508 N West St · Winchester, IN 47394

$69,900

2 bd · 1.0 ba · 1,086 sqft · SingleFamily public records · 72 Days on market

Built 1900 8,276 sqft lot $64/sqft · at area comps Est $73k · at est. ↓ 13% since listing

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +9.7/15.0
• 1% rule +9.4/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

Key facts

• Durable metal roof
• Spacious kitchen
• Convenient location

Tags

• SPACIOUS KITCHEN
• OVERSIZED DETACHED GARAGE
• ENCLOSED FRONT PORCH
• DURABLE METAL ROOF
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 5.1% in Winchester — 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 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, schools D-, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 1900 — 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: 1.44% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.02%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (median comp): $73,425
• List price: $69,900
• Delta: -4.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 N West St	0.25mi	2/1.0	1,116 (+3%)	9mo	$73,000	$65	76
230 W South St	0.42mi	2/1.0	1,076 (-1%)	3mo	$63,500	$59	76
216 S West St	0.40mi	2/1.0	1,096 (+1%)	10mo	$141,000	$129	72
516 N Union St	0.42mi	2/1.0	1,049 (-3%)	6mo	$78,000	$74	69
424 E South St	0.63mi	2/1.0	1,120 (+3%)	6mo	$125,000	$112	60
524 N Oak St	0.57mi	3/1.0 (+1)	1,056 (-3%)	8mo	$84,900	$80	58
709 E Short St	0.64mi	2/1.0	1,088 (+0%)	15mo	$80,900	$74	58
134 E Carl St	0.62mi	3/1.0 (+1)	1,085 (-0%)	12mo	$14,900	$14	56
865 N West St	0.40mi	3/1.0 (+1)	1,008 (-7%)	13mo	$52,400	$52	53
501 Maple St	0.46mi	3/2.0 (+1)	1,200 (+10%)	1mo	$195,000	$163	51
607 W Newton St	0.69mi	2/1.0	1,025 (-6%)	12mo	$133,400	$130	48
315 W Orange St	0.72mi	2/1.0	948 (-13%)	1mo	$85,000	$90	45

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.4%
• Equity multiple: 3.96×
• Total profit: $57,840
• Equity at exit: $62,971

10-year hold

• IRR: 33.1%
• Equity multiple: 8.91×
• Total profit: $154,824
• Equity at exit: $135,800

Cash invested: $19,572 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,004 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $310

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 64%

Sensitivity live

Price	-10% $358	-5% $334	+0% $310	+5% $286	+10% $262
Rent	-10% $231	-5% $271	+0% $310	+5% $350	+10% $390
Rate	-1.0pp $345	-0.5pp $328	base $310	+0.5pp $292	+1.0pp $274

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-11
   status Pending 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

2. 2026-05-11
   status Pending 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

3. 2026-04-06
   price $69,900 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

4. 2026-04-06
   price $69,900 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

5. 2026-03-06
   status Active 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

6. 2026-03-06
   status Active 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

7. 2025-11-11
   status Pending 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

8. 2025-11-11
   status Pending 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

9. 2025-11-05
   listed $79,900 Active 463-char remark

   Show marketing remark (463 chars)

   A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

10. 2025-11-05
    listed $79,900 Active 463-char remark

    Show marketing remark (463 chars)

    A great 2 bedroom, 1 bathroom home option in Winchester! This property features a spacious kitchen with plenty of room for dining, an oversized 1 car detached garage perfect for storage or hobbies, and an inviting enclosed front porch ideal for relaxing year round. Enjoy peace of mind with a durable metal roof and a convenient location close to downtown. Whether you’re a first time buyer or looking to downsize, this home offers comfort and practicality.

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,049
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$964
• − Management: −$964
• − Depreciation: −$2,033
• Taxable income: $2,774
• Est. tax owed @ 24.0%: −$666
• After-tax cash flow: $3,056/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

-12.5% since first listed

10 events — show timeline

• 2026-05-11 Pending — IRMLS
• 2026-05-11 Pending — RRELMS
• 2026-04-06 Price Changed $69,900 RRELMS
• 2026-04-06 Price Changed $69,900 IRMLS
• 2026-03-06 Relisted — RRELMS
• 2026-03-06 Relisted — IRMLS
• 2025-11-11 Pending — RRELMS
• 2025-11-11 Pending — IRMLS
• 2025-11-05 Listed $79,900 RRELMS
• 2025-11-05 Listed $79,900 IRMLS

Property tax history

-20.0%/yr

Latest (2024): $28 · +0.0% YoY. Source: county tax records.