2 N Pearl St · Knox, IN 46534

$69,000

4 bd · 2.5 ba · 1,928 sqft · SingleFamily public records · 94 Days on market

Built 1900 8,712 sqft lot $36/sqft · 61% below area ↓ 14% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with tons of potential! Situated on a corner lot, this 4-bedroom, 2.5-bath home has lots to offer. Features include a 2-car detached garage, fenced backyard, enclosed porch, and patio-great bones with room to transform. Property requires significant repairs and updates and is being sold as-is. Seller financing available, offering flexible options for the right buyer. Bring your vision and unlock this property's full potential!

Key facts

• Enclosed porch
• Patio
• Fenced backyard

Tags

• CORNER LOT
• FENCED BACKYARD
• ENCLOSED PORCH
• DETACHED GARAGE
• PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $63k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.3% vs local median 3.8% in Knox — 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 58/100 on livability (#583 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D-, amenities F.
• Knox Community School Corporation (town): math 27% / reading 34% proficiency, ranked #242 of 301 in IN (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.77% ✓
• Cap rate: 22.25%
• Cash-on-cash: 57.00%
• DSCR: 3.54
• GRM: 3.0

CMA / ARV

• ARV (median comp): $177,082
• List price: $69,000
• Delta: -61.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 S Bower St	0.24mi	4/2.0	1,881 (-2%)	2mo	$250,000	$133	81
105 S Main St	0.14mi	3/2.0 (-1)	1,894 (-2%)	12mo	$198,000	$105	73
207 S Portland St	0.33mi	4/2.0	1,888 (-2%)	8mo	$215,000	$114	73
301 W John St	0.30mi	3/1.5 (-1)	1,940 (+1%)	16mo	$180,000	$93	62
603 S Main St	0.42mi	3/2.0 (-1)	1,996 (+4%)	10mo	$209,000	$105	60
702 E Lake St	0.37mi	4/1.0	1,776 (-8%)	6mo	$205,000	$115	58
705 E St Louis St	0.54mi	3/2.0 (-1)	1,771 (-8%)	4mo	$295,000	$167	51
903 S Portland St	0.67mi	3/1.5 (-1)	2,112 (+10%)	4mo	$170,000	$80	41
905 S Pearl St	0.61mi	4/1.5	1,665 (-14%)	6mo	$170,000	$102	40
156 W Saint Louis St	0.42mi	3/1.5 (-1)	2,148 (+11%)	19mo	$140,000	$65	37
105 Allen Dr	0.70mi	3/1.5 (-1)	1,748 (-9%)	14mo	$165,000	$94	31

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: 55.5%
• Equity multiple: 3.45×
• Total profit: $47,366
• Equity at exit: $10,288

10-year hold

• IRR: 60.6%
• Equity multiple: 7.05×
• Total profit: $116,915
• Equity at exit: $5,966

Cash invested: $19,320 (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 46534

• Home prices YoY: -19.2%
• Active inventory: 146
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,914 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$204 /mo · $2,450/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $918

Break-even live

Break-even rent $753

Max offer price $69,000

Occupancy floor 47%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-16
   price $69,000 447-char remark

   Show marketing remark (447 chars)

   Investor special with tons of potential! Situated on a corner lot, this 4-bedroom, 2.5-bath home has lots to offer. Features include a 2-car detached garage, fenced backyard, enclosed porch, and patio-great bones with room to transform. Property requires significant repairs and updates and is being sold as-is. Seller financing available, offering flexible options for the right buyer. Bring your vision and unlock this property's full potential!

2. 2026-02-16
   listed $75,000 Active 447-char remark

   Show marketing remark (447 chars)

   Investor special with tons of potential! Situated on a corner lot, this 4-bedroom, 2.5-bath home has lots to offer. Features include a 2-car detached garage, fenced backyard, enclosed porch, and patio-great bones with room to transform. Property requires significant repairs and updates and is being sold as-is. Seller financing available, offering flexible options for the right buyer. Bring your vision and unlock this property's full potential!

3. 2019-09-12
   historical
4. 2019-06-07
   soldstatus $64,900
5. 2019-06-07
   soldstatus $64,900
6. 2019-03-12
   listed $64,900
7. 2019-03-12
   listed $64,900
8. 2018-09-18
   listed $79,900

ⓘ 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: $2,450 · $204/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,973
• − Mortgage interest: −$3,865
• − Property taxes: −$2,450
• − Insurance: −$345
• − Repairs & maintenance: −$1,838
• − Management: −$1,838
• − Depreciation: −$2,007
• Taxable income: $10,630
• Est. tax owed @ 24.0%: −$2,551
• After-tax cash flow: $8,461/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: Knox Community School Corporation
• NCES district ID: 1805340
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $39,955
• Composite: 25.64/100
• National rank: #7401
• State rank: #242 of 301 in IN

Livability — Knox

• Score: 58/100
• State rank: #583
• US rank: #20938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Knox, IN
• City population: 11,029
• Population (ZIP): 11,029

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.15%
• Current HPI: 244.2216
• 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

-13.6% since first listed

8 events — show timeline

• 2026-04-16 Price Changed $69,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-16 Listed $75,000 NIRA MLS as Distributed by MLS Grid
• 2019-09-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2019-06-07 Sold (MLS) $64,900 IRMLS
• 2019-06-07 Sold (MLS) $64,900 NIRA MLS as Distributed by MLS Grid
• 2019-03-12 Listed $64,900 NIRA MLS as Distributed by MLS Grid
• 2019-03-12 Listed $64,900 IRMLS
• 2018-09-18 Listed $79,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.0%/yr

Latest (2024): $2,450 · +9.6% YoY. Source: county tax records.