8198 Timber Ln NE #411 · New Salisbury, IN 47161

$232,900

2 bd · 2.0 ba · 1,240 sqft · SingleFamily · 213 Days on market

Built 2026 Excellent condition 6,969 sqft lot Garage $188/sqft · 16% below area Est $277k · 16% under $140/mo HOA · 8% of rent

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Why this score? — see what drove the D 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 +14.6/15.0
• Cash flow +7.1/30.0
• Condition / age +5.0/5.0
• Schools +4.5/10.0
• Livability +2.8/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Did you know the interior of this home is completely customizable? Bring your ideas and create your home! Welcome to the Kepley Meadows PATIO HOME section of the Kepley Fields neighborhood where CONVENIENCE and EASY LIVING are at your fingertips! A Steve Thieneman Builders development bringing you QUALITY CONSTRUCTION and LENDER CREDIT TOWARDS REQUIRED CLOSING COSTS PAID WITH BUILDER'S PREFERRED LENDERs (excluding prepaids and owner's title policy). These patio homes are an open concept, 2-bedroom, 2 bath home offering all the amenities you desire!!

Key facts

• Spacious great room
• Open concept
• Private bath

Tags

• KEPLEY MEADOWS PATIO HOME
• OPEN CONCEPT
• SPACIOUS GREAT ROOM
• PRIVATE BATH
• WALK-IN CLOSET
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $233k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-334 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (23.1% below list).
• Recommended offer: $179k (23.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 56/100 on livability (#624 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: amenities F, commute F, employment F.
• North Harrison Community School Corporation (rural): math 40% / reading 46% proficiency, ranked #110 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morgan Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 420 students, 54% FRL); North Harrison Middle School (math 30% / reading 39%, grade F, #167 of 330 statewide, top 52%, 467 students, 49% FRL); North Harrison High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 633 students, 44% FRL).
• Market conditions: 50 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 158 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Harrison County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Recommended offer $179,142 (23.1% 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. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 4.57%
• Cash-on-cash: -6.15%
• DSCR: 0.73
• GRM: 10.8

CMA / ARV

• ARV (median comp): $276,640
• List price: $232,900
• Delta: -15.81%
• 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
8186 Timber Ln NE #401	0.47mi	2/2.0	1,240 (0%)	4mo	$230,900	$186	74
8171 Wagner Ave NE #55	0.40mi	3/2.0 (+1)	1,245 (+0%)	4mo	$297,900	$239	72
8067 Kepley Dr NE	0.37mi	3/2.0 (+1)	1,257 (+1%)	4mo	$245,000	$195	72
8162 Timber Ln NE #403	0.47mi	2/2.0	1,240 (0%)	7mo	$229,900	$185	72
8046 Kepley Dr NE #20	0.37mi	3/2.0 (+1)	1,245 (+0%)	8mo	$294,900	$237	70
8227 Kepley Dr NE #63	0.41mi	3/2.0 (+1)	1,302 (+5%)	3mo	$272,900	$210	65
8222 Kepley Dr NE #66	0.45mi	3/2.0 (+1)	1,260 (+2%)	11mo	$256,900	$204	62
8205 Kepley Dr NE #60	0.42mi	3/2.0 (+1)	1,360 (+10%)	2mo	$319,900	$235	57
8092 Wagner Ave NE	0.34mi	3/2.0 (+1)	1,382 (+12%)	10mo	$249,900	$181	52
8042 Kepley Dr NE #21	0.36mi	3/2.0 (+1)	1,377 (+11%)	11mo	$325,900	$237	51
8208 Kepley Dr NE #68	0.45mi	3/2.0 (+1)	1,377 (+11%)	11mo	$262,900	$191	46
8211 Kepley Dr NE #61	0.42mi	3/2.0 (+1)	1,405 (+13%)	11mo	$267,900	$191	44

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: -26.8%
• Equity multiple: 0.10×
• Total profit: $-58,918
• Equity at exit: $34,726

10-year hold

• IRR: -24.1%
• Equity multiple: -0.20×
• Total profit: $-78,262
• Equity at exit: $20,137

Cash invested: $65,212 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 24 active
• Months of supply: 24.0 mo (4%/mo absorbed)
• Median asking: $255,400 ($196/sqft)
• Median days on market: 213 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: +13.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 47161

• Home prices YoY: -10.5%
• Active inventory: 50
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,791 medium
• Mortgage (P&I): −$1,221
• Tax est. 1.5%: −$291 /mo · $3,494/yr
• Insurance: −$97
• HOA: −$140
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-334

Break-even live

Break-even rent $2,215

Max offer price $184,527

Occupancy floor —

Sensitivity live

Price	-10% $-173	-5% $-254	+0% $-334	+5% $-415	+10% $-495
Rent	-10% $-476	-5% $-405	+0% $-334	+5% $-264	+10% $-193
Rate	-1.0pp $-217	-0.5pp $-275	base $-334	+0.5pp $-395	+1.0pp $-456

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: $58,225
• Closing costs: $6,987
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8206 Wagner Ave NE New Salisbury, IN	3.0	2.0	1383	$1,899	$1.37	72d	1	0.43mi
8206 Wagner Ave NE New Salisbury, IN	3.0	2.0	1385	$1,899	$1.37	63d	1	0.43mi
7045 Corydon Junction Rd NE Unit 2 New Salisbury, IN	2.0	1.0	800	$1,199	$1.50	30d	1	0.84mi

Property features AI

Finance

• HOA & community: Homeowners association with a $140 monthly fee

Exterior

• Parking: Attached garage2 garage spacesGarage door opener
• Utilities: Public waterPublic sewer
• Home design: Patio home model by Steve Thieneman BuildersNew construction1 storySlab foundation
• Construction: Frame, stone, and vinyl siding constructionShingle roofBuilt by Steve Thieneman BuildersHas home warranty
• Exterior features: Landscaped yardPatioCorner lot

Interior

• Kitchen: DishwasherGarbage disposalMicrowaveOvenRangePantry
• Bedrooms: Bedroom on first floor (13 x 11)Main-level primary bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioningForced air heatingHeat pump
• Interior features: Ceiling fan(s)Bath in primary bedroomMain-level primary bedroomOpen floorplanPantryCable TVScreened windowsThermal windows
• Laundry & utility: Main-level laundry room

Listing history 50 events

1. 2026-08-08
   days on market $232,900 Active 213 DOM
2. 2026-08-07
   days on market $232,900 Active 212 DOM
3. 2026-08-06
   days on market $232,900 Active 211 DOM
4. 2026-08-05
   days on market $232,900 Active 210 DOM
5. 2026-08-04
   days on market $232,900 Active 209 DOM
6. 2026-08-03
   days on market $232,900 Active 208 DOM
7. 2026-07-31
   days on market $232,900 Active 205 DOM
8. 2026-07-30
   days on market $232,900 Active 204 DOM
9. 2026-07-29
   days on market $232,900 Active 203 DOM
10. 2026-07-27
    days on market $232,900 Active 201 DOM
11. 2026-07-25
    days on market $232,900 Active 199 DOM
12. 2026-07-24
    days on market $232,900 Active 198 DOM
13. 2026-07-23
    days on market $232,900 Active 197 DOM
14. 2026-07-22
    days on market $232,900 Active 196 DOM
15. 2026-07-21
    days on market $232,900 Active 195 DOM
16. 2026-07-18
    days on market $232,900 Active 192 DOM
17. 2026-07-16
    days on market $232,900 Active 190 DOM
18. 2026-07-15
    days on market $232,900 Active 189 DOM
19. 2026-07-14
    days on market $232,900 Active 188 DOM
20. 2026-07-13
    days on market $232,900 Active 187 DOM
21. 2026-07-12
    days on market $232,900 Active 186 DOM
22. 2026-07-12
    days on market $232,900 Active 185 DOM
23. 2026-07-10
    days on market $232,900 Active 184 DOM
24. 2026-07-09
    days on market $232,900 Active 183 DOM
25. 2026-07-07
    days on market $232,900 Active 181 DOM
26. 2026-07-06
    days on market $232,900 Active 180 DOM
27. 2026-07-05
    days on market $232,900 Active 179 DOM
28. 2026-07-04
    days on market $232,900 Active 178 DOM
29. 2026-07-03
    days on market $232,900 Active 177 DOM
30. 2026-07-03
    days on market $232,900 Active 176 DOM
31. 2026-07-01
    days on market $232,900 Active 175 DOM
32. 2026-06-30
    days on market $232,900 Active 174 DOM
33. 2026-06-29
    days on market $232,900 Active 173 DOM
34. 2026-06-28
    days on market $232,900 Active 172 DOM
35. 2026-06-27
    days on market $232,900 Active 171 DOM
36. 2026-06-26
    days on market $232,900 Active 169 DOM
37. 2026-06-22
    days on market $232,900 Active 166 DOM
38. 2026-06-21
    days on market $232,900 Active 165 DOM
39. 2026-06-21
    days on market $232,900 Active 164 DOM
40. 2026-06-18
    days on market $232,900 Active 162 DOM
41. 2026-06-17
    days on market $232,900 Active 161 DOM
42. 2026-06-16
    days on market $232,900 Active 160 DOM
43. 2026-06-15
    days on market $232,900 Active 159 DOM
44. 2026-06-13
    days on market $232,900 Active 157 DOM
45. 2026-06-12
    days on market $232,900 Active 156 DOM
46. 2026-06-09
    days on market $232,900 Active 153 DOM
47. 2026-06-08
    days on market $232,900 Active 152 DOM
48. 2026-06-07
    days on market $232,900 Active 151 DOM
49. 2026-06-07
    days on market $232,900 Active 150 DOM
50. 2026-06-04
    days on market $232,900 Active 147 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,497
• − Mortgage interest: −$13,046
• − Property taxes: −$3,494
• − Insurance: −$1,164
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − HOA: −$1,680
• − Depreciation: −$6,775
• Taxable loss: −$8,102
• Est. tax savings @ 24.0%: +$1,944
• After-tax cash flow: $-2,067/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.

Condition & rehab AI · 13 photos

Excellent 100/100 None rehab

This new construction home is move-in ready with a modern design and customizable interior options, making it an excellent investment opportunity.

Value-add opportunities

• Both Customizable interior design services — Customizing the interior can enhance both the resale and rental value by allowing buyers or renters to personalize their living space. ↑

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Morgan Elementary School B- IN #128/994 Nat'l #7,252/41,679 Middle North Harrison Middle School F IN #167/330 Nat'l #7,581/14,009 High North Harrison High School F IN #197/369 Nat'l #7,572/17,239

Schools (NCES district)

• District: North Harrison Community School Corporation
• NCES district ID: 1800690
• Math proficiency: 40% ▼ -16.00%
• Reading proficiency: 46% ▼ -13.00%
• Median HH income: $51,643
• Composite: 37.12/100
• National rank: #4493
• State rank: #110 of 301 in IN

D Composite livability gradescore 56/100

Livability — New Salisbury

• Score: 56/100
• State rank: #624
• US rank: #23062

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Salisbury, IN
• County: Harrison · 40,288 people
• City population: 3,362
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 3,362
• Household income: $84,318
• Rent vs Own: 11.7% rent · 88.3% own

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Population outlook (Harrison County) Hauer SSP2

• Today (2025): 40,288 people
• By 2030: 40,265 · -0.1%
• By 2040: 39,538 · -1.9%
• By 2050: 37,781 · -6.2%
• By 2075: 33,200 · -17.6%
• By 2100: 26,668 · -33.8%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 2% Lithuanian 2% Italian 2%
• Foreign-born: 0%

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Political lean MEDSL · Harrison

• 2024 margin: Solid R (+47.0) · D 25.6% · R 72.5% · Other 1.8%
• 2008→2024 swing: -28.9pp toward R · 2008: -18.0pp · 2024: -47.0pp
• All cycles: 2024: R+47.0 2020: R+45.6 2016: R+44.4 2012: R+22.8 2008: R+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.82%
• Current HPI: 221.0899
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• HOA & community: Homeowners association with a $140 monthly fee

Exterior

• Parking: Attached garage2 garage spacesGarage door opener
• Utilities: Public waterPublic sewer
• Home design: Patio home model by Steve Thieneman BuildersNew construction1 storySlab foundation
• Construction: Frame, stone, and vinyl siding constructionShingle roofBuilt by Steve Thieneman BuildersHas home warranty
• Exterior features: Landscaped yardPatioCorner lot

Interior

• Kitchen: DishwasherGarbage disposalMicrowaveOvenRangePantry
• Bedrooms: Bedroom on first floor (13 x 11)Main-level primary bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioningForced air heatingHeat pump
• Interior features: Ceiling fan(s)Bath in primary bedroomMain-level primary bedroomOpen floorplanPantryCable TVScreened windowsThermal windows
• Laundry & utility: Main-level laundry room

Price history

1 event — show timeline

• 2026-01-07 Listed $232,900 SIRA