415 N Independence St · Windfall City, IN 46076

$59,000

3 bd · 1.0 ba · 1,462 sqft · SingleFamily public records · 50 Days on market

Built 1900 7,405 sqft lot $40/sqft · 61% below area ↓ 14% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

Key facts

• Spacious layout
• 7,405 sq ft lot
• Garage

Tags

• INVESTMENT OPPORTUNITY
• SPACIOUS LAYOUT

Property features AI

Exterior

• Parking: Detached and attached garage; 1 garage space
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-story home
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Lot under 1/4 acre (approximately 0.17 acre)

Interior

• Kitchen: Eat-in kitchen; Water heater
• Bedrooms: Two main-level bedrooms (one approx. 12 x 12)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Eat-in kitchen; Living room (approximately 15.2 x 15.2); Additional main-level room (approximately 12.3 x 15.5); Utility room (approximately 19.7 x 10.1)
• Laundry & utility: Utility room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $603 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#609 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D+, crime D, amenities F.
• Tri-Central Community Schools (rural): math 28% / reading 39% proficiency, ranked #196 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tri Central Elementary (math 32% / reading 37%, grade F, #597 of 994 statewide, top 63%, 377 students, 45% FRL) — zoned schools average 45% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 12 active listings in the ZIP; 32 units permitted in Tipton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($408 loan paydown + $4k appreciation (6.9% local appreciation)).
• Tipton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1900 — 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 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. 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: 2.05% ✓
• Cap rate: 18.55%
• Cash-on-cash: 43.77%
• DSCR: 2.95
• GRM: 4.1

CMA / ARV

• ARV (median comp): $152,603
• List price: $59,000
• Delta: -57.41%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 New St	0.31mi	3/2.0	1,431 (-2%)	11mo	$181,800	$127	69
115 N Posey St	0.19mi	3/1.0	1,663 (+14%)	10mo	$160,000	$96	60

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

Projected returns pro-forma

6.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.3%
• Equity multiple: 4.55×
• Total profit: $58,593
• Equity at exit: $40,486

10-year hold

• IRR: 50.4%
• Equity multiple: 9.57×
• Total profit: $141,601
• Equity at exit: $76,545

Cash invested: $16,520 (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 46076

• Home prices YoY: 2.4%
• Active inventory: 12
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,210 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$20 /mo · $234/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $603

Break-even live

Break-even rent $447

Max offer price $59,000

Occupancy floor 45%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $59,000 Active 50 DOM
2. 2026-06-18
   days on market $59,000 Active 49 DOM
3. 2026-06-17
   days on market $59,000 Active 48 DOM
4. 2026-06-17
   price $59,000 Active 47 DOM
5. 2026-06-16
   days on market $64,999 Active 47 DOM

   Show marketing remark (570 chars)

   Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

6. 2026-06-15
   days on market $64,999 Active 46 DOM
7. 2026-06-14
   days on market $64,999 Active 44 DOM
8. 2026-06-13
   days on market $64,999 Active 43 DOM
9. 2026-06-10
   days on market $64,999 Active 41 DOM
10. 2026-06-09
    days on market $64,999 Active 40 DOM
11. 2026-06-08
    days on market $64,999 Active 39 DOM
12. 2026-06-07
    days on market $64,999 Active 38 DOM
13. 2026-06-05
    days on market $64,999 Active 35 DOM
14. 2026-06-03
    days on market $64,999 Active 34 DOM
15. 2026-06-02
    days on market $64,999 Active 33 DOM
16. 2026-06-01
    days on market $64,999 Active 32 DOM
17. 2026-05-31
    days on market $64,999 Active 31 DOM
18. 2026-05-30
    days on market $64,999 Active 30 DOM
19. 2026-04-29
    listed $64,999 Active 498-char remark
20. 2025-11-18
    price $64,999 598-char remark

    Show marketing remark (570 chars)

    Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

21. 2025-08-11
    status Active 598-char remark

    Show marketing remark (570 chars)

    Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

22. 2025-08-11
    historical 598-char remark

    Show marketing remark (570 chars)

    Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

23. 2025-05-10
    listed $65,000 Active 598-char remark

    Show marketing remark (570 chars)

    Investor Special! This fixer-upper is brimming with potential for the right buyer. Sold * as-is * , this property presents a solid investment opportunity, whether for a flip, rental, or long-term value growth. With the right rehab, it could be transformed into a desirable asset in Windfall. The spacious layout offers plenty of room to reimagine the space, while the property's location provides convenience and appeal. If you're ready to take on a project that has great upside potential, this is the one for you! For inquiries, contact Brian Ingle at 765-960-0533.

24. 2024-12-21
    historical
25. 2024-05-31
    listed $69,000 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: $234 · $20/mo
• Projected year-2 tax: $368 · $31/mo
• Expected delta: +$134/yr (+$11/mo · 57.2%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,523
• − Mortgage interest: −$3,305
• − Property taxes: −$234
• − Insurance: −$295
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$1,716
• Taxable income: $6,649
• Est. tax owed @ 24.0%: −$1,596
• After-tax cash flow: $5,636/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: Tri-Central Community Schools
• NCES district ID: 1808040
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $54,902
• Composite: 29.54/100
• National rank: #6492
• State rank: #196 of 301 in IN

Livability — Windfall City

• Score: 57/100
• State rank: #609
• US rank: #21957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Windfall City, IN
• Population (ZIP): 1,754

Population outlook (Tipton County) Hauer SSP2

• Today (2025): 14,332 people
• By 2030: 13,717 · -4.3%
• By 2040: 12,357 · -13.8%
• By 2050: 11,032 · -23.0%
• By 2075: 8,640 · -39.7%
• By 2100: 6,544 · -54.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Iranian 4% Slovak 2% Lithuanian 1%
• Languages at home: 97% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · Tipton

• 2024 margin: Solid R (+50.8) · D 23.7% · R 74.5% · Other 1.7%
• 2008→2024 swing: -35.5pp toward R · 2008: -15.4pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+52.7 2016: R+53.3 2012: R+31.8 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.90%
• Current HPI: 289.8652
• 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

-14.5% since first listed

9 events — show timeline

• 2026-06-16 Price Changed $59,000 RRELMS
• 2026-06-16 Price Changed $59,000 MIBOR as Distributed by MLS Grid
• 2026-04-29 Listed $64,999 MIBOR as Distributed by MLS Grid
• 2025-11-18 Price Changed $64,999 RRELMS
• 2025-08-11 Relisted — RRELMS
• 2025-08-11 Delisted — RRELMS
• 2025-05-10 Listed $65,000 RRELMS
• 2024-12-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-05-31 Listed $69,000 MIBOR as Distributed by MLS Grid

Property tax history

-5.6%/yr

Latest (2024): $234 · +1.7% YoY. Source: county tax records.