457 W Mechanic St · Shelbyville, IN 46176

$107,000

2 bd · 1.0 ba · 1,013 sqft · SingleFamily public records · 22 Days on market

Built 1913 4,800 sqft lot $106/sqft · 8% below area Est $174k · 39% under

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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 +20.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.4/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two bedroom home in need of some TLC.

Key facts

• 4,800 sq ft lot
• Garage
• Built 1913

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Vinyl and wood siding; Crawl space foundation
• Exterior features: Covered porch/patio; Mini barn; Sidewalks; Mature trees

Interior

• Kitchen: Electric oven; Microwave with hood; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Attic access; Cathedral ceilings; Eat-in kitchen; Finished basement (has basement)
• Laundry & utility: Washer; Dryer; Laundry room on the main level (11 x 8)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $107k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/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 $101k (5.8% below list).
• Recommended offer: $101k (5.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 4.3% 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-, schools D+, amenities 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.
• Market conditions: 229 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k 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

• It's been on market 22 days — a 2% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $13k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $107k implies a 970% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,769 (5.8% below list)

Questions for the listing agent

1. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 0.94% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.71%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

• ARV (median comp): $174,434
• List price: $107,000
• Delta: -38.66%
• 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
411 Montgomery St	0.33mi	2/1.0	1,096 (+8%)	10mo	$159,900	$146	63
640 W South St	0.38mi	2/1.0	1,072 (+6%)	13mo	$143,500	$134	62
858 Miller Ave	0.66mi	2/1.0	1,008 (-0%)	9mo	$52,500	$52	61
632 W South St	0.38mi	3/2.0 (+1)	1,043 (+3%)	10mo	$157,400	$151	60
573 W Taylor St	0.34mi	3/1.0 (+1)	1,056 (+4%)	15mo	$70,000	$66	59
833 W Franklin St	0.36mi	3/1.0 (+1)	1,080 (+7%)	11mo	$160,000	$148	58
304 Sunset Dr	0.27mi	2/1.0	864 (-15%)	6mo	$183,000	$212	58
410 Montgomery St	0.32mi	3/1.0 (+1)	1,116 (+10%)	9mo	$170,000	$152	56
710 Colescott St	0.54mi	3/1.0 (+1)	1,067 (+5%)	15mo	$193,000	$181	49
429 Colescott St	0.60mi	3/1.0 (+1)	938 (-7%)	10mo	$193,500	$206	47
252 W South St	0.48mi	3/1.5 (+1)	952 (-6%)	20mo	$111,000	$117	44
725 2nd St	0.74mi	2/1.0	929 (-8%)	11mo	$157,000	$169	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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-8,298
• Equity at exit: $15,954

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $4,312
• Equity at exit: $9,251

Cash invested: $29,960 (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: 229
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,008 high
• Mortgage (P&I): −$561
• Tax from tax record: −$48 /mo · $574/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $143

Break-even live

Break-even rent $827

Max offer price $107,000

Occupancy floor 81%

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
316 W Franklin St Shelbyville, IN	1.0	1.0	750	$645	$0.86	43d	1	0.17mi
316 W Franklin St Shelbyville, IN	1.0	1.0	700	$695	$0.99	1d	1	0.17mi
529 W Washington St Shelbyville, IN	1.0	1.0	878	$695	$0.79	1d	1	0.20mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,614	$1.78	1d	7	0.54mi
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	21d	1	0.98mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	43d	1	1.26mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	10d	1	1.32mi

Listing history 16 events

1. 2026-05-04
   listed $120,000 Active 220-char remark
2. 2010-02-15
   historical 37-char remark

   Show marketing remark (37 chars)

   Two bedroom home in need of some TLC.

3. 2010-02-11
   soldstatus $10,000 37-char remark

   Show marketing remark (37 chars)

   Two bedroom home in need of some TLC.

4. 2009-10-18
   listed $24,900 37-char remark

   Show marketing remark (37 chars)

   Two bedroom home in need of some TLC.

5. 2009-05-29
   historical
6. 2008-03-18
   listed $37,000
7. 2006-06-16
   historical
8. 2005-11-21
   listed $70,000
9. 2005-10-26
   historical
10. 2005-07-29
    listed $70,900
11. 2004-03-26
    historical
12. 2003-12-27
    listed $79,900
13. 2003-12-15
    historical
14. 2003-09-17
    listed $84,900
15. 2003-02-07
    soldstatus $40,000
16. 2002-02-08
    listed $46,900

ⓘ 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: $574 · $48/mo
• Projected year-2 tax: $742 · $62/mo
• Expected delta: +$168/yr (+$14/mo · 29.2%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $12,092
• − Mortgage interest: −$5,994
• − Property taxes: −$574
• − Insurance: −$535
• − Repairs & maintenance: −$967
• − Management: −$967
• − Depreciation: −$3,113
• Taxable loss: −$58
• Est. tax savings @ 24.0%: +$14
• After-tax cash flow: $1,724/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

+128.1% since first listed

18 events — show timeline

• 2026-05-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-05-22 Price Changed $107,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2010-02-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-02-11 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2009-10-18 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2009-05-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-03-18 Listed $37,000 MIBOR as Distributed by MLS Grid
• 2006-06-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-21 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2005-10-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-07-29 Listed $70,900 MIBOR as Distributed by MLS Grid
• 2004-03-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-27 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2003-12-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-09-17 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2003-02-07 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2002-02-08 Listed $46,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.5%/yr

Latest (2025): $574 · +0.5% YoY. Source: county tax records.