2947 W 500 S · Grissom AFB, IN 46970

$199,900

4 bd · 2.5 ba · 2,552 sqft · SingleFamily public records · 20 Days on market

Built 1960 1.62 ac lot $78/sqft · 25% below area Est $266k · 25% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

Key facts

• 1.62 acre lot
• Pool
• Built 1960

Property features AI

Finance

• Other: Lot dimensions approximately 140 x 160 (about 1.62 acres)
• Financial info: Tax amount not included
• HOA & community: No subdivision

Exterior

• Parking: Parking details not specified
• Security: Security details not specified
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family, site-built residence; Residential property
• Construction: Brick and wood siding exterior; Above-grade finished living area (2,552); Year built not specified
• Exterior features: Private in-ground pool; Wooded lot

Interior

• Kitchen: Kitchen details not specified
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not specified
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: One fireplace located in the family room; Partial basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (29.3% below list).
• Recommended offer: $141k (29.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#359 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Maconaquah School Corporation (rural): math 25% / reading 40% proficiency, ranked #213 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maconaquah Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 557 students, 67% FRL); Maconaquah Middle School (math 14% / reading 36%, grade F, #247 of 330 statewide, top 76%, 435 students, 63% FRL); Maconaquah High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 594 students, 52% FRL).
• Market conditions: 129 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Miami 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 20 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $165k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $141,378 (29.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1960 — 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 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.71% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• GRM: 11.8

CMA / ARV

• ARV (median comp): $265,577
• List price: $199,900
• Delta: -24.73%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-37,969
• Equity at exit: $29,806

10-year hold

• IRR: -12.2%
• Equity multiple: 0.28×
• Total profit: $-40,489
• Equity at exit: $17,284

Cash invested: $55,972 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,414 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$71 /mo · $858/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $-86

Break-even live

Break-even rent $1,523

Max offer price $184,676

Occupancy floor —

Sensitivity live

Price	-10% $27	-5% $-30	+0% $-86	+5% $-143	+10% $-199
Rent	-10% $-198	-5% $-142	+0% $-86	+5% $-30	+10% $26
Rate	-1.0pp $14	-0.5pp $-35	base $-86	+0.5pp $-138	+1.0pp $-191

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   statusdays on market $199,900 Pending 20 DOM
2. 2026-06-19
   days on market $199,900 Active 18 DOM
3. 2026-06-18
   days on market $199,900 Active 17 DOM
4. 2026-06-17
   days on market $199,900 Active 16 DOM
5. 2026-06-16
   days on market $199,900 Active 15 DOM
6. 2026-06-15
   days on market $199,900 Active 14 DOM
7. 2026-06-14
   days on market $199,900 Active 12 DOM
8. 2026-06-13
   days on market $199,900 Active 11 DOM
9. 2026-06-10
   days on market $199,900 Active 9 DOM
10. 2026-06-09
    days on market $199,900 Active 8 DOM
11. 2026-06-08
    days on market $199,900 Active 7 DOM
12. 2026-06-07
    statusdays on market $199,900 Active 6 DOM
13. 2026-05-09
    status Pending 693-char remark
14. 2026-05-05
    price $199,900 693-char remark
15. 2026-05-05
    listed $189,900 Active 693-char remark
16. 2023-12-08
    soldstatus $165,000 Closed 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

17. 2023-12-03
    status Pending 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

18. 2023-10-28
    historical Active Under Contract 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

19. 2023-10-25
    price $169,000 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

20. 2023-10-17
    status Active 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

21. 2023-10-09
    historical Active Under Contract 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

22. 2023-09-26
    listed $174,900 Active 447-char remark

    Show marketing remark (447 chars)

    Come take a look at this fantastic 4 bedroom home that sits on over 1.5 acres with an abundance of space. Home boasts, beautiful hard wood flooring, a wonderful stone fireplace for those cold winter evenings and an in-ground pool for those hot summer days. Full appliance package, great room, living room, den and dining room will give you all the space you need for the holidays. Home has huge potential and it’s waiting for its new owners.

23. 2020-10-15
    soldstatus $118,826

    Show marketing remark (225 chars)

    Very spacious 4 bed/2.5 bath home on approx 1.6 acres. Wood burning fireplace in large living room. Very unique home with pocket doors, hardwood floors on upper level, dry basement and beautiful in ground pool with new liner.

24. 2020-10-13
    listed $118,826

    Show marketing remark (225 chars)

    Very spacious 4 bed/2.5 bath home on approx 1.6 acres. Wood burning fireplace in large living room. Very unique home with pocket doors, hardwood floors on upper level, dry basement and beautiful in ground pool with new liner.

ⓘ 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: $858 · $71/mo
• Projected year-2 tax: $1,278 · $107/mo
• Expected delta: +$421/yr (+$35/mo · 49.1%)

ⓘ 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 · 16 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: $16,965
• − Mortgage interest: −$11,198
• − Property taxes: −$858
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,357
• − Management: −$1,357
• − Depreciation: −$5,815
• Taxable loss: −$4,619
• Est. tax savings @ 24.0%: +$1,109
• After-tax cash flow: $74/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: Maconaquah School Corporation
• NCES district ID: 1806090
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $47,296
• Composite: 27.96/100
• National rank: #6859
• State rank: #213 of 301 in IN

Livability — Grissom AFB

• Score: 65/100
• State rank: #359
• US rank: #13555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami County · 23,020 people
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, IN
• 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

+68.2% since first listed

13 events — show timeline

• 2026-06-06 Relisted — IRMLS
• 2026-05-09 Pending — IRMLS
• 2026-05-05 Price Changed $199,900 IRMLS
• 2026-05-05 Listed $189,900 IRMLS
• 2023-12-08 Sold (MLS) $165,000 IRMLS
• 2023-12-03 Pending — IRMLS
• 2023-10-28 Contingent — IRMLS
• 2023-10-25 Price Changed $169,000 IRMLS
• 2023-10-17 Relisted — IRMLS
• 2023-10-09 Contingent — IRMLS
• 2023-09-26 Listed $174,900 IRMLS
• 2020-10-15 Sold (MLS) $118,826 IRMLS
• 2020-10-13 Listed $118,826 IRMLS

Property tax history

-7.2%/yr

Latest (2024): $858 · -0.4% YoY. Source: county tax records.