2406 N West Shafer Dr · Norway, IN 47960

$129,900

2 bd · 1.0 ba · 638 sqft · SingleFamily public records · 219 Days on market

Built 1940 4,748 sqft lot $204/sqft · 45% below area ↓ 13% 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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +3.6/10.0
• 1% rule +3.1/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cute, open-concept two-bedroom home offers excellent natural light thanks to its large windows. It features a 1.5-car garage and is ready for immediate move-in with fresh paint throughout, a new water heater, and a two-year-old roof. The property is ideally located close to Lake Shafer and Indiana Beach, making it perfect for enjoying local lake activities and entertainment. Additionally, the home includes a patio with a picnic table and grill that stay, ideal for outdoor entertaining. Take a look! This might be just what you are looking for!

Key facts

• Open-concept
• Large windows
• New water heater

Tags

• OPEN-CONCEPT
• LARGE WINDOWS
• NEW WATER HEATER
• TWO-YEAR-OLD ROOF
• CLOSE TO LAKE SHAFER
• CLOSE TO INDIANA BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $28 ($340/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 $105k (19.4% below list).
• Recommended offer: $105k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.2% in Norway — 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 53/100 on livability (#644 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 224 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 $898 of loan paydown is wiped out by about $4k 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 219 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,685 (19.4% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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?
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: 0.81% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 10.3

CMA / ARV

• ARV (median comp): $297,286
• List price: $129,900
• Delta: -56.30%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-19,289
• Equity at exit: $19,369

10-year hold

• IRR: -6.3%
• Equity multiple: 0.60×
• Total profit: $-14,655
• Equity at exit: $11,231

Cash invested: $36,372 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 224
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$63 /mo · $760/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $28

Break-even live

Break-even rent $1,011

Max offer price $129,900

Occupancy floor 92%

Sensitivity live

Price	-10% $102	-5% $65	+0% $28	+5% $-8	+10% $-45
Rent	-10% $-54	-5% $-13	+0% $28	+5% $70	+10% $111
Rate	-1.0pp $94	-0.5pp $61	base $28	+0.5pp $-5	+1.0pp $-40

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $129,900 Active 219 DOM
2. 2026-06-18
   days on market $129,900 Active 217 DOM
3. 2026-06-17
   days on market $129,900 Active 216 DOM
4. 2026-06-16
   days on market $129,900 Active 215 DOM
5. 2026-06-15
   remarks 695-char remark
6. 2026-06-15
   days on market $129,900 Active 214 DOM
7. 2026-06-13
   days on market $129,900 Active 212 DOM
8. 2026-06-12
   days on market $129,900 Active 211 DOM
9. 2026-06-09
   days on market $129,900 Active 208 DOM
10. 2026-06-09
    price $129,900 Active 207 DOM
11. 2026-06-08
    days on market $139,900 Active 207 DOM
12. 2026-06-07
    days on market $139,900 Active 206 DOM
13. 2026-06-07
    days on market $139,900 Active 205 DOM
14. 2026-06-04
    days on market $139,900 Active 202 DOM
15. 2026-06-02
    days on market $139,900 Active 201 DOM
16. 2026-06-01
    days on market $139,900 Active 200 DOM
17. 2026-05-31
    days on market $139,900 Active 199 DOM
18. 2026-05-31
    days on market $139,900 Active 198 DOM
19. 2026-03-23
    price $139,900 554-char remark

    Show marketing remark (554 chars)

    This cute, open-concept two-bedroom home offers excellent natural light thanks to its large windows. It features a 1.5-car garage and is ready for immediate move-in with fresh paint throughout, a new water heater, and a two-year-old roof. The property is ideally located close to Lake Shafer and Indiana Beach, making it perfect for enjoying local lake activities and entertainment. Additionally, the home includes a patio with a picnic table and grill that stay, ideal for outdoor entertaining. Take a look! This might be just what you are looking for!

20. 2026-01-19
    price $149,900 554-char remark

    Show marketing remark (554 chars)

    This cute, open-concept two-bedroom home offers excellent natural light thanks to its large windows. It features a 1.5-car garage and is ready for immediate move-in with fresh paint throughout, a new water heater, and a two-year-old roof. The property is ideally located close to Lake Shafer and Indiana Beach, making it perfect for enjoying local lake activities and entertainment. Additionally, the home includes a patio with a picnic table and grill that stay, ideal for outdoor entertaining. Take a look! This might be just what you are looking for!

21. 2025-11-13
    listed $159,900 Active 554-char remark

    Show marketing remark (554 chars)

    This cute, open-concept two-bedroom home offers excellent natural light thanks to its large windows. It features a 1.5-car garage and is ready for immediate move-in with fresh paint throughout, a new water heater, and a two-year-old roof. The property is ideally located close to Lake Shafer and Indiana Beach, making it perfect for enjoying local lake activities and entertainment. Additionally, the home includes a patio with a picnic table and grill that stay, ideal for outdoor entertaining. Take a look! This might be just what you are looking for!

ⓘ 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: $760 · $63/mo
• Projected year-2 tax: $932 · $78/mo
• Expected delta: +$172/yr (+$14/mo · 22.6%)

ⓘ 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 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: $12,562
• − Mortgage interest: −$7,276
• − Property taxes: −$760
• − Insurance: −$650
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$3,779
• Taxable loss: −$1,913
• Est. tax savings @ 24.0%: +$459
• After-tax cash flow: $799/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: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Norway

• Score: 53/100
• State rank: #644
• US rank: #24336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norway, IN
• Population (ZIP): 15,313

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

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: ▼ -52.85%
• Current HPI: 243.8468
• 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

-12.5% since first listed

3 events — show timeline

• 2026-03-23 Price Changed $139,900 IRMLS
• 2026-01-19 Price Changed $149,900 IRMLS
• 2025-11-13 Listed $159,900 IRMLS

Property tax history

+8.9%/yr

Latest (2024): $760 · +9.0% YoY. Source: county tax records.