1409 Geri Dr · Lebanon, IN 46052

$190,000

2 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 32 Days on market

Built 1971 8,668 sqft lot $187/sqft · at area comps Est $191k · at est.

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Why this score? — see what drove the C 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 +23.9/30.0
• ARV discount +7.8/15.0
• DSCR +7.7/10.0
• 1% rule +5.2/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming ranch home has seen several recent updates, including new siding and gutters, new kitchen cabinets and countertops, newer flooring, and electrical updated to 200 amp service. Offering low-maintenance living, this home is a perfect starter home or a great option for someone looking to downsize. The home features 2-3 bedrooms, with the third bedroom having a small closet space added and direct access to the backyard. This versatile room would also make a great home office, workout room, or flex space to suit your needs. Enjoy the convenience of single-level living nice backyard perfect for relaxing, pets, or outdoor activities. The location also offers easy access to I-65, making commuting to Indianapolis or Lafayette quick and convenient.

Key facts

• New siding
• Newer flooring
• New kitchen cabinets

Tags

• NEW SIDING
• NEW KITCHEN CABINETS
• NEW COUNTERTOPS
• NEWER FLOORING
• SINGLE-LEVEL LIVING
• DIRECT ACCESS TO THE BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.5% in Lebanon — 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 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 183 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $190k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $184,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.02% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• GRM: 8.2

CMA / ARV

• ARV (median comp): $191,214
• List price: $190,000
• Delta: -0.63%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1409 Geri Dr	0.00mi	2/1.0	1,014 (0%)	1mo	$170,000	$168	99
1311 Geri Dr	0.06mi	3/1.5 (+1)	1,014 (0%)	2mo	$199,000	$196	89
1405 Elizabeth Dr	0.18mi	3/1.0 (+1)	1,040 (+3%)	6mo	$197,500	$190	78
1505 Elizabeth Dr	0.17mi	3/1.0 (+1)	1,084 (+7%)	1mo	$231,000	$213	75
1428 Elizabeth Dr	0.19mi	3/2.0 (+1)	1,066 (+5%)	1mo	$247,000	$232	72
1012 Fenley Dr	0.33mi	3/1.0 (+1)	964 (-5%)	2mo	$150,000	$156	70
1423 Ashley Dr	0.41mi	3/2.0 (+1)	1,023 (+1%)	3mo	$250,000	$244	68
1611 Garfield St	0.38mi	3/1.0 (+1)	1,104 (+9%)	0mo	$249,000	$226	62
105 Kelli Ct	0.48mi	3/1.0 (+1)	962 (-5%)	3mo	$200,000	$208	62
1713 Manor Dr	0.53mi	3/1.0 (+1)	962 (-5%)	1mo	$197,500	$205	61
1701 Crimson Ln	0.48mi	3/2.0 (+1)	1,166 (+15%)	0mo	$199,000	$171	43
811 Syracuse Dr	0.50mi	3/1.0 (+1)	864 (-15%)	5mo	$200,499	$232	43

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-7,305
• Equity at exit: $28,330

10-year hold

• IRR: 6.0%
• Equity multiple: 1.45×
• Total profit: $23,703
• Equity at exit: $16,428

Cash invested: $53,200 (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 46052

• Active inventory: 183
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,941 high
• Mortgage (P&I): −$996
• Tax from tax record: −$88 /mo · $1,055/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $370

Break-even live

Break-even rent $1,473

Max offer price $190,000

Occupancy floor 76%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,359	$0.79	1d	1	0.34mi
806 Harney Dr Lebanon, IN	3.0	1.0	1170	$2,500	$2.14	17d	1	0.47mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	14d	1	0.48mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	4d	1	0.48mi
1704 Crimson Ln Lebanon, IN	3.0	2.0	1110	$2,000	$1.80	17d	1	0.52mi
315 N Lebanon St Lebanon, IN	2.0	1.0–2.0	582	$1,250	$2.15	1d	2	1.08mi
114 S Meridian St Lebanon, IN	2.0	2.0	1200	$1,595	$1.33	7d	1	1.23mi
212 E South St Unit 212 Lebanon, IN	1.0	1.0	840	$950	$1.13	43d	1	1.31mi
721 Crown Pointe Dr Lebanon, IN	2.0–3.0	1.0–2.0	991	$769	$0.78	1d	5	1.32mi
702 Edgewood Dr Lebanon, IN	3.0	1.5	1026	$1,595	$1.55	20d	1	1.39mi

Listing history 11 events

1. 2026-05-05
   status Pending 767-char remark

   Show marketing remark (767 chars)

   This charming ranch home has seen several recent updates, including new siding and gutters, new kitchen cabinets and countertops, newer flooring, and electrical updated to 200 amp service. Offering low-maintenance living, this home is a perfect starter home or a great option for someone looking to downsize. The home features 2-3 bedrooms, with the third bedroom having a small closet space added and direct access to the backyard. This versatile room would also make a great home office, workout room, or flex space to suit your needs. Enjoy the convenience of single-level living nice backyard perfect for relaxing, pets, or outdoor activities. The location also offers easy access to I-65, making commuting to Indianapolis or Lafayette quick and convenient.

2. 2026-04-22
   price $190,000 767-char remark

   Show marketing remark (767 chars)

   This charming ranch home has seen several recent updates, including new siding and gutters, new kitchen cabinets and countertops, newer flooring, and electrical updated to 200 amp service. Offering low-maintenance living, this home is a perfect starter home or a great option for someone looking to downsize. The home features 2-3 bedrooms, with the third bedroom having a small closet space added and direct access to the backyard. This versatile room would also make a great home office, workout room, or flex space to suit your needs. Enjoy the convenience of single-level living nice backyard perfect for relaxing, pets, or outdoor activities. The location also offers easy access to I-65, making commuting to Indianapolis or Lafayette quick and convenient.

3. 2026-04-15
   price $199,000 767-char remark

   Show marketing remark (767 chars)

   This charming ranch home has seen several recent updates, including new siding and gutters, new kitchen cabinets and countertops, newer flooring, and electrical updated to 200 amp service. Offering low-maintenance living, this home is a perfect starter home or a great option for someone looking to downsize. The home features 2-3 bedrooms, with the third bedroom having a small closet space added and direct access to the backyard. This versatile room would also make a great home office, workout room, or flex space to suit your needs. Enjoy the convenience of single-level living nice backyard perfect for relaxing, pets, or outdoor activities. The location also offers easy access to I-65, making commuting to Indianapolis or Lafayette quick and convenient.

4. 2026-04-03
   listed $205,000 Active 767-char remark

   Show marketing remark (767 chars)

   This charming ranch home has seen several recent updates, including new siding and gutters, new kitchen cabinets and countertops, newer flooring, and electrical updated to 200 amp service. Offering low-maintenance living, this home is a perfect starter home or a great option for someone looking to downsize. The home features 2-3 bedrooms, with the third bedroom having a small closet space added and direct access to the backyard. This versatile room would also make a great home office, workout room, or flex space to suit your needs. Enjoy the convenience of single-level living nice backyard perfect for relaxing, pets, or outdoor activities. The location also offers easy access to I-65, making commuting to Indianapolis or Lafayette quick and convenient.

5. 2021-02-26
   soldstatus $100,000 Closed 548-char remark

   Show marketing remark (548 chars)

   Best value in Lebanon! Come check out this 2 bedroom home with ample outdoor space including beautiful mature trees and a large shed. With a one car attached garage, there is plenty of additional storage. Flexible dining room space has a door and can easily function as a 3rd bedroom without any changes. Large living room leads straight into a kitchen with space for an eat-in dining table. This home needs some updating and has been priced with that in mind. Schedule a showing today and bring your ideas for making this home your own! Sold as-is

6. 2021-01-25
   status Pending 548-char remark

   Show marketing remark (548 chars)

   Best value in Lebanon! Come check out this 2 bedroom home with ample outdoor space including beautiful mature trees and a large shed. With a one car attached garage, there is plenty of additional storage. Flexible dining room space has a door and can easily function as a 3rd bedroom without any changes. Large living room leads straight into a kitchen with space for an eat-in dining table. This home needs some updating and has been priced with that in mind. Schedule a showing today and bring your ideas for making this home your own! Sold as-is

7. 2021-01-21
   listed $100,000 Active 548-char remark

   Show marketing remark (548 chars)

   Best value in Lebanon! Come check out this 2 bedroom home with ample outdoor space including beautiful mature trees and a large shed. With a one car attached garage, there is plenty of additional storage. Flexible dining room space has a door and can easily function as a 3rd bedroom without any changes. Large living room leads straight into a kitchen with space for an eat-in dining table. This home needs some updating and has been priced with that in mind. Schedule a showing today and bring your ideas for making this home your own! Sold as-is

8. 2003-02-22
   historical
9. 2003-01-18
   historical
10. 2002-09-20
    listed $83,500
11. 2002-08-23
    listed $83,500

ⓘ 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: $1,055 · $88/mo
• Projected year-2 tax: $1,335 · $111/mo
• Expected delta: +$280/yr (+$23/mo · 26.5%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $23,289
• − Mortgage interest: −$10,643
• − Property taxes: −$1,055
• − Insurance: −$950
• − Repairs & maintenance: −$1,863
• − Management: −$1,863
• − Depreciation: −$5,527
• Taxable income: $1,387
• Est. tax owed @ 24.0%: −$333
• After-tax cash flow: $4,103/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+127.5% since first listed

11 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2026-04-15 Price Changed $199,000 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2021-02-26 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2021-01-25 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-21 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2003-02-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-01-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-09-20 Listed $83,500 MIBOR as Distributed by MLS Grid
• 2002-08-23 Listed $83,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $1,055 · -14.6% YoY. Source: county tax records.