309 S Green St · Fountain City, IN 47341

$169,999

3 bd · 1.5 ba · 1,488 sqft · SingleFamily public records · 7 Days on market

Built 1940 9,060 sqft lot Est $132k · 28% over

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Why this score? — see what drove the F 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 +8.4/30.0
• Appreciation +5.9/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.6/10.0
• ARV discount +0.0/15.0

Listing remarks

Welcome to 309 S Green St in Fountain City! This home offers 3 bedrooms, with the current owner using the family room as a potential 4th bedroom. Featuring 1.5 bathrooms, a detached 2-car garage, and a large deck overlooking a partially fenced yard—perfect for relaxing or entertaining. A versatile layout with plenty of space to make it your own!

Key facts

• Large deck
• 9,060 sq ft lot
• 2 garage spots

Tags

• DETACHED 2-CAR GARAGE
• LARGE DECK
• PARTIALLY FENCED YARD

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Brick construction
• Exterior features: Metal roof

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating (electric); Window air conditioning units
• Interior features: Wood-burning fireplace; Electric water heater; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-153 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (33.8% below list).
• Recommended offer: $113k (33.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#344 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D+.
• Northeastern Wayne Schools (rural): math 35% / reading 46% proficiency, ranked #132 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeastern Elementary School (math 48% / reading 38%, grade F, #417 of 994 statewide, top 43%, 590 students, 55% FRL); Northeastern Middle School (math 28% / reading 50%, grade F, #128 of 330 statewide, top 40%, 324 students, 48% FRL); Northeastern High School (math 17% / reading 57%, grade F, #247 of 369 statewide, top 70%, 443 students, 45% FRL) — zoned schools average 49% FRL vs 30% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,503 (33.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.66% ✗
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• GRM: 12.6

CMA / ARV

• ARV (on-the-fly): $132,432
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 N Vine St	0.22mi	3/1.0	1,524 (+2%)	10mo	$149,999	$98	76
315 US 27	0.08mi	4/1.5 (+1)	1,680 (+13%)	10mo	$109,000	$65	62
301 S Front St	0.23mi	4/2.0 (+1)	1,680 (+13%)	1mo	$181,000	$108	60
305 Imel St	0.10mi	3/1.0	1,296 (-13%)	15mo	$115,000	$89	59
116 Us Highway 27 N	0.20mi	3/2.0	1,670 (+12%)	21mo	$36,900	$22	50

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

Projected returns pro-forma

1.83% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $397
• Equity at exit: $65,515

10-year hold

• IRR: 4.4%
• Equity multiple: 1.60×
• Total profit: $28,420
• Equity at exit: $93,175

Cash invested: $47,600 (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 47341

• Home prices YoY: 0.9%
• Active inventory: 13
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $1,125 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$80 /mo · $954/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $-153

Break-even live

Break-even rent $1,319

Max offer price $142,962

Occupancy floor —

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-29
   status Pending
2. 2026-04-22
   listed $169,999 Active

ⓘ 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: $954 · $80/mo
• Projected year-2 tax: $1,199 · $100/mo
• Expected delta: +$245/yr (+$20/mo · 25.7%)

ⓘ 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,500
• − Mortgage interest: −$9,523
• − Property taxes: −$954
• − Insurance: −$850
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$4,945
• Taxable loss: −$4,932
• Est. tax savings @ 24.0%: +$1,184
• After-tax cash flow: $-653/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: Northeastern Wayne Schools
• NCES district ID: 1808190
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $51,159
• Composite: 34.98/100
• National rank: #5056
• State rank: #132 of 301 in IN

Livability — Fountain City

• Score: 65/100
• State rank: #344
• US rank: #13177

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fountain City, IN
• Population (ZIP): 2,513

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Polish 2%
• Foreign-born: 1%
• Languages at home: 83% English-only · German/W. Germanic 16%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.83%
• Current HPI: 199.9642
• 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

2 events — show timeline

• 2026-04-29 Pending — RRELMS
• 2026-04-22 Listed $169,999 RRELMS

Property tax history

+7.6%/yr

Latest (2024): $954 · +22.0% YoY. Source: county tax records.