532 Pilgrim Way · Salem, IN 47167

$86,500

3 bd · 1.0 ba · 1,404 sqft · SingleFamily public records · 98 Days on market

Built 1981 10,454 sqft lot $62/sqft · 50% below area

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Why this score? — see what drove the C 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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

Key facts

• Fenced back yard
• Eat-in kitchen
• Storage sheds

Tags

• EAT-IN KITCHEN
• FENCED BACK YARD
• STORAGE SHEDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $86k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($947 rent vs $86k).
• Recommended offer: $79k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.5% in Salem — 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 62/100 on livability (#456 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, amenities F.
• Salem Community Schools (town): math 23% / reading 36% proficiency, ranked #250 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bradie Shrum Elementary (math 31% / reading 31%, grade F, #682 of 994 statewide, top 69%, 819 students, 60% FRL); Salem Middle School (math 13% / reading 32%, grade F, #266 of 330 statewide, top 81%, 407 students, 56% FRL); Salem High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 519 students, 47% FRL).
• Market conditions: 99 active listings in the ZIP; 25 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $598 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Washington County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $64k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $78,715 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.09% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• GRM: 7.6

CMA / ARV

• ARV (median comp): $173,797
• List price: $86,500
• Delta: -50.23%
• 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
707 Iroquois Blvd	0.22mi	3/2.0	1,412 (+1%)	2mo	$300,000	$212	83
502 Colony Dr	0.21mi	3/2.0	1,404 (0%)	8mo	$179,900	$128	79
501 E Homer St	0.37mi	3/1.0	1,430 (+2%)	4mo	$174,000	$122	76
543 E Colony Dr	0.08mi	4/1.5 (+1)	1,296 (-8%)	13mo	$171,900	$133	66
602 Shawnee Ave	0.14mi	3/1.5	1,580 (+12%)	7mo	$227,500	$144	65
608 Shawnee Ave	0.21mi	3/1.5	1,288 (-8%)	14mo	$225,000	$175	63
604 N Main St	0.70mi	2/1.0 (-1)	1,400 (-0%)	1mo	$145,000	$104	61
402 Salem Ave	0.63mi	3/2.0	1,422 (+1%)	11mo	$179,900	$127	55
700 N High St	0.62mi	3/1.0	1,458 (+4%)	17mo	$144,000	$99	51
701 N High St	0.61mi	3/1.5	1,568 (+12%)	7mo	$94,500	$60	44
1001 N Water St	0.57mi	3/2.0	1,200 (-14%)	3mo	$168,000	$140	43
504 N College Ave	0.65mi	3/2.0	1,584 (+13%)	2mo	$222,600	$141	43

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-2,910
• Equity at exit: $12,897

10-year hold

• IRR: 6.5%
• Equity multiple: 1.49×
• Total profit: $11,766
• Equity at exit: $7,479

Cash invested: $24,220 (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 47167

• Home prices YoY: -34.2%
• Active inventory: 99
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $947 medium
• Mortgage (P&I): −$454
• Tax from tax record: −$84 /mo · $1,009/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $174

Break-even live

Break-even rent $726

Max offer price $86,500

Occupancy floor 77%

Sensitivity live

Price	-10% $223	-5% $199	+0% $174	+5% $150	+10% $125
Rent	-10% $100	-5% $137	+0% $174	+5% $212	+10% $249
Rate	-1.0pp $218	-0.5pp $196	base $174	+0.5pp $152	+1.0pp $129

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: $21,625
• Closing costs: $2,595
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-09
   days on market $86,500 Active 98 DOM
2. 2026-06-08
   days on market $86,500 Active 97 DOM
3. 2026-06-07
   days on market $86,500 Active 96 DOM
4. 2026-06-04
   days on market $86,500 Active 92 DOM
5. 2026-06-02
   days on market $86,500 Active 91 DOM
6. 2026-06-01
   days on market $86,500 Active 90 DOM
7. 2026-05-31
   days on market $86,500 Active 89 DOM
8. 2026-05-31
   days on market $86,500 Active 88 DOM
9. 2026-05-11
   status Active 566-char remark

   Show marketing remark (566 chars)

   Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

10. 2026-05-05
    historical 566-char remark

    Show marketing remark (566 chars)

    Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

11. 2026-05-04
    price $96,000 566-char remark

    Show marketing remark (566 chars)

    Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

12. 2026-04-06
    price $120,000 566-char remark

    Show marketing remark (566 chars)

    Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

13. 2026-02-24
    listed $150,000 Active 566-char remark

    Show marketing remark (566 chars)

    Ranch home on . 24 acre. Home with eat-in kitchen, living rm, 4 bdrms and 2 full baths. Fenced back yard with storage sheds. HUD Case #156-557528/IE. Sold AS IS. HUD Owned. For more information on lead-based paint, radon gas, mold notices, as well as electronic bidding and earnest money procedures go to www. Hudhomestore. gov. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. Equal Housing Opportunity. Owner Occupant, Non Profit and Government Agencies offers only til 03/06/26.

14. 2022-06-23
    soldstatus $149,900
15. 2022-06-20
    soldstatus $149,900 354-char remark

    Show marketing remark (354 chars)

    JUST REDUCED! Come check out this spacious 4 bedroom two bath house featuring 1,404 square feet! This home has a spacious kitchen, ample oak cabinetry with tons of space! Wood flooring throughout! The back yard is fenced in with wood privacy fence with two miller mini barns! Home is close to Salem community park, shopping centers, and Salem schools!

16. 2022-04-28
    listed $149,900 354-char remark

    Show marketing remark (354 chars)

    JUST REDUCED! Come check out this spacious 4 bedroom two bath house featuring 1,404 square feet! This home has a spacious kitchen, ample oak cabinetry with tons of space! Wood flooring throughout! The back yard is fenced in with wood privacy fence with two miller mini barns! Home is close to Salem community park, shopping centers, and Salem schools!

17. 2016-05-10
    soldstatus $83,500
18. 2016-05-04
    soldstatus $83,500
19. 2015-11-05
    listed $85,000

ⓘ 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: $1,009 · $84/mo
• Projected year-2 tax: $1,009 · $84/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $11,364
• − Mortgage interest: −$4,845
• − Property taxes: −$1,009
• − Insurance: −$432
• − Repairs & maintenance: −$909
• − Management: −$909
• − Depreciation: −$2,516
• Taxable income: $743
• Est. tax owed @ 24.0%: −$178
• After-tax cash flow: $1,914/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: Salem Community Schools
• NCES district ID: 1809810
• Math proficiency: 23% ▼ -15.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $38,570
• Composite: 24.65/100
• National rank: #7623
• State rank: #250 of 301 in IN

Livability — Salem

• Score: 62/100
• State rank: #456
• US rank: #16181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IN
• City population: 15,573
• Population (ZIP): 15,573

Population outlook (Washington County) Hauer SSP2

• Today (2025): 26,460 people
• By 2030: 25,498 · -3.6%
• By 2040: 23,127 · -12.6%
• By 2050: 20,505 · -22.5%
• By 2075: 14,941 · -43.5%
• By 2100: 10,453 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+54.8) · D 21.7% · R 76.5% · Other 1.7%
• 2008→2024 swing: -37.5pp toward R · 2008: -17.3pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+52.1 2016: R+49.1 2012: R+24.4 2008: R+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.62%
• Current HPI: 237.8027
• 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

+12.9% since first listed

11 events — show timeline

• 2026-05-11 Relisted — SIRA
• 2026-05-05 Delisted — SIRA
• 2026-05-04 Price Changed $96,000 SIRA
• 2026-04-06 Price Changed $120,000 SIRA
• 2026-02-24 Listed $150,000 SIRA
• 2022-06-23 Sold (Public Records) $149,900 Public Records
• 2022-06-20 Sold (MLS) $149,900 SIRA
• 2022-04-28 Listed $149,900 SIRA
• 2016-05-10 Sold (Public Records) $83,500 Public Records
• 2016-05-04 Sold (MLS) $83,500 SIRA
• 2015-11-05 Listed $85,000 SIRA

Property tax history

+4.1%/yr

Latest (2024): $1,009 · -2.4% YoY. Source: county tax records.