43 W Main St · North Vernon, IN 47265

$204,900

2 bd · 1.0 ba · 1,418 sqft · SingleFamily public records · 60 Days on market

Built 1941 7,000 sqft lot Est $203k · at est.

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Why this score? — see what drove the F 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).

• ARV discount +7.0/15.0
• Cash flow +5.4/30.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cute Traditional American home, located right in the heart of town, has all the charm and character of an older home. Step onto the covered front porch and wave as people walk by. Then head into the living room w/built-in book shelf and masonry fireplace. The 1,418 sq. ft. home also features 2 bedrooms, 1 bath, dining room, family room w/French doors, galley style kitchen w/range, refrigerator, microwave, and dishwasher, central HVAC system, newer roof, and one car detached garage. Come take a look, you’ll be glad you did!

Key facts

• 7,000 sq ft lot
• Garage
• Built 1941

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-449 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (38.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (51.7% below list).
• Recommended offer: $99k (51.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#29 in IN, #2,347 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Vernon Elementary School (math 30% / reading 34%, grade F, #652 of 994 statewide, top 68%, 608 students, 71% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL).
• Market conditions: 160 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

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.
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $205k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,054 (51.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.48% ✗
• Cap rate: 3.66%
• Cash-on-cash: -9.40%
• DSCR: 0.58
• GRM: 17.2

CMA / ARV

• ARV (on-the-fly): $202,774
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 Stockwell St	0.16mi	2/1.0	1,606 (+13%)	1mo	$98,500	$61	69
310 Tiffany Ln	0.42mi	3/2.5 (+1)	1,437 (+1%)	4mo	$231,000	$161	63
100 Durbin St	0.46mi	3/1.0 (+1)	1,536 (+8%)	6mo	$175,000	$114	54
180 W Baker St	0.44mi	3/2.0 (+1)	1,280 (-10%)	0mo	$214,900	$168	54
620 N Elm St	0.48mi	3/2.0 (+1)	1,536 (+8%)	1mo	$198,000	$129	54
316 Sunnyside Dr	0.64mi	1/1.5 (-1)	1,344 (-5%)	4mo	$80,000	$60	51
210 Norris Ave	0.47mi	2/2.0	1,224 (-14%)	0mo	$175,000	$143	51
46 Noon Dr	0.65mi	3/1.0 (+1)	1,300 (-8%)	2mo	$145,000	$112	49
409 S State St	0.40mi	3/2.5 (+1)	1,575 (+11%)	8mo	$234,000	$149	45
404 Pleasant Dr	0.49mi	3/2.0 (+1)	1,232 (-13%)	2mo	$232,500	$189	45
131 Meadow Ln	0.71mi	3/2.0 (+1)	1,290 (-9%)	0mo	$205,000	$159	43
104 Meadow Ln	0.66mi	2/1.0	1,624 (+14%)	4mo	$149,900	$92	42

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: -33.2%
• Equity multiple: -0.08×
• Total profit: $-61,912
• Equity at exit: $30,551

10-year hold

• IRR: -40.6%
• Equity multiple: -0.59×
• Total profit: $-91,152
• Equity at exit: $17,716

Cash invested: $57,372 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $991 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$72 /mo · $862/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $-449

Break-even live

Break-even rent $1,559

Max offer price $125,545

Occupancy floor —

Sensitivity live

Price	-10% $-333	-5% $-391	+0% $-449	+5% $-507	+10% $-565
Rent	-10% $-527	-5% $-488	+0% $-449	+5% $-410	+10% $-371
Rate	-1.0pp $-346	-0.5pp $-397	base $-449	+0.5pp $-502	+1.0pp $-556

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1450 Oak Meadows Dr North Vernon, IN	2.0–3.0	1.0–2.0	872	$875	$1.00	45d	1	0.39mi
206 N 7th St North Vernon, IN	2.0	1.0	1248	$950	$0.76	45d	1	0.54mi
2985 N State St North Vernon, IN	2.0	1.0	1055	$1,350	$1.28	45d	1	1.08mi

Listing history 12 events

1. 2026-04-22
   status Pending
2. 2026-04-17
   price $204,900
3. 2026-03-04
   price $209,900
4. 2026-02-20
   listed $214,900 Active
5. 2025-10-17
   historical
6. 2025-07-22
   price $214,900
7. 2025-07-03
   listed $229,900 Active
8. 2021-11-08
   soldstatus $119,900 Closed 539-char remark

   Show marketing remark (539 chars)

   This cute Traditional American home, located right in the heart of town, has all the charm and character of an older home. Step onto the covered front porch and wave as people walk by. Then head into the living room w/built-in book shelf and masonry fireplace. The 1,418 sq. ft. home also features 2 bedrooms, 1 bath, dining room, family room w/French doors, galley style kitchen w/range, refrigerator, microwave, and dishwasher, central HVAC system, newer roof, and one car detached garage. Come take a look, you’ll be glad you did!

9. 2021-08-24
   status Pending 539-char remark

   Show marketing remark (539 chars)

   This cute Traditional American home, located right in the heart of town, has all the charm and character of an older home. Step onto the covered front porch and wave as people walk by. Then head into the living room w/built-in book shelf and masonry fireplace. The 1,418 sq. ft. home also features 2 bedrooms, 1 bath, dining room, family room w/French doors, galley style kitchen w/range, refrigerator, microwave, and dishwasher, central HVAC system, newer roof, and one car detached garage. Come take a look, you’ll be glad you did!

10. 2021-08-11
    listed $119,900 Active 539-char remark

    Show marketing remark (539 chars)

    This cute Traditional American home, located right in the heart of town, has all the charm and character of an older home. Step onto the covered front porch and wave as people walk by. Then head into the living room w/built-in book shelf and masonry fireplace. The 1,418 sq. ft. home also features 2 bedrooms, 1 bath, dining room, family room w/French doors, galley style kitchen w/range, refrigerator, microwave, and dishwasher, central HVAC system, newer roof, and one car detached garage. Come take a look, you’ll be glad you did!

11. 2013-12-17
    listed $41,000
12. 2011-06-22
    soldstatus $52,500

ⓘ 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: $862 · $72/mo
• Projected year-2 tax: $1,302 · $108/mo
• Expected delta: +$440/yr (+$37/mo · 51.0%)

ⓘ 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 ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,886
• − Mortgage interest: −$11,478
• − Property taxes: −$862
• − Insurance: −$1,024
• − Repairs & maintenance: −$951
• − Management: −$951
• − Depreciation: −$5,961
• Taxable loss: −$9,340
• Est. tax savings @ 24.0%: +$2,242
• After-tax cash flow: $-3,149/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — North Vernon

• Score: 79/100
• State rank: #29
• US rank: #2347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Vernon, IN
• City population: 20,981
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

+290.3% since first listed

12 events — show timeline

• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $204,900 MIBOR as Distributed by MLS Grid
• 2026-03-04 Price Changed $209,900 MIBOR as Distributed by MLS Grid
• 2026-02-20 Listed $214,900 MIBOR as Distributed by MLS Grid
• 2025-10-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-22 Price Changed $214,900 MIBOR as Distributed by MLS Grid
• 2025-07-03 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2021-11-08 Sold (MLS) $119,900 MIBOR as Distributed by MLS Grid
• 2021-08-24 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-11 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2013-12-17 Listed $41,000 MIBOR as Distributed by MLS Grid
• 2011-06-22 Sold (Public Records) $52,500 Public Records

Property tax history

+8.3%/yr

Latest (2024): $862 · +7.3% YoY. Source: county tax records.