ABERNATHY Plan · Memphis, IN 47143

$256,990

3 bd · 2.0 ba · 1,290 sqft · SingleFamily · 384 Days on market

---

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 +13.4/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 2 garage spots
• Listed 384 days

Property features AI

Finance

• Other: Listing status: Active
• Financial info: List price $256,990

Exterior

• Parking: 2 total parking spaces; 2-car garage
• Home design: New construction plan (ABERNATHY); Address: 104 Legend Ct, Eof2a4 Memphis, IN 47143
• Exterior features: Living area approximately 1,290

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Plan home (ABERNATHY)

🏗️ New construction. The $256,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $248,970.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $257k.

Deal economics

• At list price, monthly cash flow is $6 ($67/yr) — positive.
• To cash-flow at today's rent, offer at most $250k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (15.0% below list).
• Recommended offer: $219k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 5.1% in Memphis — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 70/100 on livability (#164 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Market conditions: 94 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 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 $7k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 384 days — a 12% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Recommended offer $218,501 (15.0% below list)

Questions for the listing agent

1. It's been on market 384 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $248,970
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1026 Legend Ct	0.06mi	3/2.0	1,290 (0%)	2mo	$239,990	$186	96
1012 Legend Ct	0.02mi	3/2.0	1,290 (0%)	7mo	$229,991	$178	94
1022 Legend Ct	0.09mi	3/2.0	1,290 (0%)	6mo	$229,991	$178	91
2066 Derby Way	0.21mi	3/2.0	1,290 (0%)	2mo	$235,000	$182	88
1023 Legend Ct	0.11mi	3/2.0	1,290 (0%)	10mo	$249,991	$194	87
2016 Derby Way	0.21mi	3/2.0	1,257 (-3%)	2mo	$229,900	$183	84
13825 Deerfield	0.43mi	3/2.0	1,298 (+1%)	7mo	$249,900	$193	73
14025 Deerfield Ct	0.31mi	3/2.0	1,238 (-4%)	8mo	$254,900	$206	72
1205 Sir Barton Ct	0.15mi	3/2.0	1,414 (+10%)	16mo	$281,990	$199	64
5706 Greenland Pass	0.24mi	3/2.0	1,473 (+14%)	8mo	$264,900	$180	59
13954 Deer Run Trce Lot 425	0.54mi	3/2.0	1,472 (+14%)	4mo	$299,900	$204	48
13961 Deer Run Trce Lot 401	0.55mi	3/2.0	1,472 (+14%)	7mo	$299,900	$204	45

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-39,955
• Equity at exit: $37,122

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-34,201
• Equity at exit: $21,526

Cash invested: $69,712 (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 47143

• Home prices YoY: -30.4%
• Active inventory: 94
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,185 medium
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $6

Break-even live

Break-even rent $2,178

Max offer price $248,970

Occupancy floor 95%

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: $62,242
• Closing costs: $7,469
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $256,990 Active 384 DOM
2. 2026-06-17
   days on market $256,990 Active 383 DOM
3. 2026-06-16
   days on market $256,990 Active 382 DOM
4. 2026-06-15
   days on market $256,990 Active 381 DOM
5. 2026-06-13
   days on market $256,990 Active 379 DOM
6. 2026-06-10
   days on market $256,990 Active 376 DOM
7. 2026-06-09
   days on market $256,990 Active 375 DOM
8. 2026-06-08
   days on market $256,990 Active 374 DOM
9. 2026-06-07
   days on market $256,990 Active 373 DOM
10. 2026-06-03
    days on market $256,990 Active 369 DOM
11. 2026-06-02
    days on market $256,990 Active 368 DOM
12. 2026-06-01
    days on market $256,990 Active 367 DOM
13. 2026-05-31
    days on market $256,990 Active 366 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,220
• − Mortgage interest: −$13,946
• − Property taxes: −$3,735
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,098
• − Management: −$2,098
• − Depreciation: −$7,243
• Taxable loss: −$4,143
• Est. tax savings @ 24.0%: +$994
• After-tax cash flow: $1,061/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)

No district data.

Livability — Memphis

• Score: 70/100
• State rank: #164
• US rank: #7848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Memphis, IN
• Population (ZIP): 3,775

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 5% American 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.60%
• Current HPI: 184.1286
• 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