150 E Pleasant St · Pennville, IN 47369

$118,000

3 bd · 1.0 ba · 2,106 sqft · SingleFamily public records · 116 Days on market

Built 1947 0.26 ac lot $56/sqft · 39% above area Est $85k · 39% over ↓ 13% since listing

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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 +24.3/30.0
• DSCR +7.8/10.0
• Appreciation +7.8/10.0
• 1% rule +6.3/10.0
• Schools +3.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Small town living. Come check out this 3-bedroom/1-bath home in Pennville with a spacious living and dining room, along with a two-car attached garage. One bedroom is on the main floor with two other bedrooms upstairs. The home is heated with 3 wall heaters. The upstairs has not been used in years but is in good shape with knotty pine walls. In the backyard, you will find there is a nice shed with a concrete floor, an overhead garage door, electric, LED lights, and a 220 hook-up. All appliances stay. This home is being sold AS-IS. Motivated Seller!!

Key facts

• Electric led lights
• Knotty pine walls
• 220 hook up

Tags

• TWO CAR ATTACHED GARAGE
• KNOTTY PINE WALLS
• CONCRETE FLOOR
• OVERHEAD GARAGE DOOR
• ELECTRIC LED LIGHTS
• 220 HOOK UP

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#489 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($816 loan paydown + $6k appreciation (5.5% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,380 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — 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 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?
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: 1.13% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.60%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $85,070
• List price: $118,000
• Delta: 38.71%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 E Maple St	0.12mi	3/1.5	2,360 (+12%)	14mo	$17,500	$7	60

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

Projected returns pro-forma

5.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.38×
• Total profit: $45,730
• Equity at exit: $70,515

10-year hold

• IRR: 20.7%
• Equity multiple: 4.75×
• Total profit: $123,757
• Equity at exit: $124,826

Cash invested: $33,040 (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 47369

• Home prices YoY: 2.0%
• Active inventory: 6
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,332 medium
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $237

Break-even live

Break-even rent $1,032

Max offer price $118,000

Occupancy floor 77%

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $118,000 Active 116 DOM
2. 2026-06-17
   days on market $118,000 Active 115 DOM
3. 2026-06-16
   days on market $118,000 Active 114 DOM
4. 2026-06-15
   days on market $118,000 Active 113 DOM
5. 2026-06-13
   days on market $118,000 Active 111 DOM
6. 2026-06-12
   days on market $118,000 Active 110 DOM
7. 2026-06-09
   days on market $118,000 Active 107 DOM
8. 2026-06-08
   days on market $118,000 Active 106 DOM
9. 2026-06-07
   days on market $118,000 Active 105 DOM
10. 2026-06-05
    days on market $118,000 Active 103 DOM
11. 2026-06-04
    days on market $118,000 Active 101 DOM
12. 2026-06-02
    days on market $118,000 Active 100 DOM
13. 2026-06-01
    days on market $118,000 Active 99 DOM
14. 2026-05-31
    days on market $118,000 Active 98 DOM
15. 2026-05-31
    days on market $118,000 Active 97 DOM
16. 2026-05-19
    price $118,000 555-char remark

    Show marketing remark (555 chars)

    Small town living. Come check out this 3-bedroom/1-bath home in Pennville with a spacious living and dining room, along with a two-car attached garage. One bedroom is on the main floor with two other bedrooms upstairs. The home is heated with 3 wall heaters. The upstairs has not been used in years but is in good shape with knotty pine walls. In the backyard, you will find there is a nice shed with a concrete floor, an overhead garage door, electric, LED lights, and a 220 hook-up. All appliances stay. This home is being sold AS-IS. Motivated Seller!!

17. 2026-04-16
    price $123,000 555-char remark

    Show marketing remark (555 chars)

    Small town living. Come check out this 3-bedroom/1-bath home in Pennville with a spacious living and dining room, along with a two-car attached garage. One bedroom is on the main floor with two other bedrooms upstairs. The home is heated with 3 wall heaters. The upstairs has not been used in years but is in good shape with knotty pine walls. In the backyard, you will find there is a nice shed with a concrete floor, an overhead garage door, electric, LED lights, and a 220 hook-up. All appliances stay. This home is being sold AS-IS. Motivated Seller!!

18. 2026-03-18
    price $129,000 555-char remark

    Show marketing remark (555 chars)

    Small town living. Come check out this 3-bedroom/1-bath home in Pennville with a spacious living and dining room, along with a two-car attached garage. One bedroom is on the main floor with two other bedrooms upstairs. The home is heated with 3 wall heaters. The upstairs has not been used in years but is in good shape with knotty pine walls. In the backyard, you will find there is a nice shed with a concrete floor, an overhead garage door, electric, LED lights, and a 220 hook-up. All appliances stay. This home is being sold AS-IS. Motivated Seller!!

19. 2026-02-22
    listed $135,000 Active 555-char remark

    Show marketing remark (555 chars)

    Small town living. Come check out this 3-bedroom/1-bath home in Pennville with a spacious living and dining room, along with a two-car attached garage. One bedroom is on the main floor with two other bedrooms upstairs. The home is heated with 3 wall heaters. The upstairs has not been used in years but is in good shape with knotty pine walls. In the backyard, you will find there is a nice shed with a concrete floor, an overhead garage door, electric, LED lights, and a 220 hook-up. All appliances stay. This home is being sold AS-IS. Motivated Seller!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $15,985
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$3,433
• Taxable income: $1,025
• Est. tax owed @ 24.0%: −$246
• After-tax cash flow: $2,596/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Pennville

• Score: 61/100
• State rank: #489
• US rank: #17460

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pennville, IN
• Population (ZIP): 1,216

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 13% Hispanic / Latino 3%
• Common ancestry: Slovak 4% Lithuanian 1%
• Foreign-born: 3% · Vietnam
• Languages at home: 94% English-only · German/W. Germanic 4% Spanish 1% Vietnamese 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.50%
• Current HPI: 274.4559
• 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

-12.6% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $118,000 IRMLS
• 2026-04-16 Price Changed $123,000 IRMLS
• 2026-03-18 Price Changed $129,000 IRMLS
• 2026-02-22 Listed $135,000 IRMLS

Property tax history

-4.9%/yr

Latest (2024): $197 · -35.0% YoY. Source: county tax records.