323 Madison St · Plymouth, IN 46563

$184,900

3 bd · 2.0 ba · 1,916 sqft · SingleFamily public records · 24 Days on market

Built 1900 8,276 sqft lot Est $190k · at est.

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Why this score? — see what drove the C- 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 +21.9/30.0
• ARV discount +8.6/15.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming property in the heart of Plymouth with views of the courthouse clock tower from inside the home. Zoned C2, offering flexibility for residential or potential business use. This character-filled 3 bed 2 full bath home features 9+ foot ceilings, fresh paint, new carpet, and original woodwork throughout. Dining room and bonus room showcase hardwood flooring and beautiful original French doors, with a main floor bedroom also featuring solid wood French doors. Full bathrooms on both the main and upper levels. Recent updates include a new roof, water heater, and dishwasher (2024). Basement, boiler heat, two covered side porches, small covered back porch, and shed. Sold as-is. Cash or conv

Key facts

• Hardwood flooring
• Boiler heat
• Water heater

Tags

• HARDWOOD FLOORING
• ORIGINAL FRENCH DOORS
• NEW ROOF
• WATER HEATER
• DISHWASHER
• BOILER HEAT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.5% in Plymouth — 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 71/100 on livability (#142 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Plymouth Community School Corporation (town): math 33% / reading 41% proficiency, ranked #173 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Webster Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 338 students, 61% FRL); Lincoln Junior High School (math 30% / reading 46%, grade F, #136 of 330 statewide, top 44%, 510 students, 56% FRL); Plymouth High School (math 37% / reading 60%, grade D, #139 of 369 statewide, top 38%, 1,078 students, 51% FRL).
• Market conditions: 82 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,126 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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: 1.02% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $189,684
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
139 E Harrison St	0.37mi	3/1.5	1,872 (-2%)	1mo	$205,000	$110	76
519 N Walnut St	0.04mi	4/2.0 (+1)	2,080 (+9%)	6mo	$189,900	$91	74
1000 Lake Ave	0.52mi	3/2.0	1,852 (-3%)	9mo	$165,000	$89	62
307 Baker St	0.52mi	3/2.0	1,756 (-8%)	2mo	$222,500	$127	60
622 Rex St	0.60mi	3/1.0	1,872 (-2%)	6mo	$188,000	$100	59
121 Franklin St	0.51mi	3/1.0	2,012 (+5%)	7mo	$155,000	$77	58
221 N Liberty St	0.54mi	4/2.0 (+1)	1,824 (-5%)	6mo	$180,000	$99	57
310 Roy St	0.69mi	3/1.0	1,958 (+2%)	10mo	$165,000	$84	52
923 W Laporte St	0.48mi	4/1.0 (+1)	1,716 (-10%)	1mo	$221,000	$129	51
1222 N Center St	0.46mi	4/1.0 (+1)	1,648 (-14%)	1mo	$183,000	$111	45
623 Ferndale St	0.70mi	2/1.0 (-1)	1,830 (-4%)	8mo	$180,000	$98	45
612 Pearl St	0.71mi	3/1.5	2,150 (+12%)	5mo	$180,000	$84	40

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-11,344
• Equity at exit: $27,569

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $14,035
• Equity at exit: $15,987

Cash invested: $51,772 (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 46563

• Home prices YoY: -27.7%
• Active inventory: 82
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,885 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$150 /mo · $1,795/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $293

Break-even live

Break-even rent $1,514

Max offer price $184,900

Occupancy floor 79%

Sensitivity live

Price	-10% $397	-5% $345	+0% $293	+5% $240	+10% $188
Rent	-10% $144	-5% $218	+0% $293	+5% $367	+10% $442
Rate	-1.0pp $386	-0.5pp $340	base $293	+0.5pp $245	+1.0pp $196

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Baker St Plymouth, IN	4.0	3.0	1640	$2,195	$1.34	44d	1	1.11mi
2234 Bitter Root Dr Plymouth, IN	1.0–3.0	1.0–2.5	1249	$2,195	$1.76	14d	2	1.20mi

Listing history 7 events

1. 2026-04-16
   status Pending
2. 2026-04-06
   price $184,900
3. 2026-03-23
   listed $199,900 Active
4. 2023-12-04
   price $154,900
5. 2023-10-13
   listed $164,900 Active
6. 2006-11-28
   historical
7. 2006-08-15
   listed $69,900

ⓘ 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: $1,795 · $150/mo
• Projected year-2 tax: $1,795 · $150/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 ≥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: $22,616
• − Mortgage interest: −$10,357
• − Property taxes: −$1,795
• − Insurance: −$924
• − Repairs & maintenance: −$1,809
• − Management: −$1,809
• − Depreciation: −$5,379
• Taxable income: $542
• Est. tax owed @ 24.0%: −$130
• After-tax cash flow: $3,382/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: Plymouth Community School Corporation
• NCES district ID: 1809060
• Math proficiency: 33% ▼ -10.00%
• Reading proficiency: 41% ▼ -11.00%
• Median HH income: $45,852
• Composite: 31.58/100
• National rank: #5949
• State rank: #173 of 301 in IN

Livability — Plymouth

• Score: 71/100
• State rank: #142
• US rank: #7282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, IN
• County: Marshall County · 23,615 people
• City population: 23,615
• Metro: Plymouth, IN
• Population (ZIP): 23,615
• Household income: $73,293
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 243.0

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 16% Two or more races 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 12% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.52%
• Current HPI: 247.1045
• Rent YoY: —
• Metro: Plymouth, 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

+164.5% since first listed

7 events — show timeline

• 2026-04-16 Pending — IRMLS
• 2026-04-06 Price Changed $184,900 IRMLS
• 2026-03-23 Listed $199,900 IRMLS
• 2023-12-04 Price Changed $154,900 IRMLS
• 2023-10-13 Listed $164,900 IRMLS
• 2006-11-28 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2006-08-15 Listed $69,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-0.1%/yr

Latest (2025): $1,795 · +2.6% YoY. Source: county tax records.