247 N 8th St · Middletown, IN 47356

$114,900

2 bd · 1.0 ba · 716 sqft · SingleFamily public records · 133 Days on market

Built 1900 8,712 sqft lot $160/sqft · 70% above area Est $149k · 23% 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).

• ARV discount +15.0/15.0
• Cash flow +12.4/30.0
• DSCR +3.7/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location, Location, Location. Middletown, IN sitting on a large lot with lots of potential for a garage or expansion of the home. Perfect starter home or investment property recently rented for $975. Many recent updates to the home. Come and see this home today!

Key facts

• Large lot
• 8,712 sq ft lot
• Built 1900

Tags

• RENOVATED PRIOR TO TENANT
• LARGE LOT
• POTENTIAL FOR A GARAGE
• CLOSE PROXIMITY TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $-19 ($-230/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (22.1% below list).
• Recommended offer: $90k (22.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#235 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $115k implies a 474% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $89,500 (22.1% 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. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 10.7

CMA / ARV

• ARV (median comp): $149,268
• List price: $114,900
• Delta: -23.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1458 Congress St	0.64mi	2/1.0	720 (+1%)	5mo	$127,000	$176	65

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: -17.5%
• Equity multiple: 0.38×
• Total profit: $-19,870
• Equity at exit: $17,132

10-year hold

• IRR: -9.6%
• Equity multiple: 0.41×
• Total profit: $-18,992
• Equity at exit: $9,934

Cash invested: $32,172 (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 47356

• Home prices YoY: -18.9%
• Active inventory: 35
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $895 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$76 /mo · $910/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $-19

Break-even live

Break-even rent $919

Max offer price $111,507

Occupancy floor 97%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 High St Unit 805 Middletown, IN	2.0	1.0	600	$895	$1.49	43d	1	0.09mi

Listing history 29 events

1. 2026-06-19
   days on market $114,900 Active 133 DOM
2. 2026-06-18
   days on market $114,900 Active 132 DOM
3. 2026-06-17
   days on market $114,900 Active 131 DOM
4. 2026-06-16
   days on market $114,900 Active 130 DOM
5. 2026-06-15
   days on market $114,900 Active 129 DOM
6. 2026-06-14
   days on market $114,900 Active 127 DOM
7. 2026-06-12
   days on market $114,900 Active 126 DOM
8. 2026-06-09
   days on market $114,900 Active 123 DOM
9. 2026-06-08
   days on market $114,900 Active 122 DOM
10. 2026-06-07
    days on market $114,900 Active 121 DOM
11. 2026-06-05
    days on market $114,900 Active 118 DOM
12. 2026-06-03
    days on market $114,900 Active 117 DOM
13. 2026-06-02
    days on market $114,900 Active 116 DOM
14. 2026-06-01
    days on market $114,900 Active 115 DOM
15. 2026-05-31
    days on market $114,900 Active 114 DOM
16. 2026-05-30
    days on market $114,900 Active 113 DOM
17. 2026-04-24
    price $114,900 262-char remark

    Show marketing remark (262 chars)

    Location, Location, Location. Middletown, IN sitting on a large lot with lots of potential for a garage or expansion of the home. Perfect starter home or investment property recently rented for $975. Many recent updates to the home. Come and see this home today!

18. 2026-04-08
    price $119,000 262-char remark

    Show marketing remark (262 chars)

    Location, Location, Location. Middletown, IN sitting on a large lot with lots of potential for a garage or expansion of the home. Perfect starter home or investment property recently rented for $975. Many recent updates to the home. Come and see this home today!

19. 2026-04-04
    price $124,900 262-char remark

    Show marketing remark (262 chars)

    Location, Location, Location. Middletown, IN sitting on a large lot with lots of potential for a garage or expansion of the home. Perfect starter home or investment property recently rented for $975. Many recent updates to the home. Come and see this home today!

20. 2026-02-04
    listed $125,000 Active 262-char remark

    Show marketing remark (262 chars)

    Location, Location, Location. Middletown, IN sitting on a large lot with lots of potential for a garage or expansion of the home. Perfect starter home or investment property recently rented for $975. Many recent updates to the home. Come and see this home today!

21. 2025-11-26
    historical
22. 2025-07-07
    price $119,000
23. 2025-06-19
    status Active
24. 2025-06-10
    historical
25. 2025-04-20
    price $124,000
26. 2025-03-07
    price $129,000
27. 2025-01-10
    listed $130,000 Active
28. 2002-06-28
    soldstatus $20,000
29. 2001-11-25
    listed $22,900

ⓘ 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: $910 · $76/mo
• Projected year-2 tax: $943 · $79/mo
• Expected delta: +$33/yr (+$3/mo · 3.7%)

ⓘ 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: $10,740
• − Mortgage interest: −$6,436
• − Property taxes: −$910
• − Insurance: −$574
• − Repairs & maintenance: −$859
• − Management: −$859
• − Depreciation: −$3,343
• Taxable loss: −$2,242
• Est. tax savings @ 24.0%: +$538
• After-tax cash flow: $308/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Middletown

• Score: 67/100
• State rank: #235
• US rank: #10188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, IN
• Population (ZIP): 5,508

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Iranian 2% Slovak 2%
• Foreign-born: 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.87%
• Current HPI: 240.0691
• 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

+401.7% since first listed

13 events — show timeline

• 2026-04-24 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2026-04-04 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2026-02-04 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-11-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-07 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2025-06-19 Relisted — MIBOR as Distributed by MLS Grid
• 2025-06-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-20 Price Changed $124,000 MIBOR as Distributed by MLS Grid
• 2025-03-07 Price Changed $129,000 MIBOR as Distributed by MLS Grid
• 2025-01-10 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2002-06-28 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2001-11-25 Listed $22,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $910 · +16.1% YoY. Source: county tax records.