438 W Division St · Union City, IN 47390

$49,900

3 bd · 1.0 ba · 808 sqft · SingleFamily public records · 10 Days on market

Built 1920 4,792 sqft lot $62/sqft · 23% above area Est $66k · 25% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks

This home is all ready for you to make it your own with 3 bedrooms, 1 bath, and 1,328 sq ft.

Key facts

• 4,792 sq ft lot
• Built 1920
• Listed 10 days

Property features AI

Finance

• Other: Property listed by RE/MAX Evolve

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Cement siding; Metal siding
• Exterior features: Irregular-shaped lot; Lot dimensions approximately 45 x 110

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: 6 total rooms; Crawl space and partial, unfinished basement; Laundry on the main level
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($841 rent vs $50k).

Location & tenants

• Location reads 63/100 on livability (#432 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Randolph Eastern School Corporation (town): math 29% / reading 31% proficiency, ranked #246 of 301 in IN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Side Elementary School (math 46% / reading 27%, grade F, #571 of 994 statewide, top 58%, 561 students, 72% FRL); Union City Community Jr/Sr High (math 9% / reading 36%, grade F, #337 of 369 statewide, top 92%, 367 students, 67% FRL) — zoned schools average 70% FRL vs 54% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y ago 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1920 — 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. 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?
4. 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.
5. 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.
6. 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: 1.69% ✓
• Cap rate: 14.96%
• Cash-on-cash: 30.94%
• DSCR: 2.38
• GRM: 4.9

CMA / ARV

• ARV (median comp): $66,484
• List price: $49,900
• Delta: -24.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Sycamore St	0.37mi	2/1.0 (-1)	825 (+2%)	2mo	$20,000	$24	72
117 N Sycamore St	0.56mi	2/1.0 (-1)	812 (+0%)	1mo	$98,500	$121	67
113 E North St	0.37mi	2/1.0 (-1)	913 (+13%)	6mo	$80,000	$88	52
606 Boggs Ave	0.42mi	2/1.0 (-1)	888 (+10%)	14mo	$95,000	$107	48

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

Projected returns pro-forma

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

5-year hold

• IRR: 47.8%
• Equity multiple: 4.59×
• Total profit: $50,112
• Equity at exit: $44,954

10-year hold

• IRR: 41.6%
• Equity multiple: 10.27×
• Total profit: $129,501
• Equity at exit: $96,945

Cash invested: $13,972 (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 47390

• Home prices YoY: 9.1%
• Active inventory: 35
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $841 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$22 /mo · $260/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $360

Break-even live

Break-even rent $385

Max offer price $49,900

Occupancy floor 52%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 N Walnut St Union City, IN	1.0–2.0	1.0	750	$841	$1.12	43d	1	0.17mi

Listing history 7 events

1. 2026-05-07
   status Pending 92-char remark
2. 2026-04-27
   listed $49,900 Active 92-char remark
3. 2024-01-31
   historical $750
4. 2024-01-26
   listed $750
5. 2017-11-13
   listed $14,900
6. 2009-04-22
   historical
7. 2009-01-22
   listed $29,950

ⓘ 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: $260 · $22/mo
• Projected year-2 tax: $342 · $28/mo
• Expected delta: +$82/yr (+$7/mo · 31.7%)

ⓘ 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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,092
• − Mortgage interest: −$2,795
• − Property taxes: −$260
• − Insurance: −$250
• − Repairs & maintenance: −$807
• − Management: −$807
• − Depreciation: −$1,452
• Taxable income: $3,721
• Est. tax owed @ 24.0%: −$893
• After-tax cash flow: $3,430/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: Randolph Eastern School Corporation
• NCES district ID: 1803180
• Math proficiency: 29% ▼ -15.00%
• Reading proficiency: 31% ▼ -15.00%
• Median HH income: $36,652
• Composite: 24.92/100
• National rank: #7570
• State rank: #246 of 301 in IN

Livability — Union City

• Score: 63/100
• State rank: #432
• US rank: #15530

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Union City, IN
• Population (ZIP): 5,084

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 15% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Portuguese 2% Italian 1%
• Foreign-born: 6% · Canada, South Korea, Guatemala
• Languages at home: 88% English-only · Spanish 10% Korean 1% Other Indo-European 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.82%
• Current HPI: 273.6736
• 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

+66.6% since first listed

7 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-04-27 Listed $49,900 IRMLS
• 2024-01-31 Rental Removed $750 APPFOLIO
• 2024-01-26 Listed for Rent $750 APPFOLIO
• 2017-11-13 Listed $14,900 IRMLS
• 2009-04-22 Listing Removed — WRIST
• 2009-01-22 Listed $29,950 WRIST

Property tax history

-0.4%/yr

Latest (2024): $260 · -63.3% YoY. Source: county tax records.