204 E Pennsylvania St · Shelbyville, IN 46176

$105,500

3 bd · 1.0 ba · 2,112 sqft · SingleFamily public records · 50 Days on market

Built 1870 6,090 sqft lot $50/sqft · 38% below area Est $198k · 47% under ↓ 8% 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

There’s something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it’s easy to picture making this house your own. If you’ve been looking for room to grow and a place with character, this is one you won’t want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room—perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

Key facts

• 6,090 sq ft lot
• 2 garage spots
• Built 1870

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $106k.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $106k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $729 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,335 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.37% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

• ARV (median comp): $198,267
• List price: $105,500
• Delta: -46.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
141 Walker St	0.05mi	3/1.0	2,086 (-1%)	5mo	$65,000	$31	92
316 E Mechanic St	0.16mi	3/2.0	2,238 (+6%)	8mo	$192,000	$86	72
220 N Vine St	0.28mi	2/1.0 (-1)	2,184 (+3%)	6mo	$87,001	$40	71
721 Main St	0.50mi	2/1.0 (-1)	2,219 (+5%)	6mo	$155,000	$70	58
840 E Franklin St	0.61mi	3/2.0	2,065 (-2%)	10mo	$234,900	$114	56
410 Howard St	0.67mi	3/1.0	1,970 (-7%)	5mo	$195,000	$99	53
327 W Franklin St	0.65mi	4/1.5 (+1)	2,274 (+8%)	3mo	$92,400	$41	47
243 W Locust St	0.71mi	2/1.0 (-1)	1,908 (-10%)	1mo	$155,000	$81	45
228 W Washington St	0.57mi	3/1.5	2,407 (+14%)	5mo	$189,900	$79	44
428 W Washington St	0.73mi	3/1.0	2,352 (+11%)	8mo	$165,000	$70	40
265 W South St	0.68mi	3/1.5	1,811 (-14%)	6mo	$65,000	$36	38
1019 E Jackson St	0.69mi	4/2.0 (+1)	1,905 (-10%)	7mo	$164,000	$86	37

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

Projected returns pro-forma

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

5-year hold

• IRR: 11.5%
• Equity multiple: 1.46×
• Total profit: $13,458
• Equity at exit: $15,730

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $51,004
• Equity at exit: $9,122

Cash invested: $29,540 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,443 medium
• Mortgage (P&I): −$553
• Tax from tax record: −$63 /mo · $757/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $480

Break-even live

Break-even rent $836

Max offer price $105,500

Occupancy floor 62%

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: $26,375
• Closing costs: $3,165
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	10d	1	0.62mi
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	7d	1	1.14mi
205 Randell Ct Shelbyville, IN	3.0	2.0	1524	$1,796	$1.18	44d	1	1.38mi

Listing history 21 events

1. 2026-06-18
   days on market $105,500 Active 50 DOM
2. 2026-06-17
   days on market $105,500 Active 49 DOM
3. 2026-06-16
   days on market $105,500 Active 48 DOM
4. 2026-06-15
   days on market $105,500 Active 47 DOM
5. 2026-06-13
   days on market $105,500 Active 45 DOM
6. 2026-06-13
   pricedays on market $105,500 Active 44 DOM
7. 2026-06-09
   days on market $110,500 Active 41 DOM
8. 2026-06-08
   days on market $110,500 Active 40 DOM
9. 2026-06-07
   days on market $110,500 Active 39 DOM
10. 2026-06-03
    days on market $110,500 Active 35 DOM
11. 2026-06-02
    days on market $110,500 Active 34 DOM
12. 2026-06-01
    days on market $110,500 Active 33 DOM
13. 2026-05-31
    days on market $110,500 Active 32 DOM
14. 2026-05-08
    price $115,500 875-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

15. 2026-05-08
    price $115,500 848-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

16. 2026-05-04
    status Active 875-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

17. 2026-05-04
    status Active 848-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

18. 2026-04-13
    status Pending 875-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

19. 2026-04-13
    status Pending 848-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

20. 2026-04-08
    listed $125,500 Active 875-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

21. 2026-04-08
    listed $125,500 Active 848-char remark

    Show marketing remark (848 chars)

    There's something special about a home that has stood the test of time, and this one delivers that charm the moment you pull up. With its spacious layout and inviting feel, it's easy to picture making this house your own. If you've been looking for room to grow and a place with character, this is one you won't want to miss. Built in 1870, this two-level ranch-style home offers 2,112 square feet of living space and features vinyl siding with classic wood windows that add to its timeless appeal. The main level includes two bedrooms and a full bath, while the upper level offers two additional bedrooms plus a bonus room-perfect for a home office, playroom, or extra guest space. A convenient half bath is also located on the main level. With its generous layout and historic charm, this home offers plenty of opportunity to make it your own.

ⓘ 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: $757 · $63/mo
• Projected year-2 tax: $827 · $69/mo
• Expected delta: +$70/yr (+$6/mo · 9.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 28% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $17,322
• − Mortgage interest: −$5,910
• − Property taxes: −$757
• − Insurance: −$528
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$3,069
• Taxable income: $4,287
• Est. tax owed @ 24.0%: −$1,029
• After-tax cash flow: $4,732/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

-8.0% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $115,500 IRMLS
• 2026-05-08 Price Changed $115,500 MIBOR as Distributed by MLS Grid
• 2026-05-04 Relisted — IRMLS
• 2026-05-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-13 Pending — IRMLS
• 2026-04-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-08 Listed $125,500 IRMLS
• 2026-04-08 Listed $125,500 MIBOR as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $757 · +3.9% YoY. Source: county tax records.