409 S South St · Brookston, IN 47923

$189,000

4 bd · 4.0 ba · 1,350 sqft · MultiFamily · 54 Days on market

Built 1995 Fair condition 6,098 sqft lot ↓ 10% since listing

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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 +11.9/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great investment opportunity! This well-maintained duplex features two units, each offering 1 bedroom, 1 full bath, a comfortable living room, and an eat-in kitchen. Both units include private exterior storage spaces, providing added convenience for tenants. Current leases in place through April 2027 offer immediate rental income and stability for investors. A solid addition to any portfolio with built-in cash flow potential.

Key facts

• 6,098 sq ft lot
• 4 parking spots
• Built 1995

Tags

• WELL MAINTAINED DUPLEX
• IMMEDIATE RENTAL INCOME
• BUILT IN CASH FLOW POTENTIAL

Property features AI

Exterior

• Parking: 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; One story
• Construction: Brick construction
• Exterior features: Level lot; Lot approximately 60 x 100 (0.14 acre); Pets allowed

Interior

• Kitchen: Dishwasher; Disposal; Range; Refrigerator
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: Washer and dryer included; Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $189k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-48 ($-581/yr) — negative. Per door: $-24/mo.
• To cash-flow at today's rent, offer at most $182k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (15.8% below list).
• Recommended offer: $159k (15.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#130 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Frontier School Corporation (rural): math 48% / reading 51% proficiency, ranked #52 of 301 in IN (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frontier Elementary (math 57% / reading 52%, grade C, #197 of 994 statewide, top 22%, 380 students, 39% FRL); Frontier Jr-Sr High School (math 37% / reading 52%, grade F, #169 of 369 statewide, top 51%, 291 students, 35% FRL).
• Market conditions: 22 active listings in the ZIP; 47 units permitted in White County in 2024 (0 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.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $159,200 (15.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 9.9

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: -18.1%
• Equity multiple: 0.36×
• Total profit: $-33,688
• Equity at exit: $28,181

10-year hold

• IRR: -10.3%
• Equity multiple: 0.37×
• Total profit: $-33,212
• Equity at exit: $16,341

Cash invested: $52,920 (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 47923

• Home prices YoY: -16.6%
• Active inventory: 22
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $1,592 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-48

Break-even live

Break-even rent $1,653

Max offer price $181,988

Occupancy floor 98%

Sensitivity live

Price	-10% $82	-5% $17	+0% $-48	+5% $-114	+10% $-179
Rent	-10% $-174	-5% $-111	+0% $-48	+5% $14	+10% $77
Rate	-1.0pp $47	-0.5pp $0	base $-48	+0.5pp $-97	+1.0pp $-147

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,592
Total (2 units)			$1,592

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-22
   days on market $189,000 Active 54 DOM
2. 2026-06-19
   days on market $189,000 Active 52 DOM
3. 2026-06-18
   days on market $189,000 Active 51 DOM
4. 2026-06-17
   days on market $189,000 Active 50 DOM
5. 2026-06-16
   days on market $189,000 Active 49 DOM
6. 2026-06-15
   days on market $189,000 Active 48 DOM
7. 2026-06-14
   days on market $189,000 Active 46 DOM
8. 2026-06-13
   days on market $189,000 Active 45 DOM
9. 2026-06-10
   days on market $189,000 Active 43 DOM
10. 2026-06-09
    days on market $189,000 Active 42 DOM
11. 2026-06-08
    days on market $189,000 Active 41 DOM
12. 2026-06-07
    pricedays on market $189,000 Active 40 DOM
13. 2026-06-02
    days on market $209,900 Active 35 DOM
14. 2026-06-01
    days on market $209,900 Active 34 DOM
15. 2026-05-31
    days on market $209,900 Active 33 DOM
16. 2026-05-30
    days on marketlisting id $209,900 Active 32 DOM
17. 2026-04-28
    listed $209,900 Active 429-char remark
18. 2026-04-28
    listed $209,900 Active 429-char remark

ⓘ 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 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,104
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,528
• − Management: −$1,528
• − Depreciation: −$5,498
• Taxable loss: −$3,818
• Est. tax savings @ 24.0%: +$916
• After-tax cash flow: $335/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This well-maintained but slightly dated duplex requires moderate repairs and updates to enhance its resale and rental value.

Repairs flagged

• Moderate Brick siding — Weathered and discolored
• Moderate Exterior paint — Needs touch-up

Value-add opportunities

• Both Paint exterior and landscaping — Enhances curb appeal and resale value
• Both Replace HVAC system — Improves comfort and energy efficiency
• Both Replace windows — Enhances energy efficiency and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick siding · Weathered and discolored	Moderate	$3,000–15,000
Exterior paint · Needs touch-up	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint exterior and landscaping — Enhances curb appeal and resale value ↑
• Both Replace HVAC system — Improves comfort and energy efficiency ↑
• Both Replace windows — Enhances energy efficiency and curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Frontier School Corporation
• NCES district ID: 1803810
• Math proficiency: 48% ▼ -5.00%
• Reading proficiency: 51% ▼ -9.00%
• Median HH income: $57,969
• Composite: 43.13/100
• National rank: #3079
• State rank: #52 of 301 in IN

Livability — Brookston

• Score: 71/100
• State rank: #130
• US rank: #6722

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: Brookston, IN
• Population (ZIP): 3,550

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Iranian 2% Italian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.62%
• Current HPI: 238.3085
• 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

-10.0% since first listed

4 events — show timeline

• 2026-06-04 Price Changed $189,000 MIBOR as Distributed by MLS Grid
• 2026-06-04 Price Changed $189,000 IRMLS
• 2026-04-28 Listed $209,900 IRMLS
• 2026-04-28 Listed $209,900 MIBOR as Distributed by MLS Grid