615 W Main St · Mitchell, IN 47446

$55,000

1 bd · 3.5 ba · 8,439 sqft · MultiFamily public records · 110 Days on market

Built 1880 3,485 sqft lot $7/sqft · 95% below area ↓ 5% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Live in the back and run two separate businesses up front! Each storefront has large display windows perfect for any business. Each commercial space has its own full bathroom. The spacious 1 bedroom apartment in the back has 1.5 bathrooms and plenty of room for additional rooms to be framed out. Seller financing available with 9% interest for 10 years, subject to terms.

Key facts

• Full bathroom
• Spacious apartment
• 3,485 sq ft lot

Tags

• LARGE DISPLAY WINDOWS
• FULL BATHROOM
• SPACIOUS APARTMENT

What this means for you Summary

Snapshot

• This is a 1-bed/3.5-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 68.3% vs local median 5.6% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools D, employment D, amenities F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 61 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $719 of equity ($380 loan paydown + $339 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 7.57% ✓
• Cap rate: 68.34%
• Cash-on-cash: 221.60%
• DSCR: 10.86
• GRM: 1.1

CMA / ARV

• ARV (median comp): $413,888
• List price: $55,000
• Delta: -86.71%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.77×
• Total profit: $181,234
• Equity at exit: $17,684

10-year hold

• IRR: —
• Equity multiple: 27.01×
• Total profit: $400,547
• Equity at exit: $22,679

Cash invested: $15,400 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 61
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $4,161 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$132 /mo · $1,583/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$874
• Net cashflow: $2,844

Break-even live

Break-even rent $561

Max offer price $55,000

Occupancy floor 27%

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

Units	Beds	Baths	Est. rent
1× unit	1	1.5	$1,203
▸ 2× units	0	0	$2,958
Total (3 units)			$4,161

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $55,000 Active 110 DOM
2. 2026-06-18
   days on market $55,000 Active 109 DOM
3. 2026-06-17
   days on market $55,000 Active 108 DOM
4. 2026-06-16
   days on market $55,000 Active 107 DOM
5. 2026-06-15
   days on market $55,000 Active 106 DOM
6. 2026-06-14
   days on market $55,000 Active 104 DOM
7. 2026-06-12
   days on market $55,000 Active 103 DOM
8. 2026-06-09
   days on market $55,000 Active 100 DOM
9. 2026-06-08
   days on market $55,000 Active 99 DOM
10. 2026-06-07
    days on market $55,000 Active 98 DOM
11. 2026-06-05
    days on market $55,000 Active 96 DOM
12. 2026-06-03
    days on market $55,000 Active 94 DOM
13. 2026-06-02
    days on market $55,000 Active 93 DOM
14. 2026-06-01
    days on market $55,000 Active 92 DOM
15. 2026-05-31
    days on market $55,000 Active 91 DOM
16. 2026-05-30
    days on market $55,000 Active 90 DOM
17. 2026-02-10
    listed $55,000 Active 372-char remark

    Show marketing remark (372 chars)

    Live in the back and run two separate businesses up front! Each storefront has large display windows perfect for any business. Each commercial space has its own full bathroom. The spacious 1 bedroom apartment in the back has 1.5 bathrooms and plenty of room for additional rooms to be framed out. Seller financing available with 9% interest for 10 years, subject to terms.

18. 2023-10-23
    soldstatus $58,000

ⓘ 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: $1,583 · $132/mo
• Projected year-2 tax: $1,583 · $132/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $49,932
• − Mortgage interest: −$3,081
• − Property taxes: −$1,583
• − Insurance: −$275
• − Repairs & maintenance: −$3,995
• − Management: −$3,995
• − Depreciation: −$1,600
• Taxable income: $35,404
• Est. tax owed @ 24.0%: −$8,497
• After-tax cash flow: $25,630/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

-5.2% since first listed

2 events — show timeline

• 2026-02-10 Listed $55,000 IRMLS
• 2023-10-23 Sold (Public Records) $58,000 Public Records

Property tax history

-14.0%/yr

Latest (2025): $1,583 · +5.1% YoY. Source: county tax records.