428 N Lincoln St · Oakland City, IN 47660

$56,000

3 bd · 1.0 ba · 1,100 sqft · SingleFamily public records · 423 Days on market

Built 1915 3,049 sqft lot $51/sqft · 64% below area

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

3 bedroom 1 bath home with loads of potential! Selling AS IS.

Key facts

• 3,049 sq ft lot
• Built 1915
• Listed 423 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $56k).
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#349 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• East Gibson School Corporation (town): math 40% / reading 35% proficiency, ranked #171 of 301 in IN (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($387 loan paydown + $6k appreciation (10.0% local appreciation)).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 423 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $56k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 423 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.85% ✓
• Cap rate: 16.33%
• Cash-on-cash: 35.83%
• DSCR: 2.59
• GRM: 4.5

CMA / ARV

• ARV (median comp): $157,186
• List price: $56,000
• Delta: -64.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
426 N Lincoln St	0.02mi	3/2.0	1,200 (+9%)	9mo	$169,000	$141	73
415 E Oak St	0.38mi	2/1.0 (-1)	1,074 (-2%)	3mo	$116,500	$108	71
827 N Polk St	0.38mi	3/1.0	1,160 (+6%)	3mo	$70,000	$60	70
431 E Washington St	0.26mi	3/2.0	1,200 (+9%)	0mo	$215,000	$179	68
114 S Main St	0.35mi	2/1.0 (-1)	1,008 (-8%)	3mo	$99,000	$98	62
414 W Columbia St	0.49mi	2/1.0 (-1)	1,124 (+2%)	10mo	$131,900	$117	60
570 S 1225 E	0.48mi	2/1.0 (-1)	1,132 (+3%)	10mo	$190,000	$168	59
226 E Second St	0.29mi	3/1.5	1,239 (+13%)	12mo	$180,000	$145	53
334 S Jackson St	0.49mi	2/1.0 (-1)	988 (-10%)	2mo	$118,400	$120	53
326 W Vine St	0.42mi	2/1.0 (-1)	960 (-13%)	2mo	$129,000	$134	52
231 W Morton St	0.69mi	2/1.5 (-1)	1,152 (+5%)	12mo	$40,000	$35	43
439 Walnut St	0.55mi	2/1.0 (-1)	1,254 (+14%)	14mo	$158,000	$126	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.8%
• Equity multiple: 4.85×
• Total profit: $60,311
• Equity at exit: $50,449

10-year hold

• IRR: 45.4%
• Equity multiple: 10.83×
• Total profit: $154,144
• Equity at exit: $108,796

Cash invested: $15,680 (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 47660

• Home prices YoY: 7.7%
• Active inventory: 24
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,037 medium
• Mortgage (P&I): −$294
• Tax from tax record: −$34 /mo · $408/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $468

Break-even live

Break-even rent $444

Max offer price $56,000

Occupancy floor 50%

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $56,000 Active 423 DOM
2. 2026-06-17
   days on market $56,000 Active 422 DOM
3. 2026-06-16
   days on market $56,000 Active 421 DOM
4. 2026-06-15
   days on market $56,000 Active 420 DOM
5. 2026-06-13
   days on market $56,000 Active 418 DOM
6. 2026-06-12
   days on market $56,000 Active 417 DOM
7. 2026-06-09
   days on market $56,000 Active 414 DOM
8. 2026-06-08
   days on market $56,000 Active 413 DOM
9. 2026-06-07
   days on market $56,000 Active 412 DOM
10. 2026-06-07
    days on market $56,000 Active 411 DOM
11. 2026-06-04
    days on market $56,000 Active 408 DOM
12. 2026-06-02
    days on market $56,000 Active 407 DOM
13. 2026-06-01
    days on market $56,000 Active 406 DOM
14. 2026-05-31
    days on market $56,000 Active 405 DOM
15. 2026-05-31
    days on market $56,000 Active 404 DOM
16. 2025-08-27
    price $56,000 61-char remark

    Show marketing remark (61 chars)

    3 bedroom 1 bath home with loads of potential! Selling AS IS.

17. 2025-04-21
    listed $59,000 Active 61-char remark

    Show marketing remark (61 chars)

    3 bedroom 1 bath home with loads of potential! Selling AS IS.

18. 2018-02-08
    soldstatus $30,000

ⓘ 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: $408 · $34/mo
• Projected year-2 tax: $442 · $37/mo
• Expected delta: +$34/yr (+$3/mo · 8.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,443
• − Mortgage interest: −$3,137
• − Property taxes: −$408
• − Insurance: −$280
• − Repairs & maintenance: −$995
• − Management: −$995
• − Depreciation: −$1,629
• Taxable income: $4,998
• Est. tax owed @ 24.0%: −$1,200
• After-tax cash flow: $4,418/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: East Gibson School Corporation
• NCES district ID: 1802940
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $42,426
• Composite: 31.73/100
• National rank: #5908
• State rank: #171 of 301 in IN

Livability — Oakland City

• Score: 65/100
• State rank: #349
• US rank: #13364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oakland City, IN
• Population (ZIP): 4,819

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Lithuanian 2% Serbian 2% Scottish 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.71%
• Current HPI: 234.1104
• 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

+86.7% since first listed

3 events — show timeline

• 2025-08-27 Price Changed $56,000 IRMLS
• 2025-04-21 Listed $59,000 IRMLS
• 2018-02-08 Sold (Public Records) $30,000 Public Records

Property tax history

-9.1%/yr

Latest (2024): $408 · +0.6% YoY. Source: county tax records.