498 N Plum St · Hagerstown, IN 47346

$49,999

3 bd · 1.0 ba · 1,452 sqft · SingleFamily public records · 13 Days on market

Built 1940 6,708 sqft lot ↓ 38% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This single-level home is great opportunity in a desirable Hagerstown neighborhood! With 3-bedrooms, and 1-bath, this home offers approximately 1,452 square feet of living space and is ready for your vision. The property features solid bones, a functional layout, and an unfinished basement, providing a strong foundation for renovation or investment. Situated on a quiet street, this home is located in an established area with strong surrounding values. Interior will require updates and repairs, making it ideal for investors, flippers, or buyers looking to build equity. Property is being sold as-is. Detached garage is in poor condition and will need to be removed. Immediate possession availab

Key facts

• Quiet street
• Unfinished basement
• 6,708 sq ft lot

Tags

• UNFINISHED BASEMENT
• QUIET STREET
• STRONG SURROUNDING VALUES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Residential construction
• Exterior features: Asphalt roof

Interior

• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).

Location & tenants

• Location reads 70/100 on livability (#151 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Nettle Creek School Corporation (rural): math 37% / reading 51% proficiency, ranked #104 of 301 in IN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,999

Questions for the listing agent

1. Built in 1940 — 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. 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.
4. 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.
5. 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: 2.20% ✓
• Cap rate: 17.89%
• Cash-on-cash: 41.42%
• DSCR: 2.84
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $165,528
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
48 E Harrison St	0.12mi	3/2.0	1,455 (+0%)	10mo	$169,000	$116	82
425 N Elm St	0.15mi	3/1.0	1,641 (+13%)	5mo	$45,000	$27	67
248 W College St	0.28mi	3/1.0	1,492 (+3%)	18mo	$157,500	$106	67
500 N Elm St	0.12mi	3/1.5	1,332 (-8%)	21mo	$151,500	$114	61
51 E Graceland Heights Dr	0.62mi	3/2.0	1,432 (-1%)	7mo	$145,000	$101	59
106 W Graceland Heights Dr	0.58mi	3/1.0	1,508 (+4%)	15mo	$172,300	$114	54
6357 Dalton Rd	0.49mi	2/2.0 (-1)	1,540 (+6%)	6mo	$205,000	$133	53
50 E Clay St	0.49mi	3/1.0	1,336 (-8%)	14mo	$91,000	$68	52
308 E Graceland Heights Dr	0.58mi	3/1.5	1,362 (-6%)	19mo	$158,000	$116	45
55 Lexington Ln	0.68mi	3/1.5	1,275 (-12%)	16mo	$189,900	$149	32

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: 38.0%
• Equity multiple: 2.62×
• Total profit: $22,714
• Equity at exit: $7,455

10-year hold

• IRR: 44.6%
• Equity multiple: 5.26×
• Total profit: $59,571
• Equity at exit: $4,323

Cash invested: $14,000 (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 47346

• Home prices YoY: -18.7%
• Active inventory: 14
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$101 /mo · $1,212/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $483

Break-even live

Break-even rent $486

Max offer price $49,999

Occupancy floor 51%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-09
   status $49,999 Pending 13 DOM
2. 2026-06-08
   days on market $49,999 Active 13 DOM
3. 2026-06-07
   days on market $49,999 Active 12 DOM
4. 2026-06-05
   days on market $49,999 Active 9 DOM
5. 2026-06-03
   days on market $49,999 Active 8 DOM
6. 2026-06-02
   days on market $49,999 Active 7 DOM
7. 2026-06-01
   days on market $49,999 Active 6 DOM
8. 2026-05-31
   days on market $49,999 Active 5 DOM
9. 2026-05-30
   days on market $49,999 Active 4 DOM
10. 2026-05-22
    listed $49,999 Active
11. 2006-02-09
    soldstatus $80,000

ⓘ 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: $1,212 · $101/mo
• Projected year-2 tax: $1,212 · $101/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 ≥99°F today · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,173
• − Mortgage interest: −$2,801
• − Property taxes: −$1,212
• − Insurance: −$250
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$1,455
• Taxable income: $5,348
• Est. tax owed @ 24.0%: −$1,284
• After-tax cash flow: $4,515/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: Nettle Creek School Corporation
• NCES district ID: 1807380
• Math proficiency: 37% ▼ -6.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $49,871
• Composite: 37.75/100
• National rank: #4351
• State rank: #104 of 301 in IN

Livability — Hagerstown

• Score: 70/100
• State rank: #151
• US rank: #7608

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hagerstown, IN
• Population (ZIP): 4,123

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Romanian 4% Italian 1% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.68%
• Current HPI: 207.7692
• 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

-37.5% since first listed

2 events — show timeline

• 2026-05-22 Listed $49,999 RRELMS
• 2006-02-09 Sold (Public Records) $80,000 Public Records

Property tax history

-3.6%/yr

Latest (2024): $1,212 · +9.4% YoY. Source: county tax records.