6112 S State Road 62 · Hanover, IN 47138

$37,000

1 bd · 1.0 ba · 624 sqft · SingleFamily public records · 12 Days on market

Built 1940

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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 +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The property had a soil test done and it is ready to have a septic tank installed. The house has the electrical wiring down and plumbing and it already has the hookup for the city water.

Key facts

• Plumbing
• Soil test done
• Built 1940

Tags

• SOIL TEST DONE
• SEPTIC TANK INSTALLED
• ELECTRICAL WIRING DOWN
• PLUMBING
• HOOKUP FOR CITY WATER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $37k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($840 rent vs $37k).
• Cap rate 19.8% vs local median 2.5% in Hanover — 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 70/100 on livability (#173 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, health & safety D, amenities F.
• Southwestern-Jefferson County Con (rural): math 26% / reading 36% proficiency, ranked #232 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 94 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $256 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $15k; list at $37k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $37,000

Questions for the listing agent

1. Built in 1940 — 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. 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.
5. 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.
6. 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: 2.27% ✓
• Cap rate: 19.84%
• Cash-on-cash: 48.39%
• DSCR: 3.15
• GRM: 3.7

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: 45.9%
• Equity multiple: 2.99×
• Total profit: $20,618
• Equity at exit: $5,517

10-year hold

• IRR: 51.7%
• Equity multiple: 6.04×
• Total profit: $52,241
• Equity at exit: $3,199

Cash invested: $10,360 (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 47138

• Home prices YoY: -5.7%
• Active inventory: 28
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $840 medium
• Mortgage (P&I): −$194
• Tax from tax record: −$36 /mo · $434/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $418

Break-even live

Break-even rent $311

Max offer price $37,000

Occupancy floor 45%

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: $9,250
• Closing costs: $1,110
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $37,000 Active 12 DOM
2. 2026-06-17
   days on market $37,000 Active 11 DOM
3. 2026-06-16
   days on market $37,000 Active 10 DOM
4. 2026-06-15
   days on market $37,000 Active 9 DOM
5. 2026-06-13
   days on market $37,000 Active 7 DOM
6. 2026-06-12
   days on market $37,000 Active 6 DOM
7. 2026-06-09
   days on market $37,000 Active 3 DOM
8. 2026-06-08
   days on market $37,000 Active 2 DOM
9. 2026-06-07
   remarks 186-char remark
10. 2026-06-07
    listed $37,000 Active 1 DOM

ⓘ 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: $434 · $36/mo
• Projected year-2 tax: $434 · $36/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥104°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,077
• − Mortgage interest: −$2,073
• − Property taxes: −$434
• − Insurance: −$185
• − Repairs & maintenance: −$806
• − Management: −$806
• − Depreciation: −$1,076
• Taxable income: $4,696
• Est. tax owed @ 24.0%: −$1,127
• After-tax cash flow: $3,886/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: Southwestern-Jefferson County Con
• NCES district ID: 1810800
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $47,339
• Composite: 26.74/100
• National rank: #7140
• State rank: #232 of 301 in IN

Livability — Hanover

• Score: 70/100
• State rank: #173
• US rank: #8090

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,646

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 32,775 people
• By 2030: 32,784 · +0.0%
• By 2040: 32,420 · -1.1%
• By 2050: 31,486 · -3.9%
• By 2075: 29,089 · -11.2%
• By 2100: 25,279 · -22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Serbian 3% Slovak 1% Italian 1%
• Foreign-born: 0%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+36.1) · D 31.0% · R 67.1% · Other 1.9%
• 2008→2024 swing: -30.2pp toward R · 2008: -5.9pp · 2024: -36.1pp
• All cycles: 2024: R+36.1 2020: R+33.6 2016: R+31.3 2012: R+10.4 2008: R+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.26%
• Current HPI: 270.3619
• 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

+146.7% since first listed

3 events — show timeline

• 2026-06-07 Listed $37,000 FSBO.com
• 2023-09-21 Sold (Public Records) $15,000 Public Records
• 2020-11-24 Sold (Public Records) $15,000 Public Records

Property tax history

+13.3%/yr

Latest (2024): $434 · +0.0% YoY. Source: county tax records.