416 Montgomery St · Shelbyville, IN 46176

$139,900

4 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 40 Days on market

Built 2001 3,200 sqft lot $83/sqft · 20% below area Est $174k · 20% under ↓ 8% 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 4-bedroom, 2-bath home offers a great opportunity for an investor or buyer looking to build some sweat equity. Built in 2001 by Habitat for Humanity, this home features an eat-in kitchen with patio access to the backyard, a spacious living room with staircase, and two bedrooms conveniently located on the main level. Upstairs you'll find two additional bedrooms and a second full bath. With a little TLC and a good cleaning, this property has the potential to truly shine again. Home is being sold as-is and will require some repairs and updates, making it a great chance to add your own personal touches or investment improvements.

Key facts

• Eat-in kitchen
• Second full bath
• Patio access

Tags

• EAT-IN KITCHEN
• PATIO ACCESS
• SPACIOUS LIVING ROOM
• TWO BEDROOMS ON MAIN LEVEL
• SECOND FULL BATH

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Electricity connected (200+ amp service); Natural gas connected
• Home design: Single-family residence; One-and-a-half stories; Facing west; Condition: fixer
• Construction: Vinyl siding; Crawl space foundation with block; Built/constructed by Habitat for Humanity
• Exterior features: Patio; Porch; Partial fencing; Corner lot with sidewalks; Has a view

Interior

• Kitchen: Dishwasher; Microwave with hood; Electric oven
• Bedrooms: Four bedrooms total — two on the main level and two on the upper level
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Formal living room; Utility room; Main-level laundry
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL).
• Market conditions: 229 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent runs 33% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% 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 $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $18k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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: 1.26% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.77%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (median comp): $174,344
• List price: $139,900
• Delta: -19.76%
• 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
637 W South St	0.09mi	3/2.0 (-1)	1,578 (-6%)	5mo	$183,000	$116	77
714 W Washington St	0.19mi	3/2.0 (-1)	1,553 (-8%)	5mo	$160,000	$103	69
633 W Franklin St	0.21mi	3/1.5 (-1)	1,626 (-3%)	18mo	$140,000	$86	63
618 Miller Ave	0.19mi	3/1.0 (-1)	1,792 (+7%)	12mo	$175,000	$98	61
265 W South St	0.35mi	3/1.5 (-1)	1,811 (+8%)	6mo	$65,000	$36	59
555 W Pennsylvania St	0.38mi	3/1.5 (-1)	1,764 (+5%)	10mo	$185,000	$105	59
547 W Taylor St	0.07mi	3/1.0 (-1)	1,482 (-12%)	11mo	$187,000	$126	59
614 S West St	0.37mi	3/1.5 (-1)	1,626 (-3%)	18mo	$165,900	$102	55
31 W South St	0.51mi	3/2.0 (-1)	1,585 (-6%)	15mo	$168,500	$106	49
206 W Boggstown Rd	0.73mi	4/2.0	1,845 (+10%)	19mo	$400,000	$217	34
50 W Pennsylvania St	0.64mi	4/2.0	1,920 (+14%)	17mo	$195,000	$102	33
225 E Taylor St	0.74mi	3/2.0 (-1)	1,548 (-8%)	18mo	$160,000	$103	32

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $10,086
• Equity at exit: $20,860

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $50,891
• Equity at exit: $12,096

Cash invested: $39,172 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,768 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$90 /mo · $1,081/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $515

Break-even live

Break-even rent $1,116

Max offer price $139,900

Occupancy floor 66%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,882	$2.07	1d	7	0.74mi

Listing history 18 events

1. 2026-06-18
   days on market $139,900 Active 40 DOM
2. 2026-06-17
   days on market $139,900 Active 39 DOM
3. 2026-06-16
   days on market $139,900 Active 38 DOM
4. 2026-06-15
   days on market $139,900 Active 37 DOM
5. 2026-06-13
   days on market $139,900 Active 35 DOM
6. 2026-06-13
   days on market $139,900 Active 34 DOM
7. 2026-06-09
   pricedays on market $139,900 Active 31 DOM
8. 2026-06-08
   days on market $158,000 Active 30 DOM
9. 2026-06-07
   days on market $158,000 Active 29 DOM
10. 2026-06-03
    days on market $158,000 Active 25 DOM
11. 2026-06-02
    days on market $158,000 Active 24 DOM
12. 2026-06-01
    days on market $158,000 Active 23 DOM
13. 2026-05-31
    days on market $158,000 Active 22 DOM
14. 2026-05-08
    listed $158,000 Active 641-char remark
15. 2023-08-02
    status Active
16. 2023-06-29
    status Pending
17. 2023-06-22
    price $141,600
18. 2023-06-06
    listed $151,600 Active

ⓘ 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: $1,081 · $90/mo
• Projected year-2 tax: $1,135 · $95/mo
• Expected delta: +$54/yr (+$5/mo · 5.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,216
• − Mortgage interest: −$7,837
• − Property taxes: −$1,081
• − Insurance: −$700
• − Repairs & maintenance: −$1,697
• − Management: −$1,697
• − Depreciation: −$4,070
• Taxable income: $4,135
• Est. tax owed @ 24.0%: −$992
• After-tax cash flow: $5,184/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

-7.7% since first listed

6 events — show timeline

• 2026-06-09 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $158,000 MIBOR as Distributed by MLS Grid
• 2023-08-02 Relisted — MIBOR as Distributed by MLS Grid
• 2023-06-29 Pending — MIBOR as Distributed by MLS Grid
• 2023-06-22 Price Changed $141,600 MIBOR as Distributed by MLS Grid
• 2023-06-06 Listed $151,600 MIBOR as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2025): $1,081 · -6.2% YoY. Source: county tax records.