117 S Walnut St · Ellettsville, IN 47429

$199,000

2 bd · 1.5 ba · 1,342 sqft · SingleFamily public records · 56 Days on market

Built 1960 8,276 sqft lot Est $260k · 24% 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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Schools +4.0/10.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Reduced! Welcome home to this charming 2 bedroom, 1.5 bath limestone ranch offering timeless curb appeal and comfortable living at an incredible value. Step inside to a large, light filled living room featuring a built in entertainment center, perfect for relaxing or entertaining guests. The kitchen is bright and inviting, filled with natural light that makes everyday living a joy. Outside, enjoy a fully privacy fenced yard ideal for pets, play, or simply unwinding in your own peaceful retreat. The 2 car garage includes a convenient mud room entry, keeping your home tidy no matter the season. Situated in a wonderful location just steps from the library and local schools, this home also puts you close to the charming small shops and restaurants that are popping up in the neighborhood. Priced at just $199,000, this limestone beauty is a rare find at an incredible value.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1960

Property features AI

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; One level (single story); Corner lot
• Construction: Stone construction; Slab foundation
• Exterior features: Patio; Front porch; Privacy fence with gate (fenced yard)

Interior

• Kitchen: Dishwasher; Disposal; Microwave with hood; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bath; 1 half bath (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Built-in features
• Laundry & utility: Dedicated laundry room; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $73 ($879/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 $168k (15.5% below list).
• Recommended offer: $168k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.3% in Ellettsville — 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 70/100 on livability (#153 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Richland-Bean Blossom Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #82 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgewood Primary School (650 students, 38% FRL); Edgewood Junior High School (math 30% / reading 51%, grade F, #117 of 330 statewide, top 36%, 603 students, 40% FRL); Edgewood High School (math 42% / reading 77%, grade C+, #49 of 369 statewide, top 16%, 820 students, 33% FRL).
• Market conditions: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 872 units permitted in Monroe County in 2024 (663 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 $6k of value loss. Plan a longer hold.
• Monroe County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $148k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $168,238 (15.5% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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: 0.85% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $260,348
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 W Oak St	0.09mi	2/2.0	1,232 (-8%)	2mo	$210,000	$170	78
114 W Temperance St	0.37mi	2/1.5	1,320 (-2%)	4mo	$175,000	$133	76
709 W Main St	0.16mi	2/1.0	1,444 (+8%)	5mo	$168,000	$116	74
220 S Walnut St	0.07mi	2/2.0	1,142 (-15%)	0mo	$222,000	$194	70
320 W Ritter St	0.26mi	3/2.0 (+1)	1,250 (-7%)	10mo	$263,000	$210	61
7461 W Mustang Dr	0.57mi	3/2.0 (+1)	1,332 (-1%)	6mo	$214,000	$161	60
501 S Poplar Dr Dr	0.62mi	3/1.0 (+1)	1,325 (-1%)	8mo	$259,900	$196	56
7485 W Mustang Dr	0.59mi	3/2.0 (+1)	1,398 (+4%)	8mo	$239,900	$172	52
313 E Ritter St	0.61mi	3/2.0 (+1)	1,404 (+5%)	8mo	$285,000	$203	50
7241 W Mustang Dr	0.37mi	3/2.0 (+1)	1,540 (+15%)	8mo	$299,900	$195	45
537 S Poplar Dr	0.61mi	3/2.0 (+1)	1,533 (+14%)	3mo	$285,000	$186	38
7404 W Higgins Ct	0.74mi	3/2.0 (+1)	1,540 (+15%)	4mo	$342,500	$222	31

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-27,632
• Equity at exit: $29,672

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-18,252
• Equity at exit: $17,206

Cash invested: $55,720 (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 47429

• Home prices YoY: -26.8%
• Active inventory: 64
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,682 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$129 /mo · $1,552/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $73

Break-even live

Break-even rent $1,590

Max offer price $199,000

Occupancy floor 91%

Sensitivity live

Price	-10% $186	-5% $130	+0% $73	+5% $17	+10% $-39
Rent	-10% $-60	-5% $7	+0% $73	+5% $140	+10% $206
Rate	-1.0pp $173	-0.5pp $124	base $73	+0.5pp $22	+1.0pp $-31

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 S Poplar Dr Ellettsville, IN	3.0	2.0	1654	$1,800	$1.09	22d	1	0.26mi
315 W Depot St Ellettsville, IN	2.0	1.0	1200	$1,450	$1.21	22d	1	0.57mi

Listing history 6 events

1. 2026-04-16
   price $199,000 886-char remark

   Show marketing remark (886 chars)

   Price Reduced! Welcome home to this charming 2 bedroom, 1.5 bath limestone ranch offering timeless curb appeal and comfortable living at an incredible value. Step inside to a large, light filled living room featuring a built in entertainment center, perfect for relaxing or entertaining guests. The kitchen is bright and inviting, filled with natural light that makes everyday living a joy. Outside, enjoy a fully privacy fenced yard ideal for pets, play, or simply unwinding in your own peaceful retreat. The 2 car garage includes a convenient mud room entry, keeping your home tidy no matter the season. Situated in a wonderful location just steps from the library and local schools, this home also puts you close to the charming small shops and restaurants that are popping up in the neighborhood. Priced at just $199,000, this limestone beauty is a rare find at an incredible value.

2. 2026-04-16
   price $199,000

   Show marketing remark (886 chars)

   Price Reduced! Welcome home to this charming 2 bedroom, 1.5 bath limestone ranch offering timeless curb appeal and comfortable living at an incredible value. Step inside to a large, light filled living room featuring a built in entertainment center, perfect for relaxing or entertaining guests. The kitchen is bright and inviting, filled with natural light that makes everyday living a joy. Outside, enjoy a fully privacy fenced yard ideal for pets, play, or simply unwinding in your own peaceful retreat. The 2 car garage includes a convenient mud room entry, keeping your home tidy no matter the season. Situated in a wonderful location just steps from the library and local schools, this home also puts you close to the charming small shops and restaurants that are popping up in the neighborhood. Priced at just $199,000, this limestone beauty is a rare find at an incredible value.

3. 2026-04-02
   listed $209,000 Active 886-char remark

   Show marketing remark (886 chars)

   Price Reduced! Welcome home to this charming 2 bedroom, 1.5 bath limestone ranch offering timeless curb appeal and comfortable living at an incredible value. Step inside to a large, light filled living room featuring a built in entertainment center, perfect for relaxing or entertaining guests. The kitchen is bright and inviting, filled with natural light that makes everyday living a joy. Outside, enjoy a fully privacy fenced yard ideal for pets, play, or simply unwinding in your own peaceful retreat. The 2 car garage includes a convenient mud room entry, keeping your home tidy no matter the season. Situated in a wonderful location just steps from the library and local schools, this home also puts you close to the charming small shops and restaurants that are popping up in the neighborhood. Priced at just $199,000, this limestone beauty is a rare find at an incredible value.

4. 2026-04-02
   listed $209,000 Active

   Show marketing remark (886 chars)

   Price Reduced! Welcome home to this charming 2 bedroom, 1.5 bath limestone ranch offering timeless curb appeal and comfortable living at an incredible value. Step inside to a large, light filled living room featuring a built in entertainment center, perfect for relaxing or entertaining guests. The kitchen is bright and inviting, filled with natural light that makes everyday living a joy. Outside, enjoy a fully privacy fenced yard ideal for pets, play, or simply unwinding in your own peaceful retreat. The 2 car garage includes a convenient mud room entry, keeping your home tidy no matter the season. Situated in a wonderful location just steps from the library and local schools, this home also puts you close to the charming small shops and restaurants that are popping up in the neighborhood. Priced at just $199,000, this limestone beauty is a rare find at an incredible value.

5. 2019-08-23
   soldstatus $147,900 790-char remark

   Show marketing remark (790 chars)

   JUST MOVE IN- that's all you have to do! This beautifully updated 2 bedroom 1.5 bath home includes an attached 2 car garage & fenced in yard and sits in the heart of Ellettsville! This home has great bones, not only is it solid, but the builder added some lovely features - a stone accent wall in the dining room, arches, and more! The seller has tastefully updated the home with new flooring, built-in book shelves in the living room, and completely updated both bathrooms, the kitchen, added a privacy fence and more. The plumbing, electrical, and roof are all 3 years old. You must see to appreciate all of the fabulous features! This home has it all - beautiful, functional, updated and in a great location, don't wait! Smithville Fiber Optics will be installed August 7th!!

6. 2019-07-24
   listed $144,900 790-char remark

   Show marketing remark (790 chars)

   JUST MOVE IN- that's all you have to do! This beautifully updated 2 bedroom 1.5 bath home includes an attached 2 car garage & fenced in yard and sits in the heart of Ellettsville! This home has great bones, not only is it solid, but the builder added some lovely features - a stone accent wall in the dining room, arches, and more! The seller has tastefully updated the home with new flooring, built-in book shelves in the living room, and completely updated both bathrooms, the kitchen, added a privacy fence and more. The plumbing, electrical, and roof are all 3 years old. You must see to appreciate all of the fabulous features! This home has it all - beautiful, functional, updated and in a great location, don't wait! Smithville Fiber Optics will be installed August 7th!!

ⓘ 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: $1,552 · $129/mo
• Projected year-2 tax: $1,622 · $135/mo
• Expected delta: +$70/yr (+$6/mo · 4.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,189
• − Mortgage interest: −$11,147
• − Property taxes: −$1,552
• − Insurance: −$995
• − Repairs & maintenance: −$1,615
• − Management: −$1,615
• − Depreciation: −$5,789
• Taxable loss: −$2,525
• Est. tax savings @ 24.0%: +$606
• After-tax cash flow: $1,485/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: Richland-Bean Blossom Community School Corporation
• NCES district ID: 1809480
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 52% ▼ -8.00%
• Median HH income: $53,816
• Composite: 40.21/100
• National rank: #3780
• State rank: #82 of 301 in IN

Livability — Ellettsville

• Score: 70/100
• State rank: #153
• US rank: #7613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellettsville, IN
• Population (ZIP): 7,402

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 160,645 people
• By 2030: 170,174 · +5.9%
• By 2040: 188,326 · +17.2%
• By 2050: 206,892 · +28.8%
• By 2075: 256,650 · +59.8%
• By 2100: 303,242 · +88.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong D (+27.4) · D 63.0% · R 35.5% · Other 1.5%
• 2008→2024 swing: -4.7pp toward R · 2008: 32.2pp · 2024: 27.4pp
• All cycles: 2024: D+27.4 2020: D+28.2 2016: D+23.7 2012: D+16.5 2008: D+32.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.14%
• Current HPI: 265.2863
• 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

+37.3% since first listed

6 events — show timeline

• 2026-04-16 Price Changed $199,000 IRMLS
• 2026-04-16 Price Changed $199,000 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $209,000 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $209,000 IRMLS
• 2019-08-23 Sold (MLS) $147,900 IRMLS
• 2019-07-24 Listed $144,900 IRMLS

Property tax history

+12.3%/yr

Latest (2024): $1,552 · +1.4% YoY. Source: county tax records.