1110 Master Dr · Decatur, IN 46733

$159,900

3 bd · 1.0 ba · 1,125 sqft · SingleFamily public records · 3 Days on market

Built 1947 6,098 sqft lot Est $142k · 13% over

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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 +22.1/30.0
• DSCR +7.1/10.0
• 1% rule +4.7/10.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Come see this well cared for and loved 3 Bedroom 1 Bath Home. Maintained by the same owner for many years. Was Built in 1947 and a detached 2 Car Garage was added in 1989. The main level features a living room and kitchen with appliances included. 2 Bedrooms on main floor and a Full Bath. Upstairs Loft features a 3rd Bedroom. Could also be a nice Office or Playroom. So many possibilities. Partial Finished Basement has a Family room with a 2nd Kitchen. Very clean and move in ready. You will fall in love with this home; Just like the seller did so many year's ago.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1947

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/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 $155k (3.1% below list).
• Recommended offer: $155k (3.1% below list) — sets the bar for 1% rule.
• Cap rate 8.2% vs local median 3.4% in Decatur — 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 77/100 on livability (#40 in IN, #3,038 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• North Adams Community Schools (town): math 29% / reading 35% proficiency, ranked #220 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellmont Elementary (math 30% / reading 23%, grade F, #755 of 994 statewide, top 76%, 656 students, 60% FRL); Bellmont Middle School (math 21% / reading 36%, grade F, #224 of 330 statewide, top 68%, 313 students, 58% FRL); Bellmont Senior High School (math 42% / reading 57%, grade D, #123 of 369 statewide, top 36%, 641 students, 34% FRL).
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 78 units permitted in Adams County in 2024 (0 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.
• Adams County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,000 (3.1% below list)

Questions for the listing agent

1. Built in 1947 — 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: 0.97% ✗
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $141,750
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
909 Dierkes St	0.34mi	3/1.0	1,040 (-8%)	0mo	$165,000	$159	72
823 Walnut St	0.41mi	3/2.0	1,136 (+1%)	18mo	$195,000	$172	60
1227 Master Dr	0.10mi	2/1.0 (-1)	974 (-13%)	11mo	$81,000	$83	59
818 N 3rd St	0.50mi	3/2.0	1,184 (+5%)	7mo	$186,500	$158	58
314 N 9th St	0.70mi	3/1.0	1,032 (-8%)	5mo	$130,000	$126	49
234 N 7ths St	0.75mi	2/1.0 (-1)	1,044 (-7%)	4mo	$102,000	$98	45
520 Nuttman Ave	0.70mi	3/1.0	1,264 (+12%)	3mo	$143,000	$113	44
1514 Cherry Ln	0.69mi	3/2.0	1,240 (+10%)	4mo	$161,500	$130	44
618 N 3rd St	0.63mi	3/1.5	1,248 (+11%)	22mo	$150,000	$120	32
605 Short St	0.55mi	2/2.0 (-1)	1,256 (+12%)	19mo	$127,000	$101	30

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: -5.7%
• Equity multiple: 0.79×
• Total profit: $-9,527
• Equity at exit: $23,842

10-year hold

• IRR: 3.9%
• Equity multiple: 1.28×
• Total profit: $12,630
• Equity at exit: $13,825

Cash invested: $44,772 (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 46733

• Home prices YoY: -18.9%
• Active inventory: 55
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,550 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $258

Break-even live

Break-even rent $1,223

Max offer price $159,900

Occupancy floor 78%

Sensitivity live

Price	-10% $349	-5% $303	+0% $258	+5% $213	+10% $168
Rent	-10% $136	-5% $197	+0% $258	+5% $319	+10% $381
Rate	-1.0pp $339	-0.5pp $299	base $258	+0.5pp $217	+1.0pp $175

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1514 Cherry Ln Decatur, IN	3.0	2.0	1240	$1,550	$1.25	44d	1	0.68mi

Listing history 2 events

1. 2026-04-25
   status Pending
2. 2026-04-22
   listed $159,900 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: $734 · $61/mo
• Projected year-2 tax: $1,046 · $87/mo
• Expected delta: +$313/yr (+$26/mo · 42.6%)

ⓘ 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 ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,600
• − Mortgage interest: −$8,957
• − Property taxes: −$734
• − Insurance: −$800
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$4,652
• Taxable income: $482
• Est. tax owed @ 24.0%: −$116
• After-tax cash flow: $2,983/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: North Adams Community Schools
• NCES district ID: 1807680
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $45,806
• Composite: 27.44/100
• National rank: #6964
• State rank: #220 of 301 in IN

Livability — Decatur

• Score: 77/100
• State rank: #40
• US rank: #3038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IN
• City population: 19,246
• Population (ZIP): 19,246

Population outlook (Adams County) Hauer SSP2

• Today (2025): 33,772 people
• By 2030: 32,927 · -2.5%
• By 2040: 31,349 · -7.2%
• By 2050: 29,447 · -12.8%
• By 2075: 24,062 · -28.8%
• By 2100: 18,126 · -46.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+52.6) · D 22.8% · R 75.4% · Other 1.8%
• 2008→2024 swing: -26.9pp toward R · 2008: -25.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+52.4 2016: R+52.5 2012: R+39.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.02%
• Current HPI: 215.0238
• 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

2 events — show timeline

• 2026-04-25 Pending — IRMLS
• 2026-04-22 Listed $159,900 IRMLS

Property tax history

+3.4%/yr

Latest (2024): $734 · +17.4% YoY. Source: county tax records.