11743 N CR 200e · Farmersburg, IN 47850

$189,900

2 bd · 2.0 ba · 2,000 sqft · SingleFamily public records · 9 Days on market

Built 1930 0.62 ac lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.1/30.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0
• DSCR +1.3/10.0
• 1% rule +1.0/10.0

Listing remarks

Welcome to this charming 1 1/2 story home offering 4 bedrooms and 2 full baths, perfectly situated on over a half-acre corner lot. This vinyl-sided property features some newer windows, providing both efficiency and comfort. New gutters were installed in May, 2026. Step inside to a spacious living room complete with built-in bookshelves, creating a warm and inviting space for relaxing or entertaining. The eat-in kitchen offers functionality and convenience, with plenty of room for everyday dining. Enjoy additional living space in the enclosed 3-season room, which is heated and cooled—ideal for year-round enjoyment whether you're sipping morning coffee or hosting guests. The home also

Key facts

• Ample outdoor space
• Attached garage
• Newer windows

Tags

• CORNER LOT
• NEWER WINDOWS
• BUILT-IN BOOKSHELVES
• ENCLOSED 3-SEASON ROOM
• ATTACHED GARAGE
• AMPLE OUTDOOR SPACE

Property features AI

Exterior

• Parking: 1-car garage; Gravel parking
• Security: Smoke detector(s)
• Utilities: Septic tank
• Home design: Single-family residence; One story
• Construction: Vinyl siding construction; Shingle roof; Crawl space foundation; Built as a single-story home
• Exterior features: Covered patio/porch; Shingle roof; Vinyl siding

Interior

• Kitchen: Refrigerator
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump and natural gas heating; Central air; Ceiling fans; Wall/window AC units
• Interior features: Refrigerator included; Crawl space basement; Smoke detectors
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (25.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (39.7% below list).
• Recommended offer: $114k (39.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#434 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, amenities F, commute F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Central Jr/Sr High School (math 12% / reading 32%, grade F, #343 of 369 statewide, top 93%, 374 students, 55% FRL).
• Market conditions: 19 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 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.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $20k; list at $190k implies a 826% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $114,459 (39.7% 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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.60% ✗
• Cap rate: 4.58%
• Cash-on-cash: -6.11%
• DSCR: 0.73
• GRM: 13.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -26.9%
• Equity multiple: 0.10×
• Total profit: $-48,073
• Equity at exit: $28,315

10-year hold

• IRR: -24.6%
• Equity multiple: -0.21×
• Total profit: $-64,325
• Equity at exit: $16,419

Cash invested: $53,172 (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 47850

• Home prices YoY: -3.8%
• Active inventory: 19
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $1,145 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$100 /mo · $1,198/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $-271

Break-even live

Break-even rent $1,487

Max offer price $142,101

Occupancy floor —

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $189,900 Active 9 DOM
2. 2026-06-18
   days on market $189,900 Active 8 DOM
3. 2026-06-17
   days on market $189,900 Active 7 DOM
4. 2026-06-16
   days on market $189,900 Active 6 DOM
5. 2026-06-15
   days on market $189,900 Active 5 DOM
6. 2026-06-14
   days on market $189,900 Active 3 DOM
7. 2026-06-13
   remarks 693-char remark
8. 2026-06-13
   listed $189,900 Active 2 DOM

ⓘ 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: $1,198 · $100/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$208/yr (+$17/mo · 17.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,735
• − Mortgage interest: −$10,637
• − Property taxes: −$1,198
• − Insurance: −$950
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$5,524
• Taxable loss: −$6,772
• Est. tax savings @ 24.0%: +$1,625
• After-tax cash flow: $-1,622/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Farmersburg

• Score: 63/100
• State rank: #434
• US rank: #15622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmersburg, IN
• Population (ZIP): 2,027

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Asian 4%
• Common ancestry: Italian 4% Slovak 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 99% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.13%
• Current HPI: 183.1507
• 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

+826.3% since first listed

2 events — show timeline

• 2026-06-10 Listed $189,900 THAAR
• 2002-12-30 Sold (Public Records) $20,500 Public Records

Property tax history

+4.8%/yr

Latest (2024): $1,198 · -0.8% YoY. Source: county tax records.