521 First St · Huntington, IN 46750

$36,500

4 bd · 2.0 ba · 1,568 sqft · MultiFamily public records · 35 Days on market

Built 1945 4,356 sqft lot Est $71k · 48% under ↓ 9% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Looking for your next project without breaking the bank? Look no further this property is priced to sell. A great opportunity for investors ready to roll their sleeves and unlock its potential. Dont sleep on it deals like this move fast. cash only.

Key facts

• 4,356 sq ft lot
• Built 1945
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $36k.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.6% vs local median 4.3% in Huntington — 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 (#193 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Huntington County Community School Corporation (rural): math 34% / reading 39% proficiency, ranked #176 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 371 students, 81% FRL); Crestview Middle School (math 28% / reading 38%, grade F, #180 of 330 statewide, top 56%, 606 students, 47% FRL); Huntington North High School (math 30% / reading 55%, grade F, #195 of 369 statewide, top 53%, 1,424 students, 42% FRL) — zoned schools average 57% FRL vs 37% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 113 active listings in the ZIP; 79 units permitted in Huntington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $252 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Huntington County population projected at -14% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $24k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,405 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.13% ✓
• Cap rate: 25.63%
• Cash-on-cash: 69.08%
• DSCR: 4.07
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $70,560
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 E Park Dr	0.25mi	3/2.0 (-1)	1,700 (+8%)	1mo	$105,000	$62	68
444 Whitelock St	0.47mi	4/2.0	1,660 (+6%)	15mo	$74,500	$45	56
760 E Market St	0.15mi	3/2.0 (-1)	1,788 (+14%)	14mo	$65,000	$36	53

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: 68.6%
• Equity multiple: 4.09×
• Total profit: $31,610
• Equity at exit: $5,442

10-year hold

• IRR: 72.7%
• Equity multiple: 8.44×
• Total profit: $75,999
• Equity at exit: $3,156

Cash invested: $10,220 (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 46750

• Home prices YoY: -33.0%
• Active inventory: 113
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$191
• Tax from tax record: −$108 /mo · $1,294/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $588

Break-even live

Break-even rent $398

Max offer price $36,500

Occupancy floor 44%

Sensitivity live

Price	-10% $609	-5% $599	+0% $588	+5% $578	+10% $568
Rent	-10% $498	-5% $543	+0% $588	+5% $633	+10% $679
Rate	-1.0pp $607	-0.5pp $598	base $588	+0.5pp $579	+1.0pp $569

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-07
   status Pending
2. 2026-05-07
   historical
3. 2026-04-18
   status Pending
4. 2026-03-24
   status Active
5. 2026-03-24
   price $36,500
6. 2025-09-05
   price $39,000
7. 2025-07-31
   price $40,000
8. 2025-07-16
   price $55,000
9. 2025-07-03
   status Active
10. 2025-06-27
    historical Active Under Contract
11. 2025-06-26
    status Pending
12. 2025-06-16
    listed $60,000 Active
13. 2023-10-27
    soldstatus $24,995
14. 2023-09-19
    price $24,995
15. 2023-08-29
    status Active
16. 2023-08-03
    historical
17. 2023-06-14
    price $29,995
18. 2023-06-05
    price $34,995
19. 2023-05-25
    listed $39,995 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: $1,294 · $108/mo
• Projected year-2 tax: $1,294 · $108/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,713
• − Mortgage interest: −$2,045
• − Property taxes: −$1,294
• − Insurance: −$182
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$1,062
• Taxable income: $6,936
• Est. tax owed @ 24.0%: −$1,665
• After-tax cash flow: $5,395/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: Huntington County Community School Corporation
• NCES district ID: 1804710
• Math proficiency: 34% ▼ -6.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $47,010
• Composite: 31.29/100
• National rank: #6013
• State rank: #176 of 301 in IN

Livability — Huntington

• Score: 69/100
• State rank: #193
• US rank: #8771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Huntington, IN
• City population: 27,341
• Population (ZIP): 27,341

Population outlook (Huntington County) Hauer SSP2

• Today (2025): 35,613 people
• By 2030: 34,759 · -2.4%
• By 2040: 32,682 · -8.2%
• By 2050: 30,495 · -14.4%
• By 2075: 26,298 · -26.2%
• By 2100: 22,653 · -36.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 2% Black 1%
• Common ancestry: Italian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 96% English-only · Spanish 2% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Huntington

• 2024 margin: Solid R (+48.4) · D 24.9% · R 73.3% · Other 1.8%
• 2008→2024 swing: -21.2pp toward R · 2008: -27.2pp · 2024: -48.4pp
• All cycles: 2024: R+48.4 2020: R+49.9 2016: R+51.0 2012: R+39.8 2008: R+27.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.89%
• Current HPI: 216.5969
• 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

-8.7% since first listed

19 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-18 Pending — IRMLS
• 2026-03-24 Relisted — IRMLS
• 2026-03-24 Price Changed $36,500 IRMLS
• 2025-09-05 Price Changed $39,000 IRMLS
• 2025-07-31 Price Changed $40,000 IRMLS
• 2025-07-16 Price Changed $55,000 IRMLS
• 2025-07-03 Relisted — IRMLS
• 2025-06-27 Contingent — IRMLS
• 2025-06-26 Pending — IRMLS
• 2025-06-16 Listed $60,000 IRMLS
• 2023-10-27 Sold (Public Records) $24,995 Public Records
• 2023-09-19 Price Changed $24,995 IRMLS
• 2023-08-29 Relisted — IRMLS
• 2023-08-03 Delisted — IRMLS
• 2023-06-14 Price Changed $29,995 IRMLS
• 2023-06-05 Price Changed $34,995 IRMLS
• 2023-05-25 Listed $39,995 IRMLS

Property tax history

-1.4%/yr

Latest (2024): $1,294 · +29.0% YoY. Source: county tax records.