612 Mclean St · Ligonier, IN 46767

$145,000

3 bd · 1.0 ba · 1,474 sqft · SingleFamily public records · 27 Days on market

Built 1965 6,055 sqft lot $98/sqft · 23% below area Est $189k · 23% under ↓ 3% since listing

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Why this score? — see what drove the C 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 +15.2/30.0
• ARV discount +15.0/15.0
• Appreciation +7.6/10.0
• DSCR +4.7/10.0
• 1% rule +3.2/10.0
• Livability +3.0/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

Key facts

• 6,055 sq ft lot
• Built 1965
• Listed 27 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $52 ($619/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 $118k (18.4% below list).
• Recommended offer: $118k (18.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#543 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, amenities F, commute F.
• West Noble School Corporation (rural): math 30% / reading 30% proficiency, ranked #237 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (5.2% local appreciation)).
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $118,298 (18.4% below list)

Questions for the listing agent

1. Built in 1965 — 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 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?
4. 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.
5. 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.
6. 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: 0.82% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (median comp): $188,845
• List price: $145,000
• Delta: -23.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Grant St	0.07mi	3/1.0	1,618 (+10%)	2mo	$190,000	$117	79
502 Jay St	0.62mi	3/1.0	1,472 (-0%)	1mo	$193,500	$131	70
109 N Martin St	0.52mi	3/1.0	1,512 (+3%)	7mo	$178,000	$118	66
303 Jackson St	0.10mi	3/1.0	1,320 (-10%)	20mo	$260,000	$197	62
201 E Third St	0.26mi	3/1.0	1,257 (-15%)	11mo	$80,000	$64	54
402 Mclean St	0.17mi	4/2.0 (+1)	1,596 (+8%)	19mo	$155,000	$97	54
1016 Bryce Cir	0.66mi	4/2.0 (+1)	1,514 (+3%)	4mo	$302,500	$200	53
1011 Bryce Cir	0.72mi	3/2.0	1,472 (-0%)	14mo	$346,900	$236	51
408 Water St	0.57mi	3/1.0	1,386 (-6%)	18mo	$115,000	$83	48
505 Water St	0.63mi	4/1.0 (+1)	1,388 (-6%)	17mo	$32,990	$24	42
1007 Bryce Cir	0.70mi	3/2.0	1,295 (-12%)	10mo	$333,471	$258	35
605 Zion Hill Rd	0.66mi	4/2.5 (+1)	1,643 (+12%)	18mo	$359,900	$219	24

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

Projected returns pro-forma

5.21% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.94×
• Total profit: $38,358
• Equity at exit: $83,988

10-year hold

• IRR: 15.2%
• Equity multiple: 3.76×
• Total profit: $112,259
• Equity at exit: $146,477

Cash invested: $40,600 (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 46767

• Home prices YoY: 1.8%
• Active inventory: 14
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,183 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$62 /mo · $746/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $52

Break-even live

Break-even rent $1,118

Max offer price $145,000

Occupancy floor 91%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-02
   statusdays on market $145,000 Pending 27 DOM
2. 2026-06-01
   days on market $145,000 Active 26 DOM
3. 2026-05-31
   days on market $145,000 Active 25 DOM
4. 2026-05-31
   days on market $145,000 Active 24 DOM
5. 2026-05-08
   status Active 373-char remark

   Show marketing remark (373 chars)

   Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

6. 2026-02-23
   price $145,000 373-char remark

   Show marketing remark (373 chars)

   Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

7. 2026-01-12
   price $148,000 373-char remark

   Show marketing remark (373 chars)

   Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

8. 2025-12-04
   status Active 373-char remark

   Show marketing remark (373 chars)

   Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

9. 2025-11-26
   historical Active Under Contract 373-char remark

   Show marketing remark (373 chars)

   Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

10. 2025-11-08
    status Pending 373-char remark

    Show marketing remark (373 chars)

    Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

11. 2025-11-05
    listed $149,500 Active 373-char remark

    Show marketing remark (373 chars)

    Spacious 4-Bedroom Home on a Corner Lot! Big-ticket updates have already been taken care of with a newer roof just 2 years old and furnace only 3 years old, helping reduce future maintenance concerns. Why keep renting when you can start building equity in a place of your own? Affordable and full of potential, this home offers plenty of space to grow and make it your own.

ⓘ 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: $746 · $62/mo
• Projected year-2 tax: $989 · $82/mo
• Expected delta: +$243/yr (+$20/mo · 32.6%)

ⓘ 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 · 16 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: $14,196
• − Mortgage interest: −$8,122
• − Property taxes: −$746
• − Insurance: −$725
• − Repairs & maintenance: −$1,136
• − Management: −$1,136
• − Depreciation: −$4,218
• Taxable loss: −$1,887
• Est. tax savings @ 24.0%: +$453
• After-tax cash flow: $1,072/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: West Noble School Corporation
• NCES district ID: 1812900
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 30% ▼ -11.00%
• Median HH income: $46,628
• Composite: 25.89/100
• National rank: #7339
• State rank: #237 of 301 in IN

Livability — Ligonier

• Score: 60/100
• State rank: #543
• US rank: #19465

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ligonier, IN
• Population (ZIP): 8,979

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 35% Two or more races 20%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Italian 8% Lithuanian 2% Polish 2%
• Foreign-born: 13% · Canada, China
• Languages at home: 50% English-only · Spanish 30% German/W. Germanic 19%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.21%
• Current HPI: 296.6917
• 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

-3.0% since first listed

7 events — show timeline

• 2026-05-08 Relisted — IRMLS
• 2026-02-23 Price Changed $145,000 IRMLS
• 2026-01-12 Price Changed $148,000 IRMLS
• 2025-12-04 Relisted — IRMLS
• 2025-11-26 Contingent — IRMLS
• 2025-11-08 Pending — IRMLS
• 2025-11-05 Listed $149,500 IRMLS

Property tax history

-8.1%/yr

Latest (2024): $746 · +52.3% YoY. Source: county tax records.