423 E Main St · Millersburg, IN 46543

$110,000

3 bd · 1.0 ba · 888 sqft · SingleFamily public records · 1 Days on market

Built 1950 8,712 sqft lot Est $182k · 40% under

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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 +19.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.0/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable 2 Bedroom, 1 bath ranch with fenced backyard. Newer kitchen, paint and extra insulation added for efficiency. Finished basement provides extra living space with a possible extra bedroom in the basement. Water Heater new in 2016.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1950

Property features AI

Finance

• Other: Property listed by Berkshire Hathaway HomeServices Elkhart

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Shingle roof (not explicitly listed but typical for vinyl siding homes); Built as site-built construction
• Exterior features: Level lot; Lot dimensions approximately 66 x 132

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total of 5 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Refrigerator; Electric range; Full basement
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (5.7% below list).
• Recommended offer: $104k (5.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#147 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Fairfield Community Schools (rural): math 47% / reading 50% proficiency, ranked #53 of 301 in IN (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Millersburg Elementary- Middle Sch (math 52% / reading 53%, grade C-, #233 of 994 statewide, top 24%, 382 students, 24% FRL); Fairfield Jr-Sr High School (math 39% / reading 50%, grade F, #169 of 369 statewide, top 51%, 861 students, 24% FRL).
• Market conditions: 4 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($761 loan paydown + $11k appreciation (10.0% local appreciation)).
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $76k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,732 (5.7% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $182,040
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 Maple St	0.21mi	3/1.0	936 (+5%)	5mo	$192,000	$205	77

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: 27.6%
• Equity multiple: 3.19×
• Total profit: $67,355
• Equity at exit: $99,097

10-year hold

• IRR: 24.1%
• Equity multiple: 7.25×
• Total profit: $192,437
• Equity at exit: $213,706

Cash invested: $30,800 (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 46543

• Home prices YoY: 4.1%
• Active inventory: 4
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,037 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$80 /mo · $955/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $117

Break-even live

Break-even rent $889

Max offer price $110,000

Occupancy floor 84%

Sensitivity live

Price	-10% $179	-5% $148	+0% $117	+5% $86	+10% $55
Rent	-10% $35	-5% $76	+0% $117	+5% $158	+10% $199
Rate	-1.0pp $173	-0.5pp $145	base $117	+0.5pp $89	+1.0pp $60

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-29
   status Pending
2. 2026-05-28
   listed $110,000 Active
3. 2018-04-20
   soldstatus $76,000 239-char remark

   Show marketing remark (239 chars)

   Affordable 2 Bedroom, 1 bath ranch with fenced backyard. Newer kitchen, paint and extra insulation added for efficiency. Finished basement provides extra living space with a possible extra bedroom in the basement. Water Heater new in 2016.

4. 2018-03-20
   listed $76,000 239-char remark

   Show marketing remark (239 chars)

   Affordable 2 Bedroom, 1 bath ranch with fenced backyard. Newer kitchen, paint and extra insulation added for efficiency. Finished basement provides extra living space with a possible extra bedroom in the basement. Water Heater new in 2016.

5. 2016-03-21
   listed $82,900
6. 1999-02-23
   soldstatus $55,000

ⓘ 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: $955 · $80/mo
• Projected year-2 tax: $955 · $80/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 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,448
• − Mortgage interest: −$6,162
• − Property taxes: −$955
• − Insurance: −$550
• − Repairs & maintenance: −$996
• − Management: −$996
• − Depreciation: −$3,200
• Taxable loss: −$411
• Est. tax savings @ 24.0%: +$99
• After-tax cash flow: $1,505/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: Fairfield Community Schools
• NCES district ID: 1803480
• Math proficiency: 47% ▼ -8.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $64,647
• Composite: 42.94/100
• National rank: #3114
• State rank: #53 of 301 in IN

Livability — Millersburg

• Score: 70/100
• State rank: #147
• US rank: #7409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millersburg, IN
• Population (ZIP): 4,467

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Polish 9% Italian 1% Slovak 1%
• Foreign-born: 0% · Canada
• Languages at home: 35% English-only · German/W. Germanic 62% Spanish 3%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.03%
• Current HPI: 280.9077
• 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

+100.0% since first listed

6 events — show timeline

• 2026-05-29 Pending — IRMLS
• 2026-05-28 Listed $110,000 IRMLS
• 2018-04-20 Sold (MLS) $76,000 IRMLS
• 2018-03-20 Listed $76,000 IRMLS
• 2016-03-21 Listed $82,900 IRMLS
• 1999-02-23 Sold (Public Records) $55,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $955 · +9.2% YoY. Source: county tax records.