215 S Gum St · North Vernon, IN 47265

$179,000

3 bd · 1.0 ba · 2,184 sqft · SingleFamily public records · 231 Days on market

Built 1900 0.65 ac lot $82/sqft · at area comps Est $183k · at est. ↓ 20% since listing

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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 +15.2/30.0
• ARV discount +8.4/15.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• 1% rule +3.3/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

Key facts

• Recently remodeled
• Walking trail
• New a/c unit

Tags

• RECENTLY REMODELED
• WALKING TRAIL
• COUNTY PARK
• NEW ROOF
• NEW A/C UNIT
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $64 ($762/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (17.2% below list).
• Recommended offer: $148k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.1% in North Vernon — 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 79/100 on livability (#29 in IN, #2,347 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• 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.
• Zoned schools: North Vernon Elementary School (math 30% / reading 34%, grade F, #652 of 994 statewide, top 68%, 608 students, 71% FRL); Jennings County Middle School (math 28% / reading 36%, grade F, #190 of 330 statewide, top 59%, 626 students, 62% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL).
• Market conditions: 161 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $46k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,264 (17.2% below list)

Questions for the listing agent

1. It's been on market 231 days. Have you received any prior offers? Is the seller open to a 17% 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. 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. 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?
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: 0.83% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 10.1

CMA / ARV

• ARV (median comp): $182,594
• List price: $179,000
• Delta: -1.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 Oakwood Ave	0.11mi	3/2.0	2,236 (+2%)	22mo	$200,000	$89	69
43 W Main St	0.31mi	4/2.0 (+1)	2,014 (-8%)	1mo	$200,000	$99	63
216 S State St	0.26mi	3/2.0	2,462 (+13%)	1mo	$66,000	$27	62
442 S Elm St	0.26mi	3/1.0	1,950 (-11%)	15mo	$200,000	$103	58
30 Oakwood Ave	0.16mi	4/2.0 (+1)	1,869 (-14%)	12mo	$210,000	$112	50
654 N Shady Ln	0.69mi	3/2.5	2,278 (+4%)	13mo	$310,000	$136	44
651 Avalon (lot #10) Ct	0.52mi	4/3.0 (+1)	2,378 (+9%)	10mo	$359,900	$151	39
335 Long St	0.68mi	2/3.0 (-1)	2,072 (-5%)	17mo	$219,000	$106	32
615 N Madison Ave	0.74mi	2/1.0 (-1)	1,872 (-14%)	9mo	$165,000	$88	29

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-25,018
• Equity at exit: $26,689

10-year hold

• IRR: -5.1%
• Equity multiple: 0.66×
• Total profit: $-16,809
• Equity at exit: $15,477

Cash invested: $50,120 (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: 161
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,483 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$94 /mo · $1,134/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $64

Break-even live

Break-even rent $1,402

Max offer price $179,000

Occupancy floor 91%

Sensitivity live

Price	-10% $165	-5% $114	+0% $64	+5% $13	+10% $-38
Rent	-10% $-54	-5% $5	+0% $64	+5% $122	+10% $181
Rate	-1.0pp $154	-0.5pp $109	base $64	+0.5pp $17	+1.0pp $-30

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-17
   price $179,000 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

2. 2026-03-25
   status Active 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

3. 2026-03-05
   status Pending 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

4. 2026-02-09
   price $189,000 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

5. 2025-12-08
   price $195,000 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

6. 2025-11-04
   price $209,900 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

7. 2025-10-21
   price $214,900 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

8. 2025-10-01
   price $219,900 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

9. 2025-09-17
   listed $225,000 Active 419-char remark

   Show marketing remark (419 chars)

   This three bedroom home has been recently remodeled. It is not located too far from local parks and the schools. There is a walking trail in front of the home that goes to the county park. New items include: roof, a/c unit, water heater, furnace, flooring, kitchen cabinets, bathroom vanity, siding, washer & dryer, refrigerator, gas stove for cooking, microwave, and fresh paint. Schedule your appointment today

ⓘ 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: $1,134 · $94/mo
• Projected year-2 tax: $1,328 · $111/mo
• Expected delta: +$194/yr (+$16/mo · 17.1%)

ⓘ 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 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,792
• − Mortgage interest: −$10,027
• − Property taxes: −$1,134
• − Insurance: −$895
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$5,207
• Taxable loss: −$2,318
• Est. tax savings @ 24.0%: +$556
• After-tax cash flow: $1,318/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: 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 — North Vernon

• Score: 79/100
• State rank: #29
• US rank: #2347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Vernon, IN
• City population: 20,981
• 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

-20.4% since first listed

9 events — show timeline

• 2026-04-17 Price Changed $179,000 MIBOR as Distributed by MLS Grid
• 2026-03-25 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-09 Price Changed $189,000 MIBOR as Distributed by MLS Grid
• 2025-12-08 Price Changed $195,000 MIBOR as Distributed by MLS Grid
• 2025-11-04 Price Changed $209,900 MIBOR as Distributed by MLS Grid
• 2025-10-21 Price Changed $214,900 MIBOR as Distributed by MLS Grid
• 2025-10-01 Price Changed $219,900 MIBOR as Distributed by MLS Grid
• 2025-09-17 Listed $225,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.6%/yr

Latest (2024): $1,134 · +15.5% YoY. Source: county tax records.