332 S Main St · Montpelier, IN 47359

$145,000

4 bd · 3.0 ba · 2,691 sqft · MultiFamily public records · 193 Days on market

Built 1900 6,880 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Triplex with monthly income of $1833 (Unit A $700, Unit B $455, Unit C $678) Owner pays water Possession tenants rights Very nice condition and excellent renters in place

Key facts

• 6,880 sq ft lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $507/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools D-, amenities F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.7% local appreciation)).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 11y ago; this cycle's ask has dropped $24k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $145k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.31% ✓
• Cap rate: 18.88%
• Cash-on-cash: 44.96%
• DSCR: 3.00
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 55.2%
• Equity multiple: 4.58×
• Total profit: $145,152
• Equity at exit: $97,828

10-year hold

• IRR: 51.4%
• Equity multiple: 9.62×
• Total profit: $349,961
• Equity at exit: $183,476

Cash invested: $40,600 (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 47359

• Home prices YoY: 3.0%
• Active inventory: 26
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,345 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$300 /mo · $3,606/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $1,521

Break-even live

Break-even rent $1,419

Max offer price $145,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,603	-5% $1,562	+0% $1,521	+5% $1,480	+10% $1,439
Rent	-10% $1,257	-5% $1,389	+0% $1,521	+5% $1,653	+10% $1,785
Rate	-1.0pp $1,594	-0.5pp $1,558	base $1,521	+0.5pp $1,484	+1.0pp $1,445

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$3,345
Total (3 units)			$3,345

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-21
   days on market $145,000 Active 193 DOM
2. 2026-06-19
   days on market $145,000 Active 191 DOM
3. 2026-06-18
   days on market $145,000 Active 190 DOM
4. 2026-06-17
   days on market $145,000 Active 189 DOM
5. 2026-06-16
   days on market $145,000 Active 188 DOM
6. 2026-06-15
   days on market $145,000 Active 187 DOM
7. 2026-06-14
   days on market $145,000 Active 185 DOM
8. 2026-06-12
   days on market $145,000 Active 184 DOM
9. 2026-06-09
   days on market $145,000 Active 181 DOM
10. 2026-06-08
    days on market $145,000 Active 180 DOM
11. 2026-06-07
    days on market $145,000 Active 179 DOM
12. 2026-06-05
    pricedays on market $145,000 Active 176 DOM
13. 2026-06-03
    days on market $169,000 Active 175 DOM
14. 2026-06-02
    days on market $169,000 Active 174 DOM
15. 2026-06-01
    days on market $169,000 Active 173 DOM
16. 2026-05-31
    days on market $169,000 Active 172 DOM
17. 2026-05-30
    days on market $169,000 Active 171 DOM
18. 2026-03-31
    historical
19. 2025-12-10
    listed $169,000 Active 170-char remark

    Show marketing remark (170 chars)

    Triplex with monthly income of $1833 (Unit A $700, Unit B $455, Unit C $678) Owner pays water Possession tenants rights Very nice condition and excellent renters in place

20. 2025-12-09
    listed $169,000 Active
21. 2023-07-13
    historical
22. 2023-02-10
    soldstatus $93,000 Closed
23. 2023-01-05
    status Pending
24. 2022-11-30
    status Active
25. 2022-10-31
    historical
26. 2022-09-16
    status Active
27. 2022-09-09
    historical
28. 2022-06-08
    listed $95,000 Active
29. 2021-09-30
    soldstatus $52,000
30. 2021-08-13
    listed $64,900
31. 2020-06-29
    listed $67,000
32. 2020-06-29
    listed $67,000
33. 2017-02-21
    listed $29,400
34. 2017-02-16
    listed $29,400
35. 2015-07-01
    listed $34,500

ⓘ 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: $3,606 · $300/mo
• Projected year-2 tax: $3,606 · $300/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,140
• − Mortgage interest: −$8,122
• − Property taxes: −$3,606
• − Insurance: −$725
• − Repairs & maintenance: −$3,211
• − Management: −$3,211
• − Depreciation: −$4,218
• Taxable income: $17,046
• Est. tax owed @ 24.0%: −$4,091
• After-tax cash flow: $14,164/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Montpelier

• Score: 68/100
• State rank: #230
• US rank: #9968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montpelier, IN
• City population: 3,688
• Population (ZIP): 3,688

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 0% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.72%
• Current HPI: 231.2009
• 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

+389.9% since first listed

18 events — show timeline

• 2026-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-10 Listed $169,000 IRMLS
• 2025-12-09 Listed $169,000 MIBOR as Distributed by MLS Grid
• 2023-07-13 Rental Removed — MIBOR
• 2023-02-10 Sold (MLS) $93,000 MIBOR as Distributed by MLS Grid
• 2023-01-05 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-30 Relisted — MIBOR as Distributed by MLS Grid
• 2022-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-09-16 Relisted — MIBOR as Distributed by MLS Grid
• 2022-09-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-06-08 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2021-09-30 Sold (MLS) $52,000 IRMLS
• 2021-08-13 Listed $64,900 IRMLS
• 2020-06-29 Listed $67,000 IRMLS
• 2020-06-29 Listed $67,000 IRMLS
• 2017-02-21 Listed $29,400 IRMLS
• 2017-02-16 Listed $29,400 IRMLS
• 2015-07-01 Listed $34,500 IRMLS

Property tax history

+8.3%/yr

Latest (2025): $3,606 · +12.3% YoY. Source: county tax records.