408 N Jefferson St · Converse, IN 46919

$715,000

252 bd · 196.0 ba · 4,200 sqft · MultiFamily public records · 19 Days on market

Built 1970 0.45 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.1/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 14 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

14-Unit Apartment Complex | Prime Main Road Location | Value-Add Opportunity Prime investment opportunity in the heart of Converse! This well-maintained 14-unit apartment complex, situated directly on Jefferson Street, offers a stable, income-producing asset with immediate potential for forced appreciation. The property consists of three separate buildings (two triplexes and one 8-plex), providing a flexible and manageable layout. This complex is a true "Value-Add" play. Unit #1 is currently undergoing renovations; the majority of building materials have already been purchased and will convey with the sale, allowing the new owner to finish the project and realize immediate rental

Key facts

• 0.45 acre lot
• 14 parking spots
• Built 1970

Tags

• PRIME MAIN ROAD LOCATION
• VALUE-ADD OPPORTUNITY
• THREE SEPARATE BUILDINGS
• ON-SITE LAUNDRY FACILITIES
• HIGHLY ACCESSIBLE DESIGN
• ADJACENT TO DOLLAR GENERAL

Property features AI

Finance

• Other: Lot approximately 0.45 acres (140 x 140)

Exterior

• Parking: 14 open parking spaces; Asphalt and gravel parking surfaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (apartment complex)
• Construction: Brick and vinyl siding exterior; Shingle roof; 7,880 above-grade finished area
• Exterior features: Level lot; Gravel road access; Pets allowed

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bathrooms: 14 full bathrooms; 18 main-level bathrooms
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Dryer, Range, Refrigerator, Washer; Sump pump in basement; Partial crawl space basement
• Laundry & utility: Common area laundry; Washer hookup; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 14 × 1-bed/1-bath units multifamily listed at $715k.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $715k).
• Recommended offer: $704k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#289 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oak Hill Junior High School (math 41% / reading 52%, grade D+, #72 of 330 statewide, top 22%, 269 students, 42% FRL); Oak Hill High School (math 32% / reading 72%, grade D+, #106 of 369 statewide, top 31%, 537 students, 38% FRL).
• Market conditions: 12 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $5k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $200k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($704k) is reasonable based on typical stale-listing flexibility.

Recommended offer $704,275 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.60% ✓
• Cap rate: 14.07%
• Cash-on-cash: 27.79%
• DSCR: 2.24
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.08×
• Total profit: $217,062
• Equity at exit: $146,827

10-year hold

• IRR: 30.7%
• Equity multiple: 4.01×
• Total profit: $602,704
• Equity at exit: $133,156

Cash invested: $200,200 (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 46919

• Home prices YoY: -0.8%
• Active inventory: 12
• Price-to-rent: 73.0×

Monthly cashflow live

• Estimated rent: $11,429 medium
• Mortgage (P&I): −$3,750
• Tax from tax record: −$345 /mo · $4,143/yr
• Insurance: −$298
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,400
• Net cashflow: $4,636

Break-even live

Break-even rent $5,560

Max offer price $715,000

Occupancy floor 54%

Sensitivity live

Price	-10% $5,041	-5% $4,839	+0% $4,636	+5% $4,434	+10% $4,231
Rent	-10% $3,733	-5% $4,185	+0% $4,636	+5% $5,088	+10% $5,539
Rate	-1.0pp $4,996	-0.5pp $4,818	base $4,636	+0.5pp $4,451	+1.0pp $4,262

14-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 14× units	1	1	$11,424
Total (14 units)			$11,429

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: $178,750
• Closing costs: $21,450
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $715,000 Active 19 DOM
2. 2026-06-19
   days on market $715,000 Active 17 DOM
3. 2026-06-18
   days on market $715,000 Active 16 DOM
4. 2026-06-17
   days on market $715,000 Active 15 DOM
5. 2026-06-16
   days on market $715,000 Active 14 DOM
6. 2026-06-15
   days on market $715,000 Active 13 DOM
7. 2026-06-14
   days on market $715,000 Active 11 DOM
8. 2026-06-12
   days on market $715,000 Active 10 DOM
9. 2026-06-09
   days on market $715,000 Active 7 DOM
10. 2026-06-08
    days on market $715,000 Active 6 DOM
11. 2026-06-07
    days on market $715,000 Active 5 DOM
12. 2026-06-05
    days on market $715,000 Active 2 DOM
13. 2026-06-03
    remarks 689-char remark
14. 2026-06-03
    listed $715,000 Active 1 DOM

ⓘ 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: $4,143 · $345/mo
• Projected year-2 tax: $5,110 · $426/mo
• Expected delta: +$967/yr (+$81/mo · 23.3%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $137,148
• − Mortgage interest: −$40,051
• − Property taxes: −$4,143
• − Insurance: −$3,575
• − Repairs & maintenance: −$10,972
• − Management: −$10,972
• − Depreciation: −$20,800
• Taxable income: $46,635
• Est. tax owed @ 24.0%: −$11,192
• After-tax cash flow: $44,442/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: Oak Hill United School Corporation
• NCES district ID: 1808340
• Math proficiency: 40% ▼ -1.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $52,442
• Composite: 38.84/100
• National rank: #4105
• State rank: #96 of 301 in IN

Livability — Converse

• Score: 66/100
• State rank: #289
• US rank: #11781

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Converse, IN
• Population (ZIP): 1,792

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Scandinavian 2% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · South Korea
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.76%
• Current HPI: 214.1898
• 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

1 event — show timeline

• 2026-06-02 Listed $715,000 IRMLS

Property tax history

-4.6%/yr

Latest (2024): $4,143 · +5.6% YoY. Source: county tax records.