1913 Harmony Circle (lot 11) · Charlestown, IN 47111

$209,900

3 bd · 2.0 ba · 1,000 sqft · SingleFamily · 41 Days on market

Built 2026 Excellent condition 1,916 sqft lot $210/sqft · 17% below area Est $253k · 17% under $50/mo HOA · 3% of rent

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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 +11.4/30.0
• Condition / age +5.0/5.0
• 1% rule +3.6/10.0
• Schools +3.4/10.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

$10,000 builder incentive with builder's preferred lender and is eligible for 100% USDA!! Builder will consider builder financing on a case by case basis. This 3-bedroom, 2-bath home features a beautiful stone and siding exterior, opening into an inviting interior with durable LVP flooring throughout! The heart of the home is a bright kitchen equipped with sleek stainless steel appliances, high-quality custom cabinets and trim that add a sophisticated touch. Enjoy a low-maintenance lifestyle as the HOA handles all lawn mowing, ground upkeep and mailbox maintenance, leaving you more time to relax. This affordable gem is what you have been waiting for!

Key facts

• Bright kitchen
• Durable lvp flooring
• 1,916 sq ft lot

Tags

• STONE AND SIDING EXTERIOR
• DURABLE LVP FLOORING
• BRIGHT KITCHEN
• STAINLESS STEEL APPLIANCES
• CUSTOM CABINETS AND TRIM
• HOA HANDLES LAWN MOWING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-74 ($-883/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (13.9% below list).
• Recommended offer: $181k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 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.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasant Ridge Elementary School (531 students, 54% FRL); Charlestown Middle School (math 23% / reading 40%, grade F, #197 of 330 statewide, top 60%, 612 students, 44% FRL); Charlestown Senior High School (math 17% / reading 57%, grade F, #247 of 369 statewide, top 70%, 788 students, 40% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 346 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 911 units permitted in Clark County in 2024 (133 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.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,635 (13.9% 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. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.86% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• GRM: 9.7

CMA / ARV

• ARV (median comp): $252,802
• List price: $209,900
• Delta: -16.97%
• 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
207 Reynolds St	0.73mi	3/1.5	975 (-2%)	2mo	$197,500	$203	58
308 Taff St	0.79mi	3/2.0	1,065 (+6%)	2mo	$222,000	$208	52
211 Guilford Ave	1.04mi	3/2.0	1,085 (+8%)	2mo	$205,000	$189	49
1511 Tunnel Mill Rd	1.01mi	3/1.0	960 (-4%)	6mo	$143,000	$149	49
310 Taff St	0.79mi	3/2.0	1,065 (+6%)	7mo	$210,000	$197	49
118 Clark Rd	0.97mi	3/2.0	1,099 (+10%)	0mo	$197,900	$180	48
9057 Woodford Dr	0.88mi	3/2.0	1,092 (+9%)	3mo	$235,000	$215	48
1430 Tunnel Mill Rd	0.77mi	2/1.0 (-1)	1,056 (+6%)	1mo	$190,000	$180	46
120 Marshall Dr	0.94mi	3/2.0	1,099 (+10%)	5mo	$215,000	$196	45
15 Charles Pl	0.72mi	2/1.0 (-1)	884 (-12%)	9mo	$179,900	$204	31
350 Clark Rd	1.06mi	2/1.5 (-1)	1,152 (+15%)	6mo	$195,000	$169	28
209 Guilford Ave	1.04mi	2/1.5 (-1)	1,152 (+15%)	8mo	$200,000	$174	26

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: -18.7%
• Equity multiple: 0.34×
• Total profit: $-38,640
• Equity at exit: $31,297

10-year hold

• IRR: -11.1%
• Equity multiple: 0.33×
• Total profit: $-39,444
• Equity at exit: $18,148

Cash invested: $58,772 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active
• Months of supply: 4.5 mo (22%/mo absorbed)
• Median asking: $204,950 ($187/sqft)
• Median days on market: 41 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +35.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 47111

• Active inventory: 346
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,806 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• HOA: −$50
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-74

Break-even live

Break-even rent $1,899

Max offer price $199,256

Occupancy floor 99%

Sensitivity live

Price	-10% $72	-5% $-1	+0% $-74	+5% $-146	+10% $-219
Rent	-10% $-216	-5% $-145	+0% $-74	+5% $-2	+10% $69
Rate	-1.0pp $32	-0.5pp $-20	base $-74	+0.5pp $-128	+1.0pp $-183

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: $52,475
• Closing costs: $6,297
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2034 Harmony Ln Charlestown, IN	3.0	2.0	1402	$2,000	$1.43	11d	1	0.18mi
1155 Indiana 62 Charlestown, IN	1.0–2.0	1.0–2.0	993	$1,650	$1.66	11d	137	0.24mi
213 Lowell Ave Charlestown, IN	3.0	2.0	1416	$1,700	$1.20	93d	1	0.86mi
1210 Market St Charlestown, IN	3.0	1.0	1200	$1,749	$1.46	52d	1	1.32mi

Listing history 7 events

1. 2026-06-08
   days on market $209,900 Active 41 DOM
2. 2026-06-07
   days on market $209,900 Active 40 DOM
3. 2026-06-03
   days on market $209,900 Active 36 DOM
4. 2026-06-02
   days on market $209,900 Active 35 DOM
5. 2026-06-01
   days on market $209,900 Active 34 DOM
6. 2026-05-31
   days on market $209,900 Active 33 DOM
7. 2026-04-29
   listed $214,900 Active 916-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,676
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − HOA: −$600
• − Depreciation: −$6,106
• Taxable loss: −$4,454
• Est. tax savings @ 24.0%: +$1,069
• After-tax cash flow: $186/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.

Condition & rehab AI · 7 photos

Excellent 100/100 None rehab

This new construction home is in excellent condition with a stone and siding exterior, new roof, and durable LVP flooring. It is move-in ready and has minimal maintenance needs.

Value-add opportunities

• Both Landscaping and curb appeal — Enhancing the landscaping and curb appeal will improve the home's visual appeal and potentially its value. ↑

F Composite school gradezoned avg 34/100

Zoned Schools

Elementary Pleasant Ridge Elementary School Middle Charlestown Middle School F IN #197/330 Nat'l #8,497/14,009 High Charlestown Senior High School F IN #247/369 Nat'l #9,001/17,239

Schools (NCES district)

• District: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

C Composite livability gradescore 65/100

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 126,401 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 8% of renters

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Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

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Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

1 event — show timeline

• 2026-05-27 Price Changed $209,900 SIRA