4219 W 700 South · Letts, IN 47240

$147,000

4 bd · 1.5 ba · 2,056 sqft · SingleFamily public records · 38 Days on market

Built 1900 2.53 ac lot ↓ 8% 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 +28.9/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Four bedroom, one and a half bath Victorian home on 2.53 acres. This home needs some love and care. Beautiful woodwork throughout home and many built-ins show the excellent craftmanship of this 125+ year old home. Room measurements are approximate. Furnace is not functioning.

Key facts

• 2.53 acre lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 432 sq ft)
• Utilities: Private water source; Septic system
• Home design: Single-family residence; Two levels
• Construction: Wood siding; Rock foundation
• Exterior features: Property on approximately 2.53 acres; North-facing

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Four bedrooms on the upper level (sizes include 13x24; 12x12; 12x13; 10x14); Total of 4 bedrooms
• Flooring: Hardwood floors
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Electric forced-air heating; No central cooling
• Interior features: Attic stairway; Hardwood floors; Stained woodwork; Cellar; Daylight basement areas; Interior-entry basement; Unfinished basement; Living room fireplace
• Laundry & utility: Main-level laundry (5x8)

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $147k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Recommended offer: $143k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Decatur County Community Schools (rural): math 39% / reading 48% proficiency, ranked #107 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Decatur Elementary School (math 40% / reading 34%, grade F, #550 of 994 statewide, top 57%, 436 students, 63% FRL); South Decatur Jr-Sr High School (math 20% / reading 44%, grade F, #295 of 369 statewide, top 82%, 387 students, 52% FRL) — zoned schools average 57% FRL vs 36% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 155 active listings in the ZIP; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($143k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $142,590 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.20% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.54%
• DSCR: 1.65
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.0%
• Equity multiple: 1.19×
• Total profit: $7,905
• Equity at exit: $21,918

10-year hold

• IRR: 14.4%
• Equity multiple: 2.16×
• Total profit: $47,606
• Equity at exit: $12,710

Cash invested: $41,160 (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 47240

• Home prices YoY: -25.0%
• Active inventory: 155
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,767 medium
• Mortgage (P&I): −$771
• Tax from tax record: −$65 /mo · $778/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $499

Break-even live

Break-even rent $1,135

Max offer price $147,000

Occupancy floor 67%

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-07
   statusdays on market $147,000 Pending 38 DOM
2. 2026-06-04
   days on market $147,000 Active 36 DOM
3. 2026-06-02
   days on market $147,000 Active 35 DOM
4. 2026-06-01
   days on market $147,000 Active 34 DOM
5. 2026-05-31
   days on market $147,000 Active 33 DOM
6. 2026-05-31
   days on market $147,000 Active 32 DOM
7. 2026-05-15
   price $147,000
8. 2026-04-24
   listed $159,000 Active

ⓘ 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: $778 · $65/mo
• Projected year-2 tax: $1,014 · $84/mo
• Expected delta: +$236/yr (+$20/mo · 30.3%)

ⓘ 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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,203
• − Mortgage interest: −$8,234
• − Property taxes: −$778
• − Insurance: −$735
• − Repairs & maintenance: −$1,696
• − Management: −$1,696
• − Depreciation: −$4,276
• Taxable income: $3,786
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $5,077/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: Decatur County Community Schools
• NCES district ID: 1802610
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $50,731
• Composite: 37.43/100
• National rank: #4415
• State rank: #107 of 301 in IN

Livability — Letts

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• 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

-7.5% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $147,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $159,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2023): $778 · +1.2% YoY. Source: county tax records.