501 N Broadway St · Butler, IN 46721

$260,000

6 bd · 6.0 ba · 3,712 sqft · MultiFamily public records · 34 Days on market

Built 1900 7,841 sqft lot

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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 +16.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

Key facts

• Durable vinyl siding
• Off-street parking
• Detached garage

Tags

• SIX-UNIT APARTMENT BUILDING
• OFF-STREET PARKING
• SHARED LAUNDRY FACILITY
• PRIVATE FULL BATHROOMS
• DETACHED GARAGE
• DURABLE VINYL SIDING

Property features AI

Finance

• Other: Breed restrictions for pets

Exterior

• Parking: Off-street parking lot with approximately 6 open spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family sixplex); Two stories
• Construction: Vinyl siding construction; Partial basement; Asphalt shingle roof
• Exterior features: Level lot; Gravel off-street parking lot; Asphalt shingle roof; Vinyl siding

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: Six full bathrooms; Eight main-level bathrooms
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Washer and dryer included; Range; Refrigerator; Common area laundry; Partial basement; Carpet, laminate and vinyl flooring
• Laundry & utility: Washer and dryer; Common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive. Per door: $55/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (13.5% below list).
• Recommended offer: $225k (13.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#322 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dekalb County Eastern Community School District (rural): math 33% / reading 38% proficiency, ranked #184 of 301 in IN (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Butler Elementary School (math 23% / reading 24%, grade F, #782 of 994 statewide, top 79%, 357 students, 60% FRL); Eastside Junior-Senior High School (math 34% / reading 44%, grade F, #235 of 369 statewide, top 65%, 585 students, 38% FRL).
• Market conditions: 15 active listings in the ZIP; 116 units permitted in DeKalb 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 $8k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $175k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000 (13.5% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.71%
• DSCR: 1.12
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-31,752
• Equity at exit: $38,767

10-year hold

• IRR: -3.0%
• Equity multiple: 0.80×
• Total profit: $-14,503
• Equity at exit: $22,480

Cash invested: $72,800 (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 46721

• Home prices YoY: -18.9%
• Active inventory: 15
• Price-to-rent: 28.9×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $164

Break-even live

Break-even rent $2,042

Max offer price $260,000

Occupancy floor 88%

Sensitivity live

Price	-10% $311	-5% $238	+0% $164	+5% $91	+10% $17
Rent	-10% $-14	-5% $75	+0% $164	+5% $253	+10% $342
Rate	-1.0pp $295	-0.5pp $230	base $164	+0.5pp $97	+1.0pp $28

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$2,250
Total (3 units)			$2,250

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $260,000 Active 34 DOM
2. 2026-06-21
   days on market $260,000 Active 33 DOM
3. 2026-06-18
   days on market $260,000 Active 31 DOM
4. 2026-06-17
   days on market $260,000 Active 30 DOM
5. 2026-06-16
   days on market $260,000 Active 29 DOM
6. 2026-06-15
   days on market $260,000 Active 28 DOM
7. 2026-06-13
   days on market $260,000 Active 26 DOM
8. 2026-06-12
   days on market $260,000 Active 25 DOM
9. 2026-06-09
   days on market $260,000 Active 22 DOM
10. 2026-06-08
    days on market $260,000 Active 21 DOM
11. 2026-06-07
    days on market $260,000 Active 20 DOM
12. 2026-06-07
    days on market $260,000 Active 19 DOM
13. 2026-06-04
    days on market $260,000 Active 16 DOM
14. 2026-06-02
    days on market $260,000 Active 15 DOM
15. 2026-06-01
    days on market $260,000 Active 14 DOM
16. 2026-05-31
    days on market $260,000 Active 13 DOM
17. 2026-05-31
    days on market $260,000 Active 12 DOM
18. 2026-05-18
    listed $260,000 Active
19. 2025-10-25
    historical $600
20. 2025-10-24
    listed $600
21. 2024-03-08
    soldstatus $175,000 Closed 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

22. 2024-02-09
    status Pending 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

23. 2023-12-06
    price $190,000 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

24. 2023-11-07
    price $199,000 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

25. 2023-11-06
    status Active 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

26. 2023-10-15
    status Pending 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

27. 2023-10-03
    listed $250,000 Active 517-char remark

    Show marketing remark (517 chars)

    Welcome to this exceptional investment opportunity in Butler! This 5-plex offers so much potential, from being located near the Steel Mills and other great employment opportunities along with room left on this deal for growth in rents and more! Whether you're an experienced investor or looking to start your real estate portfolio this property is for you. Professional management is in place and is ready to transition to the next investor! This 5 plex offers three 1 bed, 1 bath units and two 2 bed, 1 bath units.

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,954 · $163/mo
• Expected delta: +$256/yr (+$21/mo · 15.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,000
• − Mortgage interest: −$14,564
• − Property taxes: −$1,698
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$7,564
• Taxable loss: −$2,446
• Est. tax savings @ 24.0%: +$587
• After-tax cash flow: $2,557/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: Dekalb County Eastern Community School District
• NCES district ID: 1803060
• Math proficiency: 33% ▼ -10.00%
• Reading proficiency: 38% ▼ -10.00%
• Median HH income: $51,015
• Composite: 30.84/100
• National rank: #6132
• State rank: #184 of 301 in IN

Livability — Butler

• Score: 65/100
• State rank: #322
• US rank: #12619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Butler, IN
• City population: 4,890
• Population (ZIP): 4,890

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 42,875 people
• By 2030: 42,678 · -0.5%
• By 2040: 41,494 · -3.2%
• By 2050: 38,939 · -9.2%
• By 2075: 31,457 · -26.6%
• By 2100: 20,780 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Asian 2%
• Common ancestry: Iranian 4% Lithuanian 3% Italian 1%
• Foreign-born: 2% · South Korea
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · DeKalb

• 2024 margin: Solid R (+47.1) · D 25.6% · R 72.7% · Other 1.7%
• 2008→2024 swing: -31.9pp toward R · 2008: -15.2pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.2 2016: R+48.2 2012: R+31.7 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.67%
• Current HPI: 252.5014
• 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

+4.0% since first listed

10 events — show timeline

• 2026-05-18 Listed $260,000 IRMLS
• 2025-10-25 Rental Removed $600 APPFOLIO
• 2025-10-24 Listed for Rent $600 APPFOLIO
• 2024-03-08 Sold (MLS) $175,000 IRMLS
• 2024-02-09 Pending — IRMLS
• 2023-12-06 Price Changed $190,000 IRMLS
• 2023-11-07 Price Changed $199,000 IRMLS
• 2023-11-06 Relisted — IRMLS
• 2023-10-15 Pending — IRMLS
• 2023-10-03 Listed $250,000 IRMLS

Property tax history

-2.0%/yr

Latest (2024): $1,698 · +10.8% YoY. Source: county tax records.