1327 Spear St · Logansport, IN 46947

$80,000

2 bd · 1.0 ba · 884 sqft · SingleFamily public records · 140 Days on market

Built 1920 3,485 sqft lot $90/sqft · 10% above area Est $73k · 10% over

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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).

• Cash flow +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +6.5/10.0
• Livability +3.9/5.0
• ARV discount +3.2/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Convenient city living with great potential! This 2-bedroom home offers a practical layout and comfortable living space in a desirable in-town location. Situated close to shopping, dining, schools, and major roadways, the property provides easy access to everyday amenities. The manageable size makes it ideal for those wanting to put some work into their home, downsizers, or investors seeking a solid rental opportunity. With room for updates or personalization, this home presents an excellent opportunity to own in the city.

Key facts

• 3,485 sq ft lot
• Built 1920
• Listed 140 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.5% in Logansport — 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 78/100 on livability (#34 in IN, #2,683 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, cost of living A+; Watch: schools F, commute F, employment D-.
• Logansport Community School Corporation (town): math 26% / reading 32% proficiency, ranked #252 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 131 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 22 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cass County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.15% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.09%
• DSCR: 1.49
• GRM: 7.2

CMA / ARV

• ARV (median comp): $73,008
• List price: $80,000
• Delta: 9.58%
• 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
1601 Erie Ave	0.47mi	2/1.0	874 (-1%)	6mo	$89,500	$102	71
716 16th St	0.26mi	2/1.0	792 (-10%)	5mo	$112,000	$141	66
1624 Smead St	0.26mi	2/1.0	980 (+11%)	8mo	$50,900	$52	63
1414 Wright St	0.22mi	2/1.0	928 (+5%)	22mo	$73,000	$79	63
1023 19th St	0.58mi	2/1.0	880 (-0%)	13mo	$110,000	$125	62
416 11th St	0.21mi	2/1.0	997 (+13%)	12mo	$65,000	$65	59
814 17th St	0.37mi	3/1.0 (+1)	990 (+12%)	11mo	$115,000	$116	49
719 22 St	0.65mi	2/1.0	960 (+9%)	9mo	$50,000	$52	48
1523 Miles St	0.42mi	2/1.0	1,000 (+13%)	15mo	$110,000	$110	46
1721 Usher St	0.43mi	2/1.0	976 (+10%)	21mo	$139,900	$143	45
916 19 St	0.55mi	2/1.0	960 (+9%)	22mo	$73,000	$76	42
2116 Usher St	0.67mi	3/1.0 (+1)	1,008 (+14%)	3mo	$90,000	$89	38

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: 0.3%
• Equity multiple: 1.01×
• Total profit: $218
• Equity at exit: $11,928

10-year hold

• IRR: 9.9%
• Equity multiple: 1.77×
• Total profit: $17,150
• Equity at exit: $6,917

Cash invested: $22,400 (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 46947

• Home prices YoY: -28.9%
• Active inventory: 131
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $924 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$70 /mo · $836/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $207

Break-even live

Break-even rent $661

Max offer price $80,000

Occupancy floor 73%

Sensitivity live

Price	-10% $252	-5% $230	+0% $207	+5% $184	+10% $162
Rent	-10% $134	-5% $171	+0% $207	+5% $244	+10% $280
Rate	-1.0pp $247	-0.5pp $227	base $207	+0.5pp $186	+1.0pp $165

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2204 E Broadway Logansport, IN	1.0	1.0	685	$825	$1.20	45d	1	0.69mi
3200 Maple Ridge Ct Logansport, IN	2.0	1.0	800	$1,095	$1.37	22d	1	1.41mi

Listing history 17 events

1. 2026-06-21
   days on market $80,000 Active 140 DOM
2. 2026-06-18
   days on market $80,000 Active 138 DOM
3. 2026-06-17
   days on market $80,000 Active 137 DOM
4. 2026-06-16
   days on market $80,000 Active 136 DOM
5. 2026-06-15
   days on market $80,000 Active 135 DOM
6. 2026-06-13
   days on market $80,000 Active 133 DOM
7. 2026-06-12
   days on market $80,000 Active 132 DOM
8. 2026-06-09
   days on market $80,000 Active 129 DOM
9. 2026-06-08
   days on market $80,000 Active 128 DOM
10. 2026-06-07
    days on market $80,000 Active 127 DOM
11. 2026-06-07
    days on market $80,000 Active 126 DOM
12. 2026-06-04
    days on market $80,000 Active 123 DOM
13. 2026-06-02
    days on market $80,000 Active 122 DOM
14. 2026-06-01
    days on market $80,000 Active 121 DOM
15. 2026-05-31
    days on market $80,000 Active 120 DOM
16. 2026-05-31
    days on market $80,000 Active 119 DOM
17. 2026-02-01
    listed $85,000 Active 528-char remark

    Show marketing remark (528 chars)

    Convenient city living with great potential! This 2-bedroom home offers a practical layout and comfortable living space in a desirable in-town location. Situated close to shopping, dining, schools, and major roadways, the property provides easy access to everyday amenities. The manageable size makes it ideal for those wanting to put some work into their home, downsizers, or investors seeking a solid rental opportunity. With room for updates or personalization, this home presents an excellent opportunity to own in the city.

ⓘ 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: $836 · $70/mo
• Projected year-2 tax: $836 · $70/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 ≥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: $11,082
• − Mortgage interest: −$4,481
• − Property taxes: −$836
• − Insurance: −$400
• − Repairs & maintenance: −$887
• − Management: −$887
• − Depreciation: −$2,327
• Taxable income: $1,264
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $2,181/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: Logansport Community School Corporation
• NCES district ID: 1806030
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $37,767
• Composite: 24.19/100
• National rank: #7733
• State rank: #252 of 301 in IN

Livability — Logansport

• Score: 78/100
• State rank: #34
• US rank: #2683

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Logansport, IN
• City population: 28,830
• Population (ZIP): 28,830

Population outlook (Cass County) Hauer SSP2

• Today (2025): 36,480 people
• By 2030: 35,390 · -3.0%
• By 2040: 33,077 · -9.3%
• By 2050: 30,631 · -16.0%
• By 2075: 25,426 · -30.3%
• By 2100: 20,617 · -43.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 22% Two or more races 8% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 12% · Canada, China
• Languages at home: 80% English-only · Spanish 17% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+46.2) · D 26.2% · R 72.4% · Other 1.4%
• 2008→2024 swing: -37.7pp toward R · 2008: -8.5pp · 2024: -46.2pp
• All cycles: 2024: R+46.2 2020: R+41.1 2016: R+42.0 2012: R+21.7 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.21%
• Current HPI: 223.8394
• 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

• 2026-02-01 Listed $85,000 IRMLS

Property tax history

-6.5%/yr

Latest (2024): $836 · -7.9% YoY. Source: county tax records.