34 Mildred St · Shelbyville, IN 46176

$179,900

4 bd · 4.0 ba · 4,600 sqft · MultiFamily · 192 Days on market

Built 1900 Fair condition 5,662 sqft lot $39/sqft · 25% above area Est $144k · 25% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• 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 MLS

Income producing duplex with long term tenant in 36 side. Each side has Living room, dining room, kitchen with appliances, laundry room and 2 bedrooms in the upper lever. 34 side has fresh paint and new floor covering, 36 side is in need of updating due to the very long term tenant and amount of rents reflecting that amount of rent. Minimum24 hr notice for showings.

Key facts

• 5,662 sq ft lot
• Built 1900
• Listed 191 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $970 ($12k/yr) — positive. Per door: $485/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• At $2,802/mo this rent would consume 52% of the median local household income ($65k/yr) (locally 921% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 14954% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.56% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.12%
• DSCR: 2.03
• GRM: 5.4

CMA / ARV

• ARV (median comp): $143,575
• List price: $179,900
• Delta: 25.30%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 16.1%
• Equity multiple: 1.65×
• Total profit: $32,692
• Equity at exit: $26,824

10-year hold

• IRR: 24.7%
• Equity multiple: 3.15×
• Total profit: $108,218
• Equity at exit: $15,554

Cash invested: $50,372 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,802 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $970

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 60%

Sensitivity live

Price	-10% $1,095	-5% $1,032	+0% $970	+5% $908	+10% $846
Rent	-10% $749	-5% $860	+0% $970	+5% $1,081	+10% $1,192
Rate	-1.0pp $1,061	-0.5pp $1,016	base $970	+0.5pp $924	+1.0pp $876

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,802
Total (2 units)			$2,802

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $179,900 Active 192 DOM
2. 2026-06-17
   days on market $179,900 Active 191 DOM
3. 2026-06-16
   days on market $179,900 Active 190 DOM
4. 2026-06-15
   days on market $179,900 Active 189 DOM
5. 2026-06-13
   days on market $179,900 Active 187 DOM
6. 2026-06-13
   days on market $179,900 Active 186 DOM
7. 2026-06-09
   days on market $179,900 Active 183 DOM
8. 2026-06-08
   days on market $179,900 Active 182 DOM
9. 2026-06-07
   days on market $179,900 Active 181 DOM
10. 2026-06-03
    days on market $179,900 Active 177 DOM
11. 2026-06-02
    days on market $179,900 Active 176 DOM
12. 2026-06-01
    days on market $179,900 Active 175 DOM
13. 2026-05-31
    days on market $179,900 Active 174 DOM
14. 2026-05-01
    listed $1,195
15. 2026-02-15
    status Active 370-char remark

    Show marketing remark (370 chars)

    Income producing duplex with long term tenant in 36 side. Each side has Living room, dining room, kitchen with appliances, laundry room and 2 bedrooms in the upper lever. 34 side has fresh paint and new floor covering, 36 side is in need of updating due to the very long term tenant and amount of rents reflecting that amount of rent. Minimum24 hr notice for showings.

16. 2025-10-03
    listed $179,900 Active 370-char remark

    Show marketing remark (370 chars)

    Income producing duplex with long term tenant in 36 side. Each side has Living room, dining room, kitchen with appliances, laundry room and 2 bedrooms in the upper lever. 34 side has fresh paint and new floor covering, 36 side is in need of updating due to the very long term tenant and amount of rents reflecting that amount of rent. Minimum24 hr notice for showings.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $33,624
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,690
• − Management: −$2,690
• − Depreciation: −$5,233
• Taxable income: $9,336
• Est. tax owed @ 24.0%: −$2,241
• After-tax cash flow: $9,403/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

Fair 45/100 Moderate rehab

This income-producing duplex requires moderate renovations to its kitchen and bathrooms, along with some landscaping improvements. The property has good structural integrity and a decent roof, but the dated finishes and wear on the flooring and walls suggest it could benefit from updates to increase its value.

Repairs flagged

• Moderate Kitchen cabinets — Dated and in need of replacement.
• Moderate Kitchen countertops — Worn and in need of replacement.
• Moderate Bathroom tile — Dated and in need of replacement.
• Minor Landscaping — Basic landscaping, could benefit from some updates.

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value.
• Both Bathroom renovation — Updating the bathrooms would also boost both resale and rental value.
• Rental Landscaping improvements — Enhancing the curb appeal would attract tenants and increase rental rates.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and in need of replacement.	Moderate	$3,000–15,000
Kitchen countertops · Worn and in need of replacement.	Moderate	$3,000–15,000
Bathroom tile · Dated and in need of replacement.	Moderate	$3,000–15,000
Landscaping · Basic landscaping, could benefit from some updates.	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value. ↑
• Both Bathroom renovation — Updating the bathrooms would also boost both resale and rental value. ↑
• Rental Landscaping improvements — Enhancing the curb appeal would attract tenants and increase rental rates. ↑

ⓘ 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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, 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

-99.3% since first listed

3 events — show timeline

• 2026-05-01 Listed for Rent $1,195 MIBOR
• 2026-02-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-03 Listed $179,900 MIBOR as Distributed by MLS Grid