204 Taff St · Charlestown, IN 47111

$189,900

3 bd · 1.0 ba · 1,300 sqft · SingleFamily public records · 17 Days on market

Built 1973 8,276 sqft lot Est $240k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• 1% rule +3.5/10.0
• 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

Listing remarks

Welcome HOME to this beautiful 3-bedroom, 1.5-bath property featuring a unique and versatile layout with multiple living room options-perfect for entertaining, relaxing, or creating a home office or play space. The kitchen is a standout with a dedicated coffee bar, adding both charm and functionality. Outside, the painted brick exterior is accented by custom-built wood shutters, delivering fantastic curb appeal. An attached carport provides convenient covered parking, while the fully fenced backyard offers privacy and space to enjoy. Two storage sheds provide plenty of room for tools, hobbies, or outdoor projects. Major updates include a new HVAC system installed in 2024, offering peace of

Key facts

• Attached carport
• Dedicated coffee bar
• Unique layout

Tags

• UNIQUE LAYOUT
• MULTIPLE LIVING ROOM OPTIONS
• DEDICATED COFFEE BAR
• PAINTED BRICK EXTERIOR
• CUSTOM-BUILT WOOD SHUTTERS
• ATTACHED CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $43 ($519/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 $161k (15.4% below list).
• Recommended offer: $161k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 264 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,642 (15.4% below list)

Questions for the listing agent

1. Built in 1973 — 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. 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: 0.85% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.98%
• DSCR: 1.04
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $240,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
285 Main St	0.18mi	3/2.0	1,240 (-5%)	3mo	$207,000	$167	77
8827 Woodford Dr	0.28mi	3/2.0	1,376 (+6%)	1mo	$259,900	$189	72
8625 Oak Valley Dr	0.37mi	3/2.0	1,242 (-4%)	0mo	$251,000	$202	71
341 Ridge Rd	0.43mi	3/2.0	1,328 (+2%)	2mo	$265,000	$200	70
620 Main St	0.41mi	3/1.0	1,374 (+6%)	4mo	$88,000	$64	68
8709 Black Oak Dr	0.33mi	3/2.0	1,377 (+6%)	6mo	$250,000	$182	66
135 Spring St	0.40mi	3/2.0	1,378 (+6%)	2mo	$205,000	$149	65
8917 Woodford Dr	0.46mi	3/2.0	1,377 (+6%)	0mo	$259,900	$189	64
8720 Black Oak Dr	0.26mi	3/2.0	1,429 (+10%)	4mo	$264,900	$185	64
9010 Woodford Dr	0.44mi	3/2.0	1,398 (+8%)	2mo	$260,000	$186	61
315 Berkley Rd	0.59mi	3/2.5	1,404 (+8%)	3mo	$220,000	$157	50
350 Clark Rd	0.51mi	2/1.5 (-1)	1,152 (-11%)	5mo	$195,000	$169	46

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-28,046
• Equity at exit: $28,315

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-20,992
• Equity at exit: $16,419

Cash invested: $53,172 (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 47111

• Active inventory: 264
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,606 high
• Mortgage (P&I): −$996
• Tax from tax record: −$151 /mo · $1,810/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $43

Break-even live

Break-even rent $1,552

Max offer price $189,900

Occupancy floor 92%

Sensitivity live

Price	-10% $151	-5% $97	+0% $43	+5% $-10	+10% $-64
Rent	-10% $-84	-5% $-20	+0% $43	+5% $107	+10% $170
Rate	-1.0pp $139	-0.5pp $92	base $43	+0.5pp $-6	+1.0pp $-56

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 High St Charlestown, IN	4.0	1.0	1622	$1,400	$0.86	45d	1	0.16mi
213 Lowell Ave Charlestown, IN	3.0	2.0	1416	$1,700	$1.20	44d	1	0.48mi
380 Main Cross St Unit 3 Charlestown, IN	2.0	1.0	1503	$1,100	$0.73	4d	1	0.64mi
1155 Indiana 62 Charlestown, IN	1.0–2.0	1.0–2.0	993	$1,550	$1.56	2d	152	0.75mi
2034 Harmony Ln Charlestown, IN	3.0	2.0	1402	$2,200	$1.57	2d	1	0.93mi
1210 Market St Charlestown, IN	3.0	1.0	1200	$1,749	$1.46	4d	1	1.22mi

Listing history 10 events

1. 2026-04-20
   status Pending
2. 2026-04-03
   price $189,900
3. 2026-04-03
   listed $189,900 Active
4. 2026-03-03
   price $192,000
5. 2026-02-24
   price $194,000
6. 2025-11-12
   price $195,000
7. 2025-11-04
   price $204,900
8. 2023-11-22
   soldstatus $181,000 Closed
9. 2023-10-24
   status Pending
10. 2023-10-23
    listed $169,900 Active

ⓘ 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: $1,810 · $151/mo
• Projected year-2 tax: $1,810 · $151/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 ≥105°F today · 21 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,277
• − Mortgage interest: −$10,637
• − Property taxes: −$1,810
• − Insurance: −$950
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$5,524
• Taxable loss: −$2,729
• Est. tax savings @ 24.0%: +$655
• After-tax cash flow: $1,174/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: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-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

+11.8% since first listed

10 events — show timeline

• 2026-04-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Price Changed $189,900 SIRA
• 2026-04-03 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2026-03-03 Price Changed $192,000 SIRA
• 2026-02-24 Price Changed $194,000 SIRA
• 2025-11-12 Price Changed $195,000 SIRA
• 2025-11-04 Price Changed $204,900 SIRA
• 2023-11-22 Sold (MLS) $181,000 SIRA
• 2023-10-24 Pending — SIRA
• 2023-10-23 Listed $169,900 SIRA

Property tax history

+7.2%/yr

Latest (2024): $1,810 · -6.8% YoY. Source: county tax records.