29 W Mechanic St · Shelbyville, IN 46176

$159,900

2 bd · 1.0 ba · 1,412 sqft · SingleFamily public records · 2 Days on market

Built 1890 2,952 sqft lot Est $167k · at est.

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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 +15.7/30.0
• ARV discount +9.3/15.0
• DSCR +4.8/10.0
• 1% rule +3.5/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Home with original woodwork that just needs a little love to make it a showcase! 3 bedrooms, large living room with fireplace, dining room with original built-in china cabinet, remodeled kitchen complete with cherry cab inets and an extra large laundry room. Remodeled upper level makes spacious extra living area.

Key facts

• Painted basement
• Historical character
• Built in cabinets

Tags

• HARDWOOD FLOORS
• FINISHED UPSTAIRS AREA
• PAINTED BASEMENT
• BUILT IN CABINETS
• HISTORICAL CHARACTER

Property features AI

Exterior

• Parking: Alley access; On-street parking
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; Two levels; Less than 1/4 acre lot
• Construction: Stucco exterior; Block foundation
• Exterior features: Storage

Interior

• Kitchen: Eat-in kitchen; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom with tub and shower
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Built-in features; High ceilings; Hardwood floors; Eat-in kitchen; Unfinished basement; 1 fireplace in the family room
• Laundry & utility: Main-level laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $69 ($829/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 $136k (15.1% below list).
• Recommended offer: $136k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas A Hendricks Elementary Sch (math 49% / reading 39%, grade F, #408 of 994 statewide, top 41%, 533 students, 66% FRL); Shelbyville Middle School (math 37% / reading 39%, grade F, #136 of 330 statewide, top 44%, 882 students, 62% FRL); Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL) — zoned schools average 62% FRL vs 46% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 238 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 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 $5k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 19y 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 $59k; list at $160k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,754 (15.1% below list)

Questions for the listing agent

1. Built in 1890 — 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: 6.81%
• Cash-on-cash: 1.85%
• DSCR: 1.08
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $166,616
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 Howard St	0.67mi	2/1.0	1,410 (-0%)	2mo	$160,000	$113	67
637 W Franklin St	0.65mi	3/1.0 (+1)	1,420 (+1%)	3mo	$63,000	$44	61
435 W Franklin St	0.42mi	2/1.0	1,312 (-7%)	9mo	$175,000	$133	61
264 E Pennsylvania St	0.41mi	3/2.0 (+1)	1,492 (+6%)	2mo	$175,000	$117	60
410 E Mechanic St	0.54mi	3/1.0 (+1)	1,564 (+11%)	1mo	$185,000	$118	51
547 W Taylor St	0.57mi	3/1.0 (+1)	1,482 (+5%)	12mo	$187,000	$126	51
616 Main St	0.73mi	3/2.0 (+1)	1,482 (+5%)	1mo	$218,000	$147	48
152 1st St W	0.66mi	3/1.0 (+1)	1,321 (-6%)	12mo	$134,000	$101	44
637 W South St	0.63mi	3/2.0 (+1)	1,578 (+12%)	5mo	$183,000	$116	38
714 W Washington St	0.70mi	3/2.0 (+1)	1,553 (+10%)	5mo	$160,000	$103	38
421 W Hendricks St	0.48mi	3/2.0 (+1)	1,200 (-15%)	11mo	$209,000	$174	34
407 Alice St	0.70mi	3/2.0 (+1)	1,203 (-15%)	4mo	$183,000	$152	30

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: -13.4%
• Equity multiple: 0.52×
• Total profit: $-21,555
• Equity at exit: $23,842

10-year hold

• IRR: -4.5%
• Equity multiple: 0.70×
• Total profit: $-13,277
• Equity at exit: $13,825

Cash invested: $44,772 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,358 high
• Mortgage (P&I): −$839
• Tax from tax record: −$98 /mo · $1,179/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $69

Break-even live

Break-even rent $1,270

Max offer price $159,900

Occupancy floor 90%

Sensitivity live

Price	-10% $160	-5% $114	+0% $69	+5% $24	+10% $-21
Rent	-10% $-38	-5% $15	+0% $69	+5% $123	+10% $176
Rate	-1.0pp $150	-0.5pp $110	base $69	+0.5pp $28	+1.0pp $-15

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 N Harrison St Shelbyville, IN	1.0–3.0	1.0–2.0	987	$1,516	$1.54	0d	5	0.13mi
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	24d	1	0.50mi
529 W Washington St Shelbyville, IN	1.0	1.0	878	$695	$0.79	0d	1	0.55mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	45d	1	0.79mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	12d	1	0.85mi
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	9d	1	1.25mi
205 Randell Ct Shelbyville, IN	3.0	2.0	1524	$1,796	$1.18	45d	1	1.36mi

Listing history 5 events

1. 2026-05-27
   listed $159,900 Active
2. 2008-05-29
   soldstatus $59,000 315-char remark

   Show marketing remark (315 chars)

   Home with original woodwork that just needs a little love to make it a showcase! 3 bedrooms, large living room with fireplace, dining room with original built-in china cabinet, remodeled kitchen complete with cherry cab inets and an extra large laundry room. Remodeled upper level makes spacious extra living area.

3. 2007-09-27
   listed $62,900 315-char remark

   Show marketing remark (315 chars)

   Home with original woodwork that just needs a little love to make it a showcase! 3 bedrooms, large living room with fireplace, dining room with original built-in china cabinet, remodeled kitchen complete with cherry cab inets and an extra large laundry room. Remodeled upper level makes spacious extra living area.

4. 2007-09-13
   historical
5. 2007-05-11
   listed $83,125

ⓘ 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: $1,179 · $98/mo
• Projected year-2 tax: $1,269 · $106/mo
• Expected delta: +$90/yr (+$8/mo · 7.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $16,290
• − Mortgage interest: −$8,957
• − Property taxes: −$1,179
• − Insurance: −$800
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$4,652
• Taxable loss: −$1,903
• Est. tax savings @ 24.0%: +$457
• After-tax cash flow: $1,285/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• 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

+92.4% since first listed

5 events — show timeline

• 2026-05-27 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2008-05-29 Sold (MLS) $59,000 MIBOR as Distributed by MLS Grid
• 2007-09-27 Listed $62,900 MIBOR as Distributed by MLS Grid
• 2007-09-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-05-11 Listed $83,125 MIBOR as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2025): $1,179 · -7.8% YoY. Source: county tax records.