311 S Pleasant St · Milroy, IN 46156

$115,000

2 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 204 Days on market

Built 1868 8,712 sqft lot $97/sqft · 32% below area Est $196k · 41% 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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Appreciation +8.6/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Newly priced and relisted! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

Key facts

• Single story design
• Outbuildings
• Backyard

Tags

• SINGLE STORY DESIGN
• OUTBUILDINGS
• BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $-44 ($-531/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (17.4% below list).
• Recommended offer: $95k (17.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#93 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime C-, schools D, amenities F.
• Rush County Schools (town): math 38% / reading 41% proficiency, ranked #147 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($795 loan paydown + $8k appreciation (7.2% local appreciation)).
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.2% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $59k; list at $115k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,000 (17.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1868 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

• ARV (median comp): $196,342
• List price: $115,000
• Delta: -41.43%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 N Pleasant St	0.30mi	3/1.5 (+1)	1,104 (-7%)	0mo	$194,900	$177	67
512 E Main St	0.48mi	3/1.5 (+1)	1,216 (+2%)	17mo	$221,500	$182	52

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

Projected returns pro-forma

7.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.20×
• Total profit: $38,612
• Equity at exit: $81,030

10-year hold

• IRR: 16.3%
• Equity multiple: 4.55×
• Total profit: $114,254
• Equity at exit: $155,147

Cash invested: $32,200 (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 46156

• Home prices YoY: 3.3%
• Active inventory: 5
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $-44

Break-even live

Break-even rent $1,006

Max offer price $108,599

Occupancy floor 100%

Sensitivity live

Price	-10% $35	-5% $-5	+0% $-44	+5% $-84	+10% $-124
Rent	-10% $-119	-5% $-82	+0% $-44	+5% $-7	+10% $31
Rate	-1.0pp $14	-0.5pp $-15	base $-44	+0.5pp $-74	+1.0pp $-104

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 S West St Unit 2 Bedroom Apartment Milroy, IN	2.0	1.0	800	$950	$1.19	0d	1	0.20mi

Listing history 32 events

1. 2026-06-13
   statusdays on market $115,000 Pending 204 DOM
2. 2026-06-09
   days on market $115,000 Active 203 DOM
3. 2026-06-08
   days on market $115,000 Active 202 DOM
4. 2026-06-07
   days on market $115,000 Active 201 DOM
5. 2026-06-05
   days on market $115,000 Active 198 DOM
6. 2026-06-03
   days on market $115,000 Active 197 DOM
7. 2026-06-02
   days on market $115,000 Active 196 DOM
8. 2026-06-01
   days on market $115,000 Active 195 DOM
9. 2026-05-31
   days on market $115,000 Active 194 DOM
10. 2026-05-17
    status Pending 953-char remark

    Show marketing remark (953 chars)

    Newly priced and relisted! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

11. 2026-04-01
    status Active 948-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

12. 2026-03-31
    status Active 953-char remark

    Show marketing remark (953 chars)

    Newly priced and relisted! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

13. 2026-03-19
    status Pending 953-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

14. 2026-03-19
    status Pending 948-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

15. 2026-03-09
    price $115,000 953-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

16. 2026-03-09
    price $115,000 948-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

17. 2025-12-06
    price $125,000 953-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

18. 2025-12-06
    price $125,000 948-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

19. 2025-11-06
    listed $130,000 Active 953-char remark

    Show marketing remark (953 chars)

    Newly priced and relisted! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

20. 2025-11-04
    listed $130,000 Active 948-char remark

    Show marketing remark (948 chars)

    Recent price drop! This 3-bedroom, 1-bath home is located in the charming town of Milroy, Indiana and presents a unique opportunity to own a piece of history in Rush county. Built in 1868, this home offers a chance to bring your vision to life. Many major updates have already been completed, including a newer roof, windows, HVAC, and flooring, giving you peace of mind for years to come. Outside, you'll find multiple outbuildings that offer plenty of options whether you need extra storage, a workshop, or even covered parking for one vehicle. The property provides a privacy fence on one side and wire fence around the back of property for a blend of convenience and functionality, making it a great fit for animals. The home's single story design offers ease and accessibility and would be a great opportunity for a first-time buyer, downsizer, or anyone looking for an affordable home with room to spread out. Property is being sold as is.

21. 2025-10-31
    historical
22. 2025-10-13
    price $137,000
23. 2025-10-13
    price $137,000
24. 2025-10-04
    status Active
25. 2025-10-04
    status Active
26. 2025-09-15
    status Pending
27. 2025-09-15
    status Pending
28. 2025-09-05
    listed $140,000 Active
29. 2025-08-29
    listed $140,000 Active
30. 2006-02-03
    soldstatus $59,000
31. 2005-11-21
    soldstatus $59,000
32. 2005-09-06
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,400
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$3,345
• Taxable loss: −$2,511
• Est. tax savings @ 24.0%: +$603
• After-tax cash flow: $72/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: Rush County Schools
• NCES district ID: 1809750
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $46,237
• Composite: 33.72/100
• National rank: #5377
• State rank: #147 of 301 in IN

Livability — Milroy

• Score: 73/100
• State rank: #93
• US rank: #5351

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milroy, IN
• Population (ZIP): 1,011

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5%
• Common ancestry: Polish 4% Slovak 4% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 87% English-only · German/W. Germanic 13%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.18%
• Current HPI: 221.7795
• 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

+92.0% since first listed

23 events — show timeline

• 2026-05-17 Pending — SEIBR
• 2026-04-01 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Relisted — SEIBR
• 2026-03-19 Pending — SEIBR
• 2026-03-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-09 Price Changed $115,000 SEIBR
• 2026-03-09 Price Changed $115,000 MIBOR as Distributed by MLS Grid
• 2025-12-06 Price Changed $125,000 SEIBR
• 2025-12-06 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2025-11-06 Listed $130,000 SEIBR
• 2025-11-04 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2025-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-13 Price Changed $137,000 SEIBR
• 2025-10-13 Price Changed $137,000 MIBOR as Distributed by MLS Grid
• 2025-10-04 Relisted — SEIBR
• 2025-10-04 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-15 Pending — SEIBR
• 2025-09-15 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-05 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2025-08-29 Listed $140,000 SEIBR
• 2006-02-03 Sold (Public Records) $59,000 Public Records
• 2005-11-21 Sold (MLS) $59,000 MIBOR as Distributed by MLS Grid
• 2005-09-06 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $199 · -13.4% YoY. Source: county tax records.