212 N Wolfenberger St · Sullivan, IN 47882

$110,000

3 bd · 1.0 ba · 1,200 sqft · Manufactured public records · 56 Days on market

Built 1967 $92/sqft · 18% below area Est $134k · 18% under

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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 +18.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +4.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Simple, Comfortable Living in a Great Location You’re looking for a home that’s move-in ready, easy to maintain, and set in a peaceful setting and this one delivers. This 3-bedroom home with 1,200 square feet sits on . 28 acre, offering just the right amount of outdoor space while still being easy to care for. The screened-in porch is the perfect spot to relax with your morning coffee or unwind in the evening while enjoying the view of the wooded lot. Outside, you’ll appreciate the carport for covered parking and a shed for extra storage, keeping everything organized and convenient. With its great location and welcoming feel, this home is move-in ready and waiting for its next owner.

Key facts

• Garage
• Built 1967
• Listed 56 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/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 $100k (9.5% below list).
• Recommended offer: $100k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.5% in Sullivan — 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 70/100 on livability (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $761 of loan paydown is wiped out by about $3k 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

• It's been on market 56 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $110k implies a 162% gain — meaningful room to come down on a strong offer.

Recommended offer $99,500 (9.5% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — 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 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: 0.90% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

• ARV (median comp): $134,000
• List price: $110,000
• Delta: -17.91%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 N Chase St	0.72mi	3/2.0	1,344 (+12%)	5mo	$134,000	$100	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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-10,953
• Equity at exit: $16,401

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-789
• Equity at exit: $9,511

Cash invested: $30,800 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$55 /mo · $659/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $108

Break-even live

Break-even rent $858

Max offer price $110,000

Occupancy floor 84%

Sensitivity live

Price	-10% $171	-5% $140	+0% $108	+5% $77	+10% $46
Rent	-10% $30	-5% $69	+0% $108	+5% $148	+10% $187
Rate	-1.0pp $164	-0.5pp $136	base $108	+0.5pp $80	+1.0pp $51

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	15d	1	0.90mi
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	13d	1	0.90mi

Listing history 9 events

1. 2026-05-11
   price $110,000 711-char remark

   Show marketing remark (711 chars)

   Simple, Comfortable Living in a Great Location You’re looking for a home that’s move-in ready, easy to maintain, and set in a peaceful setting and this one delivers. This 3-bedroom home with 1,200 square feet sits on . 28 acre, offering just the right amount of outdoor space while still being easy to care for. The screened-in porch is the perfect spot to relax with your morning coffee or unwind in the evening while enjoying the view of the wooded lot. Outside, you’ll appreciate the carport for covered parking and a shed for extra storage, keeping everything organized and convenient. With its great location and welcoming feel, this home is move-in ready and waiting for its next owner.

2. 2026-04-01
   listed $120,000 Active 711-char remark

   Show marketing remark (711 chars)

   Simple, Comfortable Living in a Great Location You’re looking for a home that’s move-in ready, easy to maintain, and set in a peaceful setting and this one delivers. This 3-bedroom home with 1,200 square feet sits on . 28 acre, offering just the right amount of outdoor space while still being easy to care for. The screened-in porch is the perfect spot to relax with your morning coffee or unwind in the evening while enjoying the view of the wooded lot. Outside, you’ll appreciate the carport for covered parking and a shed for extra storage, keeping everything organized and convenient. With its great location and welcoming feel, this home is move-in ready and waiting for its next owner.

3. 2025-05-27
   status Pending
4. 2025-05-13
   listed $52,500 Active
5. 2021-07-30
   soldstatus $42,000
6. 2021-04-23
   listed $44,900
7. 2021-01-08
   soldstatus $48,700
8. 2020-06-30
   listed $53,500
9. 2011-07-14
   soldstatus $40,000

ⓘ 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: $659 · $55/mo
• Projected year-2 tax: $797 · $66/mo
• Expected delta: +$138/yr (+$12/mo · 20.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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: $11,940
• − Mortgage interest: −$6,162
• − Property taxes: −$659
• − Insurance: −$550
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$3,200
• Taxable loss: −$541
• Est. tax savings @ 24.0%: +$130
• After-tax cash flow: $1,431/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IN
• City population: 8,494
• Population (ZIP): 8,494

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% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 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: ▼ -23.79%
• Current HPI: 190.5334
• 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

+175.0% since first listed

9 events — show timeline

• 2026-05-11 Price Changed $110,000 THAAR
• 2026-04-01 Listed $120,000 THAAR
• 2025-05-27 Pending — THAAR
• 2025-05-13 Listed $52,500 THAAR
• 2021-07-30 Sold (MLS) $42,000 THAAR
• 2021-04-23 Listed $44,900 THAAR
• 2021-01-08 Sold (MLS) $48,700 THAAR
• 2020-06-30 Listed $53,500 THAAR
• 2011-07-14 Sold (Public Records) $40,000 Public Records

Property tax history

+4.4%/yr

Latest (2024): $659 · -1.1% YoY. Source: county tax records.