321 2nd St · Rising Sun, IN 47040

$124,900

3 bd · 2.0 ba · 1,470 sqft · MultiFamily public records · 50 Days on market

Built 1900 6,098 sqft lot

---

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
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great opportunity in Rising Sun, Indiana! This multi-family property features both upper and lower units, offering flexibility for investors or owner-occupants alike. The lower unit is currently rented, providing immediate income, with lease details available upon request. Ideally located within walking distance to local amenities, this property offers convenience and strong rental appeal. Live in one unit while continuing to rent the other, or add it to your investment portfolio as a cash-flowing asset. Additional features include a fenced-in yard, perfect for added privacy and outdoor use. Whether you're looking to invest or offset your mortgage, this property presents a versatile and att

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 50 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Natural gas available
• Home design: Multi-family residential (2–4 units); Two-story
• Construction: Vinyl siding
• Exterior features: Metal roof

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Cooling by ceiling fans and window units
• Interior features: Electric water heater; Ceiling fans; Window air conditioning units

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#345 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, amenities F, commute D-.
• Rising Sun-Ohio County Com (rural): math 24% / reading 38% proficiency, ranked #225 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ohio County Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 409 students, 49% FRL); Rising Sun High School (math 34% / reading 64%, grade D, #123 of 369 statewide, top 36%, 226 students, 35% FRL).
• Market conditions: 31 active listings in the ZIP; 6 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ohio County population projected at -30% 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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.
• Current owner paid $70k; list at $125k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.83% ✓
• Cap rate: 15.33%
• Cash-on-cash: 32.26%
• DSCR: 2.44
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 27.3%
• Equity multiple: 2.13×
• Total profit: $39,678
• Equity at exit: $18,623

10-year hold

• IRR: 34.9%
• Equity multiple: 4.20×
• Total profit: $111,799
• Equity at exit: $10,799

Cash invested: $34,972 (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 47040

• Home prices YoY: -6.6%
• Active inventory: 31
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,283 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$156 /mo · $1,876/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $940

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 54%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,284
Total (2 units)			$2,283

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $124,900 Active 50 DOM
2. 2026-06-17
   days on market $124,900 Active 49 DOM
3. 2026-06-16
   days on market $124,900 Active 48 DOM
4. 2026-06-15
   days on market $124,900 Active 47 DOM
5. 2026-06-13
   days on market $124,900 Active 45 DOM
6. 2026-06-12
   days on market $124,900 Active 44 DOM
7. 2026-06-09
   days on market $124,900 Active 41 DOM
8. 2026-06-08
   days on market $124,900 Active 40 DOM
9. 2026-06-07
   days on market $124,900 Active 39 DOM
10. 2026-06-07
    days on market $124,900 Active 38 DOM
11. 2026-06-04
    days on market $124,900 Active 35 DOM
12. 2026-06-02
    days on market $124,900 Active 34 DOM
13. 2026-06-01
    days on market $124,900 Active 33 DOM
14. 2026-05-31
    days on market $124,900 Active 32 DOM
15. 2026-05-31
    days on market $124,900 Active 31 DOM
16. 2026-05-20
    price $124,900
17. 2026-04-29
    listed $129,900 Active
18. 2025-11-12
    price $129,900
19. 2025-04-04
    listed $149,900 Active
20. 2020-10-14
    soldstatus $70,000 Sold
21. 2020-10-14
    soldstatus $70,000
22. 2020-07-28
    historical Contingency Pending
23. 2020-05-28
    listed $75,900 Active
24. 2020-05-28
    listed $75,900
25. 2015-07-01
    listed $54,900
26. 2015-07-01
    listed $54,900
27. 2012-05-17
    soldstatus $45,000

ⓘ 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: $1,876 · $156/mo
• Projected year-2 tax: $1,876 · $156/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 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,396
• − Mortgage interest: −$6,996
• − Property taxes: −$1,876
• − Insurance: −$624
• − Repairs & maintenance: −$2,192
• − Management: −$2,192
• − Depreciation: −$3,633
• Taxable income: $9,882
• Est. tax owed @ 24.0%: −$2,372
• After-tax cash flow: $8,911/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: Rising Sun-Ohio County Com
• NCES district ID: 1809600
• Math proficiency: 24% ▼ -12.00%
• Reading proficiency: 38% ▼ -14.00%
• Median HH income: $51,559
• Composite: 27.13/100
• National rank: #7034
• State rank: #225 of 301 in IN

Livability — Rising Sun

• Score: 65/100
• State rank: #345
• US rank: #13179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rising Sun, IN
• Population (ZIP): 5,408

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 5,660 people
• By 2030: 5,409 · -4.4%
• By 2040: 4,718 · -16.6%
• By 2050: 3,978 · -29.7%
• By 2075: 2,798 · -50.6%
• By 2100: 2,129 · -62.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Iranian 2% Serbian 2% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Ohio

• 2024 margin: Solid R (+55.5) · D 21.6% · R 77.0% · Other 1.4%
• 2008→2024 swing: -36.5pp toward R · 2008: -19.0pp · 2024: -55.5pp
• All cycles: 2024: R+55.5 2020: R+51.9 2016: R+49.1 2012: R+27.2 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.15%
• Current HPI: 215.0049
• 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

+177.6% since first listed

12 events — show timeline

• 2026-05-20 Price Changed $124,900 SEIBR
• 2026-04-29 Listed $129,900 SEIBR
• 2025-11-12 Price Changed $129,900 SEIBR
• 2025-04-04 Listed $149,900 SEIBR
• 2020-10-14 Sold (MLS) $70,000 SEIBR
• 2020-10-14 Sold (MLS) $70,000 Cincy MLS
• 2020-07-28 Contingent — Cincy MLS
• 2020-05-28 Listed $75,900 SEIBR
• 2020-05-28 Listed $75,900 Cincy MLS
• 2015-07-01 Listed $54,900 SEIBR
• 2015-07-01 Listed $54,900 SEIBR
• 2012-05-17 Sold (Public Records) $45,000 Public Records

Property tax history

+28.4%/yr

Latest (2024): $1,876 · +10.6% YoY. Source: county tax records.