416 N Indiana St · Delphi, IN 46923

$240,000

4 bd · 1.0 ba · 1,568 sqft · SingleFamily public records · 3 Days on market

Built 1900 7,187 sqft lot Est $254k · 6% under

---

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 +16.7/30.0
• ARV discount +10.0/15.0
• DSCR +5.2/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

Key facts

• Covered front porch
• Spacious kitchen
• Charming coffee bar

Tags

• COVERED FRONT PORCH
• COZY FIREPLACE
• SEPARATE DINING AREA
• SPACIOUS KITCHEN
• CHARMING COFFEE BAR
• GENEROUS PRIMARY SUITE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/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 $198k (17.4% below list).
• Recommended offer: $198k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.6% in Delphi — 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 72/100 on livability (#112 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Delphi Community School Corporation (town): math 36% / reading 41% proficiency, ranked #160 of 301 in IN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Delphi Community Elementary School (math 37% / reading 31%, grade F, #627 of 994 statewide, top 63%, 623 students, 54% FRL); Delphi Community Middle School (math 31% / reading 43%, grade F, #152 of 330 statewide, top 47%, 333 students, 49% FRL); Delphi Community High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 405 students, 46% FRL).
• Market conditions: 46 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

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

Recommended offer $198,172 (17.4% 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. 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?
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: 0.83% ✗
• Cap rate: 7.04%
• Cash-on-cash: 2.67%
• DSCR: 1.12
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $254,016
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 N High St	0.19mi	4/1.5	1,606 (+2%)	5mo	$60,000	$37	81
425 N Union St	0.04mi	3/2.5 (-1)	1,520 (-3%)	13mo	$255,000	$168	71
601 N Union St	0.10mi	4/2.0	1,736 (+11%)	8mo	$183,000	$105	66
416 N Union St	0.07mi	3/2.0 (-1)	1,707 (+9%)	13mo	$105,000	$62	62
105 Packett Ave	0.25mi	3/2.0 (-1)	1,380 (-12%)	8mo	$275,000	$199	53
1017 E Columbia St	0.51mi	3/1.5 (-1)	1,456 (-7%)	7mo	$190,000	$130	51
4508 Wells St	0.57mi	3/1.5 (-1)	1,510 (-4%)	11mo	$105,000	$70	51
911 Samuel Milroy Rd	0.50mi	4/2.0	1,725 (+10%)	11mo	$195,000	$113	47
3278 N 700 W	0.33mi	3/2.0 (-1)	1,420 (-9%)	17mo	$229,900	$162	45
127 E Vine St	0.74mi	3/2.0 (-1)	1,634 (+4%)	9mo	$320,000	$196	42
1121 N Elizabeth St	0.60mi	4/2.0	1,416 (-10%)	20mo	$265,000	$187	35
1165 E Main St	0.60mi	3/2.0 (-1)	1,440 (-8%)	21mo	$285,000	$198	32

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: -12.1%
• Equity multiple: 0.56×
• Total profit: $-29,489
• Equity at exit: $35,785

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-13,904
• Equity at exit: $20,751

Cash invested: $67,200 (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 46923

• Home prices YoY: -10.5%
• Active inventory: 46
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,982 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$58 /mo · $690/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $149

Break-even live

Break-even rent $1,793

Max offer price $240,000

Occupancy floor 87%

Sensitivity live

Price	-10% $285	-5% $217	+0% $149	+5% $82	+10% $14
Rent	-10% $-7	-5% $71	+0% $149	+5% $228	+10% $306
Rate	-1.0pp $270	-0.5pp $211	base $149	+0.5pp $87	+1.0pp $24

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 E North St Delphi, IN	4.0	3.0	2100	$2,250	$1.07	15d	1	0.65mi
921 S Washington St Delphi, IN	4.0	1.0	2244	$1,650	$0.74	45d	1	0.77mi
115 E Vine St Delphi, IN	3.0	2.5	1590	$1,975	$1.24	15d	1	0.80mi

Listing history 8 events

1. 2026-04-26
   status Pending 1043-char remark

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

2. 2026-04-26
   status Active 1043-char remark

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

3. 2026-04-26
   price $240,000 1043-char remark

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

4. 2026-04-25
   status Pending 1043-char remark

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

5. 2026-04-25
   status Pending

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

6. 2026-04-25
   price $240,000

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

7. 2026-04-22
   listed $225,000 Active 1043-char remark

   Show marketing remark (1043 chars)

   Welcome home to this beautifully remodeled 3-bedroom, 3-bath gem that blends comfort, style, and functionality! Step onto the inviting covered front porch—perfect for morning coffee or unwinding in the evening—and into a warm, welcoming living room featuring a cozy fireplace. The thoughtfully designed layout includes a separate dining area and a spacious kitchen with abundant storage, plus a charming coffee bar that adds both convenience and character. The main level boasts a generous primary suite complete with a walk-in closet, double sinks, and a sleek walk-in shower. You’ll also find a huge downstairs laundry room and an additional half bath for guests. Upstairs offers even more space with a versatile loft area, two large bedrooms, and a full bathroom—ideal for family, guests, or a home office setup. Out back, enjoy the brand-new deck, perfect for entertaining or relaxing outdoors. This move-in-ready home has all the updates you’re looking for—don’t miss your chance to make it yours

8. 2026-04-21
   listed $225,000 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: $690 · $58/mo
• Projected year-2 tax: $1,365 · $114/mo
• Expected delta: +$675/yr (+$56/mo · 97.8%)

ⓘ 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 ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,781
• − Mortgage interest: −$13,444
• − Property taxes: −$690
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,902
• − Management: −$1,902
• − Depreciation: −$6,982
• Taxable loss: −$2,340
• Est. tax savings @ 24.0%: +$562
• After-tax cash flow: $2,355/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: Delphi Community School Corporation
• NCES district ID: 1802700
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $47,044
• Composite: 32.95/100
• National rank: #5589
• State rank: #160 of 301 in IN

Livability — Delphi

• Score: 72/100
• State rank: #112
• US rank: #5934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphi, IN
• Population (ZIP): 8,036

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.54%
• Current HPI: 261.2451
• 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

+6.7% since first listed

8 events — show timeline

• 2026-04-26 Pending — IRMLS
• 2026-04-26 Relisted — IRMLS
• 2026-04-26 Price Changed $240,000 IRMLS
• 2026-04-25 Pending — IRMLS
• 2026-04-25 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-25 Price Changed $240,000 MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $225,000 IRMLS
• 2026-04-21 Listed $225,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2024): $690 · +9.2% YoY. Source: county tax records.