117 S Central Ave · Connersville, IN 47331

$60,000

1 bd · 1.0 ba · 800 sqft · SingleFamily · 120 Days on market

Built 1895 Fair condition 2,178 sqft lot $75/sqft · 26% above area Est $47k · 26% over

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Why this score? — see what drove the C 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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +2.3/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0

Key facts

• 2,178 sq ft lot
• Built 1895
• Listed 119 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($720 rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.9% in Connersville — 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 (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 171 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.20% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.01%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $47,448
• List price: $60,000
• Delta: 26.45%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 W 8th St St	0.64mi	2/1.0 (+1)	840 (+5%)	0mo	$121,000	$144	56
617 Sherman Dr	0.48mi	2/1.0 (+1)	720 (-10%)	0mo	$47,000	$65	56
600 Oak St	0.49mi	2/1.0 (+1)	768 (-4%)	20mo	$27,500	$36	49
533 W 8th St	0.55mi	2/1.0 (+1)	720 (-10%)	8mo	$94,000	$131	46
829 Walnut St	0.62mi	2/1.0 (+1)	720 (-10%)	11mo	$24,294	$34	40
722 Maple St	0.61mi	2/1.0 (+1)	720 (-10%)	12mo	$32,500	$45	40
1017-1019 Grand Ave	0.73mi	2/2.0 (+1)	720 (-10%)	2mo	$30,500	$42	38
827 Walnut St	0.61mi	2/1.0 (+1)	720 (-10%)	15mo	$30,000	$42	37

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: 0.2%
• Equity multiple: 1.01×
• Total profit: $104
• Equity at exit: $8,946

10-year hold

• IRR: 9.8%
• Equity multiple: 1.76×
• Total profit: $12,774
• Equity at exit: $5,188

Cash invested: $16,800 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 171
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $720 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$151
• Net cashflow: $154

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 74%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 N Central Ave Apt 103 Connersville, IN	2.0	1.0	650	$700	$1.08	24d	1	0.26mi
309 W 11th St Connersville, IN	2.0	1.0	984	$900	$0.91	24d	1	0.70mi
701 S Fountain St Connersville, IN	1.0	1.0	600	$550	$0.92	1d	1	0.87mi

Listing history 16 events

1. 2026-06-18
   days on market $60,000 Active 120 DOM
2. 2026-06-17
   days on market $60,000 Active 119 DOM
3. 2026-06-16
   days on market $60,000 Active 118 DOM
4. 2026-06-15
   days on market $60,000 Active 117 DOM
5. 2026-06-13
   days on market $60,000 Active 115 DOM
6. 2026-06-12
   days on market $60,000 Active 114 DOM
7. 2026-06-09
   days on market $60,000 Active 111 DOM
8. 2026-06-08
   days on market $60,000 Active 110 DOM
9. 2026-06-07
   days on market $60,000 Active 109 DOM
10. 2026-06-07
    days on market $60,000 Active 108 DOM
11. 2026-06-04
    days on market $60,000 Active 105 DOM
12. 2026-06-02
    days on market $60,000 Active 104 DOM
13. 2026-06-01
    days on market $60,000 Active 103 DOM
14. 2026-05-31
    days on market $60,000 Active 102 DOM
15. 2026-05-31
    days on market $60,000 Active 101 DOM
16. 2026-02-18
    listed $60,000 Active

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $8,639
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$691
• − Management: −$691
• − Depreciation: −$1,745
• Taxable income: $951
• Est. tax owed @ 24.0%: −$228
• After-tax cash flow: $1,621/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations, focusing on exterior repairs and landscaping to significantly enhance its value.

Repairs flagged

• Major exterior siding — Severe peeling
• Major exterior paint — Peeling paint

Value-add opportunities

• Both Painting exterior and landscaping — Enhances curb appeal and value
• Both Re-siding exterior — Improves structural integrity and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe peeling	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Painting exterior and landscaping — Enhances curb appeal and value ↑
• Both Re-siding exterior — Improves structural integrity and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

• 2026-02-18 Listed $60,000 RRELMS