5948 N 185 Rd W · Patoka, IN 47666

$69,000

3 bd · 1.0 ba · 480 sqft · SingleFamily public records · 213 Days on market

Built 1990 2.14 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 +28.0/30.0
• DSCR +9.9/10.0
• Appreciation +9.6/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

Key facts

• Party pavilion
• Elevated river home
• Storage buildings

Tags

• RIVER FRONT OPPORTUNITY
• ELEVATED RIVER HOME
• STORAGE BUILDINGS
• PARTY PAVILION
• CAMPER HOOKUPS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $69k).
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#557 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($477 loan paydown + $6k appreciation (9.3% local appreciation)).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $69k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 F-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. 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?
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: 1.27% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.32%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 3.07×
• Total profit: $39,959
• Equity at exit: $58,548

10-year hold

• IRR: 23.8%
• Equity multiple: 6.83×
• Total profit: $112,620
• Equity at exit: $122,605

Cash invested: $19,320 (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 47666

• Home prices YoY: 4.5%
• Active inventory: 6
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $89

Break-even live

Break-even rent $762

Max offer price $69,000

Occupancy floor 85%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-31
   status $69,000 Pending 213 DOM
2. 2026-05-31
   days on market $69,000 Active 213 DOM
3. 2026-05-07
   status Active 454-char remark

   Show marketing remark (454 chars)

   Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

4. 2026-05-07
   historical 454-char remark

   Show marketing remark (454 chars)

   Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

5. 2026-04-29
   status Active 454-char remark

   Show marketing remark (454 chars)

   Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

6. 2026-04-29
   price $69,000 454-char remark

   Show marketing remark (454 chars)

   Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

7. 2025-10-28
   listed $75,000 Active 454-char remark

   Show marketing remark (454 chars)

   Wonderful white river front opportunity! 1 bedroom elevated river home right on the bank of the white river selling with over 2 acres! Has many interior and exterior updates including concrete slab underneath. River view from the bedroom and private back deck! River access via walkway and staircase! Additional land across the drive has storage buildings, party pavilion, and multiple, separate camper hookups with electric, water and septic available.

8. 2023-10-04
   soldstatus $24,000
9. 2020-07-17
   soldstatus $20,000

ⓘ 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 7/10 Severe FEMA zone A · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,501
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$1,847
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,007
• Taxable income: $66
• Est. tax owed @ 24.0%: −$16
• After-tax cash flow: $1,055/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: North Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Patoka

• Score: 59/100
• State rank: #557
• US rank: #20021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,411

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 16% Hispanic / Latino 2%
• Common ancestry: Iranian 5% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.28%
• Current HPI: 217.0124
• 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

+245.0% since first listed

7 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-29 Relisted — IRMLS
• 2026-04-29 Price Changed $69,000 IRMLS
• 2025-10-28 Listed $75,000 IRMLS
• 2023-10-04 Sold (Public Records) $24,000 Public Records
• 2020-07-17 Sold (Public Records) $20,000 Public Records

Property tax history

-2.5%/yr

Latest (2024): $96 · -4.6% YoY. Source: county tax records.