355 W Commerce St · Dunkirk, IN 47336

$45,900

5 bd · 1.0 ba · 1,476 sqft · SingleFamily public records · 69 Days on market

Built 1916 3,920 sqft lot $31/sqft · 54% below area ↓ 6% 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
• Appreciation +6.8/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

Key facts

• Newer roof
• Updated windows
• Washer dryer hookups

Tags

• NEWER ROOF
• UPDATED WINDOWS
• UPDATED DOORS
• PARTIAL VINYL SIDING
• 2-CAR DETACHED GARAGE
• WASHER DRYER HOOKUPS

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $46k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $43k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#404 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, health & safety D, amenities F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($317 loan paydown + $2k appreciation (3.6% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $4k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,146 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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: 2.76% ✓
• Cap rate: 24.14%
• Cash-on-cash: 63.76%
• DSCR: 3.84
• GRM: 3.0

CMA / ARV

• ARV (median comp): $98,988
• List price: $45,900
• Delta: -53.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
342 Lincoln Ave	0.06mi	4/2.0 (-1)	1,593 (+8%)	10mo	$104,900	$66	67
129 W Oak St	0.47mi	4/2.0 (-1)	1,406 (-5%)	14mo	$139,900	$100	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 69.2%
• Equity multiple: 4.94×
• Total profit: $50,612
• Equity at exit: $22,312

10-year hold

• IRR: 68.2%
• Equity multiple: 10.13×
• Total profit: $117,361
• Equity at exit: $35,748

Cash invested: $12,852 (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 47336

• Home prices YoY: 1.6%
• Active inventory: 32
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,266 medium
• Mortgage (P&I): −$241
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $683

Break-even live

Break-even rent $401

Max offer price $45,900

Occupancy floor 41%

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: $11,475
• Closing costs: $1,377
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $45,900 Active 69 DOM
2. 2026-06-17
   days on market $45,900 Active 68 DOM
3. 2026-06-16
   days on market $45,900 Active 67 DOM
4. 2026-06-15
   days on market $45,900 Active 66 DOM
5. 2026-06-13
   days on market $45,900 Active 64 DOM
6. 2026-06-12
   days on market $45,900 Active 63 DOM
7. 2026-06-09
   days on market $45,900 Active 60 DOM
8. 2026-06-08
   days on market $45,900 Active 59 DOM
9. 2026-06-07
   days on market $45,900 Active 58 DOM
10. 2026-06-05
    days on market $45,900 Active 56 DOM
11. 2026-06-04
    days on market $45,900 Active 54 DOM
12. 2026-06-02
    days on market $45,900 Active 53 DOM
13. 2026-06-01
    days on market $45,900 Active 52 DOM
14. 2026-05-31
    days on market $45,900 Active 51 DOM
15. 2026-05-31
    days on market $45,900 Active 50 DOM
16. 2026-05-11
    price $46,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

17. 2026-05-11
    price $46,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

18. 2026-04-27
    price $47,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

19. 2026-04-27
    price $47,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

20. 2026-04-17
    price $48,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

21. 2026-04-17
    price $48,900 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

22. 2026-04-11
    listed $49,900 Active 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

23. 2026-04-10
    listed $49,900 Active 330-char remark

    Show marketing remark (330 chars)

    1.5-story home featuring 3 bedrooms and 1 bath. Recent updates include a newer roof, some updated windows and doors, and partial vinyl siding. Property offers a 1-car attached garage plus a 2-car detached garage previously used as a workshop (no garage door). Includes washer/dryer hookups. Home needs TLC but has great potential.

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $685 · $57/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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,186
• − Mortgage interest: −$2,571
• − Property taxes: −$685
• − Insurance: −$230
• − Repairs & maintenance: −$1,215
• − Management: −$1,215
• − Depreciation: −$1,335
• Taxable income: $7,935
• Est. tax owed @ 24.0%: −$1,904
• After-tax cash flow: $6,290/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Dunkirk

• Score: 64/100
• State rank: #404
• US rank: #14764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, IN
• Population (ZIP): 2,793

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Scotch-Irish 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.64%
• Current HPI: 238.768
• 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

-6.0% since first listed

8 events — show timeline

• 2026-05-11 Price Changed $46,900 IRMLS
• 2026-05-11 Price Changed $46,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Price Changed $47,900 IRMLS
• 2026-04-27 Price Changed $47,900 MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $48,900 IRMLS
• 2026-04-17 Price Changed $48,900 MIBOR as Distributed by MLS Grid
• 2026-04-11 Listed $49,900 IRMLS
• 2026-04-10 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

-5.5%/yr

Latest (2024): $685 · -4.8% YoY. Source: county tax records.