408 E Heap St · Farmersburg, IN 47850

$199,000

4 bd · 2.0 ba · 2,211 sqft · SingleFamily public records · 4 Days on market

Built 1966 0.48 ac lot $90/sqft · at area comps Est $190k · at est.

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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 +14.7/30.0
• ARV discount +5.4/15.0
• DSCR +4.5/10.0
• Livability +3.2/5.0
• 1% rule +2.7/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Listing remarks MLS

Solid brick 4 bedroom, 2.5 bath home located in Farmersburg. The Home needs some TLC, but is move in ready. The owners are working on completing a fresh coat of paint throughout. You will enjoy the family room right off the kitchen, and separate dining room. The beautiful hardwood floors are original and in excellent condition. The home is on nearly half an acre and conveniently about a half mile off of Hey 41. Home being sold as is. Call Laura at 812-870-4781 to see this gem today, don?t wait.

Key facts

• 0.48 acre lot
• 2 garage spots
• Built 1966

Property features AI

Finance

• Other: Zoning: R; Lot size approximately 0.48 acre
• Financial info: No financial details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener
• Security: No specific security features provided
• Utilities: Public sewer
• Home design: Single family residence; Residential property; 2 stories
• Construction: Brick construction
• Exterior features: Deck; Shingle roof

Interior

• Kitchen: Electric range, electric oven, microwave, refrigerator
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air; Ceiling fans
• Interior features: Electric range, electric oven, microwave, refrigerator; Hardwood and vinyl flooring; Crawl space basement
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $50 ($598/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 $154k (22.7% below list).
• Recommended offer: $154k (22.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#434 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.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Central Jr/Sr High School (math 12% / reading 32%, grade F, #343 of 369 statewide, top 93%, 374 students, 55% FRL).
• Market conditions: 19 active listings in the ZIP; 4 units permitted in Sullivan 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 $6k of value loss. Plan a longer hold.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.

Recommended offer $153,816 (22.7% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.77% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• GRM: 10.8

CMA / ARV

• ARV (median comp): $190,077
• List price: $199,000
• Delta: 4.69%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 E Heap St	0.00mi	4/2.5	2,211 (0%)	0mo	$195,000	$88	98
301 W Illinois St	0.50mi	4/2.0	1,912 (-14%)	1mo	$195,000	$102	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: -14.7%
• Equity multiple: 0.48×
• Total profit: $-29,176
• Equity at exit: $29,672

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-21,746
• Equity at exit: $17,206

Cash invested: $55,720 (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 47850

• Home prices YoY: -3.8%
• Active inventory: 19
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,538 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$39 /mo · $465/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $50

Break-even live

Break-even rent $1,475

Max offer price $199,000

Occupancy floor 92%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-04
   status Pending 913-char remark
2. 2026-04-30
   listed $199,000 Active 913-char remark
3. 2019-11-08
   soldstatus $56,500 499-char remark

   Show marketing remark (499 chars)

   Solid brick 4 bedroom, 2.5 bath home located in Farmersburg. The Home needs some TLC, but is move in ready. The owners are working on completing a fresh coat of paint throughout. You will enjoy the family room right off the kitchen, and separate dining room. The beautiful hardwood floors are original and in excellent condition. The home is on nearly half an acre and conveniently about a half mile off of Hey 41. Home being sold as is. Call Laura at 812-870-4781 to see this gem today, don?t wait.

4. 2019-10-10
   listed $58,000 499-char remark

   Show marketing remark (499 chars)

   Solid brick 4 bedroom, 2.5 bath home located in Farmersburg. The Home needs some TLC, but is move in ready. The owners are working on completing a fresh coat of paint throughout. You will enjoy the family room right off the kitchen, and separate dining room. The beautiful hardwood floors are original and in excellent condition. The home is on nearly half an acre and conveniently about a half mile off of Hey 41. Home being sold as is. Call Laura at 812-870-4781 to see this gem today, don?t wait.

ⓘ 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: $465 · $39/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$613/yr (+$51/mo · 131.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,458
• − Mortgage interest: −$11,147
• − Property taxes: −$465
• − Insurance: −$995
• − Repairs & maintenance: −$1,477
• − Management: −$1,477
• − Depreciation: −$5,789
• Taxable loss: −$2,892
• Est. tax savings @ 24.0%: +$694
• After-tax cash flow: $1,293/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Farmersburg

• Score: 63/100
• State rank: #434
• US rank: #15622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmersburg, IN
• Population (ZIP): 2,027

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Asian 4%
• Common ancestry: Italian 4% Slovak 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 99% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.13%
• Current HPI: 183.1507
• 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

+236.2% since first listed

5 events — show timeline

• 2026-06-09 Sold (MLS) $195,000 THAAR
• 2026-05-04 Pending — THAAR
• 2026-04-30 Listed $199,000 THAAR
• 2019-11-08 Sold (MLS) $56,500 THAAR
• 2019-10-10 Listed $58,000 THAAR

Property tax history

+2.1%/yr

Latest (2024): $465 · +0.1% YoY. Source: county tax records.