202 E Whitley St · Churubusco, IN 46723

$184,900

4 bd · 2.0 ba · 2,048 sqft · MultiFamily public records · 121 Days on market

Built 1900 0.33 ac lot $90/sqft · 31% below area Est $266k · 31% 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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.9/10.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

Key facts

• 0.33 acre lot
• Built 1900
• Listed 120 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#136 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Smith-Green Community Schools (rural): math 35% / reading 43% proficiency, ranked #142 of 301 in IN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Churubusco Elementary School (math 49% / reading 46%, grade D, #321 of 994 statewide, top 33%, 485 students, 31% FRL); Churubusco Jr-Sr High School (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 647 students, 26% FRL).
• Market conditions: 57 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 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.
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $155k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

• ARV (median comp): $266,072
• List price: $184,900
• Delta: -30.51%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-11,647
• Equity at exit: $27,569

10-year hold

• IRR: 3.6%
• Equity multiple: 1.26×
• Total profit: $13,585
• Equity at exit: $15,987

Cash invested: $51,772 (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 46723

• Home prices YoY: -22.8%
• Active inventory: 57
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,024 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$266 /mo · $3,186/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $287

Break-even live

Break-even rent $1,661

Max offer price $184,900

Occupancy floor 81%

Sensitivity live

Price	-10% $391	-5% $339	+0% $287	+5% $234	+10% $182
Rent	-10% $127	-5% $207	+0% $287	+5% $367	+10% $447
Rate	-1.0pp $380	-0.5pp $334	base $287	+0.5pp $239	+1.0pp $190

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,024
Total (2 units)			$2,024

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $184,900 Active 121 DOM
2. 2026-06-18
   days on market $184,900 Active 118 DOM
3. 2026-06-17
   days on market $184,900 Active 117 DOM
4. 2026-06-16
   days on market $184,900 Active 116 DOM
5. 2026-06-15
   days on market $184,900 Active 115 DOM
6. 2026-06-14
   days on market $184,900 Active 113 DOM
7. 2026-06-13
   days on market $184,900 Active 112 DOM
8. 2026-06-10
   days on market $184,900 Active 110 DOM
9. 2026-06-09
   days on market $184,900 Active 109 DOM
10. 2026-06-08
    days on market $184,900 Active 108 DOM
11. 2026-06-07
    days on market $184,900 Active 107 DOM
12. 2026-06-05
    days on market $184,900 Active 104 DOM
13. 2026-06-03
    days on market $184,900 Active 103 DOM
14. 2026-06-02
    pricedays on market $184,900 Active 102 DOM
15. 2026-06-01
    days on market $189,900 Active 101 DOM
16. 2026-05-31
    days on market $189,900 Active 100 DOM
17. 2026-05-30
    days on market $189,900 Active 99 DOM
18. 2026-05-07
    status Active 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

19. 2026-05-07
    historical 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

20. 2026-05-02
    price $189,900 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

21. 2026-04-22
    price $199,900 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

22. 2026-04-13
    price $204,900 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

23. 2026-03-24
    status Active 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

24. 2026-03-24
    price $214,900 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

25. 2026-01-30
    listed $179,900 Active 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

26. 2026-01-28
    historical $179,900 593-char remark

    Show marketing remark (593 chars)

    Spacious 2,048 sq ft 4-bedroom, 2 full bath home situated on a rare . 39-acre in-town lot—nearly half an acre! Conveniently located within walking distance to Churubusco Elementary, Middle, and High School. Offers excellent potential for investors or owner-occupants alike. Previously an income producing single family, it has been a duplex in the past as well and could easily (just add a door!) be a double income provider! Or choose to make this a generous in-town family home. Large lot, flexible use, and a prime location make this a unique opportunity you won’t want to miss.

27. 2023-03-23
    status Pending 994-char remark

    Show marketing remark (994 chars)

    Town House- Duplex in Churubusco. Utilities are separate (2 Electric meters, 2 Water meters). This property is currently used as professional office space, but with minimal alterations, the new owner could live in one half & rent out the other half. The property could also be purchased as an investment to bring in rent income from both units. Each unit includes about 1,000 square feet of livable space. The East Unit includes a full kitchen, the West Unit had a kitchen, but was removed with the plumbing and electrical still available. The Town house features a large, covered front porch with wraparound Handicap ramp. Recent Driveway and half of rear lot recently blacktopped ($4,000), newer roof was a complete tear-off, Covered rear deck overlooks large rear yard which includes a storage shed (10'x14'). Main office features open-rafter ceilings opening up the view of the native timbers! Seller to provide 2015 Survey attached to listing. Outside signage frame included in sale.

28. 2022-05-23
    soldstatus $155,000 Closed 994-char remark

    Show marketing remark (994 chars)

    Town House- Duplex in Churubusco. Utilities are separate (2 Electric meters, 2 Water meters). This property is currently used as professional office space, but with minimal alterations, the new owner could live in one half & rent out the other half. The property could also be purchased as an investment to bring in rent income from both units. Each unit includes about 1,000 square feet of livable space. The East Unit includes a full kitchen, the West Unit had a kitchen, but was removed with the plumbing and electrical still available. The Town house features a large, covered front porch with wraparound Handicap ramp. Recent Driveway and half of rear lot recently blacktopped ($4,000), newer roof was a complete tear-off, Covered rear deck overlooks large rear yard which includes a storage shed (10'x14'). Main office features open-rafter ceilings opening up the view of the native timbers! Seller to provide 2015 Survey attached to listing. Outside signage frame included in sale.

29. 2022-05-23
    soldstatus $155,000 994-char remark

    Show marketing remark (994 chars)

    Town House- Duplex in Churubusco. Utilities are separate (2 Electric meters, 2 Water meters). This property is currently used as professional office space, but with minimal alterations, the new owner could live in one half & rent out the other half. The property could also be purchased as an investment to bring in rent income from both units. Each unit includes about 1,000 square feet of livable space. The East Unit includes a full kitchen, the West Unit had a kitchen, but was removed with the plumbing and electrical still available. The Town house features a large, covered front porch with wraparound Handicap ramp. Recent Driveway and half of rear lot recently blacktopped ($4,000), newer roof was a complete tear-off, Covered rear deck overlooks large rear yard which includes a storage shed (10'x14'). Main office features open-rafter ceilings opening up the view of the native timbers! Seller to provide 2015 Survey attached to listing. Outside signage frame included in sale.

30. 2022-04-15
    listed $135,000 994-char remark

    Show marketing remark (994 chars)

    Town House- Duplex in Churubusco. Utilities are separate (2 Electric meters, 2 Water meters). This property is currently used as professional office space, but with minimal alterations, the new owner could live in one half & rent out the other half. The property could also be purchased as an investment to bring in rent income from both units. Each unit includes about 1,000 square feet of livable space. The East Unit includes a full kitchen, the West Unit had a kitchen, but was removed with the plumbing and electrical still available. The Town house features a large, covered front porch with wraparound Handicap ramp. Recent Driveway and half of rear lot recently blacktopped ($4,000), newer roof was a complete tear-off, Covered rear deck overlooks large rear yard which includes a storage shed (10'x14'). Main office features open-rafter ceilings opening up the view of the native timbers! Seller to provide 2015 Survey attached to listing. Outside signage frame included in sale.

ⓘ 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: $3,186 · $266/mo
• Projected year-2 tax: $3,186 · $266/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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 17 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: $24,288
• − Mortgage interest: −$10,357
• − Property taxes: −$3,186
• − Insurance: −$924
• − Repairs & maintenance: −$1,943
• − Management: −$1,943
• − Depreciation: −$5,379
• Taxable income: $555
• Est. tax owed @ 24.0%: −$133
• After-tax cash flow: $3,308/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: Smith-Green Community Schools
• NCES district ID: 1810230
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $56,107
• Composite: 34.22/100
• National rank: #5263
• State rank: #142 of 301 in IN

Livability — Churubusco

• Score: 71/100
• State rank: #136
• US rank: #7024

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Churubusco, IN
• Population (ZIP): 7,575

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 33,363 people
• By 2030: 32,930 · -1.3%
• By 2040: 31,598 · -5.3%
• By 2050: 29,902 · -10.4%
• By 2075: 25,785 · -22.7%
• By 2100: 20,729 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Italian 9% Lithuanian 4% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 0%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+49.9) · D 24.1% · R 74.0% · Other 1.9%
• 2008→2024 swing: -28.4pp toward R · 2008: -21.5pp · 2024: -49.9pp
• All cycles: 2024: R+49.9 2020: R+49.1 2016: R+51.4 2012: R+38.9 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.50%
• Current HPI: 232.4457
• 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

+40.7% since first listed

13 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-05-02 Price Changed $189,900 IRMLS
• 2026-04-22 Price Changed $199,900 IRMLS
• 2026-04-13 Price Changed $204,900 IRMLS
• 2026-03-24 Relisted — IRMLS
• 2026-03-24 Price Changed $214,900 IRMLS
• 2026-01-30 Listed $179,900 IRMLS
• 2026-01-28 Coming Soon $179,900 IRMLS
• 2023-03-23 Pending — IRMLS
• 2022-05-23 Sold (MLS) $155,000 IRMLS
• 2022-05-23 Sold (MLS) $155,000 IRMLS
• 2022-04-15 Listed $135,000 IRMLS

Property tax history

+7.0%/yr

Latest (2024): $3,186 · +4.1% YoY. Source: county tax records.