16833 N 150 E · Summitville, IN 46070

$149,900

3 bd · 1.0 ba · 1,892 sqft · SingleFamily public records · 9 Days on market

Built 1940 1.81 ac lot Est $250k · 40% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.3/30.0
• Appreciation +10.0/10.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• 1% rule +3.0/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Bring your imagination! This property has a lot of possibilities. Although it needs some TLC the home is solid and built of native timber, offers a large vaulted ceiling sunroom with gas fireplace, family room with wood burning insert, kitchen with oak cabinets and a formal living room with hardwood floors. The primary bedroom has a full bath with shower stall. The utility room is conveniently located on the main level. Plenty of storage in the unfinished basement. Enjoy the attached oversized 2 car garage PLUS a 5 Bay detached garage/workshop! The home sits on . 73 acres and the additional . 89 acre lot next door is included and has an existing well and septic. The home will be sold as is.

Key facts

• Wood burning insert
• Oak cabinets
• Gas fireplace

Tags

• VAULTED CEILING SUNROOM
• GAS FIREPLACE
• WOOD BURNING INSERT
• OAK CABINETS
• HARDWOOD FLOORS
• FULL BATH

Property features AI

Finance

• Other: Property includes additional parcels; Lot approximately 1.65 acres (1–3 acres range)

Exterior

• Parking: Attached and detached concrete garage space(s); 4 garage spaces
• Utilities: Well (private) water; Septic system; Electricity connected; Natural gas connected
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Block foundation; Has basement (partial)
• Exterior features: Barn pole; Rural, not in a subdivision

Interior

• Kitchen: Electric cooktop; Oven; Microwave; Dishwasher; Gas water heater
• Bedrooms: 3 bedrooms (all on main level)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms; Primary bathroom with full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Eat-in kitchen; Utility room; Water softener (owned)
• Laundry & utility: Utility room; Sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-82 ($-981/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (19.9% below list).
• Recommended offer: $120k (19.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#310 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, health & safety D.
• Madison-Grant United School Corporation (rural): math 32% / reading 40% proficiency, ranked #180 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Summitville School (240 students, 59% FRL); Virtual Preparatory Academy of Indiana At Madison-Grant 6-8 (158 students, 48% FRL); Madison-Grant Jr./Sr. High School (math 29% / reading 50%, grade F, #221 of 369 statewide, top 63%, 491 students, 47% FRL).
• Market conditions: 12 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,128 (19.9% 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. Built in 1940 — 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. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.80% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $249,744
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1521 E 1700 N	0.20mi	3/1.0	2,077 (+10%)	2mo	$274,900	$132	73
16651 N 150 E	0.19mi	2/1.0 (-1)	1,790 (-5%)	19mo	$245,000	$137	62
1780 E 1700 N	0.40mi	4/2.0 (+1)	1,808 (-4%)	6mo	$100,000	$55	60
1112 W Walnut St	0.55mi	3/2.0	1,755 (-7%)	10mo	$245,000	$140	50
117 S Howard St	0.69mi	3/1.0	1,748 (-8%)	14mo	$125,000	$72	43
120 S Howard St	0.71mi	3/1.0	2,012 (+6%)	22mo	$182,000	$90	38

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.6%
• Equity multiple: 2.82×
• Total profit: $76,448
• Equity at exit: $135,042

10-year hold

• IRR: 20.2%
• Equity multiple: 6.46×
• Total profit: $229,250
• Equity at exit: $291,223

Cash invested: $41,972 (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 46070

• Home prices YoY: 12.2%
• Active inventory: 12
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,201 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$182 /mo · $2,187/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $-82

Break-even live

Break-even rent $1,305

Max offer price $135,458

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-39	+0% $-82	+5% $-124	+10% $-167
Rent	-10% $-177	-5% $-129	+0% $-82	+5% $-34	+10% $13
Rate	-1.0pp $-6	-0.5pp $-44	base $-82	+0.5pp $-121	+1.0pp $-160

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   statusdays on market $149,900 Pending 9 DOM
2. 2026-06-03
   price $149,900 Active 5 DOM
3. 2026-06-02
   days on market $165,000 Active 5 DOM
4. 2026-06-01
   days on market $165,000 Active 4 DOM
5. 2026-05-31
   days on market $165,000 Active 3 DOM
6. 2026-05-30
   days on market $165,000 Active 2 DOM
7. 2026-05-27
   listed $165,000 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: $2,187 · $182/mo
• Projected year-2 tax: $2,187 · $182/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $14,415
• − Mortgage interest: −$8,397
• − Property taxes: −$2,187
• − Insurance: −$750
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$4,361
• Taxable loss: −$3,585
• Est. tax savings @ 24.0%: +$860
• After-tax cash flow: $-121/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: Madison-Grant United School Corporation
• NCES district ID: 1806240
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $47,917
• Composite: 30.95/100
• National rank: #6107
• State rank: #180 of 301 in IN

Livability — Summitville

• Score: 66/100
• State rank: #310
• US rank: #12277

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,289

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 3% Iranian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.48%
• Current HPI: 233.4985
• 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

1 event — show timeline

• 2026-05-27 Listed $165,000 MIBOR as Distributed by MLS Grid

Property tax history

+23.7%/yr

Latest (2024): $2,187 · +8.6% YoY. Source: county tax records.