2309 Iowa Ave · Connersville, IN 47331

$79,000

2 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 141 Days on market

Built 1920 7,405 sqft lot $75/sqft · 41% below area Est $133k · 41% under

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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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.4/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks MLS

Being sold "as is" Tenant pays $900 monthly rent including utilities

Key facts

• 7,405 sq ft lot
• Built 1920
• Listed 141 days

🏷️ Possibly a rental listed for sale. The $79,000 price doesn't fit this home's estimated sale value (~$132,999) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($900 rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.0% in Connersville — 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 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $79k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• GRM: 7.3

CMA / ARV

• ARV (median comp): $132,999
• List price: $79,000
• Delta: -40.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1824 Boulevard Pl	0.54mi	2/1.0	1,036 (-2%)	3mo	$103,000	$99	70
2242 Indiana Ave	0.25mi	3/1.5 (+1)	1,000 (-5%)	8mo	$167,500	$168	66
636 Lexington Pl	0.34mi	2/1.0	960 (-9%)	5mo	$110,000	$115	65
2859 Iowa Ave	0.50mi	2/1.0	1,120 (+6%)	3mo	$140,000	$125	64
2104 Grand Ave	0.32mi	3/1.0 (+1)	1,124 (+6%)	6mo	$37,500	$33	64
317 W 24th St	0.27mi	2/1.0	1,161 (+10%)	9mo	$97,000	$84	64
710 Scott St	0.26mi	2/1.0	928 (-12%)	8mo	$137,000	$148	61
2144-48 Ohio Ave	0.44mi	3/1.0 (+1)	1,103 (+4%)	8mo	$140,000	$127	60
1916 Vermont Ave	0.46mi	2/1.0	1,176 (+11%)	2mo	$108,000	$92	58
640 W 17th St	0.65mi	3/1.5 (+1)	1,032 (-2%)	2mo	$35,000	$34	57
1603 Grand Ave	0.72mi	2/1.0	1,023 (-3%)	9mo	$136,000	$133	54
2802 Eby Dr	0.59mi	3/1.0 (+1)	936 (-11%)	1mo	$158,000	$169	48

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-3,532
• Equity at exit: $11,779

10-year hold

• IRR: 5.5%
• Equity multiple: 1.40×
• Total profit: $8,932
• Equity at exit: $6,830

Cash invested: $22,120 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 173
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $900 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$119 /mo · $1,424/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $145

Break-even live

Break-even rent $716

Max offer price $79,000

Occupancy floor 79%

Sensitivity live

Price	-10% $190	-5% $167	+0% $145	+5% $123	+10% $100
Rent	-10% $74	-5% $110	+0% $145	+5% $181	+10% $216
Rate	-1.0pp $185	-0.5pp $165	base $145	+0.5pp $125	+1.0pp $104

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 W 11th St Connersville, IN	2.0	1.0	984	$900	$0.91	25d	1	1.06mi

Listing history 22 events

1. 2026-06-21
   days on market $79,000 Active 141 DOM
2. 2026-06-18
   days on market $79,000 Active 139 DOM
3. 2026-06-17
   days on market $79,000 Active 138 DOM
4. 2026-06-16
   days on market $79,000 Active 137 DOM
5. 2026-06-15
   days on market $79,000 Active 136 DOM
6. 2026-06-13
   days on market $79,000 Active 134 DOM
7. 2026-06-12
   days on market $79,000 Active 133 DOM
8. 2026-06-09
   days on market $79,000 Active 130 DOM
9. 2026-06-08
   days on market $79,000 Active 129 DOM
10. 2026-06-07
    days on market $79,000 Active 128 DOM
11. 2026-06-07
    days on market $79,000 Active 127 DOM
12. 2026-06-04
    days on market $79,000 Active 124 DOM
13. 2026-06-02
    days on market $79,000 Active 123 DOM
14. 2026-06-01
    days on market $79,000 Active 122 DOM
15. 2026-05-31
    days on market $79,000 Active 121 DOM
16. 2026-05-31
    days on market $79,000 Active 120 DOM
17. 2026-04-16
    price $79,000 79-char remark

    Show marketing remark (79 chars)

    Being sold "as is" Tenant pays $900 monthly rent including utilities

18. 2026-04-16
    price $79,000

    Show marketing remark (79 chars)

    Being sold "as is" Tenant pays $900 monthly rent including utilities

19. 2026-01-27
    listed $84,000 Active 79-char remark

    Show marketing remark (79 chars)

    Being sold "as is" Tenant pays $900 monthly rent including utilities

20. 2026-01-27
    listed $84,000 Active

    Show marketing remark (79 chars)

    Being sold "as is" Tenant pays $900 monthly rent including utilities

21. 2023-06-09
    soldstatus $38,750
22. 2010-02-24
    soldstatus $31,000

ⓘ 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: $1,424 · $119/mo
• Projected year-2 tax: $1,424 · $119/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 · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,800
• − Mortgage interest: −$4,425
• − Property taxes: −$1,424
• − Insurance: −$395
• − Repairs & maintenance: −$864
• − Management: −$864
• − Depreciation: −$2,298
• Taxable income: $530
• Est. tax owed @ 24.0%: −$127
• After-tax cash flow: $1,614/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

+154.8% since first listed

6 events — show timeline

• 2026-04-16 Price Changed $79,000 RRELMS
• 2026-04-16 Price Changed $79,000 ECIAOR
• 2026-01-27 Listed $84,000 ECIAOR
• 2026-01-27 Listed $84,000 RRELMS
• 2023-06-09 Sold (Public Records) $38,750 Public Records
• 2010-02-24 Sold (Public Records) $31,000 Public Records

Property tax history

-3.6%/yr

Latest (2024): $1,424 · +23.0% YoY. Source: county tax records.