4810 N Old Milan Rd · Milan, IN 47031

$150,000

4 bd · 2.0 ba · 3,629 sqft · SingleFamily public records · 790 Days on market

Built 1870 2.16 ac lot $41/sqft · 47% below area Est $283k · 47% under

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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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

Key facts

• Large outbuildings
• Inground pool
• 2.16 acre lot

Tags

• LARGE OUTBUILDINGS
• INGROUND POOL

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/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 $143k (4.7% below list).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#199 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, amenities F.
• Milan Community Schools (rural): math 29% / reading 36% proficiency, ranked #210 of 301 in IN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 110 units permitted in Ripley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ripley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 790 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $249k (62%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 790 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• GRM: 8.7

CMA / ARV

• ARV (median comp): $283,414
• List price: $150,000
• Delta: -47.07%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.3%
• Equity multiple: 0.56×
• Total profit: $-18,676
• Equity at exit: $22,365

10-year hold

• IRR: -3.2%
• Equity multiple: 0.79×
• Total profit: $-8,945
• Equity at exit: $12,969

Cash invested: $42,000 (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 47031

• Home prices YoY: -17.1%
• Active inventory: 28
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$192 /mo · $2,303/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $88

Break-even live

Break-even rent $1,318

Max offer price $150,000

Occupancy floor 89%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $150,000 Active 790 DOM
2. 2026-06-17
   days on market $150,000 Active 789 DOM
3. 2026-06-16
   days on market $150,000 Active 788 DOM
4. 2026-06-15
   days on market $150,000 Active 787 DOM
5. 2026-06-13
   days on market $150,000 Active 785 DOM
6. 2026-06-12
   days on market $150,000 Active 784 DOM
7. 2026-06-09
   days on market $150,000 Active 781 DOM
8. 2026-06-08
   days on market $150,000 Active 780 DOM
9. 2026-06-07
   days on market $150,000 Active 779 DOM
10. 2026-06-05
    days on market $150,000 Active 777 DOM
11. 2026-06-04
    days on market $150,000 Active 775 DOM
12. 2026-06-02
    days on market $150,000 Active 774 DOM
13. 2026-06-01
    days on market $150,000 Active 773 DOM
14. 2026-05-31
    days on market $150,000 Active 772 DOM
15. 2026-05-31
    days on market $150,000 Active 771 DOM
16. 2026-03-14
    price $150,000 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

17. 2026-01-07
    price $225,000 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

18. 2025-11-06
    status Active 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

19. 2024-09-05
    price $245,000 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

20. 2024-06-24
    price $285,000 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

21. 2024-04-19
    listed $399,000 Active 215-char remark

    Show marketing remark (215 chars)

    Large Four Bedroom 2 Bath home on 2.2 acres with Inground Pool and Several Large outbuildings one steel truss building 45'x45' with 16' eave height. Another 56'x27' with Concrete Floor. Lots of area to work or play.

ⓘ 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: $2,303 · $192/mo
• Projected year-2 tax: $2,303 · $192/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 18 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: $17,151
• − Mortgage interest: −$8,402
• − Property taxes: −$2,303
• − Insurance: −$750
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$4,364
• Taxable loss: −$1,413
• Est. tax savings @ 24.0%: +$339
• After-tax cash flow: $1,395/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: Milan Community Schools
• NCES district ID: 1806630
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 36% ▼ -5.00%
• Median HH income: $48,567
• Composite: 28.11/100
• National rank: #6825
• State rank: #210 of 301 in IN

Livability — Milan

• Score: 69/100
• State rank: #199
• US rank: #8900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,179

Population outlook (Ripley County) Hauer SSP2

• Today (2025): 28,713 people
• By 2030: 28,400 · -1.1%
• By 2040: 27,288 · -5.0%
• By 2050: 25,691 · -10.5%
• By 2075: 22,222 · -22.6%
• By 2100: 17,965 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Italian 7% Romanian 3% Lithuanian 1%
• Foreign-born: 0%

Political lean MEDSL · Ripley

• 2024 margin: Solid R (+61.5) · D 18.6% · R 80.1% · Other 1.2%
• 2008→2024 swing: -31.9pp toward R · 2008: -29.6pp · 2024: -61.5pp
• All cycles: 2024: R+61.5 2020: R+59.5 2016: R+57.4 2012: R+38.6 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.94%
• Current HPI: 218.6516
• 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

-62.4% since first listed

6 events — show timeline

• 2026-03-14 Price Changed $150,000 SEIBR
• 2026-01-07 Price Changed $225,000 SEIBR
• 2025-11-06 Relisted — SEIBR
• 2024-09-05 Price Changed $245,000 SEIBR
• 2024-06-24 Price Changed $285,000 SEIBR
• 2024-04-19 Listed $399,000 SEIBR

Property tax history

+2.6%/yr

Latest (2024): $2,303 · +7.4% YoY. Source: county tax records.