407 Water St · Delphi, IN 46923

$155,900

3 bd · 1.5 ba · 1,654 sqft · SingleFamily public records · 54 Days on market

Built 1948 3,615 sqft lot $94/sqft · at area comps Est $157k · at est.

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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 +28.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.8/15.0
• 1% rule +7.7/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nicely remodeled home for a great price! The downstairs offers all newer floors and a newer kitchen. This 3 bed 1.5 bath home has a great layout. Don't miss this Great buy!!

Key facts

• Covered porch
• Open layout
• Back deck

Tags

• OPEN LAYOUT
• COVERED PORCH
• BACK DECK

Property features AI

Finance

• Other: Directions: Please use GPS
• HOA & community: No association amenities

Exterior

• Parking: Driveway
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl and wood siding; Shingle roof; Block foundation; Built as site-built construction
• Exterior features: Deck; Covered porch; Porch; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric oven; Electric range
• Bedrooms: Total rooms: 7
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom; 1 half bathroom; Main level bathroom present
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Ceiling fans
• Interior features: Eat-in kitchen; Open floorplan; Laminate counters; One fireplace (no special features listed)
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $156k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Recommended offer: $151k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 5.0% in Delphi — 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 72/100 on livability (#112 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Delphi Community School Corporation (town): math 36% / reading 41% proficiency, ranked #160 of 301 in IN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Delphi Community Elementary School (math 37% / reading 31%, grade F, #627 of 994 statewide, top 63%, 623 students, 54% FRL); Delphi Community Middle School (math 31% / reading 43%, grade F, #152 of 330 statewide, top 47%, 333 students, 49% FRL); Delphi Community High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 405 students, 46% FRL).
• Market conditions: 46 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($151k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; list at $156k implies a 290% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,223 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.27% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.40%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

• ARV (median comp): $157,031
• List price: $155,900
• Delta: -0.72%
• 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
424 W Summit St	0.37mi	4/2.0 (+1)	1,741 (+5%)	3mo	$140,000	$80	65
127 E Vine St	0.51mi	3/2.0	1,634 (-1%)	9mo	$320,000	$196	64
413 W Summit St	0.35mi	3/2.0	1,508 (-9%)	8mo	$257,000	$170	60
128 W Summit St	0.42mi	2/1.0 (-1)	1,554 (-6%)	4mo	$120,000	$77	60
215 N High St	0.58mi	4/1.5 (+1)	1,606 (-3%)	5mo	$60,000	$37	59
416 N Union St	0.50mi	3/2.0	1,707 (+3%)	14mo	$105,000	$62	58
103 E Harrison St	0.56mi	3/2.0	1,812 (+10%)	1mo	$220,000	$121	55
208 W Vine St	0.47mi	3/1.5	1,593 (-4%)	23mo	$135,000	$85	52
209 E Franklin St	0.39mi	2/1.5 (-1)	1,544 (-7%)	19mo	$175,000	$113	50
601 N Union St	0.60mi	4/2.0 (+1)	1,736 (+5%)	9mo	$183,000	$105	50
425 N Union St	0.53mi	3/2.5	1,520 (-8%)	13mo	$255,000	$168	47
3 Cobblestone Ct	0.72mi	3/2.5	1,771 (+7%)	11mo	$380,000	$215	42

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,085
• Equity at exit: $23,245

10-year hold

• IRR: 8.5%
• Equity multiple: 1.65×
• Total profit: $28,325
• Equity at exit: $13,479

Cash invested: $43,652 (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 46923

• Home prices YoY: -10.5%
• Active inventory: 46
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,981 medium
• Mortgage (P&I): −$818
• Tax est. 1.5%: −$195 /mo · $2,338/yr
• Insurance: −$65
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $362

Break-even live

Break-even rent $1,522

Max offer price $155,900

Occupancy floor 77%

Sensitivity live

Price	-10% $470	-5% $416	+0% $362	+5% $308	+10% $254
Rent	-10% $206	-5% $284	+0% $362	+5% $440	+10% $519
Rate	-1.0pp $441	-0.5pp $402	base $362	+0.5pp $322	+1.0pp $281

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: $38,975
• Closing costs: $4,677
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 E North St Delphi, IN	4.0	3.0	2100	$2,250	$1.07	16d	1	0.40mi
921 S Washington St Delphi, IN	4.0	1.0	2244	$1,650	$0.74	46d	1	0.47mi
115 E Vine St Delphi, IN	3.0	2.5	1590	$1,975	$1.24	16d	1	0.50mi

Listing history 25 events

1. 2026-06-23
   days on market $155,900 Active 54 DOM
2. 2026-06-22
   days on market $155,900 Active 53 DOM
3. 2026-06-19
   days on market $155,900 Active 51 DOM
4. 2026-06-18
   days on market $155,900 Active 50 DOM
5. 2026-06-17
   days on market $155,900 Active 49 DOM
6. 2026-06-16
   days on market $155,900 Active 48 DOM
7. 2026-06-15
   days on market $155,900 Active 47 DOM
8. 2026-06-14
   days on market $155,900 Active 45 DOM
9. 2026-06-13
   days on market $155,900 Active 44 DOM
10. 2026-06-10
    days on market $155,900 Active 42 DOM
11. 2026-06-09
    days on market $155,900 Active 41 DOM
12. 2026-06-08
    days on market $155,900 Active 40 DOM
13. 2026-06-07
    days on market $155,900 Active 39 DOM
14. 2026-06-05
    days on market $155,900 Active 36 DOM
15. 2026-06-03
    days on market $155,900 Active 35 DOM
16. 2026-06-02
    days on market $155,900 Active 34 DOM
17. 2026-06-01
    days on market $155,900 Active 33 DOM
18. 2026-05-31
    days on market $155,900 Active 32 DOM
19. 2026-05-30
    days on market $155,900 Active 31 DOM
20. 2026-05-18
    status Active 551-char remark
21. 2026-05-03
    historical Active Under Contract 551-char remark
22. 2026-04-28
    listed $155,900 Active 551-char remark
23. 2017-12-08
    soldstatus $40,000 173-char remark

    Show marketing remark (173 chars)

    Nicely remodeled home for a great price! The downstairs offers all newer floors and a newer kitchen. This 3 bed 1.5 bath home has a great layout. Don't miss this Great buy!!

24. 2017-09-07
    listed $41,600 173-char remark

    Show marketing remark (173 chars)

    Nicely remodeled home for a great price! The downstairs offers all newer floors and a newer kitchen. This 3 bed 1.5 bath home has a great layout. Don't miss this Great buy!!

25. 2017-08-07
    soldstatus $33,370

ⓘ 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 9/10 Extreme FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,769
• − Mortgage interest: −$8,733
• − Property taxes: −$2,338
• − Insurance: −$2,282
• − Repairs & maintenance: −$1,902
• − Management: −$1,902
• − Depreciation: −$4,535
• Taxable income: $2,078
• Est. tax owed @ 24.0%: −$499
• After-tax cash flow: $3,848/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: Delphi Community School Corporation
• NCES district ID: 1802700
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $47,044
• Composite: 32.95/100
• National rank: #5589
• State rank: #160 of 301 in IN

Livability — Delphi

• Score: 72/100
• State rank: #112
• US rank: #5934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphi, IN
• Population (ZIP): 8,036

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.54%
• Current HPI: 261.2451
• 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

+367.2% since first listed

6 events — show timeline

• 2026-05-18 Relisted — IRMLS
• 2026-05-03 Contingent — IRMLS
• 2026-04-28 Listed $155,900 IRMLS
• 2017-12-08 Sold (MLS) $40,000 IRMLS
• 2017-09-07 Listed $41,600 IRMLS
• 2017-08-07 Sold (Public Records) $33,370 Public Records

Property tax history

+0.9%/yr

Latest (2025): $278 · -27.9% YoY. Source: county tax records.