10 S 2nd St · Kingman, IN 47952

$72,000

2 bd · 1.0 ba · 770 sqft · SingleFamily public records · 41 Days on market

Built 1900 3,598 sqft lot ↓ 6% 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 +27.6/30.0
• Appreciation +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +3.3/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Adorable little bungalow with recent major updates that make it a perfect find! Currently used as two cozy bedrooms, this home offers flexibility, with the option to add portable closets or dressers. Alternatively, you can easily transform into a spacious one-bedroom with a generous walk-in closet. Enjoy the convenience of being close to essential amenities, including a grocery store, library, post office, bank, restaurant, and a variety of local shops and businesses. Don't miss out on this wonderful opportunity to potentially own at a lower cost than renting.

Key facts

• Recent major updates
• Walk-in closet
• 3,598 sq ft lot

Tags

• RECENT MAJOR UPDATES
• WALK-IN CLOSET
• CLOSE TO ESSENTIAL AMENITIES

Property features AI

Exterior

• Parking: Alley access
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Updated/remodeled condition; One level
• Construction: Vinyl siding; Crawl space/partial foundation
• Exterior features: Corner lot with sidewalks

Interior

• Kitchen: Electric oven; Electric water heater
• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Other heating; No central cooling
• Interior features: Eat-in kitchen; Covered patio/porch
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 54/100 on livability (#639 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime D, schools F, amenities F.
• Southeast Fountain School Corporation (rural): math 34% / reading 43% proficiency, ranked #163 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($498 loan paydown + $7k appreciation (10.0% local appreciation)).
• Fountain County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, 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 41 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,840 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.80%
• DSCR: 1.57
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 3.62×
• Total profit: $52,893
• Equity at exit: $64,863

10-year hold

• IRR: 29.0%
• Equity multiple: 8.19×
• Total profit: $144,959
• Equity at exit: $139,880

Cash invested: $20,160 (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 47952

• Home prices YoY: 34.4%
• Active inventory: 20
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $844 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$44 /mo · $525/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $215

Break-even live

Break-even rent $571

Max offer price $72,000

Occupancy floor 70%

Sensitivity live

Price	-10% $256	-5% $235	+0% $215	+5% $195	+10% $174
Rent	-10% $148	-5% $182	+0% $215	+5% $248	+10% $282
Rate	-1.0pp $251	-0.5pp $233	base $215	+0.5pp $196	+1.0pp $177

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $72,000 Active 41 DOM
2. 2026-06-19
   days on market $72,000 Active 39 DOM
3. 2026-06-18
   days on market $72,000 Active 38 DOM
4. 2026-06-17
   days on market $72,000 Active 37 DOM
5. 2026-06-16
   days on market $72,000 Active 36 DOM
6. 2026-06-15
   days on market $72,000 Active 35 DOM
7. 2026-06-14
   days on market $72,000 Active 33 DOM
8. 2026-06-12
   days on market $72,000 Active 32 DOM
9. 2026-06-09
   days on market $72,000 Active 29 DOM
10. 2026-06-08
    days on market $72,000 Active 28 DOM
11. 2026-06-07
    days on market $72,000 Active 27 DOM
12. 2026-06-03
    days on market $72,000 Active 23 DOM
13. 2026-06-02
    pricedays on market $72,000 Active 22 DOM
14. 2026-06-01
    days on market $77,000 Active 21 DOM
15. 2026-05-31
    days on market $77,000 Active 20 DOM
16. 2026-05-30
    days on market $77,000 Active 19 DOM
17. 2026-05-11
    listed $77,000 Active 566-char remark

ⓘ 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: $525 · $44/mo
• Projected year-2 tax: $569 · $47/mo
• Expected delta: +$43/yr (+$4/mo · 8.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,122
• − Mortgage interest: −$4,033
• − Property taxes: −$525
• − Insurance: −$360
• − Repairs & maintenance: −$810
• − Management: −$810
• − Depreciation: −$2,095
• Taxable income: $1,490
• Est. tax owed @ 24.0%: −$358
• After-tax cash flow: $2,223/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: Southeast Fountain School Corporation
• NCES district ID: 1810620
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $44,911
• Composite: 32.73/100
• National rank: #5640
• State rank: #163 of 301 in IN

Livability — Kingman

• Score: 54/100
• State rank: #639
• US rank: #24064

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingman, IN
• Population (ZIP): 2,676

Population outlook (Fountain County) Hauer SSP2

• Today (2025): 15,481 people
• By 2030: 14,841 · -4.1%
• By 2040: 13,505 · -12.8%
• By 2050: 12,149 · -21.5%
• By 2075: 9,214 · -40.5%
• By 2100: 6,463 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fountain

• 2024 margin: Solid R (+60.0) · D 19.1% · R 79.1% · Other 1.8%
• 2008→2024 swing: -45.6pp toward R · 2008: -14.4pp · 2024: -60.0pp
• All cycles: 2024: R+60.0 2020: R+56.7 2016: R+56.0 2012: R+34.2 2008: R+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 58.17%
• Current HPI: 227.38
• 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

-6.5% since first listed

2 events — show timeline

• 2026-06-02 Price Changed $72,000 MIBOR as Distributed by MLS Grid
• 2026-05-11 Listed $77,000 MIBOR as Distributed by MLS Grid

Property tax history

+16.5%/yr

Latest (2024): $525 · -5.3% YoY. Source: county tax records.