449 Liberty St · Culver, IN 46511

$95,000

5 bd · 2.0 ba · 2,640 sqft · SingleFamily public records · 30 Days on market

Built 1920 6,534 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Auction! Charming 5BR/2BA Value-Add Home in Culver. Selling on behalf of the Gwendolyn M. Hoesel Estate. First time on the market in 65 years! Once renovated, this spacious home on one of the most sought after streets in Town, will be a showplace! Two blocks from Lake Maxinkuckee and the Town Park/boat slips. Also easy walking distance to Culver Academies, Culver Community Schools and restaurants. Only unrenovated home in this block! Lake views, New roof in 2025, Enormous eat-in Kitchen, 5 total bedrooms, 3 on main level and 2 on upper level. Two full baths, including HUGE 2nd floor bath (needs renovation). Full, unfinished +/-1,320 square foot walk-out basement with 8’ ceilings and w

Key facts

• Lake views
• Natural light
• New roof

Tags

• LAKE VIEWS
• NEW ROOF
• ENORMOUS EAT-IN KITCHEN
• NATURAL LIGHT

Property features AI

Finance

• Financial info: Annual taxes listed

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built residence; Residential property
• Construction: Cedar construction
• Exterior features: 50-foot frontage lot; Lot approximately 0.15 acres; Lot described as 'Other'

Interior

• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Finished full basement with walk-out access; 10 total rooms
• Laundry & utility: Laundry in basement

🔨 Auction listing. The $95,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $577,900 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $-3k ($-35k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 0.3% vs local median 1.9% in Culver — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 67/100 on livability (#263 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety B; Watch: amenities F, commute F, employment F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL) — zoned schools average 63% FRL vs 47% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 31 active listings in the ZIP; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 9.1% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.24% ✗
• Cap rate: 0.31%
• Cash-on-cash: -21.36%
• DSCR: 0.05
• GRM: 34.2

CMA / ARV

• ARV (median comp): $577,900
• List price: $95,000
• Delta: -83.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 N Forest Pl	0.05mi	6/2.0 (+1)	2,882 (+9%)	2mo	$597,000	$207	75
462 N State St	0.04mi	4/3.0 (-1)	2,549 (-3%)	13mo	$650,013	$255	73
702 E College Ave	0.06mi	5/3.5	2,472 (-6%)	11mo	$625,000	$253	71
470 Forest Pl	0.09mi	4/4.0 (-1)	2,829 (+7%)	13mo	$679,000	$240	60
313 Lakeshore Dr	0.20mi	4/2.5 (-1)	3,016 (+14%)	13mo	$700,000	$232	49

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: -61.5%
• Equity multiple: -0.71×
• Total profit: $-277,044
• Equity at exit: $86,167

10-year hold

• IRR: —
• Equity multiple: -1.95×
• Total profit: $-477,342
• Equity at exit: $49,966

Cash invested: $161,812 (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 46511

• Home prices YoY: -33.2%
• Active inventory: 31
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,410 medium
• Mortgage (P&I): −$3,031
• Tax est. 1.5%: −$722 /mo · $8,668/yr
• Insurance: −$241
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-2,880

Break-even live

Break-even rent $5,055

Max offer price $161,177

Occupancy floor —

Sensitivity live

Price	-10% $-2,481	-5% $-2,680	+0% $-2,880	+5% $-3,080	+10% $-3,279
Rent	-10% $-2,991	-5% $-2,936	+0% $-2,880	+5% $-2,824	+10% $-2,768
Rate	-1.0pp $-2,589	-0.5pp $-2,733	base $-2,880	+0.5pp $-3,030	+1.0pp $-3,182

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: $144,475
• Closing costs: $17,337
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-28
   listed $95,000 Active 929-char remark

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,919
• − Mortgage interest: −$32,371
• − Property taxes: −$8,668
• − Insurance: −$2,889
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$16,812
• Taxable loss: −$46,529
• Est. tax savings @ 24.0%: +$11,167
• After-tax cash flow: $-23,392/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Culver

• Score: 67/100
• State rank: #263
• US rank: #11038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Culver, IN
• Population (ZIP): 4,019

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Italian 4% Danish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.01%
• Current HPI: 293.2371
• 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

2 events — show timeline

• 2026-05-28 Pending — IRMLS
• 2026-04-28 Listed $95,000 IRMLS

Property tax history

+16.7%/yr

Latest (2025): $4,832 · +89.6% YoY. Source: county tax records.