925 Balto Dr · Shelbyville, IN 46176

$235,900

3 bd · 2.5 ba · 1,792 sqft · SingleFamily public records · 5 Days on market

Built 2005 6,098 sqft lot $132/sqft · 26% below area Est $320k · 26% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.6/30.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bed 2 bath ready for new buyers

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 2005

Property features AI

Exterior

• Parking: Attached garage with garage door opener; 2-car garage (approximately 380 sq ft)
• Security: Security system; Smoke detectors
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas available; Cable available; Sewer connected; Water connected; Solid waste service available
• Home design: Single-family residence; Updated/remodeled condition; Two levels
• Construction: Vinyl siding exterior; Slab foundation
• Exterior features: Covered patio; Patio; Exterior lighting; Mature trees and small trees; Wooded lot; Sidewalks; Street lights

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator; Pantry; Eat-in kitchen
• Bedrooms: Primary bedroom with walk-in closet and sitting room; Three upper-level bedrooms
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with tub and shower
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Pantry; Walk-in closet(s); Laundry in unit; Living room fireplace
• Laundry & utility: In-unit laundry room on upper level; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $236k.

Deal economics

• At list price, monthly cash flow is $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (12.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (30.9% below list).
• Recommended offer: $163k (30.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William F Loper Elementary School (math 50% / reading 36%, grade F, #417 of 994 statewide, top 43%, 672 students, 57% FRL); Shelbyville Middle School (math 37% / reading 39%, grade F, #136 of 330 statewide, top 44%, 882 students, 62% FRL); Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL).
• Market conditions: 238 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent runs 30% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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.

Recommended offer $163,083 (30.9% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.69% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.94%
• DSCR: 0.87
• GRM: 12.1

CMA / ARV

• ARV (median comp): $320,467
• List price: $235,900
• Delta: -26.39%
• 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
925 Balto Dr	0.00mi	3/2.5	1,792 (0%)	0mo	$235,900	$132	100
1654 Carriage Cir	0.36mi	3/2.5	1,789 (-0%)	2mo	$223,000	$125	81
1008 Balto Dr	0.12mi	3/2.5	1,942 (+8%)	3mo	$240,000	$124	78
915 Oak Park Dr	0.39mi	3/2.0	1,818 (+2%)	0mo	$282,500	$155	77
1627 Carriage Cir	0.36mi	3/2.0	1,668 (-7%)	0mo	$232,500	$139	69
1707 Wagner Dr	0.39mi	3/2.5	1,674 (-7%)	3mo	$245,000	$146	69
576 Plowman Dr	0.46mi	4/2.5 (+1)	1,716 (-4%)	3mo	$253,500	$148	64
522 Plowman Dr	0.52mi	3/2.5	1,664 (-7%)	2mo	$241,250	$145	62
606 Howard St	0.60mi	3/2.0	1,944 (+8%)	1mo	$187,000	$96	55
2019 Red Oak Ct	0.60mi	3/2.0	1,608 (-10%)	1mo	$271,500	$169	52
2163 Bear Oak Run	0.72mi	4/2.5 (+1)	1,598 (-11%)	2mo	$267,000	$167	42
1973 Black Oak Dr	0.74mi	3/2.0	1,531 (-15%)	3mo	$249,999	$163	36

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: -21.3%
• Equity multiple: 0.26×
• Total profit: $-48,620
• Equity at exit: $35,173

10-year hold

• IRR: -14.9%
• Equity multiple: 0.15×
• Total profit: $-55,960
• Equity at exit: $20,396

Cash invested: $66,052 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,631 medium
• Mortgage (P&I): −$1,237
• Tax from tax record: −$115 /mo · $1,378/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-162

Break-even live

Break-even rent $1,836

Max offer price $207,309

Occupancy floor —

Sensitivity live

Price	-10% $-28	-5% $-95	+0% $-162	+5% $-229	+10% $-295
Rent	-10% $-291	-5% $-226	+0% $-162	+5% $-97	+10% $-33
Rate	-1.0pp $-43	-0.5pp $-102	base $-162	+0.5pp $-223	+1.0pp $-285

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: $58,975
• Closing costs: $7,077
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	9d	1	0.29mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	12d	1	0.90mi

Listing history 9 events

1. 2026-05-12
   status Pending 1300-char remark
2. 2026-05-07
   listed $235,900 Active 1300-char remark
3. 2022-09-14
   soldstatus $205,000 Closed 33-char remark

   Show marketing remark (33 chars)

   3 bed 2 bath ready for new buyers

4. 2022-08-23
   status Pending 33-char remark

   Show marketing remark (33 chars)

   3 bed 2 bath ready for new buyers

5. 2022-08-22
   listed $205,000 Active 33-char remark

   Show marketing remark (33 chars)

   3 bed 2 bath ready for new buyers

6. 2008-10-21
   soldstatus $89,900

   Show marketing remark (440 chars)

   ***HEY! HEY YOU!! THIS IS A NICE HOUSE, TAKE A LOOK** THIS IS MOVE IN READY: NEW PAINT, CARPET, DISHWASHER. MOVE RIGHT IN AND GO FISHING, OR WATCH THE GAME, WHATEVER YOU LIKE- NO PAINTING OR HONEY-DO LIST FOR YOU, IT'S ALL DONE ALREADY. SO, HERE IS THE BEST OF BOTH WORLDS- A BARGAIN, BUT NO WORK TO DO AFTER CLOSING: CHECK THE COMPS. FHA AND VA OFFERS WELCOME, LARGE ROOMS, PEACEFUL SUBDIVISION AND NO WORK TO DO EXCEPT MOVE, LIFE IS GOOD.

7. 2008-05-02
   listed $89,900

   Show marketing remark (440 chars)

   ***HEY! HEY YOU!! THIS IS A NICE HOUSE, TAKE A LOOK** THIS IS MOVE IN READY: NEW PAINT, CARPET, DISHWASHER. MOVE RIGHT IN AND GO FISHING, OR WATCH THE GAME, WHATEVER YOU LIKE- NO PAINTING OR HONEY-DO LIST FOR YOU, IT'S ALL DONE ALREADY. SO, HERE IS THE BEST OF BOTH WORLDS- A BARGAIN, BUT NO WORK TO DO AFTER CLOSING: CHECK THE COMPS. FHA AND VA OFFERS WELCOME, LARGE ROOMS, PEACEFUL SUBDIVISION AND NO WORK TO DO EXCEPT MOVE, LIFE IS GOOD.

8. 2006-08-07
   soldstatus $109,030
9. 2006-04-27
   listed $114,030

ⓘ 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: $1,378 · $115/mo
• Projected year-2 tax: $1,692 · $141/mo
• Expected delta: +$314/yr (+$26/mo · 22.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°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: $19,570
• − Mortgage interest: −$13,214
• − Property taxes: −$1,378
• − Insurance: −$1,180
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$6,863
• Taxable loss: −$6,195
• Est. tax savings @ 24.0%: +$1,487
• After-tax cash flow: $-455/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, 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

+106.9% since first listed

10 events — show timeline

• 2026-06-12 Sold (MLS) $235,900 MIBOR as Distributed by MLS Grid
• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $235,900 MIBOR as Distributed by MLS Grid
• 2022-09-14 Sold (MLS) $205,000 MIBOR as Distributed by MLS Grid
• 2022-08-23 Pending — MIBOR as Distributed by MLS Grid
• 2022-08-22 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2008-10-21 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2008-05-02 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2006-08-07 Sold (MLS) $109,030 MIBOR as Distributed by MLS Grid
• 2006-04-27 Listed $114,030 MIBOR as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2025): $1,378 · -8.6% YoY. Source: county tax records.