603 W Main St · Van Buren, IN 46691

$79,900

3 bd · 1.0 ba · 2,781 sqft · SingleFamily public records · 190 Days on market

Built 1935 7,405 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
• Appreciation +5.0/10.0
• Schools +3.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Endless possibilities with this unique, historical property zoned for residential and business. Formerly a church, the property has been converted into a residence with 3 bedrooms, 1 bath, and a large, updated kitchen. The spacious living area has original hardwood floors, built-in bookcases, and a loft. A covered porch overlooks the back yard.

Key facts

• Historic property
• Built-in bookcases
• Open living area

Tags

• HISTORIC PROPERTY
• CONVERTED INTO A HOME
• SPACIOUS UPDATED KITCHEN
• OPEN LIVING AREA
• ORIGINAL HARDWOOD FLOORS
• BUILT-IN BOOKCASES

Property features AI

Finance

• Other: Located in the Eastbrook Community school district

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Concrete perimeter and block foundation
• Exterior features: Level lot; Lot dimensions approximately 55 x 132

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air; Wood and forced-air heating
• Interior features: Partial basement; 8 total rooms; Main-level laundry
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#529 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime D, amenities F.
• Eastbrook Community School Corporation (rural): math 42% / reading 46% proficiency, ranked #98 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastbrook South Elementary (math 50% / reading 45%, grade D, #321 of 994 statewide, top 33%, 377 students, 48% FRL); Eastbrook Middle School (math 30% / reading 45%, grade F, #146 of 330 statewide, top 46%, 399 students, 48% FRL); Eastbrook High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 509 students, 38% FRL).
• Market conditions: 1 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($552 loan paydown + $2k appreciation (3.0% local appreciation)).
• Grant County population projected at -18% 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.65% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.82%
• DSCR: 2.02
• GRM: 5.1

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: 29.0%
• Equity multiple: 2.64×
• Total profit: $36,777
• Equity at exit: $35,926

10-year hold

• IRR: 29.5%
• Equity multiple: 5.16×
• Total profit: $93,048
• Equity at exit: $55,367

Cash invested: $22,372 (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 46691

• Active inventory: 1
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,318 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$164 /mo · $1,965/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $425

Break-even live

Break-even rent $780

Max offer price $79,900

Occupancy floor 63%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-18
   status Active
2. 2026-04-17
   historical Active Under Contract
3. 2026-03-10
   price $79,900
4. 2026-02-23
   status Active
5. 2026-02-19
   historical Active Under Contract
6. 2025-12-02
   price $85,000
7. 2025-11-15
   listed $93,500 Active
8. 2022-04-22
   soldstatus $57,000
9. 2022-04-22
   listed $57,000
10. 2022-01-26
    soldstatus $57,000 346-char remark

    Show marketing remark (346 chars)

    Endless possibilities with this unique, historical property zoned for residential and business. Formerly a church, the property has been converted into a residence with 3 bedrooms, 1 bath, and a large, updated kitchen. The spacious living area has original hardwood floors, built-in bookcases, and a loft. A covered porch overlooks the back yard.

11. 2021-12-08
    listed $57,000 346-char remark

    Show marketing remark (346 chars)

    Endless possibilities with this unique, historical property zoned for residential and business. Formerly a church, the property has been converted into a residence with 3 bedrooms, 1 bath, and a large, updated kitchen. The spacious living area has original hardwood floors, built-in bookcases, and a loft. A covered porch overlooks the back yard.

ⓘ 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: $1,965 · $164/mo
• Projected year-2 tax: $1,965 · $164/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 3/10 Moderate 7 d/yr ≥100°F today · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,819
• − Mortgage interest: −$4,476
• − Property taxes: −$1,965
• − Insurance: −$400
• − Repairs & maintenance: −$1,266
• − Management: −$1,266
• − Depreciation: −$2,324
• Taxable income: $4,124
• Est. tax owed @ 24.0%: −$990
• After-tax cash flow: $4,115/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: Eastbrook Community School Corporation
• NCES district ID: 1803030
• Math proficiency: 42% ▬ 0.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $55,030
• Composite: 38.28/100
• National rank: #4234
• State rank: #98 of 301 in IN

Livability — Van Buren

• Score: 60/100
• State rank: #529
• US rank: #19010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Van Buren, IN

Population outlook (Grant County) Hauer SSP2

• Today (2025): 64,394 people
• By 2030: 62,145 · -3.5%
• By 2040: 57,252 · -11.1%
• By 2050: 52,968 · -17.7%
• By 2075: 45,986 · -28.6%
• By 2100: 39,400 · -38.8%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+40.2% since first listed

11 events — show timeline

• 2026-05-18 Relisted — IRMLS
• 2026-04-17 Contingent — IRMLS
• 2026-03-10 Price Changed $79,900 IRMLS
• 2026-02-23 Relisted — IRMLS
• 2026-02-19 Contingent — IRMLS
• 2025-12-02 Price Changed $85,000 IRMLS
• 2025-11-15 Listed $93,500 IRMLS
• 2022-04-22 Listed $57,000 MIBOR as Distributed by MLS Grid
• 2022-04-22 Sold (MLS) $57,000 MIBOR as Distributed by MLS Grid
• 2022-01-26 Sold (MLS) $57,000 IRMLS
• 2021-12-08 Listed $57,000 IRMLS

Property tax history

+15.2%/yr

Latest (2025): $1,965 · +13.1% YoY. Source: county tax records.