732 W Broadway St · Shelburn, IN 47879

$154,900

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 11 Days on market

Built 1995 0.46 ac lot $115/sqft · 15% above area Est $135k · 15% over

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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 +11.3/30.0
• Appreciation +10.0/10.0
• DSCR +3.3/10.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• ARV discount +0.9/15.0

Listing remarks

This 3-bedroom, 2-bath home offers a spacious layout and sits on nearly half an acre, providing plenty of room to enjoy outdoor living. The property features a 2-car attached garage along with an additional detached garage in the backyard—perfect for extra storage, hobbies, or workspace needs. A great opportunity for buyers looking to add their personal touch and make it their own.

Key facts

• Extra storage
• Outdoor living
• Detached garage

Tags

• OUTDOOR LIVING
• DETACHED GARAGE
• EXTRA STORAGE

Property features AI

Exterior

• Parking: Attached or detached garage with 3 spaces
• Home design: Single family residence; Residential property; Single-story home
• Construction: Metal siding; Built with typical residential construction materials
• Exterior features: Lot approximately 0.46 acres; Subdivision: None

Interior

• Bathrooms: Two full bathrooms
• Interior features: Single-level living (one story)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-56 ($-667/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (29.4% below list).
• Recommended offer: $109k (29.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#463 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeast North Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 228 students, 66% FRL); North Central Jr/Sr High School (math 12% / reading 32%, grade F, #343 of 369 statewide, top 93%, 374 students, 55% FRL) — zoned schools average 61% FRL vs 44% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $109,376 (29.4% 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 F-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: 0.71% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• GRM: 11.8

CMA / ARV

• ARV (median comp): $135,214
• List price: $154,900
• Delta: 14.56%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 W Broadway St	0.21mi	4/2.0 (+1)	1,440 (+7%)	16mo	$150,000	$104	60
111 W Jefferson St St	0.48mi	3/2.0	1,215 (-10%)	4mo	$140,000	$115	58
311 W Broadway St	0.33mi	2/1.0 (-1)	1,369 (+2%)	19mo	$145,000	$106	57
318 W Mill St	0.42mi	2/1.5 (-1)	1,152 (-14%)	19mo	$125,000	$109	34
429 N Thomas St	0.71mi	3/2.0	1,456 (+8%)	23mo	$107,000	$73	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.86×
• Total profit: $80,746
• Equity at exit: $139,546

10-year hold

• IRR: 20.6%
• Equity multiple: 6.54×
• Total profit: $240,416
• Equity at exit: $300,937

Cash invested: $43,372 (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 47879

• Home prices YoY: 27.5%
• Active inventory: 13
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,094 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$43 /mo · $514/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-56

Break-even live

Break-even rent $1,164

Max offer price $145,080

Occupancy floor —

Sensitivity live

Price	-10% $32	-5% $-12	+0% $-56	+5% $-99	+10% $-143
Rent	-10% $-142	-5% $-99	+0% $-56	+5% $-12	+10% $31
Rate	-1.0pp $22	-0.5pp $-16	base $-56	+0.5pp $-96	+1.0pp $-137

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-16
   status Pending 390-char remark
2. 2026-05-04
   listed $154,900 Active 390-char remark

ⓘ 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: $514 · $43/mo
• Projected year-2 tax: $915 · $76/mo
• Expected delta: +$401/yr (+$33/mo · 78.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,125
• − Mortgage interest: −$8,677
• − Property taxes: −$514
• − Insurance: −$774
• − Repairs & maintenance: −$1,050
• − Management: −$1,050
• − Depreciation: −$4,506
• Taxable loss: −$3,446
• Est. tax savings @ 24.0%: +$827
• After-tax cash flow: $160/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Shelburn

• Score: 62/100
• State rank: #463
• US rank: #16331

Category grades

Amenities F Commute F 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: Shelburn, IN
• Population (ZIP): 3,120

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 40.40%
• Current HPI: 187.51
• 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

2 events — show timeline

• 2026-05-16 Pending — THAAR
• 2026-05-04 Listed $154,900 THAAR

Property tax history

-2.1%/yr

Latest (2024): $514 · -14.8% YoY. Source: county tax records.