2400 Hidden Valley Rd NE · Corydon, IN 47112

$200,000

3 bd · 1.0 ba · 1,365 sqft · SingleFamily public records · 51 Days on market

Built 1950 1.18 ac lot $147/sqft · at area comps Est $205k · at est.

---

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 +12.7/30.0
• ARV discount +8.6/15.0
• Schools +4.5/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Private road. Convenient to I-64. 2 bedroom / 1 bath walkout & cellar basement. Back yard has room to build new home and new septic system, large barn, city water, Ramsey REMC Electric, home has central air, wood-burning fireplace, new furnace would need to be installed. Seller is offering $3000 towards buyers closing costs.

Key facts

• 1.18 acre lot
• Built 1950
• Listed 51 days

Property features AI

Finance

• Other: Lot approximately 1.18 acres; Below-grade unfinished area (~286); Above-grade finished area (~1,365)

Exterior

• Parking: No garage
• Utilities: Public water (connected); Septic tank
• Home design: Residential property; Block foundation
• Construction: Shingle roof; Stone, frame and vinyl siding construction; Built on block foundation
• Exterior features: Barn(s); Paved and gravel road access; Property has a view

Interior

• Kitchen: Oven; Range; Refrigerator; Eat-in kitchen
• Bedrooms: Bedroom on second level (vinyl flooring, approx. 10 x 24); Bedroom on first level described as mud room (vinyl flooring, approx. 9 x 9)
• Flooring: Vinyl flooring in most rooms; Laminate in bathroom
• Bathrooms: 1 full bathroom (laminate flooring, approx. 7 x 9)
• Heating & cooling: Central air; Heating via baseboard and heat pump
• Interior features: Eat-in kitchen; Mud room; Utility room; Window treatments; Blinds; Wood-burning fireplace (1)
• Laundry & utility: Main level laundry room; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-22 ($-262/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (27.0% below list).
• Recommended offer: $146k (27.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.5% in Corydon — 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 70/100 on livability (#163 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities D, commute F, employment F.
• Lanesville Community School Corporation (rural): math 51% / reading 52% proficiency, ranked #37 of 301 in IN (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 77 active listings in the ZIP; 158 units permitted in Harrison County in 2024 (0 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.
• Harrison 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 51 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $200k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,973 (27.0% 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 51 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.73% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 11.4

CMA / ARV

• ARV (median comp): $204,896
• List price: $200,000
• Delta: -2.39%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4338 Pine Ridge Ln NE	0.32mi	3/2.0	1,456 (+7%)	20mo	$275,000	$189	53
4170 Highway 62 NE	0.58mi	3/1.0	1,248 (-9%)	20mo	$118,000	$95	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: -17.1%
• Equity multiple: 0.39×
• Total profit: $-33,905
• Equity at exit: $29,821

10-year hold

• IRR: -9.2%
• Equity multiple: 0.43×
• Total profit: $-31,743
• Equity at exit: $17,292

Cash invested: $56,000 (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 47112

• Home prices YoY: -30.1%
• Active inventory: 77
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$43 /mo · $515/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-22

Break-even live

Break-even rent $1,487

Max offer price $196,141

Occupancy floor 96%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $200,000 Active 51 DOM
2. 2026-06-17
   days on market $200,000 Active 50 DOM
3. 2026-06-16
   days on market $200,000 Active 49 DOM
4. 2026-06-15
   days on market $200,000 Active 48 DOM
5. 2026-06-13
   days on market $200,000 Active 46 DOM
6. 2026-06-12
   days on market $200,000 Active 45 DOM
7. 2026-06-09
   days on market $200,000 Active 42 DOM
8. 2026-06-08
   days on market $200,000 Active 41 DOM
9. 2026-06-07
   days on market $200,000 Active 40 DOM
10. 2026-06-04
    days on market $200,000 Active 36 DOM
11. 2026-06-02
    days on market $200,000 Active 35 DOM
12. 2026-06-01
    days on market $200,000 Active 34 DOM
13. 2026-05-31
    days on market $200,000 Active 33 DOM
14. 2026-05-31
    days on market $200,000 Active 32 DOM
15. 2026-05-14
    price $209,900 458-char remark
16. 2026-04-27
    listed $240,000 Active 458-char remark
17. 2026-02-13
    soldstatus $98,000 Closed 333-char remark

    Show marketing remark (333 chars)

    Private road. Convenient to I-64. 2 bedroom / 1 bath walkout & cellar basement. Back yard has room to build new home and new septic system, large barn, city water, Ramsey REMC Electric, home has central air, wood-burning fireplace, new furnace would need to be installed. Seller is offering $3000 towards buyers closing costs.

18. 2026-01-15
    historical 333-char remark

    Show marketing remark (333 chars)

    Private road. Convenient to I-64. 2 bedroom / 1 bath walkout & cellar basement. Back yard has room to build new home and new septic system, large barn, city water, Ramsey REMC Electric, home has central air, wood-burning fireplace, new furnace would need to be installed. Seller is offering $3000 towards buyers closing costs.

19. 2025-10-14
    listed $119,900 Active 333-char remark

    Show marketing remark (333 chars)

    Private road. Convenient to I-64. 2 bedroom / 1 bath walkout & cellar basement. Back yard has room to build new home and new septic system, large barn, city water, Ramsey REMC Electric, home has central air, wood-burning fireplace, new furnace would need to be installed. Seller is offering $3000 towards buyers closing costs.

ⓘ 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: $515 · $43/mo
• Projected year-2 tax: $1,107 · $92/mo
• Expected delta: +$593/yr (+$49/mo · 115.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 20 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: $17,517
• − Mortgage interest: −$11,203
• − Property taxes: −$515
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,401
• − Management: −$1,401
• − Depreciation: −$5,818
• Taxable loss: −$3,822
• Est. tax savings @ 24.0%: +$917
• After-tax cash flow: $655/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: Lanesville Community School Corporation
• NCES district ID: 1803720
• Math proficiency: 51% ▲ 2.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $64,277
• Composite: 45.4/100
• National rank: #2627
• State rank: #37 of 301 in IN

Livability — Corydon

• Score: 70/100
• State rank: #163
• US rank: #7834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,123

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 40,288 people
• By 2030: 40,265 · -0.1%
• By 2040: 39,538 · -1.9%
• By 2050: 37,781 · -6.2%
• By 2075: 33,200 · -17.6%
• By 2100: 26,668 · -33.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 2% Black 1% Native American 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+47.0) · D 25.6% · R 72.5% · Other 1.8%
• 2008→2024 swing: -28.9pp toward R · 2008: -18.0pp · 2024: -47.0pp
• All cycles: 2024: R+47.0 2020: R+45.6 2016: R+44.4 2012: R+22.8 2008: R+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.43%
• Current HPI: 210.4158
• 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

+66.8% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $200,000 SIRA
• 2026-05-14 Price Changed $209,900 SIRA
• 2026-04-27 Listed $240,000 SIRA
• 2026-02-13 Sold (MLS) $98,000 SIRA
• 2026-01-15 Delisted — SIRA
• 2025-10-14 Listed $119,900 SIRA

Property tax history

+9.6%/yr

Latest (2024): $515 · +0.6% YoY. Source: county tax records.