605 N Columbia St · Brazil, IN 47834

$36,500

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 189 Days on market

Built 1900 7,841 sqft lot $31/sqft · 76% below area ↓ 37% since listing

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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 +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Heat and air conditioning unknown. Land is elevated from the road, then level. For privacy in 2nd bedroom, door needs added to arched entry.

Key facts

• 7,841 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($890 rent vs $36k).
• Recommended offer: $32k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.5% vs local median 2.6% in Brazil — 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 66/100 on livability (#308 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Clay Community Schools (rural): math 46% / reading 49% proficiency, ranked #79 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clay City Elementary School (math 58% / reading 54%, grade C+, #183 of 994 statewide, top 19%, 377 students, 51% FRL); North Clay Middle School (math 42% / reading 47%, grade D, #84 of 330 statewide, top 26%, 744 students, 57% FRL); Northview High School (math 43% / reading 66%, grade C-, #79 of 369 statewide, top 26%, 943 students, 46% FRL).
• Market conditions: 95 active listings in the ZIP; 70 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $252 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Clay County population projected at -16% 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 $10k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $32,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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 1900 — 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. Crime grade is F 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?
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: 2.44% ✓
• Cap rate: 20.48%
• Cash-on-cash: 50.67%
• DSCR: 3.25
• GRM: 3.4

CMA / ARV

• ARV (median comp): $151,687
• List price: $36,500
• Delta: -75.94%
• 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
341 E Coal St	0.30mi	2/1.0 (-1)	1,188 (+1%)	4mo	$124,900	$105	76
328 E Georgia St	0.29mi	3/2.0	1,120 (-5%)	1mo	$97,000	$87	74
410 E Illinois St	0.23mi	2/1.0 (-1)	1,107 (-6%)	2mo	$175,000	$158	72
321 E Coal St	0.34mi	3/1.0	1,236 (+5%)	4mo	$69,000	$56	72
940 N Washington St	0.52mi	3/1.5	1,153 (-2%)	2mo	$172,500	$150	69
817 N Washington St	0.46mi	3/1.0	1,144 (-3%)	7mo	$71,500	$63	68
409 N Columbia St	0.10mi	3/2.0	1,018 (-13%)	2mo	$165,000	$162	67
803 N Forest Ave	0.34mi	3/1.0	1,060 (-10%)	3mo	$61,500	$58	66
723 N Washington St	0.45mi	2/1.0 (-1)	1,144 (-3%)	5mo	$145,000	$127	65
205 N Columbia St	0.25mi	3/2.0	1,292 (+10%)	5mo	$219,900	$170	63
105 Willow Ct	0.73mi	3/1.0	1,164 (-1%)	2mo	$139,900	$120	63
135 N Davis St	0.29mi	2/1.0 (-1)	1,032 (-12%)	7mo	$155,000	$150	55

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: 48.5%
• Equity multiple: 3.11×
• Total profit: $21,597
• Equity at exit: $5,442

10-year hold

• IRR: 54.1%
• Equity multiple: 6.31×
• Total profit: $54,303
• Equity at exit: $3,156

Cash invested: $10,220 (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 47834

• Home prices YoY: -20.8%
• Active inventory: 95
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $890 medium
• Mortgage (P&I): −$191
• Tax from tax record: −$65 /mo · $783/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $432

Break-even live

Break-even rent $344

Max offer price $36,500

Occupancy floor 47%

Sensitivity live

Price	-10% $452	-5% $442	+0% $432	+5% $421	+10% $411
Rent	-10% $361	-5% $396	+0% $432	+5% $467	+10% $502
Rate	-1.0pp $450	-0.5pp $441	base $432	+0.5pp $422	+1.0pp $412

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $36,500 Active 189 DOM
2. 2026-06-18
   days on market $36,500 Active 188 DOM
3. 2026-06-17
   days on market $36,500 Active 187 DOM
4. 2026-06-16
   days on market $36,500 Active 186 DOM
5. 2026-06-15
   days on market $36,500 Active 185 DOM
6. 2026-06-14
   days on market $36,500 Active 183 DOM
7. 2026-06-13
   days on market $36,500 Active 182 DOM
8. 2026-06-10
   days on market $36,500 Active 180 DOM
9. 2026-06-09
   days on market $36,500 Active 179 DOM
10. 2026-06-08
    days on market $36,500 Active 178 DOM
11. 2026-06-07
    days on market $36,500 Active 177 DOM
12. 2026-06-05
    days on market $36,500 Active 174 DOM
13. 2026-06-02
    days on market $36,500 Active 172 DOM
14. 2026-06-01
    days on market $36,500 Active 171 DOM
15. 2026-05-31
    days on market $36,500 Active 170 DOM
16. 2026-05-30
    days on market $36,500 Active 169 DOM
17. 2026-01-12
    status Active 140-char remark

    Show marketing remark (140 chars)

    Heat and air conditioning unknown. Land is elevated from the road, then level. For privacy in 2nd bedroom, door needs added to arched entry.

18. 2025-09-26
    status Pending 140-char remark

    Show marketing remark (140 chars)

    Heat and air conditioning unknown. Land is elevated from the road, then level. For privacy in 2nd bedroom, door needs added to arched entry.

19. 2025-08-26
    listed $36,500 Active 140-char remark

    Show marketing remark (140 chars)

    Heat and air conditioning unknown. Land is elevated from the road, then level. For privacy in 2nd bedroom, door needs added to arched entry.

20. 2010-01-18
    historical
21. 2009-07-18
    listed $62,500
22. 2009-03-13
    historical
23. 2008-12-13
    historical
24. 2008-06-13
    listed $48,000
25. 2008-01-10
    listed $61,500
26. 2003-01-01
    listed $57,500

ⓘ 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: $783 · $65/mo
• Projected year-2 tax: $783 · $65/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 4/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,685
• − Mortgage interest: −$2,045
• − Property taxes: −$783
• − Insurance: −$182
• − Repairs & maintenance: −$855
• − Management: −$855
• − Depreciation: −$1,062
• Taxable income: $4,904
• Est. tax owed @ 24.0%: −$1,177
• After-tax cash flow: $4,002/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: Clay Community Schools
• NCES district ID: 1800840
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $46,673
• Composite: 40.39/100
• National rank: #3733
• State rank: #79 of 301 in IN

Livability — Brazil

• Score: 66/100
• State rank: #308
• US rank: #12163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brazil, IN
• City population: 18,773
• Population (ZIP): 18,773

Population outlook (Clay County) Hauer SSP2

• Today (2025): 25,820 people
• By 2030: 25,182 · -2.5%
• By 2040: 23,562 · -8.7%
• By 2050: 21,829 · -15.5%
• By 2075: 17,939 · -30.5%
• By 2100: 14,042 · -45.6%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Clay

• 2024 margin: Solid R (+56.9) · D 20.7% · R 77.6% · Other 1.7%
• 2008→2024 swing: -45.4pp toward R · 2008: -11.5pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+56.6 2016: R+55.3 2012: R+31.4 2008: R+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.68%
• Current HPI: 223.6707
• 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

-36.5% since first listed

10 events — show timeline

• 2026-01-12 Relisted — IRMLS
• 2025-09-26 Pending — IRMLS
• 2025-08-26 Listed $36,500 IRMLS
• 2010-01-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-07-18 Listed $62,500 MIBOR as Distributed by MLS Grid
• 2009-03-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-12-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-06-13 Listed $48,000 MIBOR as Distributed by MLS Grid
• 2008-01-10 Listed $61,500 MIBOR as Distributed by MLS Grid
• 2003-01-01 Listed $57,500 MIBOR as Distributed by MLS Grid

Property tax history

-4.3%/yr

Latest (2024): $783 · +20.7% YoY. Source: county tax records.