503 Oregon St · Trafalgar, IN 46181

$85,000

2 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 118 Days on market

Built 1930 7,231 sqft lot ↓ 6% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful opportunity to revive this 2 bedroom, 1 bath bungalow in Trafalgar. Covered front porch sits off the quiet street. Large yard has potential for garage, but currently has a shed. Large rooms with 9' ceilings. Kitchen has slightly vaulted ceiling. Bonus room in back could be an office or sunroom. Lots of $200k+ renovated homes in the neighborhood.

Key facts

• Covered front porch
• Quiet street
• Large yard

Tags

• COVERED FRONT PORCH
• LARGE YARD
• BONUS ROOM
• QUIET STREET

Property features AI

Finance

• Other: Lot size approximately 0.17 acres; Building/living area reported as 1,176 (main level total)

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One story; Property condition listed as fixer
• Construction: Wood and vinyl siding; Crawl space foundation
• Exterior features: Covered porch; Deck; No fence

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling listed
• Interior features: Six main-level rooms including a living room and bonus room; Appliances: None listed
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.2% in Trafalgar — 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 71/100 on livability (#124 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Nineveh-Hensley-Jackson United (rural): math 41% / reading 48% proficiency, ranked #93 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.50% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.89%
• DSCR: 1.97
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $241,080
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
289 W Raymond Ave	0.29mi	3/2.0 (+1)	1,107 (-6%)	8mo	$226,500	$205	61
303 W Ohio St	0.10mi	3/1.0 (+1)	1,260 (+7%)	22mo	$190,000	$151	61
5 Watson Dr	0.29mi	3/2.0 (+1)	1,244 (+6%)	10mo	$255,000	$205	60
632 Derek Ln	0.22mi	3/2.0 (+1)	1,251 (+6%)	13mo	$264,995	$212	59
305 W Pearl St	0.08mi	2/1.5	1,026 (-13%)	21mo	$200,000	$195	56
373 Geralyn Dr	0.49mi	3/2.0 (+1)	1,228 (+4%)	8mo	$269,995	$220	54
34 Clear Spring Ln	0.45mi	3/2.0 (+1)	1,289 (+10%)	2mo	$271,000	$210	52

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: 14.6%
• Equity multiple: 1.58×
• Total profit: $13,892
• Equity at exit: $12,674

10-year hold

• IRR: 23.3%
• Equity multiple: 3.01×
• Total profit: $47,750
• Equity at exit: $7,349

Cash invested: $23,800 (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 46181

• Home prices YoY: -11.8%
• Active inventory: 49
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,275 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $434

Break-even live

Break-even rent $725

Max offer price $85,000

Occupancy floor 61%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
711 W Trafalgar Pointe Way Trafalgar, IN	1.0–3.0	1.0–2.0	949	$1,275	$1.34	1d	3	0.19mi

Listing history 14 events

1. 2026-06-18
   days on market $85,000 Active 118 DOM
2. 2026-06-17
   days on market $85,000 Active 117 DOM
3. 2026-06-16
   days on market $85,000 Active 116 DOM
4. 2026-06-15
   days on market $85,000 Active 115 DOM
5. 2026-06-13
   days on market $85,000 Active 113 DOM
6. 2026-06-09
   days on market $85,000 Active 109 DOM
7. 2026-06-08
   days on market $85,000 Active 108 DOM
8. 2026-06-07
   days on market $85,000 Active 107 DOM
9. 2026-06-03
   days on market $85,000 Active 103 DOM
10. 2026-06-02
    days on market $85,000 Active 102 DOM
11. 2026-06-01
    days on market $85,000 Active 101 DOM
12. 2026-05-31
    days on market $85,000 Active 100 DOM
13. 2026-03-25
    price $85,000
14. 2026-02-20
    listed $90,000 Active

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $1,102 · $92/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 3/10 Moderate 7 d/yr ≥101°F today · 19 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: $15,300
• − Mortgage interest: −$4,761
• − Property taxes: −$1,102
• − Insurance: −$425
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$2,473
• Taxable income: $4,091
• Est. tax owed @ 24.0%: −$982
• After-tax cash flow: $4,229/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: Nineveh-Hensley-Jackson United
• NCES district ID: 1807620
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 48% ▼ -10.00%
• Median HH income: $59,040
• Composite: 39.07/100
• National rank: #4053
• State rank: #93 of 301 in IN

Livability — Trafalgar

• Score: 71/100
• State rank: #124
• US rank: #6528

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Trafalgar, IN
• Population (ZIP): 5,094

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -28.99%
• Current HPI: 216.5526
• 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

-5.6% since first listed

2 events — show timeline

• 2026-03-25 Price Changed $85,000 MIBOR as Distributed by MLS Grid
• 2026-02-20 Listed $90,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $1,102 · +323.3% YoY. Source: county tax records.