-09-06
    listed $39,900
27. 2017-09-25
    historical
28. 2017-07-06
    listed $43,900
29. 2017-06-30
    historical
30. 2016-10-07
    listed $47,900

ⓘ 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: $243 · $20/mo
• Projected year-2 tax: $504 · $42/mo
• Expected delta: +$261/yr (+$22/mo · 107.5%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,752
• − Mortgage interest: −$5,041
• − Property taxes: −$243
• − Insurance: −$450
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,618
• Taxable income: $1,519
• Est. tax owed @ 24.0%: −$365
• After-tax cash flow: $2,563/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: Southeast Fountain School Corporation
• NCES district ID: 1810620
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $44,911
• Composite: 32.73/100
• National rank: #5640
• State rank: #163 of 301 in IN

Livability — Hillsboro

• Score: 56/100
• State rank: #620
• US rank: #22845

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, IN
• Population (ZIP): 1,563

Population outlook (Fountain County) Hauer SSP2

• Today (2025): 15,481 people
• By 2030: 14,841 · -4.1%
• By 2040: 13,505 · -12.8%
• By 2050: 12,149 · -21.5%
• By 2075: 9,214 · -40.5%
• By 2100: 6,463 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Italian 4% Slovak 4% Serbian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fountain

• 2024 margin: Solid R (+60.0) · D 19.1% · R 79.1% · Other 1.8%
• 2008→2024 swing: -45.6pp toward R · 2008: -14.4pp · 2024: -60.0pp
• All cycles: 2024: R+60.0 2020: R+56.7 2016: R+56.0 2012: R+34.2 2008: R+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.64%
• Current HPI: 121.61
• 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

+40.9% since first listed

14 events — show timeline

• 2026-05-19 Sold (MLS) $67,500 MIBOR as Distributed by MLS Grid
• 2026-04-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-11 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-02-02 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2025-11-25 Listed $90,000 Fizber.com
• 2023-01-10 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2022-11-13 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-12 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2018-10-24 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2018-09-06 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2017-09-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-07-06 Listed $43,900 MIBOR as Distributed by MLS Grid
• 2017-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-10-07 Listed $47,900 MIBOR as Distributed by MLS Grid

Property tax history

-10.2%/yr

Latest (2024): $243 · -2.8% YoY. Source: county tax records.