405 Mill St · Salem, IN 47167

$89,900

3 bd · 2.0 ba · 1,856 sqft · SingleFamily public records · 10 Days on market

Built 1920 10,019 sqft lot

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Why this score? — see what drove the C- 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 +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT VALUE! Investors special!! Lots of space in this 11/2 Story Home with 1856 Sq. Ft and a full basement. This home has lots of character and is waiting for you to bring it back to its glory days. Beautiful view from the covered front porch. This 3 Br, 2 Ba home has a spacious kitchen with lots of cabinets. Georgeous staircase in living room leads to the upstairs. Main level utility room with extra storage. Master bedroom with its own bathroom. There is original woodwork and hardwood floors under some of the carpet. Located close to the schools and walking trail.

Key facts

• Covered front porch
• Spacious kitchen
• Gorgeous staircase

Tags

• FULL BASEMENT
• COVERED FRONT PORCH
• SPACIOUS KITCHEN
• GORGEOUS STAIRCASE
• MAIN LEVEL UTILITY ROOM
• ORIGINAL WOODWORK

Property features AI

Finance

• Other: Paved road access; Lot zoned residential
• Financial info: Annual tax amount listed

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential property; Shingle roof
• Construction: Vinyl siding; Frame construction; Unfinished basement
• Exterior features: Covered, enclosed porch

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Second-floor bedrooms (two bedrooms)
• Flooring: Carpet in living, dining and bedrooms; Vinyl flooring in kitchen
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Ceiling fan(s); Separate/formal dining room; Eat-in kitchen; Bath in primary bedroom; Main level primary bedroom; Mud room; Utility room; Window treatments; Blinds
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $90k).
• Cap rate 8.4% vs local median 2.5% in Salem — 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 62/100 on livability (#456 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, amenities F.
• Salem Community Schools (town): math 23% / reading 36% proficiency, ranked #250 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bradie Shrum Elementary (math 31% / reading 31%, grade F, #682 of 994 statewide, top 69%, 819 students, 60% FRL); Salem Middle School (math 13% / reading 32%, grade F, #266 of 330 statewide, top 81%, 407 students, 56% FRL); Salem High School (math 27% / reading 62%, grade F, #169 of 369 statewide, top 51%, 519 students, 47% FRL).
• Market conditions: 99 active listings in the ZIP; 25 units permitted in Washington 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.
• Washington County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 18y 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.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

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: 1.09% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $248,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 W Mulberry St	0.19mi	3/1.5	1,796 (-3%)	6mo	$190,000	$106	79
4 Cavanaugh Ct	0.24mi	3/2.5	1,848 (-0%)	12mo	$256,500	$139	76
1 N Cavanaugh Ct	0.24mi	3/2.0	1,764 (-5%)	9mo	$275,000	$156	73
102 Hungate St	0.45mi	3/2.0	1,920 (+3%)	4mo	$200,000	$104	70
504 N College Ave	0.25mi	3/2.0	1,584 (-15%)	2mo	$222,600	$141	62
115 N Franklin St	0.35mi	3/2.0	2,112 (+14%)	2mo	$200,000	$95	59
200 Washington Blvd	0.61mi	3/1.5	1,760 (-5%)	2mo	$175,000	$99	59
404 E Mulberry St	0.38mi	3/1.0	2,040 (+10%)	5mo	$72,670	$36	57
502 Spurgeon St	0.40mi	3/2.0	1,640 (-12%)	13mo	$220,000	$134	51
104 Hounds Way	0.56mi	3/2.0	1,600 (-14%)	1mo	$266,500	$167	50
121 Bruce St	0.48mi	3/1.0	1,599 (-14%)	7mo	$163,000	$102	45
802 Bristol St	0.39mi	4/2.0 (+1)	1,584 (-15%)	11mo	$239,900	$151	43

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: -4.7%
• Equity multiple: 0.83×
• Total profit: $-4,385
• Equity at exit: $13,404

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $9,321
• Equity at exit: $7,773

Cash invested: $25,172 (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 47167

• Home prices YoY: -34.2%
• Active inventory: 99
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $979 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$105 /mo · $1,256/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $160

Break-even live

Break-even rent $777

Max offer price $89,900

Occupancy floor 79%

Sensitivity live

Price	-10% $211	-5% $185	+0% $160	+5% $134	+10% $109
Rent	-10% $82	-5% $121	+0% $160	+5% $198	+10% $237
Rate	-1.0pp $205	-0.5pp $183	base $160	+0.5pp $136	+1.0pp $113

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-12
   statusdays on marketlisting id $89,900 Pending 10 DOM
2. 2026-06-09
   days on market $89,900 Active 8 DOM
3. 2026-06-08
   days on market $89,900 Active 7 DOM
4. 2026-06-07
   days on market $89,900 Active 6 DOM
5. 2026-06-04
   days on market $89,900 Active 2 DOM
6. 2026-06-02
   remarks 574-char remark
7. 2026-06-01
   remarks 486-char remark

   Show marketing remark (575 chars)

   GREAT VALUE! Investors special!! Lots of space in this 11/2 Story Home with 1856 Sq. Ft and a full basement. This home has lots of character and is waiting for you to bring it back to its glory days. Beautiful view from the covered front porch. This 3 Br, 2 Ba home has a spacious kitchen with lots of cabinets. Georgeous staircase in living room leads to the upstairs. Main level utility room with extra storage. Master bedroom with its own bathroom. There is original woodwork and hardwood floors under some of the carpet. Located close to the schools and walking trail.

8. 2026-06-01
   listed $89,900 Active 1 DOM

   Show marketing remark (575 chars)

   GREAT VALUE! Investors special!! Lots of space in this 11/2 Story Home with 1856 Sq. Ft and a full basement. This home has lots of character and is waiting for you to bring it back to its glory days. Beautiful view from the covered front porch. This 3 Br, 2 Ba home has a spacious kitchen with lots of cabinets. Georgeous staircase in living room leads to the upstairs. Main level utility room with extra storage. Master bedroom with its own bathroom. There is original woodwork and hardwood floors under some of the carpet. Located close to the schools and walking trail.

ⓘ 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: $1,256 · $105/mo
• Projected year-2 tax: $1,256 · $105/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 5/10 Major 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,746
• − Mortgage interest: −$5,036
• − Property taxes: −$1,256
• − Insurance: −$450
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,615
• Taxable income: $510
• Est. tax owed @ 24.0%: −$122
• After-tax cash flow: $1,794/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: Salem Community Schools
• NCES district ID: 1809810
• Math proficiency: 23% ▼ -15.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $38,570
• Composite: 24.65/100
• National rank: #7623
• State rank: #250 of 301 in IN

Livability — Salem

• Score: 62/100
• State rank: #456
• US rank: #16181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IN
• City population: 15,573
• Population (ZIP): 15,573

Population outlook (Washington County) Hauer SSP2

• Today (2025): 26,460 people
• By 2030: 25,498 · -3.6%
• By 2040: 23,127 · -12.6%
• By 2050: 20,505 · -22.5%
• By 2075: 14,941 · -43.5%
• By 2100: 10,453 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+54.8) · D 21.7% · R 76.5% · Other 1.7%
• 2008→2024 swing: -37.5pp toward R · 2008: -17.3pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+52.1 2016: R+49.1 2012: R+24.4 2008: R+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.62%
• Current HPI: 237.8027
• 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

+28.6% since first listed

3 events — show timeline

• 2026-06-01 Listed $89,900 IRMLS
• 2026-06-01 Listed $89,900 SIRA
• 2008-06-05 Listed $69,900 IRMLS

Property tax history

+15.7%/yr

Latest (2024): $1,256 · +9.0% YoY. Source: county tax records.