443 W Oil St · Montpelier, IN 47359

$59,000

2 bd · 1.0 ba · 926 sqft · SingleFamily public records · 2 Days on market

Built 1991 0.37 ac lot Est $75k · 21% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Single family, one bedroom, 1 bath home. 1 car detached garage. Property sits on 0.36ac. Near downtown.

Key facts

• Covered porch
• Storage shed
• Walk in closet

Tags

• BREAKFAST BAR
• WALK IN CLOSET
• COVERED PORCH
• COVERED CONCRETE PATIO
• STORAGE SHED

Property features AI

Finance

• Other: Property listed by Neff Sales & Development LLC

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; Single-story
• Construction: Masonite exterior; Shingle roof; Slab foundation; Built as site-built construction
• Exterior features: Covered porch; Patio; Porch; Shed(s); Level lot; Lot dimensions approximately 100 x 160; Zoned R-3 Residential District

Interior

• Kitchen: Refrigerator; Water softener (owned)
• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces)
• Flooring: Concrete flooring; Vinyl flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced-air natural gas heating; Ceiling fan cooling
• Interior features: Ceiling fans; Window treatments; One fireplace
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($883 rent vs $59k).

Location & tenants

• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($408 loan paydown + $4k appreciation (6.7% local appreciation)).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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.
• Current owner paid $15k; list at $59k implies a 293% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $59,000

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
5. 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.
6. 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: 1.50% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.11%
• DSCR: 1.76
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $75,006
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
433 W Henderson St	0.42mi	3/1.0 (+1)	936 (+1%)	1mo	$50,000	$53	73
440 W Green St	0.18mi	2/1.5	958 (+4%)	22mo	$111,900	$117	66
607 S Elm St	0.19mi	2/1.0	864 (-7%)	18mo	$70,000	$81	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 3.10×
• Total profit: $34,638
• Equity at exit: $39,806

10-year hold

• IRR: 28.5%
• Equity multiple: 6.43×
• Total profit: $89,670
• Equity at exit: $74,656

Cash invested: $16,520 (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 47359

• Home prices YoY: 3.0%
• Active inventory: 26
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $883 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $236

Break-even live

Break-even rent $584

Max offer price $59,000

Occupancy floor 68%

Sensitivity live

Price	-10% $269	-5% $252	+0% $236	+5% $219	+10% $202
Rent	-10% $166	-5% $201	+0% $236	+5% $270	+10% $305
Rate	-1.0pp $265	-0.5pp $251	base $236	+0.5pp $220	+1.0pp $205

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-12
   remarks 436-char remark
2. 2026-06-12
   listed $59,000 Pending 2 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: $1,532 · $128/mo
• Projected year-2 tax: $1,532 · $128/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,591
• − Mortgage interest: −$3,305
• − Property taxes: −$1,532
• − Insurance: −$295
• − Repairs & maintenance: −$847
• − Management: −$847
• − Depreciation: −$1,716
• Taxable income: $2,048
• Est. tax owed @ 24.0%: −$492
• After-tax cash flow: $2,335/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Montpelier

• Score: 68/100
• State rank: #230
• US rank: #9968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montpelier, IN
• City population: 3,688
• Population (ZIP): 3,688

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 0% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.72%
• Current HPI: 231.2009
• 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

+249.1% since first listed

6 events — show timeline

• 2026-06-12 Pending — IRMLS
• 2026-06-09 Listed $59,000 IRMLS
• 2017-11-22 Sold (MLS) $15,000 IRMLS
• 2017-11-22 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2017-10-03 Listed $16,900 IRMLS
• 2017-10-03 Listed $16,900 MIBOR as Distributed by MLS Grid

Property tax history

+13.6%/yr

Latest (2025): $1,532 · +11.2% YoY. Source: county tax records.