507 E 11th St · Rushville, IN 46173

$134,900

3 bd · 1.0 ba · 2,468 sqft · SingleFamily public records · 33 Days on market

Built 1900 0.40 ac lot $55/sqft · 27% below area Est $185k · 27% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 0.4 acre lot
• 3 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (1.3% below list).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.0% in Rushville — 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 69/100 on livability (#184 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety C-, employment D+.
• Rush County Schools (town): math 38% / reading 41% proficiency, ranked #147 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 0.99% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

• ARV (median comp): $185,497
• List price: $134,900
• Delta: -27.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1041 N Maple St	0.08mi	3/1.0	2,531 (+3%)	3mo	$58,000	$23	89
1201 N Main St	0.33mi	4/1.5 (+1)	2,536 (+3%)	11mo	$252,000	$99	64
211 E 8th St	0.31mi	3/2.0	2,432 (-2%)	21mo	$203,000	$83	61
602 N Harrison St	0.58mi	3/1.5	2,447 (-1%)	14mo	$250,000	$102	58
116 E 9th St	0.29mi	2/1.0 (-1)	2,208 (-10%)	9mo	$93,000	$42	56
325 W 11th St	0.51mi	3/1.5	2,203 (-11%)	2mo	$165,000	$75	55
720 N Jackson St	0.61mi	3/1.5	2,299 (-7%)	9mo	$170,000	$74	51
507 N Morgan St	0.60mi	3/2.0	2,531 (+3%)	16mo	$220,000	$87	50
1234 N Park Blvd	0.47mi	2/1.0 (-1)	2,352 (-5%)	18mo	$152,000	$65	50
318 W 10th St	0.50mi	3/2.0	2,784 (+13%)	9mo	$89,000	$32	44
211 W 4th St	0.70mi	2/0.5 (-1)	2,364 (-4%)	22mo	$25,000	$11	35

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: -8.2%
• Equity multiple: 0.70×
• Total profit: $-11,423
• Equity at exit: $20,114

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $3,472
• Equity at exit: $11,664

Cash invested: $37,772 (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 46173

• Home prices YoY: -14.3%
• Active inventory: 65
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,331 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$124 /mo · $1,488/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $164

Break-even live

Break-even rent $1,124

Max offer price $134,900

Occupancy floor 83%

Sensitivity live

Price	-10% $240	-5% $202	+0% $164	+5% $126	+10% $88
Rent	-10% $59	-5% $111	+0% $164	+5% $217	+10% $269
Rate	-1.0pp $232	-0.5pp $198	base $164	+0.5pp $129	+1.0pp $93

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   statusdays on market $134,900 Pending 33 DOM
2. 2026-06-19
   status $134,900 Active 31 DOM
3. 2026-05-15
   status Pending
4. 2026-05-11
   price $134,900
5. 2026-04-13
   listed $144,900 Active
6. 2024-03-27
   historical
7. 2024-03-10
   price $148,000
8. 2024-02-02
   price $155,000
9. 2023-09-25
   listed $158,000 Active
10. 2021-03-25
    soldstatus $124,500 Closed
11. 2021-02-09
    status Pending
12. 2021-01-19
    price $124,500
13. 2020-12-22
    listed $129,900 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: $1,488 · $124/mo
• Projected year-2 tax: $1,488 · $124/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 · 19 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: $15,974
• − Mortgage interest: −$7,556
• − Property taxes: −$1,488
• − Insurance: −$674
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$3,924
• Taxable loss: −$225
• Est. tax savings @ 24.0%: +$54
• After-tax cash flow: $2,022/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: Rush County Schools
• NCES district ID: 1809750
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $46,237
• Composite: 33.72/100
• National rank: #5377
• State rank: #147 of 301 in IN

Livability — Rushville

• Score: 69/100
• State rank: #184
• US rank: #8476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rushville, IN
• Population (ZIP): 10,544

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2% Black 1%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.42%
• Current HPI: 242.9265
• 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

+3.8% since first listed

11 events — show timeline

• 2026-05-15 Pending — THAAR
• 2026-05-11 Price Changed $134,900 THAAR
• 2026-04-13 Listed $144,900 THAAR
• 2024-03-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-03-10 Price Changed $148,000 MIBOR as Distributed by MLS Grid
• 2024-02-02 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2023-09-25 Listed $158,000 MIBOR as Distributed by MLS Grid
• 2021-03-25 Sold (MLS) $124,500 MIBOR as Distributed by MLS Grid
• 2021-02-09 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-19 Price Changed $124,500 MIBOR as Distributed by MLS Grid
• 2020-12-22 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2024): $1,488 · +7.1% YoY. Source: county tax records.