404 W Sylvandell St St · Sullivan, IN 47882

$45,000

3 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 24 Days on market

Built 1900 3,049 sqft lot

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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 +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 24 days

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Shingle roof
• Exterior features: Patio

Interior

• Kitchen:
• Bedrooms:
• Flooring:
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Partial basement
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 4.6% in Sullivan — 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 70/100 on livability (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sullivan Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 663 students, 50% FRL); Sullivan Middle School (math 39% / reading 45%, grade D-, #102 of 330 statewide, top 32%, 298 students, 49% FRL); Sullivan High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 499 students, 46% FRL).
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,325 (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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.21% ✓
• Cap rate: 17.44%
• Cash-on-cash: 39.81%
• DSCR: 2.77
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $230,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 S Court St	0.27mi	2/1.0 (-1)	1,224 (-2%)	1mo	$139,000	$114	78
321 E Wall St	0.51mi	3/2.0	1,232 (-1%)	1mo	$230,400	$187	69
419 S Bell St St	0.22mi	3/2.0	1,363 (+9%)	3mo	$230,000	$169	68
314 E Washington St	0.55mi	3/2.0	1,232 (-1%)	1mo	$230,499	$187	67
562 S Court St St	0.48mi	2/1.0 (-1)	1,288 (+3%)	5mo	$135,000	$105	64
221 S State St	0.40mi	2/2.0 (-1)	1,197 (-4%)	5mo	$157,500	$132	62
316 E Washington St	0.56mi	3/2.0	1,176 (-6%)	1mo	$219,899	$187	60
323 E Wall St	0.52mi	3/2.0	1,161 (-7%)	1mo	$215,123	$185	59
312 E Washington St	0.55mi	3/2.0	1,161 (-7%)	1mo	$215,500	$186	58
210 N West St	0.32mi	2/2.0 (-1)	1,413 (+13%)	2mo	$89,900	$64	52
320 E Washington St	0.56mi	3/2.0	1,426 (+14%)	1mo	$269,599	$189	45
306 N State St St	0.53mi	2/1.0 (-1)	1,421 (+14%)	3mo	$154,900	$109	45

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: 36.2%
• Equity multiple: 2.54×
• Total profit: $19,380
• Equity at exit: $6,710

10-year hold

• IRR: 42.9%
• Equity multiple: 5.08×
• Total profit: $51,358
• Equity at exit: $3,891

Cash invested: $12,600 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$113 /mo · $1,360/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $418

Break-even live

Break-even rent $466

Max offer price $45,000

Occupancy floor 53%

Sensitivity live

Price	-10% $443	-5% $431	+0% $418	+5% $405	+10% $393
Rent	-10% $339	-5% $379	+0% $418	+5% $457	+10% $497
Rate	-1.0pp $441	-0.5pp $429	base $418	+0.5pp $406	+1.0pp $394

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	15d	1	0.47mi
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	13d	1	0.47mi

Listing history 19 events

1. 2026-06-21
   days on market $45,000 Active 24 DOM
2. 2026-06-18
   days on market $45,000 Active 22 DOM
3. 2026-06-17
   days on market $45,000 Active 21 DOM
4. 2026-06-16
   days on market $45,000 Active 20 DOM
5. 2026-06-16
   price $45,000 Active 19 DOM
6. 2026-06-15
   days on market $55,000 Active 19 DOM
7. 2026-06-13
   days on market $55,000 Active 17 DOM
8. 2026-06-12
   days on market $55,000 Active 16 DOM
9. 2026-06-09
   days on market $55,000 Active 13 DOM
10. 2026-06-08
    days on market $55,000 Active 12 DOM
11. 2026-06-07
    days on market $55,000 Active 11 DOM
12. 2026-06-07
    days on market $55,000 Active 10 DOM
13. 2026-06-04
    days on market $55,000 Active 7 DOM
14. 2026-06-02
    days on market $55,000 Active 6 DOM
15. 2026-06-01
    days on market $55,000 Active 5 DOM
16. 2026-05-31
    days on market $55,000 Active 4 DOM
17. 2026-05-31
    days on market $55,000 Active 3 DOM
18. 2026-05-06
    status Pending
19. 2026-05-05
    listed $55,000 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: $1,360 · $113/mo
• Projected year-2 tax: $1,360 · $113/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $11,940
• − Mortgage interest: −$2,521
• − Property taxes: −$1,360
• − Insurance: −$225
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$1,309
• Taxable income: $4,615
• Est. tax owed @ 24.0%: −$1,108
• After-tax cash flow: $3,908/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IN
• City population: 8,494
• Population (ZIP): 8,494

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.79%
• Current HPI: 190.5334
• 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

• 2026-05-06 Pending — THAAR
• 2026-05-05 Listed $55,000 THAAR

Property tax history

+0.1%/yr

Latest (2024): $1,360 · +31.4% YoY. Source: county tax records.