1471 Hillcrest Dr · Charlestown, IN 47111

$74,900

3 bd · 2.0 ba · 1,728 sqft · SingleFamily public records · 19 Days on market

Built 1983 0.78 ac 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
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lots of potential with this property! Huge pole barn with an attached 2 car garage! 0.78 acres! There is a manufactured home on the property in poor condition. Home is sold As Is, Where Is with no warranties expressed or implied. 2 hold harmless must be signed for any viewings. Enter at own risk. Do not enter the property without a confirmed showing as there are multiple trip hazards around the home. All remaining contents on the property and in the home and garage will remain with the sale. Contact the listing agents with any questions and for showings.

Key facts

• 0.78 acre lot
• 4 garage spots
• Built 1983

Property features AI

Exterior

• Parking: Detached 4-car garage
• Home design: Single-story; Double-wide mobile home; Residential zoning
• Construction: Approximately 1,728 above-grade finished area
• Exterior features: Dead-end lot; Paved road frontage; Detached garage structure

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $842 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 264 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Recommended offer $73,776 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
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: 2.31% ✓
• Cap rate: 19.78%
• Cash-on-cash: 48.15%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $254,016
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4401- LOT 110 Edge Rock Rd	0.65mi	3/2.5	1,721 (-0%)	2mo	$301,696	$175	65
924 Monroe St	0.19mi	3/1.0	1,956 (+13%)	3mo	$247,300	$126	62
344 Jackson Way	0.62mi	3/2.5	1,566 (-9%)	1mo	$241,300	$154	52
7834 Linwood (lot 442) Cir	0.65mi	3/2.0	1,542 (-11%)	0mo	$319,900	$207	51
434 Springville Dr	0.64mi	3/2.5	1,566 (-9%)	5mo	$218,990	$140	48
433 Springville Dr	0.64mi	3/2.5	1,566 (-9%)	6mo	$233,991	$149	48
437 Springville Dr	0.64mi	3/2.5	1,566 (-9%)	6mo	$229,991	$147	47
7842 Linwood (lot #438) Cir	0.65mi	3/2.0	1,542 (-11%)	8mo	$329,900	$214	45
431 Springville Dr	0.64mi	4/2.5 (+1)	1,965 (+14%)	5mo	$239,990	$122	36
432 Springville Dr	0.64mi	4/2.5 (+1)	1,965 (+14%)	5mo	$239,990	$122	36
435 Springville Dr	0.64mi	4/2.5 (+1)	1,965 (+14%)	6mo	$239,991	$122	35
436 Springville Dr	0.64mi	4/2.5 (+1)	1,965 (+14%)	7mo	$249,991	$127	34

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: 45.7%
• Equity multiple: 2.98×
• Total profit: $41,494
• Equity at exit: $11,168

10-year hold

• IRR: 51.5%
• Equity multiple: 6.02×
• Total profit: $105,281
• Equity at exit: $6,476

Cash invested: $20,972 (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 47111

• Active inventory: 264
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,734 high
• Mortgage (P&I): −$393
• Tax from tax record: −$104 /mo · $1,247/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $842

Break-even live

Break-even rent $668

Max offer price $74,900

Occupancy floor 46%

Sensitivity live

Price	-10% $884	-5% $863	+0% $842	+5% $820	+10% $799
Rent	-10% $705	-5% $773	+0% $842	+5% $910	+10% $978
Rate	-1.0pp $879	-0.5pp $861	base $842	+0.5pp $822	+1.0pp $802

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
380 Main Cross St Unit 3 Charlestown, IN	2.0	1.0	1503	$1,100	$0.73	4d	1	0.55mi
121 Level St Unit 1 Charlestown, IN	2.0	2.0	2100	$1,850	$0.88	45d	1	0.58mi
1155 Indiana 62 Charlestown, IN	1.0–2.0	1.0–2.0	993	$1,550	$1.56	3d	152	0.61mi
336 Jackson Way Charlestown, IN	3.0	3.0	1566	$2,200	$1.40	11d	1	0.65mi
1210 Market St Charlestown, IN	3.0	1.0	1200	$1,749	$1.46	4d	1	0.70mi
213 Lowell Ave Charlestown, IN	3.0	2.0	1416	$1,700	$1.20	45d	1	0.84mi
2034 Harmony Ln Charlestown, IN	3.0	2.0	1402	$2,200	$1.57	3d	1	0.92mi
212 High St Charlestown, IN	4.0	1.0	1622	$1,400	$0.86	45d	1	1.08mi

Listing history 13 events

1. 2026-06-21
   days on market $74,900 Active 19 DOM
2. 2026-06-18
   days on market $74,900 Active 16 DOM
3. 2026-06-17
   days on market $74,900 Active 15 DOM
4. 2026-06-16
   days on market $74,900 Active 14 DOM
5. 2026-06-15
   days on market $74,900 Active 13 DOM
6. 2026-06-13
   days on market $74,900 Active 11 DOM
7. 2026-06-13
   days on market $74,900 Active 10 DOM
8. 2026-06-10
   days on market $74,900 Active 8 DOM
9. 2026-06-09
   days on market $74,900 Active 7 DOM
10. 2026-06-08
    days on market $74,900 Active 6 DOM
11. 2026-06-07
    days on market $74,900 Active 5 DOM
12. 2026-06-02
    remarks 560-char remark
13. 2026-06-02
    listed $74,900 Active 1 DOM

ⓘ 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: $1,247 · $104/mo
• Projected year-2 tax: $1,247 · $104/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,802
• − Mortgage interest: −$4,196
• − Property taxes: −$1,247
• − Insurance: −$374
• − Repairs & maintenance: −$1,664
• − Management: −$1,664
• − Depreciation: −$2,179
• Taxable income: $9,478
• Est. tax owed @ 24.0%: −$2,275
• After-tax cash flow: $7,824/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: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-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

1 event — show timeline

• 2026-06-02 Listed $74,900 SIRA

Property tax history

-1.8%/yr

Latest (2024): $1,247 · -3.1% YoY. Source: county tax records.