1574 W Water St · Borden, IN 47106

$194,500

3 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 64 Days on market

Built 1972 0.78 ac lot

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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 +23.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.2/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Check out this 3 Bed 1 Bath home on . 78 AC! Survey is attached. We aren't kidding around with this one! Two car detached garage AND a one car attached garage! Conveniently located close to schools and shopping! New Bluetooth vent fan in bathroom to enjoy singing in your shower! Relax on your covered front porch ! Nice size pantry that can also be used as a laundry room. All new paint and flooring! Make your appointment today!

Key facts

• 0.78 acre lot
• 2 garage spots
• Built 1972

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Attached garage; Detached garage; Total of 2 garage spaces
• Utilities: Public water connected; Public sewer
• Home design: Single-story home; Resale property
• Construction: Vinyl siding; Shingle roof; Block foundation with crawlspace; Built above-grade finished area of 1,050
• Exterior features: Covered porch; Porch

Interior

• Kitchen: Oven; Range; Eat-in layout; Pantry
• Bedrooms: Two bedrooms on the first level
• Flooring: Laminate flooring in dining room and bedrooms; Carpet in kitchen and living areas
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic; Eat-in kitchen; Main level primary bedroom; Pantry; Utility room
• Laundry & utility: Laundry located in the garage; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $194k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $194k).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#507 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Market conditions: 26 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $54k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,830 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 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 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.02% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.67%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 3.27×
• Total profit: $123,874
• Equity at exit: $175,221

10-year hold

• IRR: 25.0%
• Equity multiple: 7.44×
• Total profit: $350,667
• Equity at exit: $377,871

Cash invested: $54,460 (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 47106

• Home prices YoY: 6.7%
• Active inventory: 26
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,989 medium
• Mortgage (P&I): −$1,020
• Tax from tax record: −$122 /mo · $1,466/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $282

Break-even live

Break-even rent $1,632

Max offer price $194,500

Occupancy floor 81%

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: $48,625
• Closing costs: $5,835
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $194,500 Active 64 DOM
2. 2026-06-17
   days on market $194,500 Active 63 DOM
3. 2026-06-16
   days on market $194,500 Active 62 DOM
4. 2026-06-15
   days on market $194,500 Active 61 DOM
5. 2026-06-13
   days on market $194,500 Active 59 DOM
6. 2026-06-10
   days on market $194,500 Active 56 DOM
7. 2026-06-09
   days on market $194,500 Active 55 DOM
8. 2026-06-08
   days on market $194,500 Active 54 DOM
9. 2026-06-07
   days on market $194,500 Active 53 DOM
10. 2026-06-03
    days on market $194,500 Active 49 DOM
11. 2026-06-02
    days on market $194,500 Active 48 DOM
12. 2026-06-01
    days on market $194,500 Active 47 DOM
13. 2026-05-31
    days on market $194,500 Active 46 DOM
14. 2026-05-19
    price $194,500
15. 2026-05-05
    price $196,900
16. 2026-04-15
    listed $199,900 Active
17. 2025-03-31
    soldstatus $177,000 Closed 436-char remark

    Show marketing remark (436 chars)

    Check out this 3 Bed 1 Bath home on . 78 AC! Survey is attached. We aren't kidding around with this one! Two car detached garage AND a one car attached garage! Conveniently located close to schools and shopping! New Bluetooth vent fan in bathroom to enjoy singing in your shower! Relax on your covered front porch ! Nice size pantry that can also be used as a laundry room. All new paint and flooring! Make your appointment today!

18. 2025-02-22
    historical 436-char remark

    Show marketing remark (436 chars)

    Check out this 3 Bed 1 Bath home on . 78 AC! Survey is attached. We aren't kidding around with this one! Two car detached garage AND a one car attached garage! Conveniently located close to schools and shopping! New Bluetooth vent fan in bathroom to enjoy singing in your shower! Relax on your covered front porch ! Nice size pantry that can also be used as a laundry room. All new paint and flooring! Make your appointment today!

19. 2025-01-24
    listed $179,900 Active 436-char remark

    Show marketing remark (436 chars)

    Check out this 3 Bed 1 Bath home on . 78 AC! Survey is attached. We aren't kidding around with this one! Two car detached garage AND a one car attached garage! Conveniently located close to schools and shopping! New Bluetooth vent fan in bathroom to enjoy singing in your shower! Relax on your covered front porch ! Nice size pantry that can also be used as a laundry room. All new paint and flooring! Make your appointment today!

20. 2024-12-07
    price $185,000
21. 2024-11-21
    price $189,800
22. 2024-11-06
    price $189,899
23. 2024-11-01
    price $189,900
24. 2024-10-22
    price $189,999
25. 2024-10-15
    price $192,500
26. 2024-10-07
    price $194,500
27. 2024-09-26
    price $194,900
28. 2024-09-14
    price $189,900
29. 2024-09-04
    price $189,999
30. 2024-08-30
    price $194,800
31. 2024-08-27
    price $194,890
32. 2024-08-22
    price $194,900
33. 2024-08-16
    price $199,800
34. 2024-08-13
    price $199,900
35. 2023-09-08
    price $184,900
36. 2022-05-27
    soldstatus $172,000 Closed
37. 2022-04-24
    status Pending
38. 2022-04-22
    price $180,000
39. 2022-04-19
    listed $190,000 Active

ⓘ 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: $1,466 · $122/mo
• Projected year-2 tax: $1,560 · $130/mo
• Expected delta: +$94/yr (+$8/mo · 6.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°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: $23,870
• − Mortgage interest: −$10,895
• − Property taxes: −$1,466
• − Insurance: −$1,770
• − Repairs & maintenance: −$1,910
• − Management: −$1,910
• − Depreciation: −$5,658
• Taxable income: $262
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $3,319/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)

No district data.

Livability — Borden

• Score: 61/100
• State rank: #507
• US rank: #17982

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Borden, IN
• Population (ZIP): 4,583

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2%
• Common ancestry: Lithuanian 2% Serbian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.50%
• Current HPI: 344.4
• 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

+2.4% since first listed

26 events — show timeline

• 2026-05-19 Price Changed $194,500 SIRA
• 2026-05-05 Price Changed $196,900 SIRA
• 2026-04-15 Listed $199,900 SIRA
• 2025-03-31 Sold (MLS) $177,000 SIRA
• 2025-02-22 Delisted — SIRA
• 2025-01-24 Listed $179,900 SIRA
• 2024-12-07 Price Changed $185,000 SIRA
• 2024-11-21 Price Changed $189,800 SIRA
• 2024-11-06 Price Changed $189,899 SIRA
• 2024-11-01 Price Changed $189,900 SIRA
• 2024-10-22 Price Changed $189,999 SIRA
• 2024-10-15 Price Changed $192,500 SIRA
• 2024-10-07 Price Changed $194,500 SIRA
• 2024-09-26 Price Changed $194,900 SIRA
• 2024-09-14 Price Changed $189,900 SIRA
• 2024-09-04 Price Changed $189,999 SIRA
• 2024-08-30 Price Changed $194,800 SIRA
• 2024-08-27 Price Changed $194,890 SIRA
• 2024-08-22 Price Changed $194,900 SIRA
• 2024-08-16 Price Changed $199,800 SIRA
• 2024-08-13 Price Changed $199,900 SIRA
• 2023-09-08 Price Changed $184,900 SIRA
• 2022-05-27 Sold (MLS) $172,000 SIRA
• 2022-04-24 Pending — SIRA
• 2022-04-22 Price Changed $180,000 SIRA
• 2022-04-19 Listed $190,000 SIRA

Property tax history

-1.8%/yr

Latest (2024): $1,466 · +10.8% YoY. Source: county tax records.