6217 E Washington St · Monterey, IN 46960

$139,900

1 bd · 1.0 ba · 939 sqft · SingleFamily public records · 29 Days on market

Built 1895 0.40 ac lot $149/sqft · 11% below area Est $158k · 11% under

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Why this score? — see what drove the D 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 +12.6/15.0
• Cash flow +8.0/30.0
• Appreciation +8.0/10.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.1/10.0

Listing remarks MLS

This cozy and charming one-story home offers 1-2 bedrooms, an updated kitchen and bathroom, and a partial basement perfect for storm safety. The screened-in porch provides an ideal spot to unwind and savor your morning coffee. This unique property includes a newer detached 16x24 garage and a 24x32 pole barn, both equipped with concrete flooring, electricity, and automatic openers. The fenced-in yard is perfect for keeping pets and children safe and deer away from your garden. Enjoy the convenience of a whole-home generator, natural gas, and high-speed internet. Situated in the peaceful town of Monterey, this home is just steps away from the town park, Tippecanoe River, and Erie walking trail. FHA, USDA, & VA Loans are welcome!

Key facts

• Screened-in porch
• Pole barn
• Partial basement

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• PARTIAL BASEMENT
• SCREENED-IN PORCH
• DETACHED GARAGE
• POLE BARN

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: Detached garage; Garage door opener; Off-street parking; 2 garage spaces
• Utilities: Private well water; Generator for electric
• Home design: Single-family, site-built home; One story; Brick/mortar foundation; Vinyl siding
• Construction: Shingle roof
• Exterior features: Screened, enclosed porch; Chain link fencing; Level, landscaped corner lot

Interior

• Kitchen: Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; One fireplace
• Interior features: Laminate counters; Partial, unfinished basement; Main-level laundry
• Laundry & utility: Washer; Main-level laundry area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-142 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (38.9% below list).
• Recommended offer: $85k (38.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#588 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 15 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($967 loan paydown + $8k appreciation (6.0% local appreciation)).
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $85,489 (38.9% 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 1895 — 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. 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?
5. 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?
6. 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?
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: 0.61% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 13.6

CMA / ARV

• ARV (median comp): $157,801
• List price: $139,900
• Delta: -11.34%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6550 E 725 N	0.46mi	1/1.0	992 (+6%)	0mo	$100,000	$101	69

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.81×
• Total profit: $31,640
• Equity at exit: $88,343

10-year hold

• IRR: 12.7%
• Equity multiple: 3.55×
• Total profit: $99,891
• Equity at exit: $160,547

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 46960

• Home prices YoY: 2.9%
• Active inventory: 15
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $855 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$25 /mo · $305/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $-142

Break-even live

Break-even rent $1,035

Max offer price $114,813

Occupancy floor —

Sensitivity live

Price	-10% $-63	-5% $-102	+0% $-142	+5% $-182	+10% $-388
Rent	-10% $-210	-5% $-176	+0% $-142	+5% $-108	+10% $-74
Rate	-1.0pp $-72	-0.5pp $-106	base $-142	+0.5pp $-178	+1.0pp $-215

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: —

Listing history 9 events

1. 2026-06-03
   statusdays on marketlisting id $139,900 Pending 29 DOM
2. 2026-06-02
   days on market $139,900 Active Under Contract 27 DOM

   Show marketing remark (741 chars)

   This cozy and charming one-story home offers 1-2 bedrooms, an updated kitchen and bathroom, and a partial basement perfect for storm safety. The screened-in porch provides an ideal spot to unwind and savor your morning coffee. This unique property includes a newer detached 16x24 garage and a 24x32 pole barn, both equipped with concrete flooring, electricity, and automatic openers. The fenced-in yard is perfect for keeping pets and children safe and deer away from your garden. Enjoy the convenience of a whole-home generator, natural gas, and high-speed internet. Situated in the peaceful town of Monterey, this home is just steps away from the town park, Tippecanoe River, and Erie walking trail. FHA, USDA, & VA Loans are welcome!

3. 2026-06-01
   days on market $139,900 Active Under Contract 26 DOM
4. 2026-05-31
   days on market $139,900 Active Under Contract 25 DOM
5. 2026-05-30
   days on market $139,900 Active Under Contract 24 DOM
6. 2026-05-13
   historical Active Under Contract 741-char remark

   Show marketing remark (741 chars)

   This cozy and charming one-story home offers 1-2 bedrooms, an updated kitchen and bathroom, and a partial basement perfect for storm safety. The screened-in porch provides an ideal spot to unwind and savor your morning coffee. This unique property includes a newer detached 16x24 garage and a 24x32 pole barn, both equipped with concrete flooring, electricity, and automatic openers. The fenced-in yard is perfect for keeping pets and children safe and deer away from your garden. Enjoy the convenience of a whole-home generator, natural gas, and high-speed internet. Situated in the peaceful town of Monterey, this home is just steps away from the town park, Tippecanoe River, and Erie walking trail. FHA, USDA, & VA Loans are welcome!

7. 2026-05-13
   historical Active Under Contract 741-char remark

   Show marketing remark (741 chars)

   This cozy and charming one-story home offers 1-2 bedrooms, an updated kitchen and bathroom, and a partial basement perfect for storm safety. The screened-in porch provides an ideal spot to unwind and savor your morning coffee. This unique property includes a newer detached 16x24 garage and a 24x32 pole barn, both equipped with concrete flooring, electricity, and automatic openers. The fenced-in yard is perfect for keeping pets and children safe and deer away from your garden. Enjoy the convenience of a whole-home generator, natural gas, and high-speed internet. Situated in the peaceful town of Monterey, this home is just steps away from the town park, Tippecanoe River, and Erie walking trail. FHA, USDA, & VA Loans are welcome!

8. 2026-05-06
   listed $139,900 Active 741-char remark

   Show marketing remark (741 chars)

   This cozy and charming one-story home offers 1-2 bedrooms, an updated kitchen and bathroom, and a partial basement perfect for storm safety. The screened-in porch provides an ideal spot to unwind and savor your morning coffee. This unique property includes a newer detached 16x24 garage and a 24x32 pole barn, both equipped with concrete flooring, electricity, and automatic openers. The fenced-in yard is perfect for keeping pets and children safe and deer away from your garden. Enjoy the convenience of a whole-home generator, natural gas, and high-speed internet. Situated in the peaceful town of Monterey, this home is just steps away from the town park, Tippecanoe River, and Erie walking trail. FHA, USDA, & VA Loans are welcome!

9. 2026-05-04
   listed $139,900 Active 741-char remark

ⓘ 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: $305 · $25/mo
• Projected year-2 tax: $747 · $62/mo
• Expected delta: +$442/yr (+$37/mo · 144.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,259
• − Mortgage interest: −$7,837
• − Property taxes: −$305
• − Insurance: −$700
• − Repairs & maintenance: −$821
• − Management: −$821
• − Depreciation: −$4,070
• Taxable loss: −$4,294
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $-674/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Monterey

• Score: 58/100
• State rank: #588
• US rank: #21074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monterey, IN
• Population (ZIP): 1,123

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 11,942 people
• By 2030: 11,394 · -4.6%
• By 2040: 10,274 · -14.0%
• By 2050: 9,209 · -22.9%
• By 2075: 7,182 · -39.9%
• By 2100: 5,365 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 9% English 2% Slovak 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+53.7) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -15.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+47.9 2016: R+46.5 2012: R+27.2 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.05%
• Current HPI: 215.0451
• 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

+0.0% since first listed

6 events — show timeline

• 2026-06-02 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-06-02 Pending — IRMLS
• 2026-05-13 Contingent — IRMLS
• 2026-05-13 Contingent — NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Listed $139,900 NIRA MLS as Distributed by MLS Grid
• 2026-05-04 Listed $139,900 IRMLS

Property tax history

+5.5%/yr

Latest (2024): $305 · +20.0% YoY. Source: county tax records.