506 Foster St · Monticello, IN 47960

$219,900

4 bd · 2.0 ba · 1,664 sqft · MultiFamily · 11 Days on market

Built 1984 Average condition 0.27 ac lot

---

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).

• Cash flow +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well cared for Duplex on West Side of Monticello with excellent proximity to schools, City Parks, town square, downtown retail areas and Wal-Mart. This Duplex has updated a/c units, updated vinyl windows, nice wood decks, updated plank flooring, a utility shed for storage needs.

Key facts

• Proximity to schools
• City parks
• Town square

Tags

• DUPLEX
• WEST SIDE OF MONTICELLO
• PROXIMITY TO SCHOOLS
• CITY PARKS
• TOWN SQUARE
• DOWNTOWN RETAIL AREAS

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Duplex
• Construction: Wood siding; Block foundation; Built-up above grade finished area
• Exterior features: Deck; Level lot

Interior

• Kitchen: Range; Refrigerator; Dryer
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; 4 main-level bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Washer hookup; Crawl space basement
• Laundry & utility: Washer; Washer hookup; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive. Per door: $110/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Cap rate 7.5% vs local median 3.4% in Monticello — 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 71/100 on livability (#141 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meadowlawn Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 567 students, 56% FRL); Roosevelt Middle School (math 38% / reading 47%, grade D-, #98 of 330 statewide, top 30%, 523 students, 67% FRL); Twin Lakes Senior High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 674 students, 59% FRL) — zoned schools average 60% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 224 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $219,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.6%
• Equity multiple: 0.65×
• Total profit: $-21,544
• Equity at exit: $32,788

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-526
• Equity at exit: $19,013

Cash invested: $61,572 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 224
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $2,203 medium
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $221

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 85%

Sensitivity live

Price	-10% $373	-5% $297	+0% $221	+5% $145	+10% $69
Rent	-10% $47	-5% $134	+0% $221	+5% $308	+10% $395
Rate	-1.0pp $331	-0.5pp $277	base $221	+0.5pp $164	+1.0pp $106

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,204
Total (2 units)			$2,203

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1101 Foxwood Ct Monticello, IN	1.0–3.0	1.0–2.0	969	$1,183	$1.22	14d	7	0.62mi

Listing history 9 events

1. 2026-06-21
   days on market $219,900 Active 11 DOM
2. 2026-06-21
   days on market $219,900 Active 10 DOM
3. 2026-06-18
   days on market $219,900 Active 8 DOM
4. 2026-06-17
   days on market $219,900 Active 7 DOM
5. 2026-06-16
   days on market $219,900 Active 6 DOM
6. 2026-06-15
   days on market $219,900 Active 5 DOM
7. 2026-06-13
   days on market $219,900 Active 3 DOM
8. 2026-06-12
   remarks 279-char remark
9. 2026-06-12
   listed $219,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 17 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: $26,436
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − Depreciation: −$6,397
• Taxable loss: −$907
• Est. tax savings @ 24.0%: +$218
• After-tax cash flow: $2,866/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This two-unit property requires moderate renovations to update the kitchen and bathrooms, and some landscaping improvements. The home is currently in average condition and has good potential for increased value with these updates.

Repairs flagged

• Moderate kitchen cabinets — Worn and dated appearance
• Moderate kitchen countertops — Dated appearance
• Moderate bathroom fixtures — Dated appearance
• Minor landscaping — Overgrown areas and debris

Value-add opportunities

• Both Update kitchen cabinets and countertops — Modernizing the kitchen will appeal to both buyers and renters.
• Both Replace dated bathroom fixtures — Updating the bathrooms will improve the home's overall appeal and functionality.
• Both Landscaping and curb appeal improvements — Aesthetic improvements will enhance the home's curb appeal and attract more potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn and dated appearance	Moderate	$3,000–15,000
kitchen countertops · Dated appearance	Moderate	$3,000–15,000
bathroom fixtures · Dated appearance	Moderate	$3,000–15,000
landscaping · Overgrown areas and debris	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both Update kitchen cabinets and countertops — Modernizing the kitchen will appeal to both buyers and renters. ↑
• Both Replace dated bathroom fixtures — Updating the bathrooms will improve the home's overall appeal and functionality. ↑
• Both Landscaping and curb appeal improvements — Aesthetic improvements will enhance the home's curb appeal and attract more potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Monticello

• Score: 71/100
• State rank: #141
• US rank: #7278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monticello, IN
• Population (ZIP): 15,313

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

• 2026-06-08 Listed $219,900 IRMLS