212 E Hopewell St · Farmersburg, IN 47850

$119,200

4 bd · 2.0 ba · 1,985 sqft · SingleFamily public records · 135 Days on market

Built 1915 7,200 sqft lot Est $226k · 47% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Listing remarks MLS

Did you see the size of the garage?? This single-family home offers FOUR spacious bedrooms, TWO FULL with 1985 sq. ft. of living space and a 30x20 Detached Garage! Ample kitchen space for culinary creations s to come to life. Large family room adds charm and modern convenience. The laundry room adds to the home's functional appeal. Covered front porch, perfect for enjoying quiet moments, and a rear patio, ideal for entertaining in the fenced in back yard. A wonderful chance to settle into a welcoming home.

Key facts

• Covered front porch
• Large family room
• Ample kitchen space

Tags

• DETACHED GARAGE
• AMPLE KITCHEN SPACE
• LARGE FAMILY ROOM
• LAUNDRY ROOM
• COVERED FRONT PORCH
• REAR PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#434 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, amenities F, commute F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northeast North Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 228 students, 66% FRL); North Central Jr/Sr High School (math 12% / reading 32%, grade F, #343 of 369 statewide, top 93%, 374 students, 55% FRL) — zoned schools average 61% FRL vs 44% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 19 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $824 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y 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.
• Current owner paid $102k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,896 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.31% ✓
• Cap rate: 11.50%
• Cash-on-cash: 18.60%
• DSCR: 1.83
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $226,290
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 W Illinois St	0.34mi	4/2.0	1,912 (-4%)	1mo	$195,000	$102	77
408 E Heap St	0.16mi	4/2.5	2,211 (+11%)	0mo	$195,000	$88	71
706 E Heap St	0.35mi	4/2.0	1,849 (-7%)	2mo	$210,000	$114	71
16975 S Truman St	0.59mi	3/2.0 (-1)	2,048 (+3%)	9mo	$465,000	$227	55

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: 10.3%
• Equity multiple: 1.41×
• Total profit: $13,585
• Equity at exit: $17,773

10-year hold

• IRR: 19.4%
• Equity multiple: 2.62×
• Total profit: $54,074
• Equity at exit: $10,306

Cash invested: $33,376 (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 47850

• Home prices YoY: -3.8%
• Active inventory: 19
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,560 medium
• Mortgage (P&I): −$625
• Tax from tax record: −$40 /mo · $482/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $517

Break-even live

Break-even rent $905

Max offer price $119,200

Occupancy floor 62%

Sensitivity live

Price	-10% $585	-5% $551	+0% $517	+5% $484	+10% $450
Rent	-10% $394	-5% $456	+0% $517	+5% $579	+10% $640
Rate	-1.0pp $577	-0.5pp $548	base $517	+0.5pp $486	+1.0pp $455

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: $29,800
• Closing costs: $3,576
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-04-16
   status Pending 511-char remark

   Show marketing remark (511 chars)

   Did you see the size of the garage?? This single-family home offers FOUR spacious bedrooms, TWO FULL with 1985 sq. ft. of living space and a 30x20 Detached Garage! Ample kitchen space for culinary creations s to come to life. Large family room adds charm and modern convenience. The laundry room adds to the home's functional appeal. Covered front porch, perfect for enjoying quiet moments, and a rear patio, ideal for entertaining in the fenced in back yard. A wonderful chance to settle into a welcoming home.

2. 2026-04-16
   status Pending

   Show marketing remark (511 chars)

   Did you see the size of the garage?? This single-family home offers FOUR spacious bedrooms, TWO FULL with 1985 sq. ft. of living space and a 30x20 Detached Garage! Ample kitchen space for culinary creations s to come to life. Large family room adds charm and modern convenience. The laundry room adds to the home's functional appeal. Covered front porch, perfect for enjoying quiet moments, and a rear patio, ideal for entertaining in the fenced in back yard. A wonderful chance to settle into a welcoming home.

3. 2026-04-03
   listed $119,200 Active 511-char remark

   Show marketing remark (511 chars)

   Did you see the size of the garage?? This single-family home offers FOUR spacious bedrooms, TWO FULL with 1985 sq. ft. of living space and a 30x20 Detached Garage! Ample kitchen space for culinary creations s to come to life. Large family room adds charm and modern convenience. The laundry room adds to the home's functional appeal. Covered front porch, perfect for enjoying quiet moments, and a rear patio, ideal for entertaining in the fenced in back yard. A wonderful chance to settle into a welcoming home.

4. 2026-03-19
   price $119,200
5. 2026-02-05
   status Active
6. 2026-02-04
   status Active
7. 2026-01-27
   status Pending
8. 2026-01-23
   status Pending
9. 2025-11-20
   listed $149,000 Active
10. 2025-11-20
    listed $149,000 Active
11. 2021-02-23
    soldstatus $101,650
12. 2020-12-17
    listed $99,900
13. 2020-08-31
    soldstatus $33,000
14. 2020-04-21
    listed $42,500

ⓘ 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: $482 · $40/mo
• Projected year-2 tax: $748 · $62/mo
• Expected delta: +$265/yr (+$22/mo · 55.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,717
• − Mortgage interest: −$6,677
• − Property taxes: −$482
• − Insurance: −$596
• − Repairs & maintenance: −$1,497
• − Management: −$1,497
• − Depreciation: −$3,468
• Taxable income: $4,499
• Est. tax owed @ 24.0%: −$1,080
• After-tax cash flow: $5,127/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Farmersburg

• Score: 63/100
• State rank: #434
• US rank: #15622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmersburg, IN
• Population (ZIP): 2,027

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Asian 4%
• Common ancestry: Italian 4% Slovak 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 99% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.13%
• Current HPI: 183.1507
• 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

+180.5% since first listed

14 events — show timeline

• 2026-04-16 Pending — IRMLS
• 2026-04-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $119,200 IRMLS
• 2026-03-19 Price Changed $119,200 MIBOR as Distributed by MLS Grid
• 2026-02-05 Relisted — IRMLS
• 2026-02-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-27 Pending — IRMLS
• 2026-01-23 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-20 Listed $149,000 IRMLS
• 2025-11-20 Listed $149,000 MIBOR as Distributed by MLS Grid
• 2021-02-23 Sold (MLS) $101,650 THAAR
• 2020-12-17 Listed $99,900 THAAR
• 2020-08-31 Sold (MLS) $33,000 THAAR
• 2020-04-21 Listed $42,500 THAAR

Property tax history

-4.9%/yr

Latest (2024): $482 · -2.6% YoY. Source: county tax records.