128 W Summitt St · Delphi, IN 46923

$235,000

2 bd · 1.0 ba · 1,554 sqft · SingleFamily public records · 2 Days on market

Built 1900 10,324 sqft lot Est $176k · 34% over

---

Why this score? — see what drove the D- 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 +15.4/30.0
• DSCR +4.7/10.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

Key facts

• Brand-new kitchen
• 0.24 acre lot
• Built 1900

Tags

• WRAPAROUND FRONT PORCH
• ORIGINAL HARDWOOD FLOORS
• COMPLETELY RENOVATED INTERIOR
• BRAND-NEW KITCHEN
• FULLY REMODELED BATHROOMS
• PRIVATE UPSTAIRS SUITE

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Brick construction; Block foundation; Asphalt shingle roof; Built as site-built home
• Exterior features: Covered porch; Porch; Shed(s); Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: Master bedroom downstairs
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning; Ceiling fans
• Interior features: Walk-in closet(s); Ceiling fan(s); Primary bedroom on main level; Partial basement
• Laundry & utility: Washer and dryer included; Laundry on lower level; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $89 ($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 $198k (16.0% below list).
• Recommended offer: $198k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.2% in Delphi — 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 72/100 on livability (#112 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Delphi Community School Corporation (town): math 36% / reading 41% proficiency, ranked #160 of 301 in IN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Delphi Community Elementary School (math 37% / reading 31%, grade F, #627 of 994 statewide, top 63%, 623 students, 54% FRL); Delphi Community Middle School (math 31% / reading 43%, grade F, #152 of 330 statewide, top 47%, 333 students, 49% FRL); Delphi Community High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 405 students, 46% FRL).
• Market conditions: 45 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $120k; list at $235k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,500 (16.0% 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $175,602
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 W Summit St	0.00mi	2/1.0	1,554 (0%)	4mo	$120,000	$77	97
413 W Summit St	0.20mi	3/2.0 (+1)	1,508 (-3%)	8mo	$257,000	$170	70
127 E Vine St	0.13mi	3/2.0 (+1)	1,634 (+5%)	9mo	$320,000	$196	69
208 W Vine St	0.11mi	3/1.5 (+1)	1,593 (+2%)	23mo	$135,000	$85	64
423 W Summit St	0.21mi	2/1.0	1,376 (-12%)	15mo	$115,000	$84	59
209 E Franklin St	0.52mi	2/1.5	1,544 (-1%)	19mo	$175,000	$113	56
1124 S Hamilton St	0.34mi	3/1.0 (+1)	1,350 (-13%)	12mo	$170,000	$126	48
3 Cobblestone Ct	0.31mi	3/2.5 (+1)	1,771 (+14%)	11mo	$380,000	$215	42
7060 Crestwood Dr	0.67mi	3/1.5 (+1)	1,748 (+12%)	0mo	$121,000	$69	40
416 N Union St	0.73mi	3/2.0 (+1)	1,707 (+10%)	13mo	$105,000	$62	30

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-32,500
• Equity at exit: $35,039

10-year hold

• IRR: -5.0%
• Equity multiple: 0.68×
• Total profit: $-21,292
• Equity at exit: $20,319

Cash invested: $65,800 (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 46923

• Home prices YoY: -10.5%
• Active inventory: 45
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$141 /mo · $1,696/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $89

Break-even live

Break-even rent $1,863

Max offer price $235,000

Occupancy floor 91%

Sensitivity live

Price	-10% $222	-5% $155	+0% $89	+5% $22	+10% $-44
Rent	-10% $-67	-5% $11	+0% $89	+5% $167	+10% $245
Rate	-1.0pp $207	-0.5pp $148	base $89	+0.5pp $28	+1.0pp $-34

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 E Vine St Delphi, IN	3.0	2.5	1590	$1,975	$1.24	14d	1	0.10mi

Listing history 7 events

1. 2026-05-21
   listed $235,000 Active
2. 2026-02-24
   soldstatus $120,000 Closed 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

3. 2026-02-07
   status Pending 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

4. 2026-02-03
   price $136,500 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

5. 2026-01-15
   status Active 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

6. 2026-01-10
   status Pending 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

7. 2026-01-07
   listed $149,950 Active 392-char remark

   Show marketing remark (392 chars)

   Charming Brick 1.5-Story Home. which offers tons of Potential an character !! This inviting brick home offers classic character and unbeatable convenience with easy access to local schools and all your favorite downtown amenities. Inside, you’ll find two comfortable bedrooms with the possibility of a third through minor remodeling—perfect for growing needs or added flexibility.

ⓘ 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: $1,696 · $141/mo
• Projected year-2 tax: $1,847 · $154/mo
• Expected delta: +$151/yr (+$13/mo · 8.9%)

ⓘ 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 ≥102°F today · 17 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: $23,700
• − Mortgage interest: −$13,164
• − Property taxes: −$1,696
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$6,836
• Taxable loss: −$2,963
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $1,775/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: Delphi Community School Corporation
• NCES district ID: 1802700
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $47,044
• Composite: 32.95/100
• National rank: #5589
• State rank: #160 of 301 in IN

Livability — Delphi

• Score: 72/100
• State rank: #112
• US rank: #5934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphi, IN
• Population (ZIP): 8,036

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.54%
• Current HPI: 261.2451
• 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

+56.7% since first listed

7 events — show timeline

• 2026-05-21 Listed $235,000 IRMLS
• 2026-02-24 Sold (MLS) $120,000 IRMLS
• 2026-02-07 Pending — IRMLS
• 2026-02-03 Price Changed $136,500 IRMLS
• 2026-01-15 Relisted — IRMLS
• 2026-01-10 Pending — IRMLS
• 2026-01-07 Listed $149,950 IRMLS

Property tax history

+0.7%/yr

Latest (2024): $1,696 · +13.0% YoY. Source: county tax records.