1605 Douglas Ln · Lebanon, IN 46052

$194,900

4 bd · 2.0 ba · 1,260 sqft · SingleFamily public records · 8 Days on market

Built 1955 8,276 sqft lot $155/sqft · 20% below area Est $243k · 20% under

---

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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.5/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

Key facts

• 8,276 sq ft lot
• Garage
• Built 1955

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connection; Municipal solid waste service
• Home design: Single family residence; One-story home; Residential property
• Construction: Vinyl siding exterior; Slab foundation
• Exterior features: Lot approximately 0.19 acres; Less than 1/4 acre

Interior

• Kitchen: Kitchen (12x14); Dishwasher; Gas oven; Refrigerator
• Bedrooms: 4 bedrooms on the main level (sizes include 12x18, 12x14, 12x14, 10x12)
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Living room (12x18); Additional living/room space (14x14); Seven total main-level rooms
• Laundry & utility: Main-level laundry (8x12)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Cap rate 9.6% vs local median 3.5% in Lebanon — 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 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lebanon Senior High School (math 43% / reading 68%, grade C, #75 of 369 statewide, top 20%, 1,027 students, 38% FRL) — zoned schools at 38% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 42% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Lebanon Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 183 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y 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.
• Current owner paid $120k; list at $195k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $194,900

Questions for the listing agent

1. Built in 1955 — 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. 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.
4. 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.
5. 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: 1.15% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.98%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (median comp): $243,142
• List price: $194,900
• Delta: -19.84%
• 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
1010 Maple Dr W	0.44mi	3/2.0 (-1)	1,304 (+4%)	3mo	$260,000	$199	66
2009 Jason Dr	0.50mi	3/2.0 (-1)	1,296 (+3%)	3mo	$225,000	$174	64
1611 Garfield St	0.16mi	3/1.0 (-1)	1,104 (-12%)	0mo	$249,000	$226	62
1515 Park Dr	0.54mi	3/2.0 (-1)	1,198 (-5%)	2mo	$250,000	$209	60
1020 Northfield Dr	0.28mi	3/2.0 (-1)	1,435 (+14%)	1mo	$253,864	$177	58
2121 Jason Dr	0.70mi	3/2.0 (-1)	1,216 (-4%)	1mo	$250,000	$206	56
918 W Chicago St	0.53mi	3/1.0 (-1)	1,170 (-7%)	1mo	$230,000	$197	54
719 N Jameson St	0.43mi	3/2.0 (-1)	1,416 (+12%)	4mo	$285,000	$201	50
2102 Yosemite Dr	0.58mi	3/2.0 (-1)	1,400 (+11%)	3mo	$263,000	$188	47
734 W North St	0.68mi	3/1.0 (-1)	1,150 (-9%)	3mo	$186,750	$162	42
513 E Fordice St	0.70mi	3/2.0 (-1)	1,426 (+13%)	2mo	$203,000	$142	38
1505 Elizabeth Dr	0.64mi	3/1.0 (-1)	1,084 (-14%)	1mo	$231,000	$213	37

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,085
• Equity at exit: $29,060

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $47,217
• Equity at exit: $16,851

Cash invested: $54,572 (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 46052

• Active inventory: 183
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,244 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$125 /mo · $1,499/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $545

Break-even live

Break-even rent $1,555

Max offer price $194,900

Occupancy floor 71%

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 Harney Dr Lebanon, IN	3.0	1.0	1170	$2,500	$2.14	18d	1	0.07mi
718 N Lebanon St Lebanon, IN	4.0	1.5	1560	$1,795	$1.15	24d	1	0.44mi
814 Powell St Lebanon, IN	4.0	1.5	1647	$1,650	$1.00	22d	1	0.60mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	15d	1	0.61mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	4d	1	0.61mi
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,849	$1.07	2d	1	0.66mi
411 East Dr Ulen, IN	3.0	1.0	1588	$1,450	$0.91	11d	1	0.80mi
702 Edgewood Dr Lebanon, IN	3.0	1.5	1026	$1,595	$1.55	20d	1	0.88mi
1704 Crimson Ln Lebanon, IN	3.0	2.0	1110	$2,000	$1.80	18d	1	0.95mi
411 S East St Lebanon, IN	3.0	1.0	1588	$1,450	$0.91	44d	1	1.07mi
721 Crown Pointe Dr Lebanon, IN	2.0–3.0	1.0–2.0	991	$1,413	$1.43	2d	5	1.38mi

Listing history 10 events

1. 2026-05-05
   status Pending 85-char remark
2. 2026-04-27
   listed $194,900 Active 85-char remark
3. 2015-12-16
   soldstatus $119,900
4. 2015-12-11
   soldstatus $119,900 Sold 502-char remark

   Show marketing remark (502 chars)

   Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

5. 2015-09-02
   status Pending 502-char remark

   Show marketing remark (502 chars)

   Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

6. 2015-03-10
   status Pending 502-char remark

   Show marketing remark (502 chars)

   Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

7. 2015-03-07
   status Pending 502-char remark

   Show marketing remark (502 chars)

   Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

8. 2011-03-23
   historical
9. 2011-03-22
   listed $119,900 502-char remark

   Show marketing remark (502 chars)

   Remodeled 4 bedroom, 2 bath home in desirable Northfield. Must see to appreciate all the upgrades including: slate entryway, nice hardwood laminate floors, ceramic tile flooring, freshly painted throughout, new seamless countertops, remodeled kitchen and bathrooms, tons of cabinets, recessed lighting, new windows, siding, double sinks in bathroom, ceiling fans. Remodeled with 2X4 studs & added insulation. Enjoy a covered porch and nice epoxy finished garage. Mature trees w/ fenced backyard!

10. 2010-03-08
    listed $119,900

ⓘ 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: $1,499 · $125/mo
• Projected year-2 tax: $1,578 · $132/mo
• Expected delta: +$79/yr (+$7/mo · 5.2%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $26,934
• − Mortgage interest: −$10,917
• − Property taxes: −$1,499
• − Insurance: −$974
• − Repairs & maintenance: −$2,155
• − Management: −$2,155
• − Depreciation: −$5,670
• Taxable income: $3,563
• Est. tax owed @ 24.0%: −$855
• After-tax cash flow: $5,684/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+62.6% since first listed

10 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $194,900 MIBOR as Distributed by MLS Grid
• 2015-12-16 Sold (Public Records) $119,900 Public Records
• 2015-12-11 Sold (MLS) $119,900 MIBOR as Distributed by MLS Grid
• 2015-09-02 Pending — MIBOR as Distributed by MLS Grid
• 2015-03-10 Pending — MIBOR as Distributed by MLS Grid
• 2015-03-07 Pending — MIBOR as Distributed by MLS Grid
• 2011-03-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-03-22 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2010-03-08 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2025): $1,499 · -11.6% YoY. Source: county tax records.