328-330 W Mechanic St · Shelbyville, IN 46176

$79,000

3 bd · 2.5 ba · 2,376 sqft · MultiFamily public records · 69 Days on market

Built 1910 6,000 sqft lot $33/sqft · 14% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

A distinctive opportunity awaits that presents a truly great option for investors and all handy homeowners. This expansive duplex sits on a generous lot and represents a remarkable opportunity to invest in a versatile dwelling with enduring character and significant potential for creating a personalized and rewarding living experience.

Key facts

• 6,000 sq ft lot
• Built 1910
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $79k.

Deal economics

• At list price, monthly cash flow is $906 ($11k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.0% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 238 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent runs 37% of the median local income ($65k/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 $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $41k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.57% ✓
• Cap rate: 20.05%
• Cash-on-cash: 49.12%
• DSCR: 3.19
• GRM: 3.2

CMA / ARV

• ARV (median comp): $159,571
• List price: $79,000
• Delta: -50.49%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 W Franklin St	0.10mi	4/2.0 (+1)	2,411 (+2%)	16mo	$163,900	$68	72
319 S Tompkins St	0.43mi	2/2.0 (-1)	2,464 (+4%)	3mo	$160,000	$65	64
225 W Pennsylvania St	0.10mi	3/3.0	2,024 (-15%)	22mo	$173,250	$86	50

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: 46.8%
• Equity multiple: 3.03×
• Total profit: $44,998
• Equity at exit: $11,779

10-year hold

• IRR: 52.6%
• Equity multiple: 6.15×
• Total profit: $113,959
• Equity at exit: $6,830

Cash invested: $22,120 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,033 high
• Mortgage (P&I): −$414
• Tax from tax record: −$253 /mo · $3,040/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $906

Break-even live

Break-even rent $887

Max offer price $79,000

Occupancy floor 50%

Sensitivity live

Price	-10% $950	-5% $928	+0% $906	+5% $883	+10% $861
Rent	-10% $745	-5% $825	+0% $906	+5% $986	+10% $1,066
Rate	-1.0pp $945	-0.5pp $926	base $906	+0.5pp $885	+1.0pp $864

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,034
Total (2 units)			$2,033

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   status $79,000 Pending 69 DOM
2. 2026-06-18
   days on market $79,000 Active 69 DOM
3. 2026-06-17
   days on market $79,000 Active 68 DOM
4. 2026-06-16
   days on market $79,000 Active 67 DOM
5. 2026-06-15
   days on market $79,000 Active 66 DOM
6. 2026-06-13
   days on market $79,000 Active 64 DOM
7. 2026-06-13
   days on market $79,000 Active 63 DOM
8. 2026-06-09
   days on market $79,000 Active 60 DOM
9. 2026-06-08
   days on market $79,000 Active 59 DOM
10. 2026-06-07
    days on market $79,000 Active 58 DOM
11. 2026-06-03
    pricedays on market $79,000 Active 54 DOM
12. 2026-06-02
    days on market $99,900 Active 53 DOM
13. 2026-06-01
    days on market $99,900 Active 52 DOM
14. 2026-05-31
    days on market $99,900 Active 51 DOM
15. 2026-05-05
    price $99,900 337-char remark

    Show marketing remark (337 chars)

    A distinctive opportunity awaits that presents a truly great option for investors and all handy homeowners. This expansive duplex sits on a generous lot and represents a remarkable opportunity to invest in a versatile dwelling with enduring character and significant potential for creating a personalized and rewarding living experience.

16. 2026-04-10
    listed $120,000 Active 337-char remark

    Show marketing remark (337 chars)

    A distinctive opportunity awaits that presents a truly great option for investors and all handy homeowners. This expansive duplex sits on a generous lot and represents a remarkable opportunity to invest in a versatile dwelling with enduring character and significant potential for creating a personalized and rewarding living experience.

17. 2015-10-30
    historical
18. 2015-09-04
    listed $66,900 Active
19. 2004-04-16
    historical
20. 2003-04-25
    listed $84,900

ⓘ 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: $3,040 · $253/mo
• Projected year-2 tax: $3,040 · $253/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,396
• − Mortgage interest: −$4,425
• − Property taxes: −$3,040
• − Insurance: −$395
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$2,298
• Taxable income: $10,334
• Est. tax owed @ 24.0%: −$2,480
• After-tax cash flow: $8,386/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, 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

+17.7% since first listed

6 events — show timeline

• 2026-05-05 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2026-04-10 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2015-10-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-09-04 Listed $66,900 MIBOR as Distributed by MLS Grid
• 2004-04-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-04-25 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2025): $3,040 · -15.1% YoY. Source: county tax records.