506 S California St · Sheridan, IN 46069

$75,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 9 Days on market

Built 1900 6,970 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic fixer-upper in the increasingly popular town of Sheridan! This is a project you don't want to miss. Two bedrooms and one bath, the floorplan could be reconfigured. This home has alley access or street parking for your convince. There is a small covered porch. This home has high ceilings, an archway and possibly original windows, one of which has some stained glass.

Key facts

• Alley access
• Covered porch
• Original windows

Tags

• ALLEY ACCESS
• STREET PARKING
• COVERED PORCH
• HIGH CEILINGS
• ARCHWAY
• ORIGINAL WINDOWS

Property features AI

Exterior

• Parking: Alley access
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Water connected; Sewer connected
• Home design: Single-family residence; Fixer condition; One story
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered porch; Storage shed; City lot with sidewalks

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: No heating; No cooling
• Interior features: Attic access; High ceilings; Woodwork painted; Laundry in unit
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 17.0% vs local median 3.1% in Sheridan — 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 65/100 on livability (#318 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Sheridan Community Schools (town): math 38% / reading 46% proficiency, ranked #117 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sheridan Elementary School (math 42% / reading 41%, grade F, #478 of 994 statewide, top 49%, 502 students, 44% FRL); Sheridan High School (math 37% / reading 57%, grade D-, #143 of 369 statewide, top 44%, 324 students, 38% FRL).
• Market conditions: 120 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1900 — 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. 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?
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: 1.95% ✓
• Cap rate: 16.99%
• Cash-on-cash: 38.21%
• DSCR: 2.70
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $177,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Elm Ave	0.10mi	2/1.0	993 (-2%)	6mo	$165,000	$166	88
606 W 2nd St	0.34mi	2/1.0	1,063 (+6%)	1mo	$192,500	$181	74
511 W 6th St	0.20mi	3/1.0 (+1)	1,080 (+7%)	2mo	$200,000	$185	72
700 S Ohio St	0.11mi	2/2.0	1,080 (+7%)	11mo	$240,000	$222	70
405 W 3rd St	0.20mi	3/1.0 (+1)	1,100 (+9%)	5mo	$132,500	$120	66
308 E 8th St	0.38mi	2/1.0	1,072 (+6%)	6mo	$185,000	$173	66
100 S Blake St	0.29mi	3/1.0 (+1)	896 (-11%)	0mo	$198,000	$221	63
605 S Fanning St	0.38mi	2/1.0	1,114 (+10%)	7mo	$177,500	$159	59
502 E 9th St	0.50mi	3/1.0 (+1)	1,025 (+2%)	15mo	$175,000	$171	57
902 S California St	0.23mi	2/1.0	884 (-12%)	19mo	$150,000	$170	53
407 E 9th St	0.45mi	3/1.0 (+1)	960 (-5%)	16mo	$213,000	$222	53
402 E 6th St	0.35mi	3/1.0 (+1)	1,127 (+12%)	10mo	$198,000	$176	51

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: 34.3%
• Equity multiple: 2.45×
• Total profit: $30,435
• Equity at exit: $11,183

10-year hold

• IRR: 41.2%
• Equity multiple: 4.87×
• Total profit: $81,345
• Equity at exit: $6,485

Cash invested: $21,000 (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 46069

• Home prices YoY: -28.2%
• Active inventory: 120
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,459 high
• Mortgage (P&I): −$393
• Tax from tax record: −$59 /mo · $714/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $669

Break-even live

Break-even rent $613

Max offer price $75,000

Occupancy floor 49%

Sensitivity live

Price	-10% $711	-5% $690	+0% $669	+5% $647	+10% $626
Rent	-10% $553	-5% $611	+0% $669	+5% $726	+10% $784
Rate	-1.0pp $706	-0.5pp $688	base $669	+0.5pp $649	+1.0pp $629

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 S California St Unit A Sheridan, IN	2.0	1.0	1216	$1,600	$1.32	2d	1	0.26mi
102 S California St Unit B Sheridan, IN	3.0	2.0	1216	$1,600	$1.32	2d	1	0.26mi
304 E 4th St Sheridan, IN	3.0	1.0	1262	$1,431	$1.13	4d	1	0.30mi
203 1/2 E 1st St Sheridan, IN	2.0	1.0	1492	$900	$0.60	12d	1	0.37mi
204 N California St Sheridan, IN	2.0	2.0	1100	$975	$0.89	44d	1	0.38mi
204 E 11th St Unit 1 Sheridan, IN	2.0	1.0	900	$1,400	$1.56	2d	1	0.41mi
1040 S Malott St Unit A Sheridan, IN	3.0	2.0	1100	$1,700	$1.55	2d	1	0.51mi
1104 S Malott St Unit C Sheridan, IN	2.0	1.0	900	$1,500	$1.67	2d	1	0.61mi

Listing history 8 events

1. 2026-06-21
   days on market $75,000 Active 9 DOM
2. 2026-06-18
   days on market $75,000 Active 6 DOM
3. 2026-06-17
   days on market $75,000 Active 5 DOM
4. 2026-06-16
   days on market $75,000 Active 4 DOM
5. 2026-06-15
   price $75,000 Active 3 DOM
6. 2026-06-15
   days on market $50,000 Active 3 DOM
7. 2026-06-13
   remarks 377-char remark
8. 2026-06-13
   listed $50,000 Active 1 DOM

ⓘ 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: $714 · $59/mo
• Projected year-2 tax: $714 · $59/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $17,509
• − Mortgage interest: −$4,201
• − Property taxes: −$714
• − Insurance: −$375
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − Depreciation: −$2,182
• Taxable income: $7,236
• Est. tax owed @ 24.0%: −$1,737
• After-tax cash flow: $6,287/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: Sheridan Community Schools
• NCES district ID: 1806480
• Math proficiency: 38% ▼ -9.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $51,929
• Composite: 36.31/100
• National rank: #4695
• State rank: #117 of 301 in IN

Livability — Sheridan

• Score: 65/100
• State rank: #318
• US rank: #12536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, IN
• City population: 6,924
• Population (ZIP): 6,924

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Slovak 5% Italian 2% Iranian 1%
• Foreign-born: 2% · Canada, Guatemala
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.24%
• Current HPI: 224.338
• 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

1 event — show timeline

• 2026-06-12 Listed $50,000 MIBOR as Distributed by MLS Grid

Property tax history

+45.1%/yr

Latest (2025): $714 · +59.3% YoY. Source: county tax records.