328 Jay St · Rochester, IN 46975

$76,000

3 bd · 1.0 ba · 2,052 sqft · SingleFamily public records · 82 Days on market

Built 1930 0.31 ac lot $37/sqft · 53% below area ↓ 4% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

328 Jay Street is a property that demands an honest assessment and a visionary's touch. This is not a project for the faint of heart; it is a full-scale restoration opportunity in a prime Rochester location. The Reality The structure is currently in a severe state of disrepair and is officially disclosed as non-livable and not habitable in its current condition. Prospective buyers must be aware of significant structural defects, including compromised flooring, unstable roofing, weakened support beams, and crumbling masonry. Additionally, the interior likely contains airborne contaminants. Due to these hazardous conditions, entry is strictly regulated: No individuals under 18 years of age are permitted on-site. All visitors must sign a Release of Liability prior to entry. The Potential For the experienced contractor or ambitious investor, the value lies in the large yard and the unbeatable central location. This property sits just steps away from: Riddle Elementary School Fulton County Fairgrounds The Public Library Downtown Rochester The surrounding neighborhood is well-established, with property values that will support significant improvements to the site. Whether you choose a total "studs-up" reconstruction or a fresh start on a substantial lot, the footprint offers a rare chance to build equity in a highly accessible part of town.

Key facts

• Central location
• Large yard
• 0.31 acre lot

Tags

• LARGE YARD
• CENTRAL LOCATION
• WELL-ESTABLISHED NEIGHBORHOOD
• SIGNIFICANT IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $76k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $71k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 2.4% in Rochester — 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 69/100 on livability (#206 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, schools F, amenities F.
• Rochester Community School Corporation (town): math 31% / reading 41% proficiency, ranked #188 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $525 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fulton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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

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

Recommended offer $71,440 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. 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.
7. 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.
8. 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: 1.67% ✓
• Cap rate: 13.85%
• Cash-on-cash: 26.98%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

• ARV (median comp): $161,677
• List price: $76,000
• Delta: -52.99%
• 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
429 W 5th St	0.10mi	3/2.5	1,966 (-4%)	14mo	$134,000	$68	71
715 Pontiac St	0.33mi	3/2.0	1,947 (-5%)	2mo	$175,000	$90	71
623 W 6th St	0.21mi	3/1.0	1,840 (-10%)	5mo	$230,000	$125	69
428 Clay St	0.11mi	3/1.5	1,790 (-13%)	7mo	$174,000	$97	66
315 W 9th St	0.42mi	3/2.0	2,126 (+4%)	8mo	$247,000	$116	64
715 W 9th St	0.46mi	4/2.0 (+1)	1,956 (-5%)	0mo	$306,000	$156	61
1250 Bittersweet Ln	0.69mi	3/2.0	2,092 (+2%)	2mo	$238,000	$114	59
1010 Jefferson St	0.54mi	4/3.0 (+1)	2,020 (-2%)	1mo	$107,000	$53	58
812 Pontiac St	0.37mi	4/2.0 (+1)	2,070 (+1%)	22mo	$169,900	$82	54
728 Fulton Ave	0.32mi	3/2.0	1,880 (-8%)	18mo	$220,000	$117	52
1219 Main St	0.74mi	4/2.5 (+1)	2,144 (+4%)	1mo	$198,000	$92	46
1220 Main St	0.73mi	4/1.5 (+1)	1,971 (-4%)	18mo	$141,000	$72	38

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: 20.9%
• Equity multiple: 1.85×
• Total profit: $18,181
• Equity at exit: $11,332

10-year hold

• IRR: 29.1%
• Equity multiple: 3.59×
• Total profit: $55,154
• Equity at exit: $6,571

Cash invested: $21,280 (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 46975

• Home prices YoY: -28.7%
• Active inventory: 97
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,271 medium
• Mortgage (P&I): −$399
• Tax est. 1.5%: −$95 /mo · $1,140/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $479

Break-even live

Break-even rent $665

Max offer price $76,000

Occupancy floor 57%

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: $19,000
• Closing costs: $2,280
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $76,000 Active 82 DOM
2. 2026-06-17
   days on market $76,000 Active 81 DOM
3. 2026-06-16
   days on market $76,000 Active 80 DOM
4. 2026-06-15
   days on market $76,000 Active 79 DOM
5. 2026-06-14
   days on market $76,000 Active 77 DOM
6. 2026-06-03
   days on market $76,000 Active 72 DOM
7. 2026-06-02
   days on market $76,000 Active 71 DOM
8. 2026-06-01
   days on market $76,000 Active 70 DOM
9. 2026-05-31
   days on market $76,000 Active 69 DOM
10. 2026-05-31
    days on market $76,000 Active 68 DOM
11. 2026-03-23
    listed $76,000 Active 1370-char remark

    Show marketing remark (1370 chars)

    328 Jay Street is a property that demands an honest assessment and a visionary's touch. This is not a project for the faint of heart; it is a full-scale restoration opportunity in a prime Rochester location. The Reality The structure is currently in a severe state of disrepair and is officially disclosed as non-livable and not habitable in its current condition. Prospective buyers must be aware of significant structural defects, including compromised flooring, unstable roofing, weakened support beams, and crumbling masonry. Additionally, the interior likely contains airborne contaminants. Due to these hazardous conditions, entry is strictly regulated: No individuals under 18 years of age are permitted on-site. All visitors must sign a Release of Liability prior to entry. The Potential For the experienced contractor or ambitious investor, the value lies in the large yard and the unbeatable central location. This property sits just steps away from: Riddle Elementary School Fulton County Fairgrounds The Public Library Downtown Rochester The surrounding neighborhood is well-established, with property values that will support significant improvements to the site. Whether you choose a total "studs-up" reconstruction or a fresh start on a substantial lot, the footprint offers a rare chance to build equity in a highly accessible part of town.

12. 2018-12-12
    soldstatus $79,500 132-char remark

    Show marketing remark (132 chars)

    Check out this 4 bedroom home with over 2,000 square feet! Fenced back yard, off-street parking, and ready for you to move right in!

13. 2018-10-15
    listed $79,500 132-char remark

    Show marketing remark (132 chars)

    Check out this 4 bedroom home with over 2,000 square feet! Fenced back yard, off-street parking, and ready for you to move right in!

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,247
• − Mortgage interest: −$4,257
• − Property taxes: −$1,140
• − Insurance: −$380
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$2,211
• Taxable income: $4,819
• Est. tax owed @ 24.0%: −$1,157
• After-tax cash flow: $4,586/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: Rochester Community School Corporation
• NCES district ID: 1809630
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $42,645
• Composite: 30.44/100
• National rank: #6231
• State rank: #188 of 301 in IN

Livability — Rochester

• Score: 69/100
• State rank: #206
• US rank: #9060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, IN
• County: Fulton County · 13,824 people
• City population: 13,824
• Metro: nan
• Population (ZIP): 13,824
• Household income: $61,185
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 238.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 19,537 people
• By 2030: 19,013 · -2.7%
• By 2040: 17,959 · -8.1%
• By 2050: 17,038 · -12.8%
• By 2075: 15,117 · -22.6%
• By 2100: 13,179 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Iranian 2% Scottish 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+51.2) · D 23.7% · R 74.9% · Other 1.4%
• 2008→2024 swing: -35.2pp toward R · 2008: -16.0pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+48.2 2016: R+48.4 2012: R+33.2 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.72%
• Current HPI: 212.9033
• Rent YoY: —
• Metro: nan
• 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

-4.4% since first listed

3 events — show timeline

• 2026-03-23 Listed $76,000 IRMLS
• 2018-12-12 Sold (MLS) $79,500 IRMLS
• 2018-10-15 Listed $79,500 IRMLS

Property tax history

-21.1%/yr

Latest (2024): $87 · -6.7% YoY. Source: county tax records.