118 N 8th St · Middletown, IN 47356

$140,000

1 bd · 1.0 ba · 1,002 sqft · SingleFamily public records · 24 Days on market

Built 1900 6,098 sqft lot Est $180k · 22% under

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Why this score? — see what drove the D 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 +10.9/30.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable home is located in-town Middletown. Cozy cottage feel includes shiplap, large soaking tub a large open kitchen/dining combo. All you need to do is move in!! Updates include: Roof, flooring, updated plumbing, updated electric, gas stove, refrigerator, dishwasher, microwave, paint and lighting. Garden shed/detached garage.

Key facts

• Extra storage space
• Large soaking tub
• Spacious kitchen

Tags

• SHIPLAP ACCENTS
• SPACIOUS KITCHEN
• LARGE SOAKING TUB
• EXTRA STORAGE SPACE
• DETACHED GARAGE
• PRIVATE FENCED BACKYARD

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer
• Home design: Single family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Privacy fence; Mature trees on lot; Lot under 1/4 acre

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas hot water heating; Wall cooling unit(s)
• Interior features: Attic access; Eat-in kitchen; Unfinished basement
• Laundry & utility: Washer and dryer; Laundry room in basement; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-61 ($-733/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (29.7% below list).
• Recommended offer: $98k (29.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#235 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shenandoah Elementary School (math 48% / reading 49%, grade D, #304 of 994 statewide, top 31%, 624 students, 46% FRL); Shenandoah Middle School (math 28% / reading 37%, grade F, #186 of 330 statewide, top 57%, 298 students, 44% FRL); Shenandoah High School (math 42% / reading 72%, grade C, #64 of 369 statewide, top 18%, 410 students, 40% FRL).
• Market conditions: 36 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $107k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $98,366 (29.7% 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. Built in 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.70% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.87%
• DSCR: 0.92
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $180,360
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
129 N 2nd St	0.39mi	2/2.0 (+1)	1,073 (+7%)	1mo	$193,000	$180	60

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: -19.5%
• Equity multiple: 0.32×
• Total profit: $-26,642
• Equity at exit: $20,874

10-year hold

• IRR: -12.3%
• Equity multiple: 0.27×
• Total profit: $-28,472
• Equity at exit: $12,105

Cash invested: $39,200 (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 47356

• Home prices YoY: -18.9%
• Active inventory: 36
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $984 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $-61

Break-even live

Break-even rent $1,061

Max offer price $129,208

Occupancy floor —

Sensitivity live

Price	-10% $18	-5% $-21	+0% $-61	+5% $-101	+10% $-140
Rent	-10% $-139	-5% $-100	+0% $-61	+5% $-22	+10% $17
Rate	-1.0pp $9	-0.5pp $-25	base $-61	+0.5pp $-97	+1.0pp $-134

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   days on market $140,000 Active 24 DOM
2. 2026-06-21
   days on market $140,000 Active 23 DOM
3. 2026-06-19
   days on market $140,000 Active 21 DOM
4. 2026-06-18
   days on market $140,000 Active 20 DOM
5. 2026-06-17
   days on market $140,000 Active 19 DOM
6. 2026-06-16
   days on market $140,000 Active 18 DOM
7. 2026-06-15
   days on market $140,000 Active 17 DOM
8. 2026-06-14
   days on market $140,000 Active 15 DOM
9. 2026-06-12
   days on market $140,000 Active 14 DOM
10. 2026-06-09
    days on market $140,000 Active 11 DOM
11. 2026-06-08
    days on market $140,000 Active 10 DOM
12. 2026-06-07
    days on market $140,000 Active 9 DOM
13. 2026-06-05
    days on market $140,000 Active 6 DOM
14. 2026-06-03
    days on market $140,000 Active 5 DOM
15. 2026-06-02
    days on market $140,000 Active 4 DOM
16. 2026-06-01
    days on market $140,000 Active 3 DOM
17. 2026-05-31
    days on market $140,000 Active 2 DOM
18. 2026-05-29
    listed $140,000 Active
19. 2022-04-01
    soldstatus $106,900 339-char remark

    Show marketing remark (339 chars)

    This adorable home is located in-town Middletown. Cozy cottage feel includes shiplap, large soaking tub a large open kitchen/dining combo. All you need to do is move in!! Updates include: Roof, flooring, updated plumbing, updated electric, gas stove, refrigerator, dishwasher, microwave, paint and lighting. Garden shed/detached garage.

20. 2022-01-07
    listed $109,900 339-char remark

    Show marketing remark (339 chars)

    This adorable home is located in-town Middletown. Cozy cottage feel includes shiplap, large soaking tub a large open kitchen/dining combo. All you need to do is move in!! Updates include: Roof, flooring, updated plumbing, updated electric, gas stove, refrigerator, dishwasher, microwave, paint and lighting. Garden shed/detached garage.

21. 2021-11-09
    soldstatus $45,000 266-char remark

    Show marketing remark (266 chars)

    ADORABLE 2 BEDROOM BUNGALOW! OPEN KITCHEN DINING COMBO WITH ISLAND AND BREAKFAST BAR. BATH WITH OVERSIZE VANITY, LINEN CLOSET, CLAW FOOT TUB AND SKYLIGHT! COVERED FRONT PORCH, PAVED DRIVEWAY AND 1 CAR DETACHED BUILDING. PARTIAL FENCED YARD WITH LOTS OF PERERNNIALS!

22. 2021-11-09
    soldstatus $45,000

    Show marketing remark (266 chars)

    ADORABLE 2 BEDROOM BUNGALOW! OPEN KITCHEN DINING COMBO WITH ISLAND AND BREAKFAST BAR. BATH WITH OVERSIZE VANITY, LINEN CLOSET, CLAW FOOT TUB AND SKYLIGHT! COVERED FRONT PORCH, PAVED DRIVEWAY AND 1 CAR DETACHED BUILDING. PARTIAL FENCED YARD WITH LOTS OF PERERNNIALS!

23. 2021-06-15
    listed $59,900 266-char remark

    Show marketing remark (266 chars)

    ADORABLE 2 BEDROOM BUNGALOW! OPEN KITCHEN DINING COMBO WITH ISLAND AND BREAKFAST BAR. BATH WITH OVERSIZE VANITY, LINEN CLOSET, CLAW FOOT TUB AND SKYLIGHT! COVERED FRONT PORCH, PAVED DRIVEWAY AND 1 CAR DETACHED BUILDING. PARTIAL FENCED YARD WITH LOTS OF PERERNNIALS!

24. 2021-06-15
    listed $59,900

    Show marketing remark (266 chars)

    ADORABLE 2 BEDROOM BUNGALOW! OPEN KITCHEN DINING COMBO WITH ISLAND AND BREAKFAST BAR. BATH WITH OVERSIZE VANITY, LINEN CLOSET, CLAW FOOT TUB AND SKYLIGHT! COVERED FRONT PORCH, PAVED DRIVEWAY AND 1 CAR DETACHED BUILDING. PARTIAL FENCED YARD WITH LOTS OF PERERNNIALS!

ⓘ 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: $548 · $46/mo
• Projected year-2 tax: $869 · $72/mo
• Expected delta: +$321/yr (+$27/mo · 58.6%)

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,804
• − Mortgage interest: −$7,842
• − Property taxes: −$548
• − Insurance: −$700
• − Repairs & maintenance: −$944
• − Management: −$944
• − Depreciation: −$4,073
• Taxable loss: −$3,248
• Est. tax savings @ 24.0%: +$779
• After-tax cash flow: $46/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Middletown

• Score: 67/100
• State rank: #235
• US rank: #10188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, IN
• Population (ZIP): 5,508

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Iranian 2% Slovak 2%
• Foreign-born: 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.87%
• Current HPI: 240.0691
• 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

+133.7% since first listed

7 events — show timeline

• 2026-05-29 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2022-04-01 Sold (MLS) $106,900 MIBOR as Distributed by MLS Grid
• 2022-01-07 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2021-11-09 Sold (MLS) $45,000 IRMLS
• 2021-11-09 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2021-06-15 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2021-06-15 Listed $59,900 IRMLS

Property tax history

+5.1%/yr

Latest (2024): $548 · +31.5% YoY. Source: county tax records.