104 E Main St · Darlington, IN 47940

$105,000

2 bd · 1.5 ba · 1,627 sqft · SingleFamily public records · 30 Days on market

Built 1956 Est $198k · 47% 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 +24.3/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.8/10.0
• 1% rule +5.1/10.0
• Schools +4.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Needs updated

Key facts

• Built 1956
• Listed 30 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#457 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety F.
• North Montgomery Community School Corporation (rural): math 47% / reading 53% proficiency, ranked #50 of 301 in IN (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sugar Creek Elementary School (math 62% / reading 57%, grade B-, #128 of 994 statewide, top 15%, 269 students, 40% FRL); North Montgomery Middle School (math 47% / reading 48%, grade C-, #62 of 330 statewide, top 19%, 419 students, 38% FRL); North Montgomery High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 516 students, 34% FRL).
• Market conditions: 11 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($726 loan paydown + $10k appreciation (10.0% local appreciation)).
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.62%
• DSCR: 1.38
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $198,494
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 S Franklin St	0.13mi	3/2.5 (+1)	1,576 (-3%)	14mo	$178,000	$113	68
112 Mill St	0.37mi	3/2.0 (+1)	1,656 (+2%)	18mo	$87,500	$53	58
404 West St	0.39mi	3/1.0 (+1)	1,528 (-6%)	11mo	$194,000	$127	56
4 Academy Pl	0.21mi	3/1.5 (+1)	1,434 (-12%)	20mo	$175,000	$122	49
5109 N 700 Rd E	0.15mi	3/2.5 (+1)	1,414 (-13%)	17mo	$180,000	$127	48
302 Adams St	0.24mi	2/1.0	1,828 (+12%)	23mo	$150,000	$82	47

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.6%
• Equity multiple: 3.40×
• Total profit: $70,599
• Equity at exit: $94,592

10-year hold

• IRR: 26.4%
• Equity multiple: 7.71×
• Total profit: $197,228
• Equity at exit: $203,992

Cash invested: $29,400 (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 47940

• Home prices YoY: 18.6%
• Active inventory: 11
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$31 /mo · $374/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $211

Break-even live

Break-even rent $792

Max offer price $105,000

Occupancy floor 75%

Sensitivity live

Price	-10% $271	-5% $241	+0% $211	+5% $182	+10% $152
Rent	-10% $128	-5% $169	+0% $211	+5% $253	+10% $295
Rate	-1.0pp $264	-0.5pp $238	base $211	+0.5pp $184	+1.0pp $156

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $105,000 Active 30 DOM
2. 2026-06-19
   days on market $105,000 Active 28 DOM
3. 2026-06-18
   days on market $105,000 Active 27 DOM
4. 2026-06-17
   days on market $105,000 Active 26 DOM
5. 2026-06-16
   days on market $105,000 Active 25 DOM
6. 2026-06-15
   days on market $105,000 Active 24 DOM
7. 2026-06-14
   days on market $105,000 Active 22 DOM
8. 2026-06-13
   days on market $105,000 Active 21 DOM
9. 2026-06-10
   days on market $105,000 Active 19 DOM
10. 2026-06-09
    days on market $105,000 Active 18 DOM
11. 2026-06-08
    days on market $105,000 Active 17 DOM
12. 2026-06-07
    days on market $105,000 Active 16 DOM
13. 2026-06-05
    days on market $105,000 Active 13 DOM
14. 2026-06-02
    days on market $105,000 Active 11 DOM
15. 2026-06-01
    days on market $105,000 Active 10 DOM
16. 2026-05-31
    days on market $105,000 Active 9 DOM
17. 2026-05-30
    days on market $105,000 Active 8 DOM
18. 2026-05-23
    listed $105,000 Active

ⓘ 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: $374 · $31/mo
• Projected year-2 tax: $633 · $53/mo
• Expected delta: +$259/yr (+$22/mo · 69.2%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $12,712
• − Mortgage interest: −$5,882
• − Property taxes: −$374
• − Insurance: −$525
• − Repairs & maintenance: −$1,017
• − Management: −$1,017
• − Depreciation: −$3,055
• Taxable income: $843
• Est. tax owed @ 24.0%: −$202
• After-tax cash flow: $2,333/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: North Montgomery Community School Corporation
• NCES district ID: 1807900
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 53% ▲ 3.00%
• Median HH income: $53,844
• Composite: 43.14/100
• National rank: #3076
• State rank: #50 of 301 in IN

Livability — Darlington

• Score: 62/100
• State rank: #457
• US rank: #16196

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Darlington, IN
• Population (ZIP): 1,490

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 13% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Iranian 8% Slovak 4% Serbian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 36.07%
• Current HPI: 230.088
• 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

1 event — show timeline

• 2026-05-23 Listed $105,000 FSBO.com

Property tax history

+14.0%/yr

Latest (2025): $374 · +29.1% YoY. Source: county tax records.