105 W Wabash St · Converse, IN 46919

$99,000

4 bd · 3.0 ba · 1,567 sqft · MultiFamily public records · 201 Days on market

Built 1920 3,750 sqft lot ↓ 13% since listing

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Why this score? — see what drove the C+ 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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Appreciation +4.1/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Discover a compelling "value-add" multifamily opportunity in the heart of Converse, Indiana. This property is primed for significant appreciation through strategic capital improvements and operational enhancements. Positioned in a stable, tight-knit community, this asset offers the chance to capture higher returns by modernizing units and bringing them to market-rate rents.

Key facts

• 3,750 sq ft lot
• Built 1920
• Listed 200 days

Property features AI

Finance

• Other: Tax legal description available; GPS-friendly directions
• Financial info: Gross income and expenses listed as 0; Three total units
• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Utilities: No municipal solid waste service indicated
• Home design: Residential income property; Triplex; One and one-half levels
• Exterior features: Frontage road access; Current use: Apartment (more than 20 units) [zoning/use classification]

Interior

• Kitchen: Kitchens present in units
• Bedrooms: Two-bedroom unit (one level); One-bedroom unit (one level)
• Heating & cooling: Forced air heating
• Interior features: Converted property

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#289 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $684 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 201 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% 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 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.03×
• Total profit: $749
• Equity at exit: $20,330

10-year hold

• IRR: 8.3%
• Equity multiple: 1.73×
• Total profit: $20,280
• Equity at exit: $18,437

Cash invested: $27,720 (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 46919

• Home prices YoY: -0.8%
• Active inventory: 12
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$109 /mo · $1,310/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $181

Break-even live

Break-even rent $848

Max offer price $99,000

Occupancy floor 78%

Sensitivity live

Price	-10% $237	-5% $209	+0% $181	+5% $153	+10% $125
Rent	-10% $96	-5% $139	+0% $181	+5% $224	+10% $266
Rate	-1.0pp $231	-0.5pp $207	base $181	+0.5pp $156	+1.0pp $130

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-16
   days on market $99,000 Active 201 DOM
2. 2026-06-15
   days on market $99,000 Active 200 DOM
3. 2026-06-14
   days on market $99,000 Active 198 DOM
4. 2026-06-12
   days on market $99,000 Active 197 DOM
5. 2026-06-09
   days on market $99,000 Active 194 DOM
6. 2026-06-08
   days on market $99,000 Active 193 DOM
7. 2026-06-07
   days on market $99,000 Active 192 DOM
8. 2026-06-05
   days on market $99,000 Active 189 DOM
9. 2026-06-03
   days on market $99,000 Active 188 DOM
10. 2026-06-02
    days on market $99,000 Active 187 DOM
11. 2026-06-01
    days on market $99,000 Active 186 DOM
12. 2026-06-01
    remarks 376-char remark
13. 2026-06-01
    listed $99,000 Active 185 DOM

ⓘ 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: $1,310 · $109/mo
• Projected year-2 tax: $1,310 · $109/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 ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,925
• − Mortgage interest: −$5,546
• − Property taxes: −$1,310
• − Insurance: −$495
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$2,880
• Taxable income: $627
• Est. tax owed @ 24.0%: −$150
• After-tax cash flow: $2,026/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: Oak Hill United School Corporation
• NCES district ID: 1808340
• Math proficiency: 40% ▼ -1.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $52,442
• Composite: 38.84/100
• National rank: #4105
• State rank: #96 of 301 in IN

Livability — Converse

• Score: 66/100
• State rank: #289
• US rank: #11781

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Converse, IN
• Population (ZIP): 1,792

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Scandinavian 2% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · South Korea
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.76%
• Current HPI: 214.1898
• 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

-13.2% since first listed

3 events — show timeline

• 2026-05-31 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-05 Price Changed $99,000 MIBOR as Distributed by MLS Grid
• 2025-09-15 Listed $114,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2024): $1,310 · -0.3% YoY. Source: county tax records.