3840 E County Road 20 N · Grayford, IN 47265

$100,000

3 bd · 3.0 ba · 2,660 sqft · SingleFamily · 32 Days on market

Built 1925 Fair condition 13 ac lot $38/sqft · 63% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

For Auction, 13.114 ac parcel with a 1942 sq ft home featuring 3 bedrooms, 2 full baths, and 2 half baths. Home has a welcoming living room with a fireplace and a large kitchen. Attached is a large 3+ car attached garage. Outside you will find an in ground pool with large patio, a gazebo and a pool house, great for entertaining on hot summer days. There is a large, approximately 3,000 sq ft barn with 4 overhead doors and loft. There is also a 640 sq ft building, previously used as a residence with an attached 640 sq ft garage/workshop. Lots more to see at this property

Key facts

• Overhead doors
• Gazebo
• Large patio

Tags

• IN GROUND POOL
• LARGE PATIO
• GAZEBO
• POOL HOUSE
• LARGE BARN
• OVERHEAD DOORS

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $507 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jennings County population projected at -21% 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 $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1925 — 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. 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 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: 1.52% ✓
• Cap rate: 12.38%
• Cash-on-cash: 21.72%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $269,760
• List price: $100,000
• Delta: -62.93%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.4%
• Equity multiple: 1.58×
• Total profit: $16,102
• Equity at exit: $14,910

10-year hold

• IRR: 23.1%
• Equity multiple: 2.99×
• Total profit: $55,685
• Equity at exit: $8,646

Cash invested: $28,000 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,516 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $507

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 62%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-04
   status Pending 580-char remark

   Show marketing remark (580 chars)

   For Auction, 13.114 ac parcel with a 1942 sq ft home featuring 3 bedrooms, 2 full baths, and 2 half baths. Home has a welcoming living room with a fireplace and a large kitchen. Attached is a large 3+ car attached garage. Outside you will find an in ground pool with large patio, a gazebo and a pool house, great for entertaining on hot summer days. There is a large, approximately 3,000 sq ft barn with 4 overhead doors and loft. There is also a 640 sq ft building, previously used as a residence with an attached 640 sq ft garage/workshop. Lots more to see at this property

2. 2026-05-02
   price $100,000 580-char remark

   Show marketing remark (580 chars)

   For Auction, 13.114 ac parcel with a 1942 sq ft home featuring 3 bedrooms, 2 full baths, and 2 half baths. Home has a welcoming living room with a fireplace and a large kitchen. Attached is a large 3+ car attached garage. Outside you will find an in ground pool with large patio, a gazebo and a pool house, great for entertaining on hot summer days. There is a large, approximately 3,000 sq ft barn with 4 overhead doors and loft. There is also a 640 sq ft building, previously used as a residence with an attached 640 sq ft garage/workshop. Lots more to see at this property

3. 2026-04-01
   listed $1 Active 580-char remark

   Show marketing remark (580 chars)

   For Auction, 13.114 ac parcel with a 1942 sq ft home featuring 3 bedrooms, 2 full baths, and 2 half baths. Home has a welcoming living room with a fireplace and a large kitchen. Attached is a large 3+ car attached garage. Outside you will find an in ground pool with large patio, a gazebo and a pool house, great for entertaining on hot summer days. There is a large, approximately 3,000 sq ft barn with 4 overhead doors and loft. There is also a 640 sq ft building, previously used as a residence with an attached 640 sq ft garage/workshop. Lots more to see at this property

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,197
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − Depreciation: −$2,909
• Taxable income: $4,775
• Est. tax owed @ 24.0%: −$1,146
• After-tax cash flow: $4,937/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 · 13 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs and maintenance, with potential for significant value increase through painting, landscaping, and flooring updates.

Repairs flagged

• Minor Brick siding — Some discoloration
• Minor Carpeted floors — Worn appearance
• Minor Paint — Worn in some areas

Value-add opportunities

• Both Painting and touch-up — Enhances curb appeal and interior aesthetics
• Both Landscaping — Improves curb appeal and enhances property value
• Both Flooring replacement — Fresh carpet or hardwood flooring improves living space quality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick siding · Some discoloration	Minor	$500–3,000
Carpeted floors · Worn appearance	Minor	$500–3,000
Paint · Worn in some areas	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Painting and touch-up — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping — Improves curb appeal and enhances property value ↑
• Both Flooring replacement — Fresh carpet or hardwood flooring improves living space quality ↑

ⓘ 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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Grayford

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

3 events — show timeline

• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-02 Price Changed $100,000 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $1 MIBOR as Distributed by MLS Grid