1510 N Grand Ave · Connersville, IN 47331

$49,000

1 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 112 Days on market

Built 1900 2,665 sqft lot $49/sqft · 50% below area ↓ 17% since listing

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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
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks MLS

Opportunity awaits for someone looking for their first home, possible flip, or investment property. Great potential for those willing to put in a little sweat equity. Desirable location near Connersville Middle School, hospital, and downtown area. Decent size back yard provides for some creative possibilities.

Key facts

• 2,665 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($900 rent vs $49k).
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 5.0% in Connersville — 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 (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.84% ✓
• Cap rate: 13.70%
• Cash-on-cash: 26.45%
• DSCR: 2.18
• GRM: 4.5

CMA / ARV

• ARV (median comp): $98,423
• List price: $49,000
• Delta: -50.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1516 Indiana Ave	0.08mi	2/1.0 (+1)	1,010 (+0%)	1mo	$38,000	$38	90
1603 Grand Ave	0.07mi	2/1.0 (+1)	1,023 (+2%)	9mo	$136,000	$133	82
1824 Boulevard Pl	0.28mi	2/1.0 (+1)	1,036 (+3%)	3mo	$103,000	$99	75
1512 Conwell St	0.34mi	2/1.0 (+1)	988 (-2%)	1mo	$55,500	$56	75
107 17th St	0.22mi	2/1.0 (+1)	989 (-2%)	10mo	$132,500	$134	74
1411 Fayette St	0.38mi	2/1.0 (+1)	924 (-8%)	0mo	$40,000	$43	63
636 Lexington Pl	0.47mi	2/1.0 (+1)	960 (-5%)	5mo	$110,000	$115	61
220 E 9th St	0.52mi	2/1.0 (+1)	1,072 (+6%)	7mo	$140,000	$131	55
529 W 20th St	0.36mi	2/1.0 (+1)	884 (-12%)	7mo	$87,000	$98	52
2134 Vermont Ave	0.56mi	2/1.0 (+1)	1,064 (+6%)	10mo	$96,500	$91	52
710 Scott St	0.63mi	2/1.0 (+1)	928 (-8%)	8mo	$137,000	$148	46
2200 Indiana Ave. Ave	0.62mi	2/1.0 (+1)	896 (-11%)	9mo	$135,000	$151	40

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: 20.3%
• Equity multiple: 1.83×
• Total profit: $11,380
• Equity at exit: $7,306

10-year hold

• IRR: 28.6%
• Equity multiple: 3.55×
• Total profit: $34,944
• Equity at exit: $4,237

Cash invested: $13,720 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 173
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $900 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$131 /mo · $1,574/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $302

Break-even live

Break-even rent $517

Max offer price $49,000

Occupancy floor 61%

Sensitivity live

Price	-10% $330	-5% $316	+0% $302	+5% $289	+10% $275
Rent	-10% $231	-5% $267	+0% $302	+5% $338	+10% $374
Rate	-1.0pp $327	-0.5pp $315	base $302	+0.5pp $290	+1.0pp $277

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 W 11th St Connersville, IN	2.0	1.0	984	$900	$0.91	25d	1	0.33mi

Listing history 20 events

1. 2026-06-18
   status $49,000 Pending 112 DOM
2. 2026-06-18
   days on market $49,000 Active 112 DOM
3. 2026-06-17
   days on market $49,000 Active 111 DOM
4. 2026-06-16
   days on market $49,000 Active 110 DOM
5. 2026-06-15
   days on market $49,000 Active 109 DOM
6. 2026-06-13
   days on market $49,000 Active 107 DOM
7. 2026-06-12
   days on market $49,000 Active 106 DOM
8. 2026-06-09
   days on market $49,000 Active 103 DOM
9. 2026-06-08
   days on market $49,000 Active 102 DOM
10. 2026-06-07
    days on market $49,000 Active 101 DOM
11. 2026-06-07
    days on market $49,000 Active 100 DOM
12. 2026-06-04
    days on market $49,000 Active 97 DOM
13. 2026-06-03
    price $49,000 Active 96 DOM
14. 2026-06-02
    days on market $62,500 Active 96 DOM
15. 2026-06-01
    days on market $62,500 Active 95 DOM
16. 2026-05-31
    days on market $62,500 Active 94 DOM
17. 2026-05-31
    days on market $62,500 Active 93 DOM
18. 2026-05-05
    price $62,500 311-char remark

    Show marketing remark (311 chars)

    Opportunity awaits for someone looking for their first home, possible flip, or investment property. Great potential for those willing to put in a little sweat equity. Desirable location near Connersville Middle School, hospital, and downtown area. Decent size back yard provides for some creative possibilities.

19. 2026-03-30
    price $70,000 311-char remark

    Show marketing remark (311 chars)

    Opportunity awaits for someone looking for their first home, possible flip, or investment property. Great potential for those willing to put in a little sweat equity. Desirable location near Connersville Middle School, hospital, and downtown area. Decent size back yard provides for some creative possibilities.

20. 2026-02-26
    listed $75,000 Active 311-char remark

    Show marketing remark (311 chars)

    Opportunity awaits for someone looking for their first home, possible flip, or investment property. Great potential for those willing to put in a little sweat equity. Desirable location near Connersville Middle School, hospital, and downtown area. Decent size back yard provides for some creative possibilities.

ⓘ 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: $1,574 · $131/mo
• Projected year-2 tax: $1,574 · $131/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,800
• − Mortgage interest: −$2,745
• − Property taxes: −$1,574
• − Insurance: −$245
• − Repairs & maintenance: −$864
• − Management: −$864
• − Depreciation: −$1,425
• Taxable income: $3,083
• Est. tax owed @ 24.0%: −$740
• After-tax cash flow: $2,890/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

-16.7% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $62,500 SEIBR
• 2026-03-30 Price Changed $70,000 SEIBR
• 2026-02-26 Listed $75,000 SEIBR

Property tax history

-1.5%/yr

Latest (2024): $1,574 · +27.8% YoY. Source: county tax records.