206 W Walnut St · Waldron, IN 46182

$189,900

2 bd · 1.0 ba · 1,267 sqft · SingleFamily public records · 17 Days on market

Built 1900 6,534 sqft lot Est $241k · 21% under

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.0/10.0
• 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

HUD HOME SOLD IN AS-IS CONDITION. FOR MORE INFO REGARDING HUD FORMS, EARNEST MONEY, PROCEDURES, REGISTERING AND BIDDING SEE WEBSITE BELOW. ALL INFO DEEMED RELIABLE BUT NOT GUARANTEED. NO SHOWING APPT. NECESSARY CASE NUM BER 151 741777 INSURED STATUS: UI 203K ELIGIBLE EVI OF LBP, COST TO STABILIZE $6284.30, EVI OF WOOD DESTROYING ORGANISM DAMAGE..EXIT HOLES IN FLOOR IN BATHROOM CLOSET/SHELTER TUBES ON FLOOR JOIST THROUGHOUT BASEMENT AND CRAWL,OIL TANK & BOTTLE GAS TANK.

Key facts

• Bathroom
• New flooring
• Lighting

Tags

• CORNER LOT
• NEW FLOORING
• VINYL SIDING
• COUNTERTOPS
• BATHROOM
• LIGHTING

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer; Electricity connected; Natural gas connected
• Home design: Single-family residence; Updated/remodeled condition; One story
• Construction: Vinyl siding; Wood siding; Brick foundation
• Exterior features: Corner lot

Interior

• Kitchen: Dishwasher; Microwave (hood); Electric oven; Refrigerator; Water heater
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; High ceilings; Laundry in unit; Smoke detector(s)
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#433 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: amenities F, commute F, health & safety F.
• Shelby Eastern Schools (rural): math 43% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waldron Elementary School (math 67% / reading 57%, grade B, #101 of 994 statewide, top 12%, 288 students, 50% FRL); Waldron Jr-Sr High School (math 32% / reading 47%, grade F, #221 of 369 statewide, top 63%, 298 students, 47% FRL) — zoned schools average 48% FRL vs 27% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 10 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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 $38k; list at $190k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $187,051 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.08% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $240,730
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 S Chestnut St	0.02mi	2/2.0	1,296 (+2%)	8mo	$203,500	$157	84
208 W Washington St	0.05mi	2/1.5	1,266 (-0%)	15mo	$125,000	$99	83
6510 E Middletown Rd	0.61mi	2/1.5	1,131 (-11%)	3mo	$219,900	$194	49
6223 E 550 S	0.59mi	3/1.0 (+1)	1,144 (-10%)	20mo	$217,000	$190	35

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-10,784
• Equity at exit: $28,315

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $16,434
• Equity at exit: $16,419

Cash invested: $53,172 (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 46182

• Home prices YoY: -4.0%
• Active inventory: 10
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,058 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $313

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 80%

Sensitivity live

Price	-10% $445	-5% $379	+0% $313	+5% $248	+10% $182
Rent	-10% $151	-5% $232	+0% $313	+5% $395	+10% $476
Rate	-1.0pp $409	-0.5pp $362	base $313	+0.5pp $264	+1.0pp $214

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $189,900 Active 17 DOM
2. 2026-06-19
   price $189,900 Active 14 DOM
3. 2026-06-18
   days on market $194,900 Active 14 DOM
4. 2026-06-17
   days on market $194,900 Active 13 DOM
5. 2026-06-16
   days on market $194,900 Active 12 DOM
6. 2026-06-15
   days on market $194,900 Active 11 DOM
7. 2026-06-13
   days on market $194,900 Active 9 DOM
8. 2026-06-09
   days on market $194,900 Active 5 DOM
9. 2026-06-08
   days on market $194,900 Active 4 DOM
10. 2026-06-07
    remarks 269-char remark
11. 2026-06-07
    listed $194,900 Active 3 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,694
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − Depreciation: −$5,524
• Taxable income: $783
• Est. tax owed @ 24.0%: −$188
• After-tax cash flow: $3,572/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: Shelby Eastern Schools
• NCES district ID: 1803210
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $60,076
• Composite: 40.0/100
• National rank: #3828
• State rank: #84 of 301 in IN

Livability — Waldron

• Score: 63/100
• State rank: #433
• US rank: #15572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waldron, IN
• City population: 1,670
• Population (ZIP): 1,670

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 (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 10% Iranian 1% Romanian 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: ▼ -10.07%
• Current HPI: 241.2392
• 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

+143.9% since first listed

7 events — show timeline

• 2026-06-03 Listed $194,900 MIBOR as Distributed by MLS Grid
• 2007-02-08 Sold (MLS) $38,000 MIBOR as Distributed by MLS Grid
• 2006-10-27 Listed $45,900 MIBOR as Distributed by MLS Grid
• 2003-10-23 Sold (MLS) $71,000 MIBOR as Distributed by MLS Grid
• 2003-04-03 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2003-01-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-07-03 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2025): $136 · -56.4% YoY. Source: county tax records.