221 N Main St · Modoc, IN 47358

$92,500

3 bd · 1.0 ba · 1,304 sqft · SingleFamily public records · 65 Days on market

Built 1920 7,492 sqft lot $71/sqft · 31% above area Est $84k · 10% over

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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 +27.8/30.0
• DSCR +9.8/10.0
• Appreciation +9.0/10.0
• 1% rule +7.2/10.0
• ARV discount +3.2/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

Situated at 221 N Main ST in MODOC, IN, USA, this single-family residence presents itself as an inviting home, thoroughly prepared and ready for the next owner. Currently occupied on a month-to-month lease. The kitchen serves as a central point for daily routines, featuring classic shaker cabinets that provide both aesthetic appeal and practical storage solutions for culinary essentials. Within one of the three bedrooms, a distinctive wood wall creates an atmosphere of warmth and character, offering a tranquil setting for repose and rejuvenation. The exterior spaces extend opportunities for outdoor enjoyment, with a welcoming porch providing an ideal spot for quiet contemplation and a patio offering a setting for relaxation. This single-family residence, with its 1.5 stories and 1304 square feet of living space, offers three bedrooms and one full bathroom, all situated on a generous 7492 square foot lot, reflecting its 1920 origins. This property offers a distinctive opportunity to embrace a comfortable and refined living experience.

Key facts

• Patio
• Welcoming porch
• 7,492 sq ft lot

Tags

• CLASSIC SHAKER CABINETS
• DISTINCTIVE WOOD WALL
• WELCOMING PORCH
• PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $87k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#532 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools F.
• Union School Corporation (rural): math 12% / reading 28% proficiency, ranked #276 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 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 $8k of equity ($640 loan paydown + $7k appreciation (7.9% 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 (7.9% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $41k; list at $92k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,950 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1920 — 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 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: 1.22% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• GRM: 6.9

CMA / ARV

• ARV (median comp): $84,361
• List price: $92,500
• Delta: 9.65%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

7.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 3.14×
• Total profit: $55,553
• Equity at exit: $69,717

10-year hold

• IRR: 26.8%
• Equity multiple: 6.71×
• Total profit: $147,802
• Equity at exit: $137,858

Cash invested: $25,900 (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 47358

• Home prices YoY: 3.4%
• Active inventory: 7
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,125 medium
• Mortgage (P&I): −$485
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $282

Break-even live

Break-even rent $768

Max offer price $92,500

Occupancy floor 70%

Sensitivity live

Price	-10% $335	-5% $308	+0% $282	+5% $256	+10% $230
Rent	-10% $193	-5% $238	+0% $282	+5% $327	+10% $371
Rate	-1.0pp $329	-0.5pp $306	base $282	+0.5pp $258	+1.0pp $234

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $92,500 Active 65 DOM
2. 2026-06-18
   days on market $92,500 Active 64 DOM
3. 2026-06-17
   days on market $92,500 Active 63 DOM
4. 2026-06-16
   days on market $92,500 Active 62 DOM
5. 2026-06-15
   days on market $92,500 Active 61 DOM
6. 2026-06-14
   days on market $92,500 Active 59 DOM
7. 2026-06-12
   days on market $92,500 Active 58 DOM
8. 2026-06-09
   days on market $92,500 Active 55 DOM
9. 2026-06-08
   days on market $92,500 Active 54 DOM
10. 2026-06-07
    days on market $92,500 Active 53 DOM
11. 2026-06-05
    days on market $92,500 Active 50 DOM
12. 2026-06-02
    days on market $92,500 Active 48 DOM
13. 2026-06-01
    days on market $92,500 Active 47 DOM
14. 2026-05-31
    days on market $92,500 Active 46 DOM
15. 2026-05-30
    days on market $92,500 Active 45 DOM
16. 2026-04-15
    listed $92,500 Active 1056-char remark

    Show marketing remark (1056 chars)

    Situated at 221 N Main ST in MODOC, IN, USA, this single-family residence presents itself as an inviting home, thoroughly prepared and ready for the next owner. Currently occupied on a month-to-month lease. The kitchen serves as a central point for daily routines, featuring classic shaker cabinets that provide both aesthetic appeal and practical storage solutions for culinary essentials. Within one of the three bedrooms, a distinctive wood wall creates an atmosphere of warmth and character, offering a tranquil setting for repose and rejuvenation. The exterior spaces extend opportunities for outdoor enjoyment, with a welcoming porch providing an ideal spot for quiet contemplation and a patio offering a setting for relaxation. This single-family residence, with its 1.5 stories and 1304 square feet of living space, offers three bedrooms and one full bathroom, all situated on a generous 7492 square foot lot, reflecting its 1920 origins. This property offers a distinctive opportunity to embrace a comfortable and refined living experience.

17. 2022-07-11
    soldstatus $41,000 Closed 83-char remark

    Show marketing remark (83 chars)

    Check out this 3 bed, 1 bath home in Modoc located conveniently right off of US 36!

18. 2022-07-11
    soldstatus $41,000

    Show marketing remark (83 chars)

    Check out this 3 bed, 1 bath home in Modoc located conveniently right off of US 36!

19. 2022-05-09
    listed $59,900

    Show marketing remark (83 chars)

    Check out this 3 bed, 1 bath home in Modoc located conveniently right off of US 36!

20. 2022-05-09
    listed $59,900 Active 83-char remark

    Show marketing remark (83 chars)

    Check out this 3 bed, 1 bath home in Modoc located conveniently right off of US 36!

ⓘ 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: $997 · $83/mo
• Projected year-2 tax: $997 · $83/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 100% 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: $13,503
• − Mortgage interest: −$5,181
• − Property taxes: −$997
• − Insurance: −$462
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$2,691
• Taxable income: $2,011
• Est. tax owed @ 24.0%: −$483
• After-tax cash flow: $2,904/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: Union School Corporation
• NCES district ID: 1811730
• Math proficiency: 12% ▬ 0.00%
• Reading proficiency: 28% ▲ 3.00%
• Median HH income: $42,889
• Composite: 17.17/100
• National rank: #9108
• State rank: #276 of 301 in IN

Livability — Modoc

• Score: 60/100
• State rank: #532
• US rank: #19171

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: Modoc, IN
• Population (ZIP): 917

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 (94%)
• Race & ethnicity: White 94% Two or more races 6%
• Common ancestry: Serbian 4% Romanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 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: ▲ 7.91%
• Current HPI: 238.7621
• 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

+54.4% since first listed

5 events — show timeline

• 2026-04-15 Listed $92,500 MIBOR as Distributed by MLS Grid
• 2022-07-11 Sold (MLS) $41,000 RRELMS
• 2022-07-11 Sold (MLS) $41,000 IRMLS
• 2022-05-09 Listed $59,900 RRELMS
• 2022-05-09 Listed $59,900 IRMLS

Property tax history

+1.4%/yr

Latest (2024): $997 · -6.6% YoY. Source: county tax records.