509 1/2 Walnut St · Monticello, IN 47960

$105,000

2 bd · 1.0 ba · 720 sqft · SingleFamily · 33 Days on market

Built 1955 Good condition 3,485 sqft lot Est $150k · 30% 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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Condition / age +3.8/5.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Double the fun! Two 2 bedroom 1 bath houses in need of renovation. Great for rental houses. Each house is approx 720 sg ft of living area. Front house also has an attached garage. Newer Roofs (509 2016, 509 1/2 2021). Agent Owned.

Key facts

• New furnace
• Near area lakes
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW FURNACE
• NEW WINDOWS
• NEAR LOCAL DINING
• NEAR AREA LAKES
• MINUTES FROM INDIANA BEACH

Property features AI

Finance

• Other: Lot dimensions approximately 50 x 66 (0.08 acres)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding exterior; Shingle roof; Slab foundation; Built area above grade: 720 (listed)
• Exterior features: Level lot; Shed(s) on the property; No fencing

Interior

• Kitchen: Microwave; Refrigerator; Gas oven; Gas range
• Bedrooms: Total of 5 rooms (bedrooms count not explicitly listed)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Eat-in kitchen; Laminate counters; One fireplace (no special features listed)
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.4% in Monticello — 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 71/100 on livability (#141 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meadowlawn Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 567 students, 56% FRL); Roosevelt Middle School (math 38% / reading 47%, grade D-, #98 of 330 statewide, top 30%, 523 students, 67% FRL); Twin Lakes Senior High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 674 students, 59% FRL) — zoned schools average 60% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 225 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $62k; list at $105k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $149,760
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 Chestnut St	0.11mi	2/1.0	794 (+10%)	1mo	$165,000	$208	77
428 Walnut St	0.09mi	2/1.0	684 (-5%)	22mo	$147,900	$216	69
503 Shafer Dr	0.70mi	2/1.0	750 (+4%)	22mo	$135,000	$180	42

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-7,045
• Equity at exit: $15,656

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $6,750
• Equity at exit: $9,078

Cash invested: $29,400 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 225
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,116 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $156

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 81%

Sensitivity live

Price	-10% $229	-5% $193	+0% $156	+5% $120	+10% $84
Rent	-10% $68	-5% $112	+0% $156	+5% $200	+10% $244
Rate	-1.0pp $209	-0.5pp $183	base $156	+0.5pp $129	+1.0pp $101

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $105,000 Active 33 DOM
2. 2026-06-21
   days on market $105,000 Active 32 DOM
3. 2026-06-21
   days on market $105,000 Active 31 DOM
4. 2026-06-18
   days on market $105,000 Active 29 DOM
5. 2026-06-17
   days on market $105,000 Active 28 DOM
6. 2026-06-16
   days on market $105,000 Active 27 DOM
7. 2026-06-15
   days on market $105,000 Active 26 DOM
8. 2026-06-13
   days on market $105,000 Active 24 DOM
9. 2026-06-12
   days on market $105,000 Active 23 DOM
10. 2026-06-09
    days on market $105,000 Active 20 DOM
11. 2026-06-08
    days on market $105,000 Active 19 DOM
12. 2026-06-07
    days on market $105,000 Active 18 DOM
13. 2026-06-07
    days on market $105,000 Active 17 DOM
14. 2026-06-04
    days on market $105,000 Active 14 DOM
15. 2026-06-02
    days on market $105,000 Active 13 DOM
16. 2026-06-01
    days on market $105,000 Active 12 DOM
17. 2026-05-31
    days on market $105,000 Active 11 DOM
18. 2026-05-31
    days on market $105,000 Active 10 DOM
19. 2026-05-20
    listed $105,000 Active
20. 2010-10-02
    listed $45,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,396
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$3,055
• Taxable income: $216
• Est. tax owed @ 24.0%: −$52
• After-tax cash flow: $1,823/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.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab

This updated 2-bedroom, 1-bath home is move-in ready with recent upgrades and a good condition score, making it a perfect starter home or investment opportunity.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and value
• Resale Replace gutters — Improves water drainage and reduces maintenance costs
• Both Replace carpet in bedrooms — Fresh carpet improves comfort and aesthetics
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and value ↑
• Resale Replace gutters — Improves water drainage and reduces maintenance costs ↑
• Both Replace carpet in bedrooms — Fresh carpet improves comfort and aesthetics ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Monticello

• Score: 71/100
• State rank: #141
• US rank: #7278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monticello, IN
• Population (ZIP): 15,313

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

+133.3% since first listed

5 events — show timeline

• 2026-05-20 Listed $105,000 IRMLS
• 2023-03-01 Sold (MLS) $62,000 IRMLS
• 2023-02-16 Pending — IRMLS
• 2023-02-15 Listed $60,000 IRMLS
• 2010-10-02 Listed $45,000 IRMLS