113 1/2 S Morton St · Kendallville, IN 46755

$90,000

3 bd · 1.0 ba · 960 sqft · SingleFamily · 129 Days on market

Built 1910 Fair condition 1,742 sqft lot $94/sqft · 45% below area Est $163k · 45% under ↓ 10% 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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.9/10.0
• Livability +3.3/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

Key facts

• Sunset park
• 1,742 sq ft lot
• Garage

Tags

• DOWNTOWN KENDALLVILLE
• SUNSET PARK
• KENDALLVILLE ELKS GOLF COURSE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.6% in Kendallville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#305 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• East Noble School Corporation (town): math 32% / reading 32% proficiency, ranked #216 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Side Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 293 students, 64% FRL); East Noble Middle School (math 27% / reading 29%, grade F, #226 of 330 statewide, top 69%, 796 students, 54% FRL); East Noble High School (math 38% / reading 52%, grade D-, #166 of 369 statewide, top 45%, 1,054 students, 43% FRL).
• Market conditions: 102 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $10k (10%) 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.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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: 1.19% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (median comp): $163,331
• List price: $90,000
• Delta: -44.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 S Morton St	0.09mi	2/1.0 (-1)	983 (+2%)	1mo	$139,000	$141	86
702 W Rush St	0.22mi	3/1.0	985 (+3%)	9mo	$169,000	$172	78
608 N Main St	0.56mi	3/1.0	936 (-2%)	8mo	$155,000	$166	64
207 E Lisle St	0.62mi	2/1.0 (-1)	926 (-4%)	1mo	$138,900	$150	60
116 S Summit St	0.50mi	3/1.0	892 (-7%)	12mo	$150,000	$168	55
118 E Grove Street St	0.47mi	2/1.0 (-1)	1,013 (+6%)	12mo	$124,905	$123	54
326 E Lisle St	0.74mi	3/1.0	1,008 (+5%)	7mo	$172,000	$171	52
205 E High St	0.69mi	3/1.0	912 (-5%)	12mo	$155,000	$170	50
120 E High St	0.62mi	2/1.0 (-1)	1,056 (+10%)	4mo	$162,000	$153	46
210 E North St	0.71mi	2/1.0 (-1)	998 (+4%)	11mo	$140,000	$140	46
558 N Riley St	0.74mi	2/1.0 (-1)	858 (-11%)	3mo	$125,000	$146	40
702 S Oak St	0.64mi	2/1.0 (-1)	832 (-13%)	6mo	$150,000	$180	38

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-234
• Equity at exit: $13,419

10-year hold

• IRR: 9.4%
• Equity multiple: 1.73×
• Total profit: $18,319
• Equity at exit: $7,782

Cash invested: $25,200 (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 46755

• Home prices YoY: -12.8%
• Active inventory: 102
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $225

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 74%

Sensitivity live

Price	-10% $287	-5% $256	+0% $225	+5% $194	+10% $163
Rent	-10% $140	-5% $183	+0% $225	+5% $267	+10% $310
Rate	-1.0pp $270	-0.5pp $248	base $225	+0.5pp $202	+1.0pp $178

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
636 Berry Ln Kendallville, IN	2.0	1.0	750	$772	$1.03	23d	3	0.52mi
707 Lake Ave Kendallville, IN	2.0	1.0	750	$915	$1.22	45d	1	0.92mi
506 Seagraves Ave Kendallville, IN	2.0	1.0	1054	$1,500	$1.42	45d	1	0.98mi
504 Seagraves Ave Kendallville, IN	2.0	1.0	1054	$1,400	$1.33	45d	1	0.99mi
1214 Garden St Kendallville, IN	2.0	1.0	864	$950	$1.10	45d	1	0.99mi

Listing history 22 events

1. 2026-06-12
   statusdays on market $90,000 Pending 129 DOM
2. 2026-06-09
   days on market $90,000 Active 126 DOM
3. 2026-06-08
   days on market $90,000 Active 125 DOM
4. 2026-06-07
   days on market $90,000 Active 124 DOM
5. 2026-06-04
   days on market $90,000 Active 120 DOM
6. 2026-06-03
   days on market $90,000 Active 119 DOM
7. 2026-05-31
   days on market $90,000 Active 122 DOM
8. 2026-05-19
   status Pending 123-char remark

   Show marketing remark (123 chars)

   Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

9. 2026-04-28
   price $90,000 123-char remark

   Show marketing remark (123 chars)

   Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

10. 2026-03-16
    price $95,000 123-char remark

    Show marketing remark (123 chars)

    Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

11. 2026-02-23
    price $97,000 123-char remark

    Show marketing remark (123 chars)

    Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

12. 2026-01-19
    listed $100,000 Active 123-char remark

    Show marketing remark (123 chars)

    Updated clean 3 bedroom , 1 bath home in downtown Kendallville. Close to Sunset Park and the Kendallville Elks golf course.

13. 2025-11-14
    price $100,000
14. 2025-08-11
    price $110,000
15. 2025-07-18
    listed $120,000 Active
16. 2024-02-08
    price $89,900
17. 2023-12-31
    status Active
18. 2023-11-19
    price $91,900
19. 2023-09-28
    price $96,900
20. 2023-09-14
    status Active
21. 2023-08-17
    historical Active Under Contract
22. 2023-07-21
    listed $99,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,866
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$2,618
• Taxable income: $1,348
• Est. tax owed @ 24.0%: −$324
• After-tax cash flow: $2,377/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This single-family home in Kendallville requires moderate renovations to improve its exterior, interior, and landscaping, significantly enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but age is implied
• Major landscaping — Overgrown yard, unkempt appearance

Value-add opportunities

• Both landscaping and curb appeal — Improves aesthetic and first impression
• Both exterior siding and roof — Enhances curb appeal and structural integrity
• Both interior paint and flooring — Updates interior and enhances living space

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but age is implied	Major	$15,000–50,000
landscaping · Overgrown yard, unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both landscaping and curb appeal — Improves aesthetic and first impression ↑
• Both exterior siding and roof — Enhances curb appeal and structural integrity ↑
• Both interior paint and flooring — Updates interior and enhances living space ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Noble School Corporation
• NCES district ID: 1802970
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $47,954
• Composite: 27.67/100
• National rank: #6916
• State rank: #216 of 301 in IN

Livability — Kendallville

• Score: 66/100
• State rank: #305
• US rank: #12100

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kendallville, IN
• City population: 15,528
• Population (ZIP): 15,528

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 11% Romanian 4% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Arabic 4%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.00%
• Current HPI: 245.3292
• 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

-9.9% since first listed

15 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-04-28 Price Changed $90,000 IRMLS
• 2026-03-16 Price Changed $95,000 IRMLS
• 2026-02-23 Price Changed $97,000 IRMLS
• 2026-01-19 Listed $100,000 IRMLS
• 2025-11-14 Price Changed $100,000 IRMLS
• 2025-08-11 Price Changed $110,000 IRMLS
• 2025-07-18 Listed $120,000 IRMLS
• 2024-02-08 Price Changed $89,900 IRMLS
• 2023-12-31 Relisted — IRMLS
• 2023-11-19 Price Changed $91,900 IRMLS
• 2023-09-28 Price Changed $96,900 IRMLS
• 2023-09-14 Relisted — IRMLS
• 2023-08-17 Contingent — IRMLS
• 2023-07-21 Listed $99,900 IRMLS