1628 S West St · Shelbyville, IN 46176

$135,000

3 bd · 2.0 ba · 1,588 sqft · SingleFamily public records · 15 Days on market

Built 1927 9,350 sqft lot Est $175k · 23% under

---

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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.3/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready, Off street Parking. Hardwood floors, 3 Bedrooms, 2 Baths. fenced in Yard. Double Hung Windows. Covered Porch

Key facts

• 9,350 sq ft lot
• Built 1927
• Listed 15 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: One-story home; Built in 1927
• Construction: Estimated above-grade finished living area: 1,492
• Exterior features: Neighborhood view

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Electric range; Gas water heater
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: No notable built-in interior features listed; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.
• Current owner paid $91k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,975 (1.5% below list)

Questions for the listing agent

1. Built in 1927 — 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: 1.13% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $174,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
771 Doran Ave	0.31mi	4/1.5 (+1)	1,564 (-2%)	9mo	$225,000	$144	68
1003 S Shelby St	0.37mi	2/1.0 (-1)	1,536 (-3%)	0mo	$143,000	$93	68
1122 Shelby St	0.27mi	3/2.0	1,376 (-13%)	9mo	$229,000	$166	58
525 Third St	0.35mi	2/1.5 (-1)	1,732 (+9%)	5mo	$161,000	$93	57
1101 S Shelby St	0.32mi	2/1.0 (-1)	1,728 (+9%)	6mo	$133,000	$77	56
1237 Elm St	0.26mi	2/1.0 (-1)	1,744 (+10%)	8mo	$158,000	$91	56
607 4th St	0.32mi	2/1.0 (-1)	1,768 (+11%)	2mo	$195,000	$110	55
113 1st St	0.53mi	2/1.0 (-1)	1,611 (+1%)	12mo	$179,500	$111	53
217 Howard St	0.70mi	2/1.0 (-1)	1,410 (-11%)	2mo	$160,000	$113	38
2130 Theobald St	0.62mi	3/1.5	1,804 (+14%)	12mo	$218,000	$121	36
265 W South St	0.73mi	3/1.5	1,811 (+14%)	6mo	$65,000	$36	36
618 Miller Ave	0.69mi	3/1.0	1,792 (+13%)	12mo	$175,000	$98	32

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: -0.0%
• Equity multiple: 1.00×
• Total profit: $-14
• Equity at exit: $20,129

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $28,076
• Equity at exit: $11,672

Cash invested: $37,800 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,523 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$95 /mo · $1,142/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $344

Break-even live

Break-even rent $1,088

Max offer price $135,000

Occupancy floor 72%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	7d	1	1.05mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,882	$2.07	2d	7	1.31mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	44d	1	1.37mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	10d	1	1.40mi
1008 Balto Dr Shelbyville, IN	3.0	2.5	1942	$1,900	$0.98	2d	1	1.40mi

Listing history 10 events

1. 2026-06-18
   days on market $135,000 Active 15 DOM
2. 2026-06-17
   days on market $135,000 Active 14 DOM
3. 2026-06-16
   days on market $135,000 Active 13 DOM
4. 2026-06-15
   days on market $135,000 Active 12 DOM
5. 2026-06-13
   days on market $135,000 Active 10 DOM
6. 2026-06-13
   days on market $135,000 Active 9 DOM
7. 2026-06-09
   days on market $135,000 Active 6 DOM
8. 2026-06-08
   days on market $135,000 Active 5 DOM
9. 2026-06-07
   remarks 325-char remark
10. 2026-06-07
    listed $135,000 Active 4 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: $1,142 · $95/mo
• Projected year-2 tax: $1,145 · $95/mo
• Expected delta: +$3/yr ($0/mo · 0.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,273
• − Mortgage interest: −$7,562
• − Property taxes: −$1,142
• − Insurance: −$675
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − Depreciation: −$3,927
• Taxable income: $2,043
• Est. tax owed @ 24.0%: −$490
• After-tax cash flow: $3,633/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+50.2% since first listed

9 events — show timeline

• 2026-06-03 Listed $135,000 NIRA MLS as Distributed by MLS Grid
• 2019-02-20 Sold (MLS) $91,000 MIBOR as Distributed by MLS Grid
• 2018-12-03 Pending — MIBOR as Distributed by MLS Grid
• 2018-11-09 Price Changed $95,000 MIBOR as Distributed by MLS Grid
• 2018-10-18 Listed $99,999 MIBOR as Distributed by MLS Grid
• 2012-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-06-04 Listed $89,999 MIBOR as Distributed by MLS Grid
• 2004-10-15 Sold (MLS) $83,000 MIBOR as Distributed by MLS Grid
• 2004-03-10 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $1,142 · -7.2% YoY. Source: county tax records.