7465 E State Rd 16 · Twelve Mile, IN 46988

$99,000

3 bd · 1.0 ba · 1,840 sqft · SingleFamily public records · 199 Days on market

Built 1926 0.43 ac lot $54/sqft · 62% below area ↓ 27% 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
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

Key facts

• 0.43 acre lot
• 2 garage spots
• Built 1926

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Caston School Corporation (rural): math 27% / reading 33% proficiency, ranked #238 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($684 loan paydown + $2k appreciation (1.6% local appreciation)).
• Cass County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $36k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.28% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.54%
• DSCR: 1.78
• GRM: 6.5

CMA / ARV

• ARV (median comp): $262,214
• List price: $99,000
• Delta: -62.24%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

1.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 2.11×
• Total profit: $30,804
• Equity at exit: $37,186

10-year hold

• IRR: 23.3%
• Equity multiple: 3.98×
• Total profit: $82,531
• Equity at exit: $52,154

Cash invested: $27,720 (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 46988

• Home prices YoY: 0.8%
• Active inventory: 4
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,269 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$37 /mo · $446/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $405

Break-even live

Break-even rent $756

Max offer price $99,000

Occupancy floor 63%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $99,000 Active 199 DOM
2. 2026-06-18
   days on market $99,000 Active 198 DOM
3. 2026-06-17
   days on market $99,000 Active 197 DOM
4. 2026-06-16
   days on market $99,000 Active 196 DOM
5. 2026-06-15
   days on market $99,000 Active 195 DOM
6. 2026-06-14
   days on market $99,000 Active 193 DOM
7. 2026-06-12
   days on market $99,000 Active 192 DOM
8. 2026-06-09
   days on market $99,000 Active 189 DOM
9. 2026-06-08
   days on market $99,000 Active 188 DOM
10. 2026-06-07
    days on market $99,000 Active 187 DOM
11. 2026-06-07
    days on market $99,000 Active 186 DOM
12. 2026-06-03
    days on market $99,000 Active 183 DOM
13. 2026-06-02
    days on market $99,000 Active 182 DOM
14. 2026-06-01
    days on market $99,000 Active 181 DOM
15. 2026-05-31
    days on market $99,000 Active 180 DOM
16. 2026-05-31
    days on market $99,000 Active 179 DOM
17. 2026-05-05
    price $99,000 269-char remark

    Show marketing remark (269 chars)

    This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

18. 2026-03-03
    status Active 269-char remark

    Show marketing remark (269 chars)

    This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

19. 2026-03-03
    price $130,000 269-char remark

    Show marketing remark (269 chars)

    This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

20. 2026-02-07
    historical Active Under Contract 269-char remark

    Show marketing remark (269 chars)

    This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

21. 2025-12-02
    listed $135,000 Active 269-char remark

    Show marketing remark (269 chars)

    This three-bedroom, one-bathroom home requires some tender loving care. Situated on a spacious country lot, it features a detached three-car garage and a fenced backyard, providing ample space for outdoor activities and privacy. Property is being sold "as is"

ⓘ 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: $446 · $37/mo
• Projected year-2 tax: $644 · $54/mo
• Expected delta: +$198/yr (+$16/mo · 44.3%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,231
• − Mortgage interest: −$5,546
• − Property taxes: −$446
• − Insurance: −$495
• − Repairs & maintenance: −$1,218
• − Management: −$1,218
• − Depreciation: −$2,880
• Taxable income: $3,427
• Est. tax owed @ 24.0%: −$823
• After-tax cash flow: $4,039/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: Caston School Corporation
• NCES district ID: 1801410
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $46,737
• Composite: 25.87/100
• National rank: #7346
• State rank: #238 of 301 in IN

Livability — Twelve Mile

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Twelve Mile, IN
• Population (ZIP): 909

Population outlook (Cass County) Hauer SSP2

• Today (2025): 36,480 people
• By 2030: 35,390 · -3.0%
• By 2040: 33,077 · -9.3%
• By 2050: 30,631 · -16.0%
• By 2075: 25,426 · -30.3%
• By 2100: 20,617 · -43.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 1%
• Common ancestry: Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+46.2) · D 26.2% · R 72.4% · Other 1.4%
• 2008→2024 swing: -37.7pp toward R · 2008: -8.5pp · 2024: -46.2pp
• All cycles: 2024: R+46.2 2020: R+41.1 2016: R+42.0 2012: R+21.7 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.65%
• Current HPI: 214.8304
• 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

-26.7% since first listed

5 events — show timeline

• 2026-05-05 Price Changed $99,000 IRMLS
• 2026-03-03 Relisted — IRMLS
• 2026-03-03 Price Changed $130,000 IRMLS
• 2026-02-07 Contingent — IRMLS
• 2025-12-02 Listed $135,000 IRMLS

Property tax history

+8.3%/yr

Latest (2024): $446 · +18.5% YoY. Source: county tax records.