205 E Day St · Royal Center, IN 46978

$117,500

2 bd · 1.0 ba · 1,264 sqft · SingleFamily public records · 2 Days on market

Built 1916 0.28 ac lot $93/sqft · at area comps Est $122k · at est. ↓ 9% 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 +18.5/30.0
• ARV discount +9.1/15.0
• Appreciation +6.8/10.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

OWNER OCCUPANTS AND INVESTORS - ALL Are welcome. This is an REO Sale and CASH Proof of funds required to submit or a FULLY vetted and LO signed approval letter for finaced offers where income, assets, employment and credit have been verified - earnest deposit of 3000 to be deposited through ACH transfer or WIRE within 48hrs of acceptance. ALL Utilities are on and was occupied the last week of April 2026.. . now post eviction. No offers will be considered until 7Days on market in the MLS and allow 2 business days for any offer response. Multiple offers notices may or may not be sent and offers will be submitted as received. Any offers without proof of cash funds under the name of the purchaser will not be eligible for consideration and seller will not consider hard money loans. Seller will provide full clear title and closing locally for you through State Street Title.

Key facts

• 0.28 acre lot
• 2 garage spots
• Built 1916

Property features AI

Finance

• Other: Vacant occupant status

Exterior

• Parking: Detached garage; 2 garage spaces; Off-street parking
• Utilities: Electricity connected (100 Amp service); Public water; Public sewer; Natural gas connected
• Home design: One-story property; Built in 1916; Property listed as fixer
• Construction: Year built 1916
• Exterior features: Neighborhood view

Interior

• Kitchen: No appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space basement; No additional interior amenities listed
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $112 ($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 $105k (10.3% below list).
• Recommended offer: $105k (10.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#339 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment C-, crime D+.
• Pioneer Regional School Corporation (rural): math 35% / reading 40% proficiency, ranked #165 of 301 in IN (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($812 loan paydown + $4k appreciation (3.6% local appreciation)).
• Cass County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,366 (10.3% below list)

Questions for the listing agent

1. Built in 1916 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.90% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.09%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

• ARV (median comp): $121,870
• List price: $117,500
• Delta: -0.10%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 East St	0.10mi	3/2.0 (+1)	1,442 (+14%)	18mo	$130,000	$90	48
133 N Market St	0.49mi	3/1.0 (+1)	1,184 (-6%)	18mo	$90,000	$76	47
205 W Center St	0.42mi	2/1.0	1,096 (-13%)	21mo	$67,000	$61	41

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

Projected returns pro-forma

3.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.76×
• Total profit: $24,880
• Equity at exit: $56,681

10-year hold

• IRR: 14.4%
• Equity multiple: 3.25×
• Total profit: $74,142
• Equity at exit: $90,470

Cash invested: $32,900 (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 46978

• Home prices YoY: 1.5%
• Active inventory: 7
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,054 medium
• Mortgage (P&I): −$616
• Tax from tax record: −$55 /mo · $660/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $112

Break-even live

Break-even rent $912

Max offer price $117,500

Occupancy floor 84%

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $117,500 Active 2 DOM
2. 2026-06-17
   pricedays on marketlisting id $117,500 Active 1 DOM
3. 2026-06-16
   days on market $121,750 Active 32 DOM

   Show marketing remark (880 chars)

   OWNER OCCUPANTS AND INVESTORS - ALL Are welcome. This is an REO Sale and CASH Proof of funds required to submit or a FULLY vetted and LO signed approval letter for finaced offers where income, assets, employment and credit have been verified - earnest deposit of 3000 to be deposited through ACH transfer or WIRE within 48hrs of acceptance. ALL Utilities are on and was occupied the last week of April 2026.. . now post eviction. No offers will be considered until 7Days on market in the MLS and allow 2 business days for any offer response. Multiple offers notices may or may not be sent and offers will be submitted as received. Any offers without proof of cash funds under the name of the purchaser will not be eligible for consideration and seller will not consider hard money loans. Seller will provide full clear title and closing locally for you through State Street Title.

4. 2026-06-15
   days on market $121,750 Active 31 DOM
5. 2026-06-13
   days on market $121,750 Active 29 DOM
6. 2026-06-12
   days on market $121,750 Active 28 DOM
7. 2026-06-09
   days on market $121,750 Active 25 DOM
8. 2026-06-09
   price $121,750 Active 24 DOM
9. 2026-06-08
   days on market $123,450 Active 24 DOM

   Show marketing remark (880 chars)

   OWNER OCCUPANTS AND INVESTORS - ALL Are welcome. This is an REO Sale and CASH Proof of funds required to submit or a FULLY vetted and LO signed approval letter for finaced offers where income, assets, employment and credit have been verified - earnest deposit of 3000 to be deposited through ACH transfer or WIRE within 48hrs of acceptance. ALL Utilities are on and was occupied the last week of April 2026.. . now post eviction. No offers will be considered until 7Days on market in the MLS and allow 2 business days for any offer response. Multiple offers notices may or may not be sent and offers will be submitted as received. Any offers without proof of cash funds under the name of the purchaser will not be eligible for consideration and seller will not consider hard money loans. Seller will provide full clear title and closing locally for you through State Street Title.

10. 2026-06-07
    days on market $123,450 Active 23 DOM
11. 2026-06-05
    days on market $123,450 Active 21 DOM
12. 2026-06-04
    days on market $123,450 Active 19 DOM
13. 2026-06-02
    days on market $123,450 Active 18 DOM
14. 2026-06-01
    days on market $123,450 Active 17 DOM
15. 2026-05-31
    days on market $123,450 Active 16 DOM
16. 2026-05-31
    days on market $123,450 Active 15 DOM
17. 2026-05-14
    listed $128,750 Active 880-char remark

    Show marketing remark (880 chars)

    OWNER OCCUPANTS AND INVESTORS - ALL Are welcome. This is an REO Sale and CASH Proof of funds required to submit or a FULLY vetted and LO signed approval letter for finaced offers where income, assets, employment and credit have been verified - earnest deposit of 3000 to be deposited through ACH transfer or WIRE within 48hrs of acceptance. ALL Utilities are on and was occupied the last week of April 2026.. . now post eviction. No offers will be considered until 7Days on market in the MLS and allow 2 business days for any offer response. Multiple offers notices may or may not be sent and offers will be submitted as received. Any offers without proof of cash funds under the name of the purchaser will not be eligible for consideration and seller will not consider hard money loans. Seller will provide full clear title and closing locally for you through State Street Title.

18. 2023-11-29
    soldstatus $113,000 Closed 405-char remark

    Show marketing remark (405 chars)

    Call Royal Center home with this 2 bedroom with the potential to be 3. Just finish the attic. This property is on the edge of town and offers a carport as well as a storage shed. Large yard for your outdoor activities. The home has replacement windows. No need to be worried about being without power as there is a whole house Generac generator. This home has been loved and well cared for over the years.

19. 2023-11-04
    historical Active Under Contract 405-char remark

    Show marketing remark (405 chars)

    Call Royal Center home with this 2 bedroom with the potential to be 3. Just finish the attic. This property is on the edge of town and offers a carport as well as a storage shed. Large yard for your outdoor activities. The home has replacement windows. No need to be worried about being without power as there is a whole house Generac generator. This home has been loved and well cared for over the years.

20. 2023-10-26
    price $120,000 405-char remark

    Show marketing remark (405 chars)

    Call Royal Center home with this 2 bedroom with the potential to be 3. Just finish the attic. This property is on the edge of town and offers a carport as well as a storage shed. Large yard for your outdoor activities. The home has replacement windows. No need to be worried about being without power as there is a whole house Generac generator. This home has been loved and well cared for over the years.

21. 2023-10-18
    listed $129,000 Active 405-char remark

    Show marketing remark (405 chars)

    Call Royal Center home with this 2 bedroom with the potential to be 3. Just finish the attic. This property is on the edge of town and offers a carport as well as a storage shed. Large yard for your outdoor activities. The home has replacement windows. No need to be worried about being without power as there is a whole house Generac generator. This home has been loved and well cared for over the years.

ⓘ 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: $660 · $55/mo
• Projected year-2 tax: $829 · $69/mo
• Expected delta: +$169/yr (+$14/mo · 25.6%)

ⓘ 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 ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,644
• − Mortgage interest: −$6,582
• − Property taxes: −$660
• − Insurance: −$588
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$3,418
• Taxable loss: −$627
• Est. tax savings @ 24.0%: +$150
• After-tax cash flow: $1,497/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: Pioneer Regional School Corporation
• NCES district ID: 1808940
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 40% ▼ -7.00%
• Median HH income: $52,494
• Composite: 32.64/100
• National rank: #5664
• State rank: #165 of 301 in IN

Livability — Royal Center

• Score: 65/100
• State rank: #339
• US rank: #13017

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Center, IN
• Population (ZIP): 2,111

Population outlook (Cass County) Hauer SSP2

• Today (2025): 36,480 people
• By 2030: 35,390 · -3.0%
• By 2040: 33,077 · -9.3%
• By 2050: 30,631 · -16.0%
• By 2075: 25,426 · -30.3%
• By 2100: 20,617 · -43.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Cass

• 2024 margin: Solid R (+46.2) · D 26.2% · R 72.4% · Other 1.4%
• 2008→2024 swing: -37.7pp toward R · 2008: -8.5pp · 2024: -46.2pp
• All cycles: 2024: R+46.2 2020: R+41.1 2016: R+42.0 2012: R+21.7 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.58%
• Current HPI: 243.772
• 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

-8.9% since first listed

10 events — show timeline

• 2026-06-16 Price Changed $117,500 IRMLS
• 2026-06-16 Price Changed $117,500 NIRA MLS as Distributed by MLS Grid
• 2026-06-16 Listed $121,750 NIRA MLS as Distributed by MLS Grid
• 2026-06-08 Price Changed $121,750 IRMLS
• 2026-05-28 Price Changed $123,450 IRMLS
• 2026-05-14 Listed $128,750 IRMLS
• 2023-11-29 Sold (MLS) $113,000 IRMLS
• 2023-11-04 Contingent — IRMLS
• 2023-10-26 Price Changed $120,000 IRMLS
• 2023-10-18 Listed $129,000 IRMLS

Property tax history

+60.5%/yr

Latest (2024): $660 · +30.8% YoY. Source: county tax records.