3466 S State Road 104 · Stillwell, IN 46350

$59,000

2 bd · 1.0 ba · 1,404 sqft · SingleFamily public records · 23 Days on market

Built 1910 6,700 sqft lot ↓ 14% since listing

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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
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 6,700 sq ft lot
• Built 1910
• Listed 22 days

Property features AI

Finance

• Other: Property currently vacant

Exterior

• Parking: Gravel parking
• Utilities: Other utilities; Other water source; Other electric; Other sewer
• Home design: Two levels; Built in 1910
• Construction: Unfinished basement
• Exterior features: Other exterior features; Other view

Interior

• Kitchen: Other appliances
• Bedrooms: Primary bedroom; Bedroom 2
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Other heating; Other cooling
• Interior features: Other interior features
• Laundry & utility: Unspecified utilities/appliances

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $58k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Laporte Community School Corporation (urban): math 37% / reading 44% proficiency, ranked #139 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 260 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• LaPorte County population projected to shrink 7% 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,115 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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. 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.
4. 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.
5. 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: 2.21% ✓
• Cap rate: 20.24%
• Cash-on-cash: 49.81%
• DSCR: 3.22
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $210,600
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 W Hupp Rd	0.02mi	3/2.0 (+1)	1,528 (+9%)	8mo	$229,900	$150	69

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

Projected returns pro-forma

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

5-year hold

• IRR: 47.5%
• Equity multiple: 3.06×
• Total profit: $34,092
• Equity at exit: $8,797

10-year hold

• IRR: 53.1%
• Equity multiple: 6.20×
• Total profit: $85,842
• Equity at exit: $5,101

Cash invested: $16,520 (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 46350

• Active inventory: 260
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,303 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$10 /mo · $118/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $686

Break-even live

Break-even rent $435

Max offer price $59,000

Occupancy floor 42%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $59,000 Active 23 DOM
2. 2026-06-18
   days on market $59,000 Active 22 DOM
3. 2026-06-17
   days on market $59,000 Active 21 DOM
4. 2026-06-16
   days on market $59,000 Active 20 DOM
5. 2026-06-15
   days on market $59,000 Active 19 DOM
6. 2026-06-14
   days on market $59,000 Active 17 DOM
7. 2026-06-13
   days on market $59,000 Active 16 DOM
8. 2026-06-10
   days on market $59,000 Active 14 DOM
9. 2026-06-09
   days on market $59,000 Active 13 DOM
10. 2026-06-08
    days on market $59,000 Active 12 DOM
11. 2026-06-07
    days on market $59,000 Active 11 DOM
12. 2026-06-05
    days on market $59,000 Active 8 DOM
13. 2026-06-02
    days on market $59,000 Active 6 DOM
14. 2026-06-01
    days on market $59,000 Active 5 DOM
15. 2026-05-31
    days on market $59,000 Active 4 DOM
16. 2026-05-30
    days on market $59,000 Active 3 DOM
17. 2026-05-27
    listed $59,000 Active
18. 2026-04-04
    historical
19. 2026-03-17
    listed $59,000 Active
20. 2026-03-17
    historical
21. 2026-03-04
    status Active
22. 2026-01-14
    status Pending
23. 2025-11-06
    price $59,000
24. 2025-09-16
    listed $69,000 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: $118 · $10/mo
• Projected year-2 tax: $310 · $26/mo
• Expected delta: +$192/yr (+$16/mo · 162.2%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,638
• − Mortgage interest: −$3,305
• − Property taxes: −$118
• − Insurance: −$295
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$1,716
• Taxable income: $7,702
• Est. tax owed @ 24.0%: −$1,848
• After-tax cash flow: $6,380/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: Laporte Community School Corporation
• NCES district ID: 1805580
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 44% ▼ -11.00%
• Median HH income: $46,761
• Composite: 34.58/100
• National rank: #5162
• State rank: #139 of 301 in IN

Livability — Stillwell

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

Census & demographics

• Census place: Stillwell, IN
• County: La Porte County · 88,580 people
• Metro: Michigan City-La Porte, IN
• Population (ZIP): 44,763
• Household income: $74,307
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 835.0

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 11% Iranian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.94%
• Current HPI: 209.2564
• Rent YoY: —
• Metro: Michigan City-La Porte, IN
• 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

-14.5% since first listed

8 events — show timeline

• 2026-05-27 Listed $59,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-04 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-03-17 Listed $59,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-17 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-03-04 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-01-14 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $59,000 NIRA MLS as Distributed by MLS Grid
• 2025-09-16 Listed $69,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-14.1%/yr

Latest (2024): $118 · -1.1% YoY. Source: county tax records.