6900 S County Road 275 · Paoli, IN 47454

$39,500

1 bd · 1.0 ba · 720 sqft · SingleFamily public records · 45 Days on market

Built 2022 1.00 ac lot $55/sqft · 22% below area Est $51k · 22% under ↓ 24% since listing

---

Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.2/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for a peaceful spot in the country? This 1 acre property offers a quiet setting just minutes from Paoli and French Lick. The home includes multiple additions and a detached carport. Inside, you’ll find a functional layout with a spacious kitchen and open living area, ready for your personal touch. This property offers a great opportunity for buyers looking for an affordable country getaway, investment, or project home. Natural gas is available at the road if desired. Due to the condition and features of the property, financing options may be limited. Bring your vision and make this property your own.

Key facts

• Detached carport
• Spacious kitchen
• Open living area

Tags

• 1 ACRE PROPERTY
• DETACHED CARPORT
• SPACIOUS KITCHEN
• OPEN LIVING AREA
• NATURAL GAS AVAILABLE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($810 rent vs $40k).
• Recommended offer: $38k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 4.1% in Paoli — 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 62/100 on livability (#471 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools D, amenities F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 64 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($273 loan paydown + $931 appreciation (2.4% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $38,315 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.05% ✓
• Cap rate: 17.93%
• Cash-on-cash: 41.55%
• DSCR: 2.85
• GRM: 4.1

CMA / ARV

• ARV (median comp): $50,527
• List price: $39,500
• Delta: -21.82%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6900 S County Road 275 E	0.00mi	1/1.0	720 (0%)	13mo	$37,000	$51	89

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.1%
• Equity multiple: 3.52×
• Total profit: $27,825
• Equity at exit: $16,351

10-year hold

• IRR: 46.5%
• Equity multiple: 7.02×
• Total profit: $66,576
• Equity at exit: $24,152

Cash invested: $11,060 (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 47454

• Home prices YoY: 1.1%
• Active inventory: 64
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $810 medium
• Mortgage (P&I): −$207
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $383

Break-even live

Break-even rent $326

Max offer price $39,500

Occupancy floor 48%

Sensitivity live

Price	-10% $405	-5% $394	+0% $383	+5% $372	+10% $361
Rent	-10% $319	-5% $351	+0% $383	+5% $415	+10% $447
Rate	-1.0pp $403	-0.5pp $393	base $383	+0.5pp $373	+1.0pp $362

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: $9,875
• Closing costs: $1,185
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending 621-char remark

   Show marketing remark (621 chars)

   Looking for a peaceful spot in the country? This 1 acre property offers a quiet setting just minutes from Paoli and French Lick. The home includes multiple additions and a detached carport. Inside, you’ll find a functional layout with a spacious kitchen and open living area, ready for your personal touch. This property offers a great opportunity for buyers looking for an affordable country getaway, investment, or project home. Natural gas is available at the road if desired. Due to the condition and features of the property, financing options may be limited. Bring your vision and make this property your own.

2. 2026-04-27
   price $39,500 621-char remark

   Show marketing remark (621 chars)

   Looking for a peaceful spot in the country? This 1 acre property offers a quiet setting just minutes from Paoli and French Lick. The home includes multiple additions and a detached carport. Inside, you’ll find a functional layout with a spacious kitchen and open living area, ready for your personal touch. This property offers a great opportunity for buyers looking for an affordable country getaway, investment, or project home. Natural gas is available at the road if desired. Due to the condition and features of the property, financing options may be limited. Bring your vision and make this property your own.

3. 2026-03-31
   listed $49,900 Active 621-char remark

   Show marketing remark (621 chars)

   Looking for a peaceful spot in the country? This 1 acre property offers a quiet setting just minutes from Paoli and French Lick. The home includes multiple additions and a detached carport. Inside, you’ll find a functional layout with a spacious kitchen and open living area, ready for your personal touch. This property offers a great opportunity for buyers looking for an affordable country getaway, investment, or project home. Natural gas is available at the road if desired. Due to the condition and features of the property, financing options may be limited. Bring your vision and make this property your own.

4. 2025-05-30
   soldstatus $37,000 Closed 381-char remark

   Show marketing remark (381 chars)

   Are you looking for an affordable home in the country? This home sits on 1 acre and has a nice carport attached to the home. Beautiful garden spot. There is natural gas by the road if you wanted to connect. Property will be cleaned up prior to closing. It is only minutes from Paoli or French lick. Make this your tiny home destination or permanent home. Sq ft & rm sz approx

5. 2025-05-30
   soldstatus $37,000

   Show marketing remark (381 chars)

   Are you looking for an affordable home in the country? This home sits on 1 acre and has a nice carport attached to the home. Beautiful garden spot. There is natural gas by the road if you wanted to connect. Property will be cleaned up prior to closing. It is only minutes from Paoli or French lick. Make this your tiny home destination or permanent home. Sq ft & rm sz approx

6. 2025-04-28
   historical 381-char remark

   Show marketing remark (381 chars)

   Are you looking for an affordable home in the country? This home sits on 1 acre and has a nice carport attached to the home. Beautiful garden spot. There is natural gas by the road if you wanted to connect. Property will be cleaned up prior to closing. It is only minutes from Paoli or French lick. Make this your tiny home destination or permanent home. Sq ft & rm sz approx

7. 2025-01-20
   listed $52,000 Active 381-char remark

   Show marketing remark (381 chars)

   Are you looking for an affordable home in the country? This home sits on 1 acre and has a nice carport attached to the home. Beautiful garden spot. There is natural gas by the road if you wanted to connect. Property will be cleaned up prior to closing. It is only minutes from Paoli or French lick. Make this your tiny home destination or permanent home. Sq ft & rm sz approx

ⓘ 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: $404 · $34/mo
• Projected year-2 tax: $404 · $34/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $9,725
• − Mortgage interest: −$2,213
• − Property taxes: −$404
• − Insurance: −$198
• − Repairs & maintenance: −$778
• − Management: −$778
• − Depreciation: −$1,149
• Taxable income: $4,206
• Est. tax owed @ 24.0%: −$1,009
• After-tax cash flow: $3,586/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: Paoli Community School Corporation
• NCES district ID: 1808640
• Math proficiency: 28% ▼ -14.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $38,333
• Composite: 29.18/100
• National rank: #6571
• State rank: #200 of 301 in IN

Livability — Paoli

• Score: 62/100
• State rank: #471
• US rank: #16678

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,529

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Iranian 1%
• Foreign-born: 0% · Canada

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.36%
• Current HPI: 207.3937
• 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

-24.0% since first listed

7 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-04-27 Price Changed $39,500 IRMLS
• 2026-03-31 Listed $49,900 IRMLS
• 2025-05-30 Sold (Public Records) $37,000 Public Records
• 2025-05-30 Sold (MLS) $37,000 SIRA
• 2025-04-28 Delisted — SIRA
• 2025-01-20 Listed $52,000 SIRA

Property tax history

+24.3%/yr

Latest (2024): $404 · +0.8% YoY. Source: county tax records.