110 W 28th St · Connersville, IN 47331

$114,000

2 bd · 1.0 ba · 754 sqft · SingleFamily public records · 38 Days on market

Built 1958 Est $112k · at est.

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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 +13.2/30.0
• ARV discount +6.8/15.0
• DSCR +4.0/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks

Quiet and comfortable. This newly updated 2 bedroom house has been renovated to meet your needs. Located within walking distance of Roberts park, this house offers the best of in town accommodations. Featuring 2 bedrooms, 1 bathroom, and an attached garage makes this place easy to maintain. Perfect for downsizing , or purchasing your first home. Agent related to seller.

Key facts

• Garage
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $-3 ($-34/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (23.6% below list).
• Recommended offer: $87k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.9% in Connersville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 172 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $788 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $114k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,109 (23.6% 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. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $112,346
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 W 28th St	0.00mi	2/1.0	754 (0%)	1mo	$119,000	$158	99
506 32nd St	0.43mi	2/1.0	744 (-1%)	2mo	$110,000	$148	76
2601 Virginia Ave	0.22mi	2/1.0	830 (+10%)	2mo	$143,000	$172	71
701 W 32nd St	0.50mi	2/1.0	744 (-1%)	9mo	$111,000	$149	67
3036 Indiana Ave	0.28mi	2/1.0	792 (+5%)	14mo	$100,000	$126	67
602 34th St	0.54mi	2/1.0	750 (-0%)	9mo	$72,000	$96	66
512 34th St	0.53mi	2/1.0	744 (-1%)	9mo	$113,000	$152	66
220 25 St	0.25mi	2/1.0	700 (-7%)	14mo	$122,000	$174	65
612 W 32nd St	0.49mi	2/1.0	750 (-0%)	14mo	$95,000	$127	65
2308 Vermont Ave	0.54mi	2/1.0	780 (+3%)	6mo	$115,000	$147	64
2345 Ohio Ave	0.37mi	3/1.0 (+1)	792 (+5%)	9mo	$129,900	$164	62
3101 Indiana Ave	0.31mi	2/1.0	852 (+13%)	17mo	$120,000	$141	50

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: -16.5%
• Equity multiple: 0.41×
• Total profit: $-18,700
• Equity at exit: $16,998

10-year hold

• IRR: -8.4%
• Equity multiple: 0.48×
• Total profit: $-16,704
• Equity at exit: $9,857

Cash invested: $31,920 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 172
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $871 medium
• Mortgage (P&I): −$598
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $-3

Break-even live

Break-even rent $875

Max offer price $113,499

Occupancy floor 95%

Sensitivity live

Price	-10% $62	-5% $29	+0% $-3	+5% $-35	+10% $-67
Rent	-10% $-72	-5% $-37	+0% $-3	+5% $32	+10% $66
Rate	-1.0pp $55	-0.5pp $26	base $-3	+0.5pp $-32	+1.0pp $-62

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-15
   status Pending
2. 2026-03-08
   listed $114,000 Active
3. 2025-05-20
   soldstatus $58,000
4. 2017-06-20
   soldstatus $31,000
5. 2012-05-01
   soldstatus $45,000

ⓘ 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: $548 · $46/mo
• Projected year-2 tax: $758 · $63/mo
• Expected delta: +$210/yr (+$18/mo · 38.4%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,453
• − Mortgage interest: −$6,386
• − Property taxes: −$548
• − Insurance: −$570
• − Repairs & maintenance: −$836
• − Management: −$836
• − Depreciation: −$3,316
• Taxable loss: −$2,040
• Est. tax savings @ 24.0%: +$489
• After-tax cash flow: $455/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

+153.3% since first listed

5 events — show timeline

• 2026-04-15 Pending — RRELMS
• 2026-03-08 Listed $114,000 RRELMS
• 2025-05-20 Sold (Public Records) $58,000 Public Records
• 2017-06-20 Sold (Public Records) $31,000 Public Records
• 2012-05-01 Sold (Public Records) $45,000 Public Records

Property tax history

+7.1%/yr

Latest (2024): $548 · +21.8% YoY. Source: county tax records.