7465 E Sieveking Dr NE · New Salisbury, IN 47161

$199,900

3 bd · 1.5 ba · 1,323 sqft · SingleFamily public records · 3 Days on market

Built 1972 0.51 ac lot Est $245k · 18% under

---

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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.5/10.0
• Schools +3.7/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bank owned. Lots of potential. Sold - As is - Where Is. Needs some work. Mechanical systems condition unknown. All data to be confirmed by buyer and buyer's agent.

Key facts

• Woodburning stove
• Outdoor space
• Seasoned room

Tags

• OUTDOOR SPACE
• SEASONED ROOM
• WOODBURNING STOVE
• CRAWL SPACE WATERPROOFED

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Septic tank sewage
• Home design: Single-story; Brick and frame construction
• Construction: Brick and frame construction
• Exterior features: Landscaped yard; Shed(s); Paved road access; Residential zoning

Interior

• Kitchen: Oven; Range; Refrigerator; Eat-in kitchen
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Eat-in kitchen; Wood burning stove fireplace
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (5.0% below list).
• Recommended offer: $190k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 4.7% in New Salisbury — 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 56/100 on livability (#624 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools D, amenities F, commute F.
• North Harrison Community School Corporation (rural): math 40% / reading 46% proficiency, ranked #110 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 44 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 158 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Harrison County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $40k; list at $200k implies a 406% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,900 (5.0% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 8.14%
• Cash-on-cash: 6.59%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $244,755
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7387 Mockingbird Ct NE	0.17mi	3/2.0	1,344 (+2%)	17mo	$223,000	$166	73
7520 E Sieveking Dr	0.07mi	3/2.0	1,220 (-8%)	18mo	$229,500	$188	67
8174 Timber Ln NE #402	0.40mi	2/2.0 (-1)	1,240 (-6%)	10mo	$229,900	$185	55
8092 Wagner Ave NE	0.74mi	3/2.0	1,382 (+4%)	8mo	$249,900	$181	50
8095 Wagner Ave NE	0.72mi	3/2.0	1,382 (+4%)	11mo	$280,000	$203	48

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: -6.2%
• Equity multiple: 0.77×
• Total profit: $-12,891
• Equity at exit: $29,806

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $13,644
• Equity at exit: $17,284

Cash invested: $55,972 (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 47161

• Home prices YoY: -10.5%
• Active inventory: 44
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,899 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$61 /mo · $733/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $308

Break-even live

Break-even rent $1,510

Max offer price $199,900

Occupancy floor 79%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8206 Wagner Ave NE New Salisbury, IN	3.0	2.0	1385	$1,899	$1.37	14d	1	0.83mi
8206 Wagner Ave NE New Salisbury, IN	3.0	2.0	1383	$1,899	$1.37	23d	1	0.83mi

Listing history 4 events

1. 2026-06-18
   days on market $199,900 Active 3 DOM
2. 2026-06-17
   days on market $199,900 Active 2 DOM
3. 2026-06-16
   remarks 554-char remark
4. 2026-06-16
   listed $199,900 Active 1 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: $733 · $61/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$483/yr (+$40/mo · 66.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,788
• − Mortgage interest: −$11,198
• − Property taxes: −$733
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,823
• − Management: −$1,823
• − Depreciation: −$5,815
• Taxable income: $397
• Est. tax owed @ 24.0%: −$95
• After-tax cash flow: $3,596/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: North Harrison Community School Corporation
• NCES district ID: 1800690
• Math proficiency: 40% ▼ -16.00%
• Reading proficiency: 46% ▼ -13.00%
• Median HH income: $51,643
• Composite: 37.12/100
• National rank: #4493
• State rank: #110 of 301 in IN

Livability — New Salisbury

• Score: 56/100
• State rank: #624
• US rank: #23062

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Salisbury, IN
• City population: 3,362
• Population (ZIP): 3,362

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 40,288 people
• By 2030: 40,265 · -0.1%
• By 2040: 39,538 · -1.9%
• By 2050: 37,781 · -6.2%
• By 2075: 33,200 · -17.6%
• By 2100: 26,668 · -33.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 2% Lithuanian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+47.0) · D 25.6% · R 72.5% · Other 1.8%
• 2008→2024 swing: -28.9pp toward R · 2008: -18.0pp · 2024: -47.0pp
• All cycles: 2024: R+47.0 2020: R+45.6 2016: R+44.4 2012: R+22.8 2008: R+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.82%
• Current HPI: 221.0899
• 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

+371.5% since first listed

3 events — show timeline

• 2026-06-15 Listed $199,900 SIRA
• 2016-09-02 Sold (MLS) $39,509 SIRA
• 2016-07-06 Listed $42,400 SIRA

Property tax history

+6.4%/yr

Latest (2024): $733 · -3.3% YoY. Source: county tax records.