11264 S Main St · Flat Rock, IN 47234

$198,900

3 bd · 1.0 ba · 1,532 sqft · SingleFamily public records · 210 Days on market

Built 1910 7,920 sqft lot Est $179k · 11% over ↓ 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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Schools +4.0/10.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.4/10.0

Listing remarks

Welcome to 11264 Main Street, Flat Rock, IN 47234 - Shelby County This remodeled 3-bedroom, 1-bath home sits on a 0.18-acre lot with a detached 2-car garage. Updates include frameless anti-fog touch-light mirror in bathroom, all cosmetics, windows, and roof. Kitchen is equipped with new countertops and brand new appliances. Outdoor living is complete with a covered front porch swing and a refinished back deck. Seller prefers to sell as-is.

Key facts

• Double vanity
• Brand new appliances
• Stylish bathroom

Tags

• REMODELED HOME
• STYLISH BATHROOM
• DOUBLE VANITY
• NEW COUNTERTOPS
• BRAND NEW APPLIANCES
• COVERED FRONT PORCH SWING

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private water; Private sewer; No solid waste service indicated
• Home design: Single family residence; Updated/remodeled condition; One-and-a-half story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch; Deck; Corner lot; Not in a subdivision; No fence

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator; Gas water heater
• Bedrooms: Three bedrooms total (one on the main level, two on the upper level)
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Smart thermostat; Interior-entry basement
• Laundry & utility: Washer/dryer connections available (connections all)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (35.7% below list).
• Recommended offer: $128k (35.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Southwestern Consolidated School Shelby Co (rural): math 41% / reading 50% proficiency, ranked #86 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwestern Elementary School (math 47% / reading 47%, grade D-, #325 of 994 statewide, top 36%, 339 students, 39% FRL); Southwestern High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 295 students, 48% FRL).
• Market conditions: 8 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $31k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,832 (35.7% 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 210 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.64% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• GRM: 13.0

CMA / ARV

• ARV (on-the-fly): $179,244
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2407 W Flat Rock Rd	0.36mi	3/1.0	1,368 (-11%)	2mo	$160,000	$117	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 21.4%
• Equity multiple: 2.73×
• Total profit: $96,201
• Equity at exit: $179,185

10-year hold

• IRR: 19.3%
• Equity multiple: 6.25×
• Total profit: $292,586
• Equity at exit: $386,419

Cash invested: $55,692 (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 47234

• Home prices YoY: 4.7%
• Active inventory: 8
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,278 medium
• Mortgage (P&I): −$1,043
• Tax from tax record: −$73 /mo · $875/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-189

Break-even live

Break-even rent $1,518

Max offer price $165,516

Occupancy floor —

Sensitivity live

Price	-10% $-76	-5% $-133	+0% $-189	+5% $-245	+10% $-302
Rent	-10% $-290	-5% $-239	+0% $-189	+5% $-138	+10% $-88
Rate	-1.0pp $-89	-0.5pp $-138	base $-189	+0.5pp $-241	+1.0pp $-293

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $198,900 Active 210 DOM
2. 2026-06-18
   days on market $198,900 Active 207 DOM
3. 2026-06-17
   days on market $198,900 Active 206 DOM
4. 2026-06-16
   days on market $198,900 Active 205 DOM
5. 2026-06-15
   pricedays on market $198,900 Active 204 DOM
6. 2026-06-13
   days on market $199,900 Active 202 DOM
7. 2026-06-13
   days on market $199,900 Active 201 DOM
8. 2026-06-09
   days on market $199,900 Active 198 DOM
9. 2026-06-08
   days on market $199,900 Active 197 DOM
10. 2026-06-07
    days on market $199,900 Active 196 DOM
11. 2026-06-05
    days on market $199,900 Active 193 DOM
12. 2026-06-03
    days on market $199,900 Active 192 DOM
13. 2026-06-02
    days on market $199,900 Active 191 DOM
14. 2026-06-01
    days on market $199,900 Active 190 DOM
15. 2026-05-31
    days on market $199,900 Active 189 DOM
16. 2026-04-26
    price $199,900
17. 2026-04-12
    status Active
18. 2026-03-31
    status Pending
19. 2026-03-26
    status Active
20. 2026-02-24
    status Pending
21. 2026-02-18
    price $206,900
22. 2025-12-06
    price $209,900
23. 2025-11-25
    price $214,900
24. 2025-11-04
    price $220,000
25. 2025-10-23
    status Active
26. 2025-10-22
    status Active
27. 2025-09-29
    listed $230,000 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: $875 · $73/mo
• Projected year-2 tax: $1,283 · $107/mo
• Expected delta: +$408/yr (+$34/mo · 46.6%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,340
• − Mortgage interest: −$11,141
• − Property taxes: −$875
• − Insurance: −$994
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$5,786
• Taxable loss: −$5,912
• Est. tax savings @ 24.0%: +$1,419
• After-tax cash flow: $-849/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 Consolidated School Shelby Co
• NCES district ID: 1810830
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 50% ▼ -12.00%
• Median HH income: $59,602
• Composite: 39.94/100
• National rank: #3843
• State rank: #86 of 301 in IN

Livability — Flat Rock

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Flat Rock, IN
• Population (ZIP): 1,571

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 11% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.98%
• Current HPI: 265.5729
• 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

-13.1% since first listed

12 events — show timeline

• 2026-04-26 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2026-04-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-26 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-18 Price Changed $206,900 MIBOR as Distributed by MLS Grid
• 2025-12-06 Price Changed $209,900 MIBOR as Distributed by MLS Grid
• 2025-11-25 Price Changed $214,900 MIBOR as Distributed by MLS Grid
• 2025-11-04 Price Changed $220,000 MIBOR as Distributed by MLS Grid
• 2025-10-23 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-22 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-29 Listed $230,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2025): $875 · +11.2% YoY. Source: county tax records.