401 N First St · Owensville, IN 47665

$182,000

4 bd · 2.0 ba · 3,186 sqft · SingleFamily public records · 139 Days on market

Built 1941 0.53 ac lot $57/sqft · 53% below area

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Why this score? — see what drove the D- 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 +9.6/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• DSCR +2.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4-bedroom, 1.5-bath home is competitively priced and ready for your personal touch. With a spacious layout that accommodates the whole family, this property is being sold as-is, providing a perfect opportunity to customize it to your liking. The 2-car detached garage offers ample storage space. Additionally, the home is situated on a generous 1/2-acre corner lot.

Key facts

• 1/2-acre corner lot
• Detached garage
• 0.53 acre lot

Tags

• DETACHED GARAGE
• 1/2-ACRE CORNER LOT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $182k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (23.6% below list).
• Recommended offer: $139k (23.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#440 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• South Gibson School Corporation (rural): math 50% / reading 58% proficiency, ranked #31 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owensville Community School (math 43% / reading 51%, grade D-, #325 of 994 statewide, top 36%, 415 students, 41% FRL); Gibson Southern High School (math 62% / reading 77%, grade B, #18 of 369 statewide, top 5%, 726 students, 23% FRL).
• Market conditions: 17 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 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 $5k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $134k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,052 (23.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• GRM: 10.9

CMA / ARV

• ARV (median comp): $385,000
• List price: $182,000
• Delta: -52.73%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5142 S SR 65	0.28mi	4/3.0	2,800 (-12%)	4mo	$385,000	$138	60
6700 W Whispering Creek Dr	0.49mi	4/3.5	3,422 (+7%)	17mo	$478,500	$140	45
6649 W Whispering Creek Dr	0.48mi	5/3.5 (+1)	3,600 (+13%)	15mo	$430,000	$119	33
6317 W 475 Rd S	0.71mi	4/3.0	2,838 (-11%)	20mo	$415,000	$146	28

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: -21.1%
• Equity multiple: 0.27×
• Total profit: $-37,243
• Equity at exit: $27,137

10-year hold

• IRR: -14.5%
• Equity multiple: 0.17×
• Total profit: $-42,417
• Equity at exit: $15,736

Cash invested: $50,960 (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 47665

• Home prices YoY: -4.6%
• Active inventory: 17
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,391 medium
• Mortgage (P&I): −$954
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-122

Break-even live

Break-even rent $1,545

Max offer price $160,507

Occupancy floor —

Sensitivity live

Price	-10% $-19	-5% $-70	+0% $-122	+5% $-173	+10% $-225
Rent	-10% $-232	-5% $-177	+0% $-122	+5% $-67	+10% $-12
Rate	-1.0pp $-30	-0.5pp $-75	base $-122	+0.5pp $-169	+1.0pp $-217

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $182,000 Active 139 DOM
2. 2026-06-21
   days on market $182,000 Active 138 DOM
3. 2026-06-21
   days on market $182,000 Active 137 DOM
4. 2026-06-18
   days on market $182,000 Active 135 DOM
5. 2026-06-17
   days on market $182,000 Active 134 DOM
6. 2026-06-16
   days on market $182,000 Active 133 DOM
7. 2026-06-15
   days on market $182,000 Active 132 DOM
8. 2026-06-13
   days on market $182,000 Active 130 DOM
9. 2026-06-12
   days on market $182,000 Active 129 DOM
10. 2026-06-09
    days on market $182,000 Active 126 DOM
11. 2026-06-08
    days on market $182,000 Active 125 DOM
12. 2026-06-07
    days on market $182,000 Active 124 DOM
13. 2026-06-07
    days on market $182,000 Active 123 DOM
14. 2026-06-04
    days on market $182,000 Active 120 DOM
15. 2026-06-02
    days on market $182,000 Active 119 DOM
16. 2026-06-01
    days on market $182,000 Active 118 DOM
17. 2026-05-31
    days on market $182,000 Active 117 DOM
18. 2026-05-31
    days on market $182,000 Active 116 DOM
19. 2026-02-03
    listed $182,000 Active 370-char remark

    Show marketing remark (370 chars)

    This 4-bedroom, 1.5-bath home is competitively priced and ready for your personal touch. With a spacious layout that accommodates the whole family, this property is being sold as-is, providing a perfect opportunity to customize it to your liking. The 2-car detached garage offers ample storage space. Additionally, the home is situated on a generous 1/2-acre corner lot.

20. 2026-01-23
    price $182,000
21. 2025-09-23
    listed $185,000 Active
22. 2016-09-26
    soldstatus $133,700

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,279 · $190/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 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $16,686
• − Mortgage interest: −$10,195
• − Property taxes: −$2,279
• − Insurance: −$910
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$5,295
• Taxable loss: −$4,662
• Est. tax savings @ 24.0%: +$1,119
• After-tax cash flow: $-341/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: South Gibson School Corporation
• NCES district ID: 1810350
• Math proficiency: 50% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $60,560
• Composite: 47.09/100
• National rank: #2334
• State rank: #31 of 301 in IN

Livability — Owensville

• Score: 63/100
• State rank: #440
• US rank: #15744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owensville, IN
• Population (ZIP): 4,053

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5%
• Common ancestry: Slovak 2% Romanian 2% Portuguese 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.27%
• Current HPI: 212.1149
• 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

+36.1% since first listed

4 events — show timeline

• 2026-02-03 Listed $182,000 IRMLS
• 2026-01-23 Price Changed $182,000 IRMLS
• 2025-09-23 Listed $185,000 IRMLS
• 2016-09-26 Sold (Public Records) $133,700 Public Records

Property tax history

+2.2%/yr

Latest (2024): $2,279 · +8.6% YoY. Source: county tax records.