338 N Bill St · Francesville, IN 47946

$219,900

2 bd · 1.0 ba · 896 sqft · MultiFamily public records · 156 Days on market

Built 1977 0.37 ac lot $245/sqft · 138% above area Est $185k · 19% over

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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).

• Cash flow +15.5/30.0
• Appreciation +8.0/10.0
• DSCR +4.8/10.0
• 1% rule +3.3/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Prime Investment Opportunity. 2 - 2 bedroom, 1 bath duplex units. Both units are currently occupied. The west unit has been recently remodeled with new flooring, paint and bathroom remodel. Each unit has sling doors out to back patio and a covered car port. There is also a 30X35 storage shed with concrete floor, spray foam insulation and a climate controlled room. Also, this shed has a loft for all that extra storage. Don't miss this great investment opportunity. Property is cross posted as Residential also as MLS 202549139.

Key facts

• Recently remodeled
• New flooring
• Covered car port

Tags

• RECENTLY REMODELED
• NEW FLOORING
• BACK PATIO
• COVERED CAR PORT
• STORAGE SHED
• CLIMATE CONTROLLED ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (16.7% below list).
• Recommended offer: $183k (16.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#458 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D-, amenities F.
• West Central School Corporation (rural): math 31% / reading 34% proficiency, ranked #211 of 301 in IN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (6.0% local appreciation)).
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $75k; list at $220k implies a 193% gain — meaningful room to come down on a strong offer.

Recommended offer $183,200 (16.7% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.83% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• GRM: 10.0

CMA / ARV

• ARV (median comp): $185,000
• List price: $219,900
• Delta: 18.86%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

5.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.7%
• Equity multiple: 2.12×
• Total profit: $68,861
• Equity at exit: $138,123

10-year hold

• IRR: 16.6%
• Equity multiple: 4.22×
• Total profit: $198,087
• Equity at exit: $250,379

Cash invested: $61,572 (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 47946

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $1,832 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$115 /mo · $1,384/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $87

Break-even live

Break-even rent $1,722

Max offer price $219,900

Occupancy floor 90%

Sensitivity live

Price	-10% $212	-5% $149	+0% $87	+5% $25	+10% $-37
Rent	-10% $-58	-5% $15	+0% $87	+5% $160	+10% $232
Rate	-1.0pp $198	-0.5pp $143	base $87	+0.5pp $30	+1.0pp $-28

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,832
Total (2 units)			$1,832

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-15
   price $219,900 530-char remark

   Show marketing remark (528 chars)

   Prime Investment Opportunity. 2 - 2 bedroom, 1 bath duplex units. Both units are currently occupied. The west unit has been recently remodeled with new flooring, paint and bathroom remodel. Each unit has sling doors out to back patio and a covered car port. There is also a 30X35 storage shed with concrete floor, spray foam insulation and a climate controlled room. Also, this shed has a loft for all that extra storage. Don't miss this great investment opportunity. Property is cross posted as Investment also as MLS 202549141

2. 2026-04-15
   price $219,900 528-char remark

   Show marketing remark (528 chars)

   Prime Investment Opportunity. 2 - 2 bedroom, 1 bath duplex units. Both units are currently occupied. The west unit has been recently remodeled with new flooring, paint and bathroom remodel. Each unit has sling doors out to back patio and a covered car port. There is also a 30X35 storage shed with concrete floor, spray foam insulation and a climate controlled room. Also, this shed has a loft for all that extra storage. Don't miss this great investment opportunity. Property is cross posted as Investment also as MLS 202549141

3. 2025-12-15
   listed $224,900 Active 530-char remark

   Show marketing remark (528 chars)

   Prime Investment Opportunity. 2 - 2 bedroom, 1 bath duplex units. Both units are currently occupied. The west unit has been recently remodeled with new flooring, paint and bathroom remodel. Each unit has sling doors out to back patio and a covered car port. There is also a 30X35 storage shed with concrete floor, spray foam insulation and a climate controlled room. Also, this shed has a loft for all that extra storage. Don't miss this great investment opportunity. Property is cross posted as Investment also as MLS 202549141

4. 2025-12-15
   listed $224,900 Active 528-char remark

   Show marketing remark (528 chars)

   Prime Investment Opportunity. 2 - 2 bedroom, 1 bath duplex units. Both units are currently occupied. The west unit has been recently remodeled with new flooring, paint and bathroom remodel. Each unit has sling doors out to back patio and a covered car port. There is also a 30X35 storage shed with concrete floor, spray foam insulation and a climate controlled room. Also, this shed has a loft for all that extra storage. Don't miss this great investment opportunity. Property is cross posted as Investment also as MLS 202549141

5. 2012-06-18
   soldstatus $75,000
6. 2007-08-21
   soldstatus $75,000

ⓘ 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: $1,384 · $115/mo
• Projected year-2 tax: $1,627 · $136/mo
• Expected delta: +$243/yr (+$20/mo · 17.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,984
• − Mortgage interest: −$12,318
• − Property taxes: −$1,384
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$6,397
• Taxable loss: −$2,732
• Est. tax savings @ 24.0%: +$656
• After-tax cash flow: $1,701/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: West Central School Corporation
• NCES district ID: 1809360
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 34% ▼ -10.00%
• Median HH income: $48,045
• Composite: 28.08/100
• National rank: #6834
• State rank: #211 of 301 in IN

Livability — Francesville

• Score: 62/100
• State rank: #458
• US rank: #16205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,175

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 11,942 people
• By 2030: 11,394 · -4.6%
• By 2040: 10,274 · -14.0%
• By 2050: 9,209 · -22.9%
• By 2075: 7,182 · -39.9%
• By 2100: 5,365 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 12% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 2% Romanian 2% Portuguese 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Tagalog/Filipino 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+53.7) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -15.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+47.9 2016: R+46.5 2012: R+27.2 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.99%
• Current HPI: 224.9978
• 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

+193.2% since first listed

6 events — show timeline

• 2026-04-15 Price Changed $219,900 IRMLS
• 2026-04-15 Price Changed $219,900 IRMLS
• 2025-12-15 Listed $224,900 IRMLS
• 2025-12-15 Listed $224,900 IRMLS
• 2012-06-18 Sold (Public Records) $75,000 Public Records
• 2007-08-21 Sold (Public Records) $75,000 Public Records

Property tax history

+3.4%/yr

Latest (2024): $1,384 · +11.3% YoY. Source: county tax records.