120 W Warren St · Mitchell, IN 47446

$94,000

2 bd · 1.0 ba · 848 sqft · SingleFamily public records · 26 Days on market

Built 1924 6,600 sqft lot $111/sqft · 19% below area Est $117k · 19% under

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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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +5.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to a charming single-family residence, offering two bedrooms and one bath. This move-in ready home exudes a timeless appeal, ready to embrace its next chapter. This outdoor living space is enhanced by a covered patio, offering shade and comfort, alongside a welcoming porch, ideal for greeting guests or enjoying a quiet moment. Sellers are considering all offers!

Key facts

• Covered patio
• Outdoor living space
• Welcoming porch

Tags

• OUTDOOR LIVING SPACE
• COVERED PATIO
• WELCOMING PORCH

Property features AI

Finance

• Other: Property updated/remodeled; Lot size approximately 0.15 acres (< 1/4 acre)

Exterior

• Utilities: Public water; Municipal sewer; Natural gas connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch/patio; Lot includes sidewalks, street lights, city lot access

Interior

• Kitchen: Kitchen on main level (approx. 15x11); No appliances included
• Bedrooms: 2 bedrooms on the main level (approx. 12x9 and 12x12)
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Painted wood trim and millwork; Living room designated as formal living space; Smoke alarm
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.6% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mitchell High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 436 students, 51% FRL).
• Zoned-school proficiency averages 50% at this address vs 32% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Mitchell Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 61 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($650 loan paydown + $579 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago 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.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,590 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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. 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: 1.36% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 6.1

CMA / ARV

• ARV (median comp): $116,618
• List price: $94,000
• Delta: -19.40%
• 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
512 W Mississippi Ave	0.32mi	2/1.0	852 (+0%)	2mo	$122,000	$143	83
201 W Main St	0.05mi	1/1.0 (-1)	884 (+4%)	8mo	$125,000	$141	79
507 W Oak St	0.34mi	2/1.0	912 (+8%)	6mo	$121,000	$133	66
604 Crawford St	0.68mi	2/1.0	856 (+1%)	1mo	$164,900	$193	66
1134 N Marion St	0.62mi	2/1.0	863 (+2%)	2mo	$147,000	$170	66
1330 W Crandall St	0.74mi	2/1.0	840 (-1%)	4mo	$135,000	$161	61
844 W Frank St	0.61mi	2/1.0	908 (+7%)	0mo	$150,000	$165	60
421 W Warren St	0.22mi	2/1.0	956 (+13%)	13mo	$140,000	$146	58
609 W Grissom Ave	0.43mi	2/1.5	902 (+6%)	15mo	$24,000	$27	55
206 Grissom Ave	0.35mi	2/1.0	728 (-14%)	6mo	$110,000	$151	55
402 W Hancock Ave	0.33mi	2/1.0	960 (+13%)	12mo	$83,000	$86	53
455 S 9th St	0.70mi	2/1.0	900 (+6%)	11mo	$167,500	$186	48

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

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.77×
• Total profit: $20,189
• Equity at exit: $30,224

10-year hold

• IRR: 19.2%
• Equity multiple: 3.25×
• Total profit: $59,232
• Equity at exit: $38,760

Cash invested: $26,320 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 61
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$493
• Tax from tax record: −$164 /mo · $1,968/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $316

Break-even live

Break-even rent $881

Max offer price $94,000

Occupancy floor 70%

Sensitivity live

Price	-10% $369	-5% $343	+0% $316	+5% $290	+10% $263
Rent	-10% $215	-5% $266	+0% $316	+5% $367	+10% $417
Rate	-1.0pp $364	-0.5pp $340	base $316	+0.5pp $292	+1.0pp $267

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   statusdays on market $94,000 Active 26 DOM
2. 2026-06-05
   status $94,000 Pending 25 DOM
3. 2026-06-03
   days on market $94,000 Active 25 DOM

   Show marketing remark (372 chars)

   Welcome to a charming single-family residence, offering two bedrooms and one bath. This move-in ready home exudes a timeless appeal, ready to embrace its next chapter. This outdoor living space is enhanced by a covered patio, offering shade and comfort, alongside a welcoming porch, ideal for greeting guests or enjoying a quiet moment. Sellers are considering all offers!

4. 2026-06-02
   days on market $94,000 Active 24 DOM
5. 2026-06-01
   days on market $94,000 Active 23 DOM
6. 2026-05-31
   days on market $94,000 Active 22 DOM
7. 2026-05-30
   days on market $94,000 Active 21 DOM
8. 2026-05-09
   price $94,000 372-char remark

   Show marketing remark (372 chars)

   Welcome to a charming single-family residence, offering two bedrooms and one bath. This move-in ready home exudes a timeless appeal, ready to embrace its next chapter. This outdoor living space is enhanced by a covered patio, offering shade and comfort, alongside a welcoming porch, ideal for greeting guests or enjoying a quiet moment. Sellers are considering all offers!

9. 2026-05-09
   listed $94,000 Active 372-char remark

   Show marketing remark (372 chars)

   Welcome to a charming single-family residence, offering two bedrooms and one bath. This move-in ready home exudes a timeless appeal, ready to embrace its next chapter. This outdoor living space is enhanced by a covered patio, offering shade and comfort, alongside a welcoming porch, ideal for greeting guests or enjoying a quiet moment. Sellers are considering all offers!

10. 2026-05-08
    historical
11. 2026-04-01
    listed $1,000 Active 372-char remark

    Show marketing remark (372 chars)

    Welcome to a charming single-family residence, offering two bedrooms and one bath. This move-in ready home exudes a timeless appeal, ready to embrace its next chapter. This outdoor living space is enhanced by a covered patio, offering shade and comfort, alongside a welcoming porch, ideal for greeting guests or enjoying a quiet moment. Sellers are considering all offers!

12. 2026-01-16
    price $1,000
13. 2026-01-15
    price $1
14. 2026-01-06
    status Active
15. 2025-12-26
    price $105,000
16. 2025-12-23
    price $105,000
17. 2025-09-14
    price $115,000
18. 2025-09-13
    price $115,000
19. 2025-06-27
    listed $125,000 Active
20. 2025-06-23
    listed $125,000 Active
21. 2023-08-07
    status Pending
22. 2023-08-07
    soldstatus $114,900 Closed
23. 2023-08-07
    soldstatus $114,900
24. 2023-06-26
    historical Active Under Contract
25. 2023-06-23
    listed $114,900 Active
26. 2023-01-27
    soldstatus $33,500 Closed
27. 2022-12-23
    historical Active Under Contract
28. 2022-10-19
    price $37,000
29. 2022-08-22
    listed $42,000 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: $1,968 · $164/mo
• Projected year-2 tax: $1,968 · $164/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 20 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: $15,376
• − Mortgage interest: −$5,265
• − Property taxes: −$1,968
• − Insurance: −$470
• − Repairs & maintenance: −$1,230
• − Management: −$1,230
• − Depreciation: −$2,735
• Taxable income: $2,478
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $3,199/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

+123.8% since first listed

24 events — show timeline

• 2026-06-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-03 Pending — IRMLS
• 2026-05-09 Price Changed $94,000 IRMLS
• 2026-05-09 Listed $94,000 MIBOR as Distributed by MLS Grid
• 2026-05-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $1,000 IRMLS
• 2026-01-16 Price Changed $1,000 IRMLS
• 2026-01-15 Price Changed $1 MIBOR as Distributed by MLS Grid
• 2026-01-06 Relisted — IRMLS
• 2025-12-26 Price Changed $105,000 IRMLS
• 2025-12-23 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2025-09-14 Price Changed $115,000 IRMLS
• 2025-09-13 Price Changed $115,000 MIBOR as Distributed by MLS Grid
• 2025-06-27 Listed $125,000 IRMLS
• 2025-06-23 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2023-08-07 Pending — IRMLS
• 2023-08-07 Sold (Public Records) $114,900 Public Records
• 2023-08-07 Sold (MLS) $114,900 IRMLS
• 2023-06-26 Contingent — IRMLS
• 2023-06-23 Listed $114,900 IRMLS
• 2023-01-27 Sold (MLS) $33,500 IRMLS
• 2022-12-23 Contingent — IRMLS
• 2022-10-19 Price Changed $37,000 IRMLS
• 2022-08-22 Listed $42,000 IRMLS

Property tax history

+9.8%/yr

Latest (2025): $1,968 · +75.8% YoY. Source: county tax records.