222 E Union St #4 · Worthington, IN 47471

$900

3 bd · 1.0 ba · 560 sqft · Condo · 28 Days on market

Built 1960

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

main Level Unit, 3 Bedrooms, 1 Bath. Small Pets (cat, under 15# dog) are welcomed with a $200 non-refundable pet fee. Tenant is responsible for Sewer/Electric/Cable. Water is included in the rent. Owner pays Water & Trash. Security deposit of $875 is due at Lease signing. Laundry is NOT on site, laundromat is only less than a block away. A 1-year lease is required. Application fee of $50 per adult required with background check. No evictions. It is encouraged to have renters' insurance.

Key facts

• 0.25 acre lot
• Built 1960
• Listed 28 days

🏷️ Possibly a rental listed for sale. The $900 price doesn't fit this home's estimated sale value and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $900.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($790 rent vs $900).
• Recommended offer: $886 (1.6% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#174 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.
• White River Valley School District (rural): math 33% / reading 39% proficiency, ranked #187 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: White River Valley Elementary Sch (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 326 students, 64% FRL); White River Valley Middle School (math 29% / reading 35%, grade F, #190 of 330 statewide, top 59%, 209 students, 60% FRL); White River Valley High School (math 22% / reading 47%, grade F, #270 of 369 statewide, top 77%, 210 students, 56% FRL) — zoned schools average 60% FRL vs 42% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP.

Forward outlook

• In year one you build about $20 of equity ($6 loan paydown + $14 appreciation (1.5% local appreciation)).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $252 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($886) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.

Recommended offer $886 (1.6% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 87.76% ✓
• Cap rate: 829.96%
• Cash-on-cash: 2941.69%
• DSCR: 131.89
• GRM: 0.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 157.34×
• Total profit: $39,396
• Equity at exit: $331

10-year hold

• IRR: —
• Equity multiple: 339.15×
• Total profit: $85,215
• Equity at exit: $460

Cash invested: $252 (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 47471

• Home prices YoY: 0.8%
• Active inventory: 17
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $790 medium
• Mortgage (P&I): −$5
• Tax est. 1.5%: −$1 /mo · $14/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$166
• Net cashflow: $618

Break-even live

Break-even rent $8

Max offer price $900

Occupancy floor 17%

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: $225
• Closing costs: $27
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashelectriccablesecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-03-03
   status Pending
2. 2026-02-03
   listed $900 Active
3. 2023-10-21
   historical $775
4. 2023-10-01
   price $775
5. 2023-09-22
   listed $800

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°F today · 19 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: $9,478
• − Mortgage interest: −$50
• − Property taxes: −$14
• − Insurance: −$4
• − Repairs & maintenance: −$758
• − Management: −$758
• − Depreciation: −$26
• Taxable income: $7,867
• Est. tax owed @ 24.0%: −$1,888
• After-tax cash flow: $5,525/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: White River Valley School District
• NCES district ID: 1800008
• Math proficiency: 33% ▼ -19.00%
• Reading proficiency: 39% ▼ -15.00%
• Median HH income: $44,074
• Composite: 30.59/100
• National rank: #6199
• State rank: #187 of 301 in IN

Livability — Worthington

• Score: 70/100
• State rank: #174
• US rank: #8138

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worthington, IN
• Population (ZIP): 3,116

Population outlook (Greene County) Hauer SSP2

• Today (2025): 30,724 people
• By 2030: 29,506 · -4.0%
• By 2040: 26,744 · -13.0%
• By 2050: 23,879 · -22.3%
• By 2075: 18,341 · -40.3%
• By 2100: 13,976 · -54.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Polish 7% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 82% English-only · German/W. Germanic 12% Spanish 6%

Political lean MEDSL · Greene

• 2024 margin: Solid R (+53.7) · D 22.4% · R 76.1% · Other 1.6%
• 2008→2024 swing: -39.2pp toward R · 2008: -14.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.2 2016: R+53.4 2012: R+31.4 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.51%
• Current HPI: 200.6511
• 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