307 Henley Ave · Carthage, IN 46115

$27,000

3 bd · 1.0 ba · 1,668 sqft · SingleFamily public records · 209 Days on market

Built 1947 0.33 ac lot

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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 +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

100x144 lot. Needs repair.

Key facts

• Full bathroom
• Outdoor sanctuary
• Sprawling lot

Tags

• SPRAWLING LOT
• OUTDOOR SANCTUARY
• FULL BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $27k.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• Recommended offer: $24k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#518 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime D, amenities F.
• C A Beard Memorial School Corporation (rural): math 29% / reading 33% proficiency, ranked #231 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Knightstown Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 382 students, 49% FRL); Knightstown High School (math 22% / reading 72%, grade D-, #143 of 369 statewide, top 44%, 325 students, 49% FRL).
• Zoned-school proficiency averages 46% at this address vs 31% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the C A Beard Memorial School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 10 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($187 loan paydown + $1k appreciation (5.5% local appreciation)).
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $2k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $27k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 3.72% ✓
• Cap rate: 31.32%
• Cash-on-cash: 89.39%
• DSCR: 4.98
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $188,484
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 E Log St	0.21mi	4/2.0 (+1)	1,680 (+1%)	3mo	$213,000	$127	77
717 Henley Ave	0.33mi	3/2.0	1,792 (+7%)	5mo	$199,000	$111	64
9 S East St	0.34mi	3/1.0	1,548 (-7%)	16mo	$152,500	$99	58
208 N East St	0.56mi	3/2.0	1,568 (-6%)	24mo	$205,000	$131	40
402 N Walnut St	0.66mi	2/1.0 (-1)	1,458 (-13%)	7mo	$164,900	$113	38

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

Projected returns pro-forma

5.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 95.4%
• Equity multiple: 6.68×
• Total profit: $42,904
• Equity at exit: $16,123

10-year hold

• IRR: 93.4%
• Equity multiple: 14.02×
• Total profit: $98,436
• Equity at exit: $28,532

Cash invested: $7,560 (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 46115

• Home prices YoY: 2.6%
• Active inventory: 10
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,003 medium
• Mortgage (P&I): −$142
• Tax from tax record: −$76 /mo · $918/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $563

Break-even live

Break-even rent $290

Max offer price $27,000

Occupancy floor 39%

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: $6,750
• Closing costs: $810
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-23
   status Pending
2. 2026-03-29
   status Active
3. 2026-03-29
   price $27,000
4. 2026-02-17
   historical
5. 2025-10-17
   price $25,000
6. 2025-08-17
   listed $29,000 Active
7. 2012-02-09
   historical 26-char remark

   Show marketing remark (26 chars)

   100x144 lot. Needs repair.

8. 2012-01-31
   soldstatus $8,500 26-char remark

   Show marketing remark (26 chars)

   100x144 lot. Needs repair.

9. 2010-11-22
   listed $14,900 26-char remark

   Show marketing remark (26 chars)

   100x144 lot. Needs repair.

ⓘ 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: $918 · $76/mo
• Projected year-2 tax: $918 · $76/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 · 19 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: $12,038
• − Mortgage interest: −$1,512
• − Property taxes: −$918
• − Insurance: −$135
• − Repairs & maintenance: −$963
• − Management: −$963
• − Depreciation: −$785
• Taxable income: $6,761
• Est. tax owed @ 24.0%: −$1,623
• After-tax cash flow: $5,135/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: C A Beard Memorial School Corporation
• NCES district ID: 1801060
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $47,269
• Composite: 26.76/100
• National rank: #7133
• State rank: #231 of 301 in IN

Livability — Carthage

• Score: 60/100
• State rank: #518
• US rank: #18558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, IN
• City population: 1,512
• Population (ZIP): 1,512

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Romanian 2% Serbian 2% Slovak 2%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.50%
• Current HPI: 218.24
• 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

+81.2% since first listed

9 events — show timeline

• 2026-04-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-29 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-29 Price Changed $27,000 MIBOR as Distributed by MLS Grid
• 2026-02-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-17 Price Changed $25,000 MIBOR as Distributed by MLS Grid
• 2025-08-17 Listed $29,000 MIBOR as Distributed by MLS Grid
• 2012-02-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-01-31 Sold (MLS) $8,500 MIBOR as Distributed by MLS Grid
• 2010-11-22 Listed $14,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.4%/yr

Latest (2024): $918 · +5.0% YoY. Source: county tax records.