324 W Grissom Ave · Mitchell, IN 47446

$99,900

3 bd · 2.0 ba · 1,200 sqft · SingleFamily public records · 87 Days on market

Built 1968 6,534 sqft lot $83/sqft · 36% below area Est $157k · 36% under ↓ 7% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +5.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious 3 bedroom, 2 bath ranch home on nice corner lot. Open concept living room and dining area. Galley kitchen w/ gas range, refrigerator and microwave. Large family room. Covered front porch. Side patios and rock garden. 24X24 detached garage w/ new OH door. Needs some repairs and updating. Being sold "AS IS"

Key facts

• Covered front porch
• Open concept
• Galley kitchen

Tags

• CORNER LOT
• OPEN CONCEPT
• GALLEY KITCHEN
• COVERED FRONT PORCH
• SIDE PATIOS
• ROCK GARDEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 5.0% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hatfield Elementary School (366 students, 66% FRL); Mitchell Jr High School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 359 students, 61% FRL); Mitchell High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 436 students, 51% FRL).
• Market conditions: 62 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($691 loan paydown + $615 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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 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?
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: 1.36% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.58%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $156,529
• List price: $99,900
• Delta: -36.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 College Ave	0.16mi	3/2.0	1,200 (0%)	2mo	$220,000	$183	90
507 College Ave	0.16mi	3/2.0	1,200 (0%)	12mo	$212,000	$177	82
610 W Frank St	0.19mi	2/1.5 (-1)	1,200 (0%)	4mo	$174,000	$145	81
515 W Vine St	0.11mi	3/1.0	1,111 (-7%)	11mo	$80,000	$72	69
714 W Curry St	0.48mi	3/1.0	1,164 (-3%)	10mo	$90,000	$77	60
11 South 1st St	0.24mi	3/2.0	1,380 (+15%)	10mo	$275,000	$199	56
533 E State Hwy 60	0.49mi	2/1.0 (-1)	1,320 (+10%)	1mo	$152,000	$115	51
1016 Orchard St St	0.52mi	2/2.0 (-1)	1,068 (-11%)	6mo	$169,000	$158	47
818 W Oak St	0.53mi	3/1.0	1,065 (-11%)	8mo	$162,900	$153	46
817 W Brook St	0.50mi	3/1.5	1,340 (+12%)	12mo	$105,000	$78	45
910 W Oak St	0.56mi	2/1.0 (-1)	1,024 (-15%)	1mo	$149,000	$146	40
104 Rabbitsville Rd	0.74mi	3/1.5	1,040 (-13%)	6mo	$163,000	$157	36

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

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.88×
• Total profit: $24,634
• Equity at exit: $32,121

10-year hold

• IRR: 21.3%
• Equity multiple: 3.49×
• Total profit: $69,725
• Equity at exit: $41,193

Cash invested: $27,972 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 62
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,363 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $386

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 67%

Sensitivity live

Price	-10% $455	-5% $421	+0% $386	+5% $352	+10% $317
Rent	-10% $279	-5% $333	+0% $386	+5% $440	+10% $494
Rate	-1.0pp $437	-0.5pp $412	base $386	+0.5pp $361	+1.0pp $334

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $99,900 Active 87 DOM
2. 2026-06-21
   days on market $99,900 Active 86 DOM
3. 2026-06-19
   days on market $99,900 Active 84 DOM
4. 2026-06-18
   days on market $99,900 Active 83 DOM
5. 2026-06-17
   days on market $99,900 Active 82 DOM
6. 2026-06-16
   days on market $99,900 Active 81 DOM
7. 2026-06-15
   days on market $99,900 Active 80 DOM
8. 2026-06-14
   days on market $99,900 Active 78 DOM
9. 2026-06-12
   pricestatusdays on market $99,900 Active 77 DOM
10. 2026-06-09
    days on market $104,900 Active Under Contract 74 DOM
11. 2026-06-08
    days on market $104,900 Active Under Contract 73 DOM
12. 2026-06-07
    days on market $104,900 Active Under Contract 72 DOM
13. 2026-06-05
    days on market $104,900 Active Under Contract 70 DOM
14. 2026-06-03
    days on market $104,900 Active Under Contract 68 DOM
15. 2026-06-02
    days on market $104,900 Active Under Contract 67 DOM
16. 2026-06-01
    days on market $104,900 Active Under Contract 66 DOM
17. 2026-05-31
    days on market $104,900 Active Under Contract 65 DOM
18. 2026-05-30
    days on market $104,900 Active Under Contract 64 DOM
19. 2026-04-30
    price $114,900 325-char remark

    Show marketing remark (325 chars)

    Spacious 3 bedroom, 2 bath ranch home on nice corner lot. Open concept living room and dining area. Galley kitchen w/ gas range, refrigerator and microwave. Large family room. Covered front porch. Side patios and rock garden. 24X24 detached garage w/ new OH door. Needs some repairs and updating. Being sold "AS IS"

20. 2026-03-25
    listed $122,900 Active 325-char remark

    Show marketing remark (325 chars)

    Spacious 3 bedroom, 2 bath ranch home on nice corner lot. Open concept living room and dining area. Galley kitchen w/ gas range, refrigerator and microwave. Large family room. Covered front porch. Side patios and rock garden. 24X24 detached garage w/ new OH door. Needs some repairs and updating. Being sold "AS IS"

ⓘ 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 4/10 Moderate 7 d/yr ≥105°F today · 20 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: $16,356
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$2,906
• Taxable income: $3,239
• Est. tax owed @ 24.0%: −$777
• After-tax cash flow: $3,859/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

-6.5% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $114,900 IRMLS
• 2026-03-25 Listed $122,900 IRMLS

Property tax history

+0.0%/yr

Latest (2025): $60 · +0.0% YoY. Source: county tax records.