706 W Washington St · Winchester, IN 47394

$109,900

3 bd · 1.0 ba · 1,307 sqft · SingleFamily public records · 203 Days on market

Built 1900 8,276 sqft lot $84/sqft · at area comps Est $108k · at est.

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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 +25.1/30.0
• Appreciation +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +6.9/15.0
• 1% rule +5.9/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

Key facts

• Large yard
• Deck
• Enclosed porch

Tags

• LARGE YARD
• DECK
• OFF-STREET PARKING
• LARGE UTILITY ROOM
• CENTRAL AIR
• ENCLOSED PORCH

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 $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 5.1% in Winchester — 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 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, schools D-, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% 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 $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 203 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 11y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; 20% 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 $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 203 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 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?
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: 8.93%
• Cash-on-cash: 9.43%
• DSCR: 1.42
• GRM: 7.6

CMA / ARV

• ARV (median comp): $108,389
• List price: $109,900
• Delta: 1.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 W North St	0.25mi	3/1.0	1,264 (-3%)	10mo	$125,000	$99	74
742 Huntsville Rd	0.59mi	3/2.0	1,300 (-0%)	5mo	$190,000	$146	64
215 Best Ave	0.64mi	3/2.0	1,280 (-2%)	2mo	$80,000	$63	61
529 W Franklin St	0.18mi	3/1.5	1,440 (+10%)	14mo	$40,000	$28	61
330 Westwood Dr	0.23mi	2/1.0 (-1)	1,196 (-8%)	14mo	$158,000	$132	58
114 E Orange St	0.66mi	3/1.0	1,224 (-6%)	2mo	$122,000	$100	56
232 E Washington St	0.58mi	2/1.0 (-1)	1,370 (+5%)	7mo	$135,000	$99	54
410 High St	0.66mi	3/1.0	1,391 (+6%)	8mo	$15,000	$11	52
418 N Main St	0.49mi	3/1.0	1,472 (+13%)	7mo	$99,900	$68	50
613 S Main St	0.66mi	2/1.0 (-1)	1,384 (+6%)	6mo	$84,000	$61	49
609 Englewood Dr	0.48mi	3/2.0	1,185 (-9%)	16mo	$199,500	$168	45
719 N West St	0.59mi	2/1.0 (-1)	1,116 (-15%)	9mo	$73,000	$65	36

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: 31.2%
• Equity multiple: 3.44×
• Total profit: $75,237
• Equity at exit: $99,007

10-year hold

• IRR: 26.9%
• Equity multiple: 7.81×
• Total profit: $209,427
• Equity at exit: $213,512

Cash invested: $30,772 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,202 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$86 /mo · $1,030/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $242

Break-even live

Break-even rent $896

Max offer price $109,900

Occupancy floor 75%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $109,900 Active 203 DOM
2. 2026-06-17
   days on market $109,900 Active 202 DOM
3. 2026-06-16
   days on market $109,900 Active 201 DOM
4. 2026-06-15
   days on market $109,900 Active 200 DOM
5. 2026-06-13
   days on market $109,900 Active 198 DOM
6. 2026-06-12
   days on market $109,900 Active 197 DOM
7. 2026-06-09
   days on market $109,900 Active 194 DOM
8. 2026-06-08
   days on market $109,900 Active 193 DOM
9. 2026-06-07
   days on market $109,900 Active 192 DOM
10. 2026-06-04
    days on market $109,900 Active 188 DOM
11. 2026-06-02
    days on market $109,900 Active 187 DOM
12. 2026-06-01
    days on market $109,900 Active 186 DOM
13. 2026-05-31
    days on market $109,900 Active 185 DOM
14. 2026-05-31
    days on market $109,900 Active 184 DOM
15. 2026-01-23
    status Active 226-char remark

    Show marketing remark (226 chars)

    Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

16. 2025-12-23
    status Pending 226-char remark

    Show marketing remark (226 chars)

    Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

17. 2025-12-19
    price $109,900

    Show marketing remark (226 chars)

    Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

18. 2025-12-19
    price $109,900 226-char remark

    Show marketing remark (226 chars)

    Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

19. 2025-10-27
    listed $129,900 Active 226-char remark

    Show marketing remark (226 chars)

    Updated 3 bedroom, 1 bathroom home in Winchester with large yard, deck and off-street parking. On the inside you will find a large utility room, central air, enclosed porch. 1 bedroom on the main floor and 2 bedrooms upstairs.

20. 2020-09-04
    soldstatus $91,500
21. 2020-09-04
    soldstatus $91,500
22. 2020-07-27
    listed $92,500
23. 2020-07-27
    listed $92,500
24. 2019-05-07
    listed $89,900
25. 2019-02-14
    soldstatus $83,000
26. 2018-11-28
    listed $79,900
27. 2018-11-09
    listed $82,481
28. 2016-06-30
    soldstatus $73,400
29. 2016-06-30
    soldstatus $73,400
30. 2016-04-15
    listed $74,900
31. 2016-04-15
    listed $74,900
32. 2015-04-01
    listed $73,400

ⓘ 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: $1,030 · $86/mo
• Projected year-2 tax: $1,030 · $86/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 ≥100°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,425
• − Mortgage interest: −$6,156
• − Property taxes: −$1,030
• − Insurance: −$550
• − Repairs & maintenance: −$1,154
• − Management: −$1,154
• − Depreciation: −$3,197
• Taxable income: $1,185
• Est. tax owed @ 24.0%: −$284
• After-tax cash flow: $2,617/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

+49.7% since first listed

18 events — show timeline

• 2026-01-23 Relisted — IRMLS
• 2025-12-23 Pending — IRMLS
• 2025-12-19 Price Changed $109,900 RRELMS
• 2025-12-19 Price Changed $109,900 IRMLS
• 2025-10-27 Listed $129,900 IRMLS
• 2020-09-04 Sold (MLS) $91,500 RRELMS
• 2020-09-04 Sold (MLS) $91,500 IRMLS
• 2020-07-27 Listed $92,500 RRELMS
• 2020-07-27 Listed $92,500 IRMLS
• 2019-05-07 Listed $89,900 IRMLS
• 2019-02-14 Sold (MLS) $83,000 IRMLS
• 2018-11-28 Listed $79,900 IRMLS
• 2018-11-09 Listed $82,481 IRMLS
• 2016-06-30 Sold (MLS) $73,400 RRELMS
• 2016-06-30 Sold (MLS) $73,400 IRMLS
• 2016-04-15 Listed $74,900 RRELMS
• 2016-04-15 Listed $74,900 IRMLS
• 2015-04-01 Listed $73,400 IRMLS

Property tax history

+13.4%/yr

Latest (2024): $1,030 · +0.0% YoY. Source: county tax records.