307 N Second St · Owensville, IN 47665

$39,900

2 bd · 1.0 ba · 1,150 sqft · SingleFamily public records · 112 Days on market

Built 1910 $35/sqft · 75% below area ↓ 5% 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 +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Investment rental property or starter home. 2 bed 1 bath, covered front porch, off street parking, large corner lot, Home appears to be in need of some minor repairs but has newer furnace and metal roof. Selling AS IS.

Key facts

• Covered front porch
• Metal roof
• Off street parking

Tags

• COVERED FRONT PORCH
• OFF STREET PARKING
• LARGE CORNER LOT
• NEWER FURNACE
• METAL ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#440 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• South Gibson School Corporation (rural): math 50% / reading 58% proficiency, ranked #31 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 17 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• 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 $36,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.54% ✓
• Cap rate: 20.21%
• Cash-on-cash: 49.71%
• DSCR: 3.21
• GRM: 3.3

CMA / ARV

• ARV (median comp): $160,070
• List price: $39,900
• Delta: -75.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
416 E Walnut St	0.45mi	3/1.0 (+1)	1,150 (0%)	3mo	$105,000	$91	71
204 E Montgomery St	0.26mi	3/1.0 (+1)	1,189 (+3%)	13mo	$162,000	$136	67
205 N First St	0.11mi	2/2.0	1,092 (-5%)	23mo	$155,000	$142	63
504 E Clark St	0.19mi	3/1.0 (+1)	1,245 (+8%)	12mo	$185,600	$149	62
303 W Brummitt St	0.37mi	3/2.0 (+1)	1,180 (+3%)	11mo	$146,700	$124	61
401 W Brummitt St	0.43mi	2/2.0	1,235 (+7%)	5mo	$63,500	$51	59
103 E Poplar St	0.14mi	3/2.0 (+1)	1,026 (-11%)	17mo	$180,000	$175	53
520 W Brummitt St	0.58mi	2/1.0	1,048 (-9%)	22mo	$140,000	$134	40
434 E Walnut St	0.60mi	3/1.0 (+1)	1,066 (-7%)	20mo	$189,000	$177	38
607 S Mill St	0.67mi	1/1.5 (-1)	1,059 (-8%)	19mo	$95,000	$90	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: 47.4%
• Equity multiple: 3.06×
• Total profit: $23,064
• Equity at exit: $5,949

10-year hold

• IRR: 53.1%
• Equity multiple: 6.21×
• Total profit: $58,256
• Equity at exit: $3,450

Cash invested: $11,172 (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 47665

• Home prices YoY: -4.6%
• Active inventory: 17
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,014 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$112 /mo · $1,348/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $463

Break-even live

Break-even rent $428

Max offer price $39,900

Occupancy floor 49%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $39,900 Active 112 DOM
2. 2026-06-17
   days on market $39,900 Active 111 DOM
3. 2026-06-16
   days on market $39,900 Active 110 DOM
4. 2026-06-15
   days on market $39,900 Active 109 DOM
5. 2026-06-13
   pricedays on market $39,900 Active 107 DOM
6. 2026-06-12
   days on market $43,900 Active 106 DOM
7. 2026-06-09
   days on market $43,900 Active 103 DOM
8. 2026-06-08
   days on market $43,900 Active 102 DOM
9. 2026-06-07
   days on market $43,900 Active 101 DOM
10. 2026-06-07
    days on market $43,900 Active 100 DOM
11. 2026-06-04
    days on market $43,900 Active 97 DOM
12. 2026-06-02
    days on market $43,900 Active 96 DOM
13. 2026-06-01
    days on market $43,900 Active 95 DOM
14. 2026-05-31
    days on market $43,900 Active 94 DOM
15. 2026-05-31
    days on market $43,900 Active 93 DOM
16. 2026-05-13
    price $43,900 228-char remark

    Show marketing remark (228 chars)

    Excellent Investment rental property or starter home. 2 bed 1 bath, covered front porch, off street parking, large corner lot, Home appears to be in need of some minor repairs but has newer furnace and metal roof. Selling AS IS.

17. 2026-02-26
    listed $46,000 Active 228-char remark

    Show marketing remark (228 chars)

    Excellent Investment rental property or starter home. 2 bed 1 bath, covered front porch, off street parking, large corner lot, Home appears to be in need of some minor repairs but has newer furnace and metal roof. Selling AS IS.

ⓘ 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: $1,348 · $112/mo
• Projected year-2 tax: $1,348 · $112/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 5/10 Major 7 d/yr ≥107°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,167
• − Mortgage interest: −$2,235
• − Property taxes: −$1,348
• − Insurance: −$200
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$1,161
• Taxable income: $5,277
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $4,287/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: South Gibson School Corporation
• NCES district ID: 1810350
• Math proficiency: 50% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $60,560
• Composite: 47.09/100
• National rank: #2334
• State rank: #31 of 301 in IN

Livability — Owensville

• Score: 63/100
• State rank: #440
• US rank: #15744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owensville, IN
• Population (ZIP): 4,053

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5%
• Common ancestry: Slovak 2% Romanian 2% Portuguese 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.27%
• Current HPI: 212.1149
• 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

-4.6% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $43,900 IRMLS
• 2026-02-26 Listed $46,000 IRMLS

Property tax history

+2.2%/yr

Latest (2024): $1,348 · -11.2% YoY. Source: county tax records.