258 W 2nd St · Peru, IN 46970

$79,900

3 bd · 1.0 ba · 1,480 sqft · SingleFamily public records · 40 Days on market

Built 1900 4,356 sqft lot $54/sqft · 45% below area Est $145k · 45% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fresh paint and new flooring in this four-bedroom and two bath home. A covered front porch with an oversized attached 1-car garage. There are two bedrooms on the main floor and two bedrooms on the second floor. Owner suite has its own bathroom. Efficient furnace and water heater and central air.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Lot dimensions approximately 33 x 132 (about 0.1 acre)
• HOA & community: No association amenities

Exterior

• Parking: Attached garage (1 car); Gravel parking
• Utilities: Public water; Public sewer; HVAC and water heater noted as energy-efficient
• Home design: Single-family residence (site-built); One-story
• Construction: Vinyl siding; Asphalt shingle roof; Slab and concrete perimeter foundation; Built as a site-built home
• Exterior features: Front porch; Level lot

Interior

• Bedrooms: Master bedroom located downstairs
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Natural gas heating; Baseboard heating; Forced air heating
• Interior features: Master bedroom on the main level; One fireplace (not operational / none specified)
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 6.0% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blair Pointe Upper Elementary (math 34% / reading 38%, grade F, #577 of 994 statewide, top 59%, 552 students, 63% FRL); Peru Junior High School (math 27% / reading 42%); Peru Jr/Sr High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 883 students, 59% FRL).
• Market conditions: 130 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.58% ✓
• Cap rate: 12.98%
• Cash-on-cash: 23.87%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $144,638
• List price: $79,900
• Delta: -44.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
258 W 2nd St	0.00mi	4/2.0 (+1)	1,480 (0%)	0mo	$79,900	$54	91
280 W 6th St	0.27mi	3/1.0	1,486 (+0%)	1mo	$175,000	$118	86
312 W 6th St	0.29mi	3/1.0	1,456 (-2%)	3mo	$92,300	$63	81
308 W 3rd St	0.12mi	3/2.5	1,558 (+5%)	2mo	$186,000	$119	78
183 W 3rd St	0.14mi	2/1.0 (-1)	1,349 (-9%)	6mo	$123,000	$91	69
170 N Hood St	0.42mi	3/1.0	1,528 (+3%)	8mo	$89,000	$58	68
75 W 2nd St	0.33mi	3/1.5	1,584 (+7%)	5mo	$147,000	$93	66
11 S Brownell St	0.41mi	2/1.0 (-1)	1,340 (-10%)	4mo	$45,000	$34	56
317 N Fremont St	0.60mi	3/1.0	1,368 (-8%)	6mo	$170,000	$124	54
128 W 6th St	0.36mi	4/1.0 (+1)	1,696 (+15%)	1mo	$77,000	$45	53
470 W 5th St	0.42mi	2/1.0 (-1)	1,287 (-13%)	8mo	$152,000	$118	48
576 W 3rd St	0.57mi	4/2.0 (+1)	1,640 (+11%)	8mo	$176,000	$107	40

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: 12.6%
• Equity multiple: 1.50×
• Total profit: $11,224
• Equity at exit: $11,913

10-year hold

• IRR: 21.5%
• Equity multiple: 2.84×
• Total profit: $41,066
• Equity at exit: $6,908

Cash invested: $22,372 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 130
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $379

Break-even live

Break-even rent $785

Max offer price $79,900

Occupancy floor 65%

Sensitivity live

Price	-10% $424	-5% $401	+0% $379	+5% $356	+10% $333
Rent	-10% $279	-5% $329	+0% $379	+5% $428	+10% $478
Rate	-1.0pp $419	-0.5pp $399	base $379	+0.5pp $358	+1.0pp $337

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
548 Sycamore Trl Peru, IN	1.0–2.0	1.0–2.0	899	$1,345	$1.50	45d	2	0.56mi

Listing history 14 events

1. 2026-06-09
   status $79,900 Pending 40 DOM
2. 2026-06-08
   days on market $79,900 Active Under Contract 40 DOM
3. 2026-06-07
   days on market $79,900 Active Under Contract 39 DOM
4. 2026-06-07
   days on market $79,900 Active Under Contract 38 DOM
5. 2026-06-03
   days on market $79,900 Active Under Contract 35 DOM
6. 2026-06-02
   days on market $79,900 Active Under Contract 34 DOM
7. 2026-06-01
   days on market $79,900 Active Under Contract 33 DOM
8. 2026-05-31
   days on market $79,900 Active Under Contract 32 DOM
9. 2026-05-31
   days on market $79,900 Active Under Contract 31 DOM
10. 2026-05-11
    historical Active Under Contract 296-char remark
11. 2026-04-28
    listed $79,900 Active 296-char remark
12. 2016-06-16
    listed $27,500
13. 2015-01-16
    listed $24,500
14. 2014-01-02
    listed $29,900

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,216 · $101/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 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 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: $15,169
• − Mortgage interest: −$4,476
• − Property taxes: −$1,216
• − Insurance: −$1,197
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$2,324
• Taxable income: $3,529
• Est. tax owed @ 24.0%: −$847
• After-tax cash flow: $3,696/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, IN
• 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

+167.2% since first listed

7 events — show timeline

• 2026-06-12 Sold (MLS) $79,900 IRMLS
• 2026-06-08 Pending — IRMLS
• 2026-05-11 Contingent — IRMLS
• 2026-04-28 Listed $79,900 IRMLS
• 2016-06-16 Listed $27,500 IRMLS
• 2015-01-16 Listed $24,500 IRMLS
• 2014-01-02 Listed $29,900 IRMLS

Property tax history

+5.7%/yr

Latest (2024): $1,216 · -1.9% YoY. Source: county tax records.