708 E Elm St · Lebanon, IN 46052

$215,000

3 bd · 1.0 ba · 1,868 sqft · SingleFamily public records · 14 Days on market

Built 1930 6,011 sqft lot $115/sqft · 40% above area Est $253k · 15% 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 +16.3/30.0
• ARV discount +14.3/15.0
• DSCR +5.1/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom/bath Bungalow, Great investment property tons of potential, new furnace, a/c and water heater in 2010, Roof was put on in 2005

Key facts

• 6,011 sq ft lot
• Built 1930
• Listed 14 days

Property features AI

Finance

• Other: Property sits on approximately 0.14 acre (<1/4 acre); Daylight basement with exterior entry, storage space, unfinished; Sump pump
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected; Cable available; Solid waste service
• Home design: Single family residence; Two levels
• Construction: Concrete perimeter and block foundation; Other construction materials
• Exterior features: Covered patio/porch; Deck; Privacy fence; Curbs and sidewalks

Interior

• Kitchen: Dishwasher; Gas oven; Garbage disposal; Refrigerator; Electric water heater
• Bedrooms: Three bedrooms total: two on the main level, one on the upper level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: High ceilings; Hardwood floors; In-law arrangement; Walk-in closet(s); Woodwork stained/painted
• Laundry & utility: Main level laundry; Washer; Dryer; Water softener (owned); Sump pump with backup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/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 $177k (17.8% below list).
• Recommended offer: $177k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.5% in Lebanon — 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 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lebanon Senior High School (math 43% / reading 68%, grade C, #75 of 369 statewide, top 20%, 1,027 students, 38% FRL) — zoned schools at 38% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 42% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Lebanon Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 183 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 16y 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.
• Current owner paid $35k; list at $215k implies a 514% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,834 (17.8% below list)

Questions for the listing agent

1. Built in 1930 — 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. 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.
4. 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.
5. 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: 0.82% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 10.1

CMA / ARV

• ARV (median comp): $253,053
• List price: $215,000
• Delta: -15.04%
• 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
400 Atlas Dr	0.46mi	4/2.5 (+1)	1,842 (-1%)	2mo	$367,000	$199	63
402 Glendale Dr	0.44mi	3/2.0	1,746 (-6%)	7mo	$300,000	$172	59
524 S Meridian St S	0.38mi	3/2.0	1,700 (-9%)	9mo	$295,000	$174	56
128 W Walnut St	0.48mi	3/2.0	1,750 (-6%)	10mo	$262,500	$150	55
300 Oxford Ln	0.44mi	3/2.5	1,983 (+6%)	11mo	$390,000	$197	54
511 N Clark St	0.73mi	3/2.0	1,850 (-1%)	9mo	$310,000	$168	53
324 N Jameson St	0.73mi	4/2.0 (+1)	1,914 (+2%)	0mo	$216,500	$113	52
131 W Noble St	0.56mi	4/2.0 (+1)	1,952 (+4%)	9mo	$245,800	$126	50
310 Atlas Dr	0.42mi	4/2.5 (+1)	1,997 (+7%)	10mo	$379,990	$190	50
1027 Deodar St	0.60mi	2/2.0 (-1)	1,730 (-7%)	4mo	$391,948	$227	48
522 E Fordice St	0.69mi	3/2.0	1,669 (-11%)	1mo	$275,200	$165	46
515 W Washington St	0.69mi	3/1.0	2,064 (+10%)	9mo	$230,000	$111	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: -12.6%
• Equity multiple: 0.55×
• Total profit: $-27,308
• Equity at exit: $32,057

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-14,364
• Equity at exit: $18,589

Cash invested: $60,200 (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 46052

• Active inventory: 183
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,768 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$60 /mo · $721/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $120

Break-even live

Break-even rent $1,617

Max offer price $215,000

Occupancy floor 88%

Sensitivity live

Price	-10% $242	-5% $181	+0% $120	+5% $59	+10% $-2
Rent	-10% $-20	-5% $50	+0% $120	+5% $190	+10% $260
Rate	-1.0pp $228	-0.5pp $175	base $120	+0.5pp $64	+1.0pp $7

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 S East St Lebanon, IN	3.0	1.0	1588	$1,450	$0.91	44d	1	0.30mi
718 N Lebanon St Lebanon, IN	4.0	1.5	1560	$1,795	$1.15	24d	1	0.81mi
814 Powell St Lebanon, IN	4.0	1.5	1647	$1,650	$1.00	22d	1	0.91mi
901 Kelly Green Ln Lebanon, IN	1.0–3.0	1.0–2.0	1147	$3,299	$2.88	2d	10	1.40mi

Listing history 17 events

1. 2026-05-06
   listed $215,000 Active 2018-char remark
2. 2025-11-30
   historical
3. 2025-11-17
   status Active
4. 2025-11-15
   historical
5. 2025-10-29
   price $215,000
6. 2025-10-09
   price $219,000
7. 2025-09-15
   status Active
8. 2025-09-05
   status Pending
9. 2025-08-28
   listed $225,000 Active
10. 2014-07-17
    historical

    Show marketing remark (136 chars)

    3 bedroom/bath Bungalow, Great investment property tons of potential, new furnace, a/c and water heater in 2010, Roof was put on in 2005

11. 2014-07-16
    soldstatus $35,000

    Show marketing remark (136 chars)

    3 bedroom/bath Bungalow, Great investment property tons of potential, new furnace, a/c and water heater in 2010, Roof was put on in 2005

12. 2014-05-28
    listed $44,900

    Show marketing remark (136 chars)

    3 bedroom/bath Bungalow, Great investment property tons of potential, new furnace, a/c and water heater in 2010, Roof was put on in 2005

13. 2014-05-23
    historical
14. 2014-03-12
    listed $44,900
15. 2010-09-17
    historical
16. 2010-09-17
    soldstatus $40,000
17. 2010-07-14
    listed $50,000

ⓘ 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: $721 · $60/mo
• Projected year-2 tax: $1,274 · $106/mo
• Expected delta: +$553/yr (+$46/mo · 76.7%)

ⓘ 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 ≥101°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: $21,220
• − Mortgage interest: −$12,043
• − Property taxes: −$721
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$6,255
• Taxable loss: −$2,269
• Est. tax savings @ 24.0%: +$545
• After-tax cash flow: $1,983/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• 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

+330.0% since first listed

18 events — show timeline

• 2026-05-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $215,000 MIBOR as Distributed by MLS Grid
• 2025-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-17 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-29 Price Changed $215,000 MIBOR as Distributed by MLS Grid
• 2025-10-09 Price Changed $219,000 MIBOR as Distributed by MLS Grid
• 2025-09-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-05 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-28 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2014-07-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-07-16 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2014-05-28 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2014-05-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-03-12 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2010-09-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-09-17 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2010-07-14 Listed $50,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2025): $721 · -9.9% YoY. Source: county tax records.