1823 Sharon St · Warsaw, IN 46580

$178,000

4 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 4 Days on market

Built 1970 0.28 ac lot Est $194k · 8% under

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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 +15.2/30.0
• ARV discount +11.3/15.0
• DSCR +4.7/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come check out this 4 bedroom, 1 bath home with a fenced in yard and move in ready! 1200 finished square feet with main floor laundry. Relax on your front porch or on the new back deck added just last year. Kitchen appliances included

Key facts

• New metal roof
• Large fenced yard
• Front porch

Tags

• LARGE FENCED YARD
• FRONT PORCH
• BACK DECK
• FIRE PIT
• NEW METAL ROOF
• TANKLESS WATER HEATER

Property features AI

Exterior

• Parking: Asphalt parking
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding and brick exterior; Metal roof; Slab foundation; Built as site-built home
• Exterior features: Chain link fencing; Level lot; Shed(s)

Interior

• Kitchen: Dishwasher; Refrigerator; Gas range; Exhaust fan
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air; Ceiling fan(s); Natural gas forced-air heating
• Interior features: Ceiling fan(s); Window treatments; One fireplace
• Laundry & utility: Washer hookup (main level); Electric dryer hookup (main level); Tankless water heater; Water heater; Water softener (rented)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $178k.

Deal economics

• At list price, monthly cash flow is $63 ($758/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 $146k (18.1% below list).
• Recommended offer: $146k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.1% in Warsaw — 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 (#42 in IN, #3,114 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, crime D+, amenities F.
• Warsaw Community Schools (town): math 45% / reading 49% proficiency, ranked #78 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary School (math 52% / reading 44%, grade D, #314 of 994 statewide, top 32%, 477 students, 48% FRL); Edgewood Middle School (math 41% / reading 51%, grade D+, #76 of 330 statewide, top 23%, 537 students, 45% FRL); Warsaw Community High School (math 37% / reading 68%, grade C-, #102 of 369 statewide, top 28%, 2,104 students, 43% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 261 units permitted in Kosciusko County in 2024 (10 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.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $109k; list at $178k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $145,830 (18.1% below list)

Questions for the listing agent

1. Built in 1970 — 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. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $194,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1832 Nye St	0.09mi	4/1.0	1,200 (0%)	4mo	$171,000	$143	93
1506 Maye St	0.14mi	3/1.5 (-1)	1,200 (0%)	7mo	$170,000	$142	81
1307 Greenhill Dr	0.17mi	3/2.0 (-1)	1,244 (+4%)	1mo	$202,000	$162	76
1502 Maye St	0.16mi	3/1.5 (-1)	1,200 (0%)	13mo	$150,000	$125	75
1917 Rosemont Ave	0.36mi	3/1.0 (-1)	1,228 (+2%)	1mo	$99,900	$81	74
1918 Robin Dr	0.34mi	3/1.0 (-1)	1,174 (-2%)	15mo	$165,000	$141	63
1827 Nye St	0.07mi	3/1.0 (-1)	1,040 (-13%)	10mo	$189,000	$182	61
1906 Robin Dr	0.35mi	3/1.0 (-1)	1,062 (-12%)	3mo	$187,000	$176	57
1402 Flamingo Dr	0.34mi	3/1.5 (-1)	1,288 (+7%)	14mo	$196,900	$153	53
1804 Robin Dr	0.39mi	3/1.0 (-1)	1,077 (-10%)	9mo	$181,000	$168	52
1813 Crescent Dr	0.28mi	3/2.0 (-1)	1,025 (-15%)	12mo	$199,900	$195	44
1325 Copeland St	0.41mi	3/1.5 (-1)	1,050 (-12%)	14mo	$192,500	$183	41

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-24,888
• Equity at exit: $26,540

10-year hold

• IRR: -5.2%
• Equity multiple: 0.66×
• Total profit: $-16,757
• Equity at exit: $15,390

Cash invested: $49,840 (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 46580

• Home prices YoY: -19.2%
• Active inventory: 105
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,458 medium
• Mortgage (P&I): −$933
• Tax from tax record: −$81 /mo · $976/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $63

Break-even live

Break-even rent $1,378

Max offer price $178,000

Occupancy floor 91%

Sensitivity live

Price	-10% $164	-5% $114	+0% $63	+5% $13	+10% $-38
Rent	-10% $-52	-5% $6	+0% $63	+5% $121	+10% $178
Rate	-1.0pp $153	-0.5pp $108	base $63	+0.5pp $17	+1.0pp $-30

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: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $178,000 Active 4 DOM
2. 2026-06-19
   days on market $178,000 Active 2 DOM
3. 2026-06-17
   remarks 318-char remark
4. 2026-06-17
   listed $178,000 Active 1 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: $976 · $81/mo
• Projected year-2 tax: $1,244 · $104/mo
• Expected delta: +$269/yr (+$22/mo · 27.5%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,500
• − Mortgage interest: −$9,971
• − Property taxes: −$976
• − Insurance: −$890
• − Repairs & maintenance: −$1,400
• − Management: −$1,400
• − Depreciation: −$5,178
• Taxable loss: −$2,315
• Est. tax savings @ 24.0%: +$556
• After-tax cash flow: $1,313/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: Warsaw Community Schools
• NCES district ID: 1812420
• Math proficiency: 45% ▼ -4.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $52,461
• Composite: 40.53/100
• National rank: #3705
• State rank: #78 of 301 in IN

Livability — Warsaw

• Score: 77/100
• State rank: #42
• US rank: #3114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kosciusko County · 36,398 people
• City population: 36,398
• Metro: Warsaw, IN
• Population (ZIP): 21,794
• Household income: $71,687
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 374.0

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Iranian 1% Portuguese 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.41%
• Current HPI: 283.1513
• Rent YoY: —
• Metro: Warsaw, IN
• 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

+223.6% since first listed

4 events — show timeline

• 2026-06-17 Listed $178,000 IRMLS
• 2019-07-09 Sold (MLS) $109,000 IRMLS
• 2019-05-20 Listed $115,000 IRMLS
• 2010-03-25 Sold (Public Records) $55,000 Public Records

Property tax history

+16.2%/yr

Latest (2024): $976 · +22.6% YoY. Source: county tax records.