507 N Wright St · Fulton, IN 46931

$125,000

3 bd · 1.0 ba · 2,040 sqft · SingleFamily public records · 21 Days on market

Built 1940 8,712 sqft lot

---

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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Appreciation +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to small-town charm in Fulton! Situated on a desirable corner lot, this 4-bedroom, 1-bath home offers space, character, and functionality both inside and out. Step inside to a spacious living area perfect for relaxing or gathering, leading into a cozy, character-filled kitchen featuring warm cabinetry and unique details. The home offers four bedrooms, providing flexibility for family, guests, or even a home office. Outside, you’ll love the large fenced-in backyard—ideal for pets, play, or entertaining. Mature trees provide shade and privacy, while the detached garage offers great storage or workspace potential. With its inviting feel, generous lot, and convenient layout,

Key facts

• Cozy kitchen
• Spacious living area
• Corner lot

Tags

• CORNER LOT
• SPACIOUS LIVING AREA
• COZY KITCHEN
• LARGE FENCED-IN BACKYARD
• MATURE TREES
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached off-street garage; 1 garage space
• Utilities: Private well water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Shallow crawl space foundation
• Exterior features: Corner lot; Lot dimensions approximately 66' x 132'

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range; Water softener (owned)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Window cooling units
• Interior features: Dishwasher; Microwave; Refrigerator; Water softener (owned); Gas range; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $190 ($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 $117k (6.8% below list).
• Recommended offer: $117k (6.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#501 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D, employment D, amenities F.
• Caston School Corporation (rural): math 27% / reading 33% proficiency, ranked #238 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Caston Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 391 students, 68% FRL); Caston Jr-Sr High School (math 22% / reading 34%, grade F, #314 of 369 statewide, top 85%, 444 students, 60% FRL) — zoned schools average 64% FRL vs 35% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 2 active listings in the ZIP; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% local appreciation)).
• Fulton County population projected at -13% 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $125k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $116,523 (6.8% below list)

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. 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.93% ✗
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $301,920
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6907 S State Road 25 Hwy	0.57mi	3/2.0	2,057 (+1%)	19mo	$304,000	$148	52
7519 S 125 Rd W	0.38mi	3/1.5	1,755 (-14%)	17mo	$177,800	$101	43

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: 13.6%
• Equity multiple: 1.77×
• Total profit: $27,121
• Equity at exit: $56,205

10-year hold

• IRR: 15.4%
• Equity multiple: 3.27×
• Total profit: $79,483
• Equity at exit: $86,619

Cash invested: $35,000 (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 46931

• Active inventory: 2
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,165 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$23 /mo · $270/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $190

Break-even live

Break-even rent $924

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $261	-5% $226	+0% $190	+5% $155	+10% $-30
Rent	-10% $98	-5% $144	+0% $190	+5% $236	+10% $282
Rate	-1.0pp $253	-0.5pp $222	base $190	+0.5pp $158	+1.0pp $125

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-15
   status Pending
2. 2026-05-11
   price $125,000
3. 2026-05-08
   status Active
4. 2026-04-25
   historical Active Under Contract
5. 2026-04-23
   listed $140,000 Active
6. 2022-07-05
   listed $95,000 Active
7. 2020-06-19
   soldstatus $67,055
8. 2019-08-05
   listed $67,900
9. 2016-11-27
   listed $69,900

ⓘ 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: $270 · $23/mo
• Projected year-2 tax: $666 · $56/mo
• Expected delta: +$396/yr (+$33/mo · 146.6%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,983
• − Mortgage interest: −$7,002
• − Property taxes: −$270
• − Insurance: −$625
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$3,636
• Taxable income: $212
• Est. tax owed @ 24.0%: −$51
• After-tax cash flow: $2,234/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: Caston School Corporation
• NCES district ID: 1801410
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $46,737
• Composite: 25.87/100
• National rank: #7346
• State rank: #238 of 301 in IN

Livability — Fulton

• Score: 61/100
• State rank: #501
• US rank: #17829

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fulton, IN
• City population: 290
• Population (ZIP): 290

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 19,537 people
• By 2030: 19,013 · -2.7%
• By 2040: 17,959 · -8.1%
• By 2050: 17,038 · -12.8%
• By 2075: 15,117 · -22.6%
• By 2100: 13,179 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 8% Two or more races 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Italian 7% Polish 2% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 8%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+51.2) · D 23.7% · R 74.9% · Other 1.4%
• 2008→2024 swing: -35.2pp toward R · 2008: -16.0pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+48.2 2016: R+48.4 2012: R+33.2 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+78.8% since first listed

9 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-11 Price Changed $125,000 IRMLS
• 2026-05-08 Relisted — IRMLS
• 2026-04-25 Contingent — IRMLS
• 2026-04-23 Listed $140,000 IRMLS
• 2022-07-05 Listed $95,000 IRMLS
• 2020-06-19 Sold (MLS) $67,055 IRMLS
• 2019-08-05 Listed $67,900 IRMLS
• 2016-11-27 Listed $69,900 IRMLS

Property tax history

+0.8%/yr

Latest (2024): $270 · -3.7% YoY. Source: county tax records.