6600 S 300 E · Hamilton, IN 46742

$209,000

3 bd · 2.0 ba · 2,132 sqft · SingleFamily public records · 14 Days on market

Built 1975 0.92 ac lot $8/mo HOA

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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).

• Cash flow +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Tri-level home with views of Hamilton Lake ready for you to put your touches on the interior. Offering 3 Bedrooms, 2 Full Baths plus Living Room and a large Family Room w/ fireplace. Some updates inside and out. Outside you will find a stand alone screened porch. A rare opportunity in the Hamilton Lake area - don't miss your chance to see this one!

Key facts

• 0.92 acre lot
• 2 garage spots
• Built 1975

Tags

• VIEWS OF HAMILTON LAKE
• STAND ALONE SCREENED PORCH

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $100 (about $8.33/month)

Exterior

• Parking: Attached garage with 2 spaces; Off-street parking
• Utilities: Private well water source; Septic tank sewer
• Home design: Single-family residential, site-built home
• Construction: Vinyl siding; Slab foundation; Built above grade finished area of 2,132
• Exterior features: Deck; Patio; Screened area; Porch; Shed(s); Rolling slope lot with wooded areas and views; Canal-front waterfront on Hamilton Lake

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: 9 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Ceiling fans for cooling
• Interior features: Entrance foyer; Ceiling fans; 1 fireplace in the family room; Crawl space basement
• Laundry & utility: Electric dryer hookup on lower level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (11.5% below list).
• Recommended offer: $185k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Community Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 166 students, 48% FRL); Hamilton Community High School (math 17% / reading 32%, grade F, #325 of 369 statewide, top 91%, 186 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 209 units permitted in Steuben County in 2024 (72 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 $6k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $185,000 (11.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. 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?
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: 0.89% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $938,080
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 Lane 221b Hamilton Lk Lk	0.55mi	3/2.5	2,192 (+3%)	23mo	$645,000	$294	48
660 Lane 221b Hamilton Lake Lk	0.56mi	3/2.0	1,851 (-13%)	10mo	$815,000	$440	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: -13.4%
• Equity multiple: 0.52×
• Total profit: $-28,169
• Equity at exit: $31,163

10-year hold

• IRR: -4.5%
• Equity multiple: 0.71×
• Total profit: $-17,238
• Equity at exit: $18,071

Cash invested: $58,520 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$181 /mo · $2,168/yr
• Insurance: −$87
• HOA: −$8
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $90

Break-even live

Break-even rent $1,736

Max offer price $209,000

Occupancy floor 90%

Sensitivity live

Price	-10% $208	-5% $149	+0% $90	+5% $31	+10% $-29
Rent	-10% $-56	-5% $17	+0% $90	+5% $163	+10% $236
Rate	-1.0pp $195	-0.5pp $143	base $90	+0.5pp $36	+1.0pp $-20

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Lane 280 E Hamilton, IN	3.0	1.0	1544	$1,850	$1.20	25d	1	0.34mi

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 11 events

1. 2026-06-22
   days on market $209,000 Active 14 DOM
2. 2026-06-21
   days on market $209,000 Active 13 DOM
3. 2026-06-19
   days on market $209,000 Active 11 DOM
4. 2026-06-18
   days on market $209,000 Active 10 DOM
5. 2026-06-17
   days on market $209,000 Active 9 DOM
6. 2026-06-16
   days on market $209,000 Active 8 DOM
7. 2026-06-15
   days on market $209,000 Active 7 DOM
8. 2026-06-14
   days on market $209,000 Active 5 DOM
9. 2026-06-12
   days on market $209,000 Active 4 DOM
10. 2026-06-09
    remarks 350-char remark
11. 2026-06-09
    listed $209,000 Active 1 DOM

ⓘ 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: $2,168 · $181/mo
• Projected year-2 tax: $2,168 · $181/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 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$11,707
• − Property taxes: −$2,168
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$96
• − Depreciation: −$6,080
• Taxable loss: −$2,448
• Est. tax savings @ 24.0%: +$588
• After-tax cash flow: $1,664/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: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamilton, IN
• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

• 2026-06-08 Listed $209,000 IRMLS

Property tax history

+0.4%/yr

Latest (2024): $2,168 · +10.9% YoY. Source: county tax records.