509 N Cullen St · Rensselaer, IN 47978

$92,500

2 bd · 1.0 ba · 824 sqft · SingleFamily public records · 65 Days on market

Built 1930 6,098 sqft lot $112/sqft · 38% below area Est $149k · 38% under ↓ 12% 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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a flip or investment property? First time homebuyers willing to put in some work and make your first house just the way you want it? I've got the one for you! This 2 bed 1 bath 824 sq ft home has sooo much potential! It's already so cozy, it just needs somebody to give it the TLC it deserves. Close to town, shopping & food! Priced below appraised value, giving you the opportunity to make a little profit! Home is being sold as-is * * * This home is only being offered for a limited time as the seller considers completing updates themselves, so hurry while you have the chance! * * *

Key facts

• 6,098 sq ft lot
• Built 1930
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $146 ($2k/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 $92k (0.3% below list).
• Recommended offer: $87k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.6% in Rensselaer — 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 70/100 on livability (#145 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B; Watch: employment C-, amenities F, commute F.
• Rensselaer Central School Corporation (town): math 45% / reading 53% proficiency, ranked #63 of 301 in IN (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rensselaer Middle School (math 38% / reading 45%, grade F, #108 of 330 statewide, top 34%, 342 students, 47% FRL); Rensselaer Central High School (math 32% / reading 72%, grade D+, #106 of 369 statewide, top 31%, 472 students, 42% FRL).
• Market conditions: 80 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 93 units permitted in Jasper County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $640 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jasper County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,950 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 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: 1.00% ✗
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 8.4

CMA / ARV

• ARV (median comp): $149,439
• List price: $92,500
• Delta: -38.10%
• 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
220 E Maple St	0.34mi	2/1.0	789 (-4%)	7mo	$82,000	$104	71
426 E Vine St	0.32mi	2/1.0	768 (-7%)	9mo	$134,000	$174	66
828 W Grove St	0.65mi	2/1.0	810 (-2%)	1mo	$203,000	$251	66
523 N College Ave	0.15mi	2/1.0	875 (+6%)	21mo	$139,900	$160	65
741 N Abigail St	0.29mi	2/1.0	875 (+6%)	19mo	$155,000	$177	60
921 N Rachel St	0.68mi	2/1.0	834 (+1%)	14mo	$125,900	$151	55
218 N Rachel St	0.56mi	2/1.0	868 (+5%)	14mo	$106,500	$123	53
209 Lincoln St	0.28mi	2/1.5	936 (+14%)	13mo	$164,000	$175	51
705 E Vine St	0.54mi	2/1.0	924 (+12%)	5mo	$177,700	$192	50
220 S Melville St	0.72mi	2/1.0	848 (+3%)	20mo	$169,900	$200	45
805 W Washington St	0.61mi	3/1.0 (+1)	936 (+14%)	0mo	$182,500	$195	44
803 W Washington St	0.60mi	3/1.0 (+1)	936 (+14%)	13mo	$185,000	$198	33

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-5,717
• Equity at exit: $13,792

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $6,902
• Equity at exit: $7,998

Cash invested: $25,900 (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 47978

• Home prices YoY: -15.4%
• Active inventory: 80
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $922 medium
• Mortgage (P&I): −$485
• Tax from tax record: −$59 /mo · $706/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $146

Break-even live

Break-even rent $737

Max offer price $92,500

Occupancy floor 79%

Sensitivity live

Price	-10% $198	-5% $172	+0% $146	+5% $120	+10% $94
Rent	-10% $73	-5% $109	+0% $146	+5% $182	+10% $219
Rate	-1.0pp $192	-0.5pp $169	base $146	+0.5pp $122	+1.0pp $98

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
960 E B-Mar Dr Rensselaer, IN	1.0	1.0	644	$922	$1.43	22d	1	0.77mi

Listing history 3 events

1. 2026-04-06
   price $92,500 609-char remark

   Show marketing remark (609 chars)

   Looking for a flip or investment property? First time homebuyers willing to put in some work and make your first house just the way you want it? I've got the one for you! This 2 bed 1 bath 824 sq ft home has sooo much potential! It's already so cozy, it just needs somebody to give it the TLC it deserves. Close to town, shopping & food! Priced below appraised value, giving you the opportunity to make a little profit! Home is being sold as-is * * * This home is only being offered for a limited time as the seller considers completing updates themselves, so hurry while you have the chance! * * *

2. 2026-03-21
   price $99,900 609-char remark

   Show marketing remark (609 chars)

   Looking for a flip or investment property? First time homebuyers willing to put in some work and make your first house just the way you want it? I've got the one for you! This 2 bed 1 bath 824 sq ft home has sooo much potential! It's already so cozy, it just needs somebody to give it the TLC it deserves. Close to town, shopping & food! Priced below appraised value, giving you the opportunity to make a little profit! Home is being sold as-is * * * This home is only being offered for a limited time as the seller considers completing updates themselves, so hurry while you have the chance! * * *

3. 2026-03-17
   listed $104,900 Active 609-char remark

   Show marketing remark (609 chars)

   Looking for a flip or investment property? First time homebuyers willing to put in some work and make your first house just the way you want it? I've got the one for you! This 2 bed 1 bath 824 sq ft home has sooo much potential! It's already so cozy, it just needs somebody to give it the TLC it deserves. Close to town, shopping & food! Priced below appraised value, giving you the opportunity to make a little profit! Home is being sold as-is * * * This home is only being offered for a limited time as the seller considers completing updates themselves, so hurry while you have the chance! * * *

ⓘ 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: $706 · $59/mo
• Projected year-2 tax: $746 · $62/mo
• Expected delta: +$40/yr (+$3/mo · 5.7%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,064
• − Mortgage interest: −$5,181
• − Property taxes: −$706
• − Insurance: −$462
• − Repairs & maintenance: −$885
• − Management: −$885
• − Depreciation: −$2,691
• Taxable income: $253
• Est. tax owed @ 24.0%: −$61
• After-tax cash flow: $1,690/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: Rensselaer Central School Corporation
• NCES district ID: 1809420
• Math proficiency: 45% ▲ 3.00%
• Reading proficiency: 53% ▲ 2.00%
• Median HH income: $52,359
• Composite: 42.16/100
• National rank: #3296
• State rank: #63 of 301 in IN

Livability — Rensselaer

• Score: 70/100
• State rank: #145
• US rank: #7381

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rensselaer, IN
• Population (ZIP): 10,097

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 33,185 people
• By 2030: 32,635 · -1.7%
• By 2040: 31,232 · -5.9%
• By 2050: 29,630 · -10.7%
• By 2075: 25,938 · -21.8%
• By 2100: 21,635 · -34.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 7% Black 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 5% Iranian 5% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Jasper

• 2024 margin: Solid R (+54.3) · D 22.1% · R 76.4% · Other 1.6%
• 2008→2024 swing: -33.9pp toward R · 2008: -20.4pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.0 2016: R+45.4 2012: R+25.5 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.74%
• Current HPI: 239.8976
• 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

-11.8% since first listed

3 events — show timeline

• 2026-04-06 Price Changed $92,500 NIRA MLS as Distributed by MLS Grid
• 2026-03-21 Price Changed $99,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-17 Listed $104,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2025): $706 · -7.9% YoY. Source: county tax records.