321 Halcyon Rd · Charlestown, IN 47111

$174,900

3 bd · 1.0 ba · 850 sqft · SingleFamily public records · 103 Days on market

Built 1943 7,200 sqft lot $206/sqft · 14% below area Est $203k · 14% 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 +18.4/30.0
• ARV discount +13.8/15.0
• DSCR +5.8/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here’s a great opportunity to own this recently renovated home in Charlestown Indiana. Brand new roof, AC unit, furnace, water heater, all new LVP flooring, new carpet, cabinets and countertops, interior paint, brand new windows, and new garage doors. Three rooms that can be used as bedrooms, one large living room connected to the eat-in kitchen. Larger partially fenced in yard. This home will qualify for USDA no money down to those who qualify. Listing agent is seller.

Key facts

• New ac unit
• New furnace
• New water heater

Tags

• RECENTLY RENOVATED
• NEW ROOF
• NEW AC UNIT
• NEW FURNACE
• NEW WATER HEATER
• NEW LVP FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/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 $151k (13.4% below list).
• Recommended offer: $151k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 263 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 911 units permitted in Clark County in 2024 (133 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 $5k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $175k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $151,474 (13.4% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1943 — 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: 0.87% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 9.6

CMA / ARV

• ARV (median comp): $203,405
• List price: $174,900
• Delta: -14.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Charles Pl	0.34mi	2/1.0 (-1)	884 (+4%)	7mo	$179,900	$204	67
206 Taff St	0.44mi	3/1.0	900 (+6%)	10mo	$190,000	$211	62
626 Thompson St	0.24mi	2/1.0 (-1)	816 (-4%)	24mo	$152,000	$186	57
207 Reynolds St	0.41mi	3/1.5	975 (+15%)	0mo	$197,500	$203	54
766 Oak St	0.68mi	2/1.0 (-1)	864 (+2%)	10mo	$163,000	$189	53

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: -10.1%
• Equity multiple: 0.63×
• Total profit: $-18,092
• Equity at exit: $26,078

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-2,791
• Equity at exit: $15,122

Cash invested: $48,972 (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 47111

• Active inventory: 263
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,515 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$44 /mo · $532/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $162

Break-even live

Break-even rent $1,309

Max offer price $174,900

Occupancy floor 84%

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1155 Indiana 62 Charlestown, IN	1.0–2.0	1.0–2.0	993	$1,550	$1.56	1d	152	0.66mi

Listing history 19 events

1. 2026-06-18
   days on market $174,900 Active 103 DOM
2. 2026-06-17
   days on market $174,900 Active 102 DOM
3. 2026-06-16
   days on market $174,900 Active 101 DOM
4. 2026-06-15
   pricedays on market $174,900 Active 100 DOM
5. 2026-06-13
   days on market $179,900 Active 98 DOM
6. 2026-06-13
   days on market $179,900 Active 97 DOM
7. 2026-06-10
   days on market $179,900 Active 95 DOM
8. 2026-06-09
   days on market $179,900 Active 94 DOM
9. 2026-06-08
   days on market $179,900 Active 93 DOM
10. 2026-06-07
    days on market $179,900 Active 92 DOM
11. 2026-06-03
    days on market $179,900 Active 88 DOM
12. 2026-06-02
    days on market $179,900 Active 87 DOM
13. 2026-06-01
    days on market $179,900 Active 86 DOM
14. 2026-05-31
    days on market $179,900 Active 85 DOM
15. 2026-03-28
    price $184,900 480-char remark

    Show marketing remark (480 chars)

    Here’s a great opportunity to own this recently renovated home in Charlestown Indiana. Brand new roof, AC unit, furnace, water heater, all new LVP flooring, new carpet, cabinets and countertops, interior paint, brand new windows, and new garage doors. Three rooms that can be used as bedrooms, one large living room connected to the eat-in kitchen. Larger partially fenced in yard. This home will qualify for USDA no money down to those who qualify. Listing agent is seller.

16. 2026-03-06
    listed $189,900 Active 480-char remark

    Show marketing remark (480 chars)

    Here’s a great opportunity to own this recently renovated home in Charlestown Indiana. Brand new roof, AC unit, furnace, water heater, all new LVP flooring, new carpet, cabinets and countertops, interior paint, brand new windows, and new garage doors. Three rooms that can be used as bedrooms, one large living room connected to the eat-in kitchen. Larger partially fenced in yard. This home will qualify for USDA no money down to those who qualify. Listing agent is seller.

17. 2025-04-07
    soldstatus $82,000 Closed 242-char remark

    Show marketing remark (242 chars)

    321 Halcyon Rd hosts tons of potential in Charlestown's growing, Pleasant Ridge neighborhood. This home with a fenced yard and detached garage is waiting for your creative touch. Property is to be sold AS-IS. Call to schedule a showing today!

18. 2025-03-17
    historical 242-char remark

    Show marketing remark (242 chars)

    321 Halcyon Rd hosts tons of potential in Charlestown's growing, Pleasant Ridge neighborhood. This home with a fenced yard and detached garage is waiting for your creative touch. Property is to be sold AS-IS. Call to schedule a showing today!

19. 2024-11-27
    listed $85,000 Active 242-char remark

    Show marketing remark (242 chars)

    321 Halcyon Rd hosts tons of potential in Charlestown's growing, Pleasant Ridge neighborhood. This home with a fenced yard and detached garage is waiting for your creative touch. Property is to be sold AS-IS. Call to schedule a showing today!

ⓘ 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: $532 · $44/mo
• Projected year-2 tax: $1,009 · $84/mo
• Expected delta: +$477/yr (+$40/mo · 89.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 20 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,177
• − Mortgage interest: −$9,797
• − Property taxes: −$532
• − Insurance: −$874
• − Repairs & maintenance: −$1,454
• − Management: −$1,454
• − Depreciation: −$5,088
• Taxable loss: −$1,023
• Est. tax savings @ 24.0%: +$246
• After-tax cash flow: $2,192/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: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

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: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• 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

+117.5% since first listed

5 events — show timeline

• 2026-03-28 Price Changed $184,900 SIRA
• 2026-03-06 Listed $189,900 SIRA
• 2025-04-07 Sold (MLS) $82,000 SIRA
• 2025-03-17 Delisted — SIRA
• 2024-11-27 Listed $85,000 SIRA

Property tax history

-7.7%/yr

Latest (2024): $532 · +4.3% YoY. Source: county tax records.