1002 S Noble St · Shelbyville, IN 46176

$179,900

3 bd · 2.0 ba · 1,607 sqft · SingleFamily public records · 10 Days on market

Built 1950 7,140 sqft lot Est $233k · 23% under ↓ 4% since listing

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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 +15.1/30.0
• ARV discount +15.0/15.0
• DSCR +4.6/10.0
• 1% rule +3.4/10.0
• 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 MLS

Don't miss out on this spacious ranch home in the heart of town. Surprising space, 3-4 bedroom, 2 full baths, Living Rm, Dining Rm, kit, laundry Rm and bonus area that would make a great in-laws quarters or master suite. Updates by this owner include:roof, siding, insulation, HVAC, windows. Water heater - 3years, recently: upgraded electrical to 200 amp, some new doors, new toilets & drywall in garage. Hardwood floors under most of the carpet like dining room orginal part of the house - not in the South end areas. Corner lot. South end currently a family Room and office area.

Key facts

• Large windows
• Flexible floor plan
• Natural light

Tags

• CORNER LOT
• YARD SPACE
• HARDWOOD FLOORS
• FLEXIBLE FLOOR PLAN
• LARGE WINDOWS
• NATURAL LIGHT

Property features AI

Exterior

• Parking: Attached finished garage (1 car, approximately 240 sq ft); Concrete driveway/parking
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service
• Home design: Single-family residence; One story; Faces west; Residential property
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Front porch; Corner lot; Sidewalks; Street lights; Storm sewer

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Pantry
• Bedrooms: Four bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Hardwood floors; In-law arrangement; Pantry; Painted woodwork; Living room fireplace; Smoke alarm
• Laundry & utility: Main-level laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $59 ($709/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 $151k (16.3% below list).
• Recommended offer: $151k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: William F Loper Elementary School (math 50% / reading 36%, grade F, #417 of 994 statewide, top 43%, 672 students, 57% FRL); 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 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 $5k 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.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,584 (16.3% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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: 0.84% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $233,015
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 Howard St	0.18mi	2/1.0 (-1)	1,410 (-12%)	2mo	$160,000	$113	61
522 Plowman Dr	0.70mi	3/2.5	1,664 (+4%)	2mo	$241,250	$145	57
1003 S Shelby St	0.60mi	2/1.0 (-1)	1,536 (-4%)	0mo	$143,000	$93	55
525 Third St	0.56mi	2/1.5 (-1)	1,732 (+8%)	5mo	$161,000	$93	50
915 Oak Park Dr	0.63mi	3/2.0	1,818 (+13%)	0mo	$282,500	$155	49
913 Delegate Dr	0.65mi	3/2.0	1,400 (-13%)	1mo	$234,900	$168	48
576 Plowman Dr	0.69mi	4/2.5 (+1)	1,716 (+7%)	3mo	$253,500	$148	47
265 W South St	0.60mi	3/1.5	1,811 (+13%)	6mo	$65,000	$36	44
607 4th St	0.62mi	2/1.0 (-1)	1,768 (+10%)	2mo	$195,000	$110	44
1051 Meridian St	0.44mi	2/1.0 (-1)	1,840 (+14%)	4mo	$137,000	$74	43
530 Plowman Dr	0.70mi	4/3.0 (+1)	1,716 (+7%)	6mo	$281,900	$164	42
558 Plowman Dr	0.69mi	4/2.5 (+1)	1,445 (-10%)	5mo	$243,490	$169	40

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: -14.1%
• Equity multiple: 0.50×
• Total profit: $-25,433
• Equity at exit: $26,824

10-year hold

• IRR: -5.3%
• Equity multiple: 0.65×
• Total profit: $-17,488
• Equity at exit: $15,554

Cash invested: $50,372 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,506 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$112 /mo · $1,346/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $59

Break-even live

Break-even rent $1,431

Max offer price $179,900

Occupancy floor 91%

Sensitivity live

Price	-10% $161	-5% $110	+0% $59	+5% $8	+10% $-43
Rent	-10% $-60	-5% $0	+0% $59	+5% $119	+10% $178
Rate	-1.0pp $150	-0.5pp $105	base $59	+0.5pp $12	+1.0pp $-35

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	8d	1	0.61mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	44d	1	0.77mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	11d	1	0.80mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,882	$2.07	2d	7	0.91mi
1008 Balto Dr Shelbyville, IN	3.0	2.5	1942	$1,900	$0.98	2d	1	1.02mi

Listing history 8 events

1. 2026-06-18
   days on market $179,900 Active 10 DOM
2. 2026-06-17
   days on market $179,900 Active 9 DOM
3. 2026-06-16
   days on market $179,900 Active 8 DOM
4. 2026-06-15
   days on market $179,900 Active 7 DOM
5. 2026-06-13
   days on market $179,900 Active 5 DOM
6. 2026-06-13
   days on market $179,900 Active 4 DOM
7. 2026-06-08
   remarks 596-char remark
8. 2026-06-08
   listed $179,900 Active 1 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: $1,346 · $112/mo
• Projected year-2 tax: $1,437 · $120/mo
• Expected delta: +$92/yr (+$8/mo · 6.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $18,070
• − Mortgage interest: −$10,077
• − Property taxes: −$1,346
• − Insurance: −$900
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$5,233
• Taxable loss: −$2,377
• Est. tax savings @ 24.0%: +$570
• After-tax cash flow: $1,280/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

-4.3% since first listed

5 events — show timeline

• 2026-06-05 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2022-01-24 Sold (MLS) $179,500 MIBOR as Distributed by MLS Grid
• 2021-12-13 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-10 Price Changed $178,600 MIBOR as Distributed by MLS Grid
• 2021-11-12 Listed $187,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2025): $1,346 · -8.6% YoY. Source: county tax records.