822 W Franklin St · Hartford City, IN 47348

$39,900

4 bd · 1.5 ba · 1,568 sqft · SingleFamily public records · 18 Days on market

Built 1880 5,532 sqft lot ↓ 20% 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
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with great potential! This 4-bedroom, 1.5-bath home sits on a desirable corner lot and offers an excellent opportunity for investors, flippers, or buyers looking to build equity. The property features a newer AC unit, a spacious floor plan, and a large front patio perfect for relaxing outdoors or entertaining guests. With plenty of room to add value and make it your own, this home is full of possibilities. Seller will consider owner financing with acceptable terms. Property is being sold as-is.

Key facts

• Newer ac unit
• Large front patio
• Corner lot

Tags

• CORNER LOT
• NEWER AC UNIT
• LARGE FRONT PATIO

Property features AI

Finance

• Other: No additional financial details provided
• Financial info: No investor or income/expense details provided
• HOA & community: No HOA details provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2-story
• Construction: Vinyl siding exterior; No year built provided
• Exterior features: Corner lot; Level lot

Interior

• Kitchen: No appliance details provided
• Bedrooms: Bedrooms present (count not specified)
• Flooring: No flooring details provided
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: 6 total rooms; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 5.1% in Hartford City — 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 66/100 on livability (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Intermediate School (math 45% / reading 39%, grade F, #434 of 994 statewide, top 48%, 427 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Blackford County population projected at -27% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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. 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.
6. 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.
7. 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: 3.32% ✓
• Cap rate: 26.74%
• Cash-on-cash: 73.04%
• DSCR: 4.25
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $120,736
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 W Commercial St	0.32mi	4/1.0	1,600 (+2%)	11mo	$5,000	$3	71
600 W Fulton St	0.49mi	3/1.5 (-1)	1,560 (-0%)	1mo	$135,000	$87	70
709 N Walnut St	0.43mi	3/1.0 (-1)	1,554 (-1%)	4mo	$161,000	$104	68
724 W Commercial St	0.29mi	4/2.0	1,748 (+12%)	6mo	$134,000	$77	60
420 S Cherry St	0.47mi	3/1.0 (-1)	1,474 (-6%)	2mo	$72,300	$49	60
904 W Harrison St	0.42mi	3/1.0 (-1)	1,458 (-7%)	9mo	$160,000	$110	54
408 E Grant St	0.71mi	3/1.0 (-1)	1,544 (-2%)	5mo	$123,500	$80	53
212 W Barber St	0.62mi	3/2.0 (-1)	1,716 (+9%)	6mo	$77,500	$45	44
413 E Water St	0.74mi	4/1.0	1,677 (+7%)	10mo	$11,000	$7	44
1012 N Monroe St	0.71mi	3/2.0 (-1)	1,453 (-7%)	5mo	$229,000	$158	44
221 W Franklin St	0.40mi	3/1.0 (-1)	1,800 (+15%)	9mo	$123,500	$69	43
1410 N Richmond St	0.71mi	3/2.0 (-1)	1,344 (-14%)	6mo	$90,000	$67	31

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: 72.8%
• Equity multiple: 4.30×
• Total profit: $36,918
• Equity at exit: $5,949

10-year hold

• IRR: 76.7%
• Equity multiple: 8.90×
• Total profit: $88,220
• Equity at exit: $3,450

Cash invested: $11,172 (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 47348

• Home prices YoY: -17.5%
• Active inventory: 55
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,324 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$140 /mo · $1,686/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $680

Break-even live

Break-even rent $464

Max offer price $39,900

Occupancy floor 44%

Sensitivity live

Price	-10% $703	-5% $691	+0% $680	+5% $669	+10% $657
Rent	-10% $575	-5% $628	+0% $680	+5% $732	+10% $785
Rate	-1.0pp $700	-0.5pp $690	base $680	+0.5pp $670	+1.0pp $659

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $39,900 Active 18 DOM
2. 2026-06-19
   days on market $39,900 Active 16 DOM
3. 2026-06-18
   days on market $39,900 Active 15 DOM
4. 2026-06-17
   days on market $39,900 Active 14 DOM
5. 2026-06-16
   days on market $39,900 Active 13 DOM
6. 2026-06-15
   days on market $39,900 Active 12 DOM
7. 2026-06-14
   days on market $39,900 Active 10 DOM
8. 2026-06-12
   days on market $39,900 Active 9 DOM
9. 2026-06-09
   days on market $39,900 Active 6 DOM
10. 2026-06-08
    days on market $39,900 Active 5 DOM
11. 2026-06-07
    days on market $39,900 Active 4 DOM
12. 2026-06-05
    remarks 516-char remark
13. 2026-06-05
    listed $39,900 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: $1,686 · $140/mo
• Projected year-2 tax: $1,686 · $140/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 ≥99°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,894
• − Mortgage interest: −$2,235
• − Property taxes: −$1,686
• − Insurance: −$200
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$1,161
• Taxable income: $8,069
• Est. tax owed @ 24.0%: −$1,937
• After-tax cash flow: $6,223/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Hartford City

• Score: 66/100
• State rank: #303
• US rank: #12079

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford City, IN
• Population (ZIP): 8,986

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 3% Scotch-Irish 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.19%
• Current HPI: 223.0485
• 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

-20.0% since first listed

5 events — show timeline

• 2026-06-02 Listed $39,900 IRMLS
• 2026-06-02 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2020-06-29 Listed $20,600 IRMLS
• 2015-06-26 Listed $44,000 IRMLS
• 2014-12-07 Listed $49,900 IRMLS

Property tax history

+21.0%/yr

Latest (2025): $1,686 · +6.0% YoY. Source: county tax records.