403 W Main St · Delphi, IN 46923

$178,500

3 bd · 1.5 ba · 1,632 sqft · SingleFamily public records · 5 Days on market

Built 1854 5,227 sqft lot Est $171k · at est.

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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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.1/10.0
• ARV discount +5.6/15.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to small-town living in this charming, all-brick home! This property features beautiful natural hardwood floors, three bedrooms, and 1.5 baths. Enjoy a lovely open kitchen where all appliances stay. All bedrooms are conveniently located upstairs, with the smaller room featuring an armoire for a closet. Outside, you'll find a low-maintenance backyard and a one-car detached garage, perfect for extra storage. Sale is subject to the seller closing on a specific home. Priced for a quick sale

Key facts

• Open kitchen
• 5,227 sq ft lot
• Garage

Tags

• NATURAL HARDWOOD FLOORS
• OPEN KITCHEN
• LOW-MAINTENANCE BACKYARD
• ONE-CAR DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached off-street garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Built with block and wood siding; Block and stone foundation
• Exterior features: Corner lot; Level lot

Interior

• Kitchen: Dishwasher; Refrigerator; Gas oven; Gas range
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Central air; Ceiling fans; Natural gas heating; Forced air heating
• Interior features: Window treatments; One fireplace
• Laundry & utility: Washer; Dryer; Laundry in basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $178k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Cap rate 9.2% vs local median 5.2% in Delphi — 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 72/100 on livability (#112 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Delphi Community School Corporation (town): math 36% / reading 41% proficiency, ranked #160 of 301 in IN (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Delphi Community Elementary School (math 37% / reading 31%, grade F, #627 of 994 statewide, top 63%, 623 students, 54% FRL); Delphi Community Middle School (math 31% / reading 43%, grade F, #152 of 330 statewide, top 47%, 333 students, 49% FRL); Delphi Community High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 405 students, 46% FRL).
• Market conditions: 45 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 32 units permitted in Carroll 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 $5k of value loss. Plan a longer hold.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1854 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,500

Questions for the listing agent

1. Built in 1854 — 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 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?
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: 1.11% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $171,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 N High St	0.49mi	4/1.5 (+1)	1,606 (-2%)	5mo	$60,000	$37	66
127 E Vine St	0.58mi	3/2.0	1,634 (+0%)	9mo	$320,000	$196	63
416 N Union St	0.37mi	3/2.0	1,707 (+5%)	13mo	$105,000	$62	62
103 E Harrison St	0.43mi	3/2.0	1,812 (+11%)	1mo	$220,000	$121	59
128 W Summit St	0.50mi	2/1.0 (-1)	1,554 (-5%)	4mo	$120,000	$77	58
413 W Summit St	0.48mi	3/2.0	1,508 (-8%)	7mo	$257,000	$170	57
424 W Summit St	0.49mi	4/2.0 (+1)	1,741 (+7%)	3mo	$140,000	$80	57
209 E Franklin St	0.30mi	2/1.5 (-1)	1,544 (-5%)	19mo	$175,000	$113	56
425 N Union St	0.41mi	3/2.5	1,520 (-7%)	13mo	$255,000	$168	55
601 N Union St	0.47mi	4/2.0 (+1)	1,736 (+6%)	8mo	$183,000	$105	53
208 W Vine St	0.58mi	3/1.5	1,593 (-2%)	23mo	$135,000	$85	50
5632 N 9th St	0.67mi	2/1.0 (-1)	1,394 (-15%)	8mo	$85,000	$61	31

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,188
• Equity at exit: $26,615

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $34,588
• Equity at exit: $15,433

Cash invested: $49,980 (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 46923

• Home prices YoY: -10.5%
• Active inventory: 45
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,982 medium
• Mortgage (P&I): −$936
• Tax from tax record: −$119 /mo · $1,433/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $436

Break-even live

Break-even rent $1,430

Max offer price $178,500

Occupancy floor 73%

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: $44,625
• Closing costs: $5,355
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 E North St Delphi, IN	4.0	3.0	2100	$2,250	$1.07	13d	1	0.48mi
921 S Washington St Delphi, IN	4.0	1.0	2244	$1,650	$0.74	44d	1	0.57mi
115 E Vine St Delphi, IN	3.0	2.5	1590	$1,975	$1.24	13d	1	0.60mi

Listing history 6 events

1. 2026-06-16
   status $178,500 Pending 5 DOM
2. 2026-06-16
   days on market $178,500 Active 5 DOM
3. 2026-06-15
   days on market $178,500 Active 4 DOM
4. 2026-06-14
   days on market $178,500 Active 2 DOM
5. 2026-06-13
   remarks 499-char remark
6. 2026-06-13
   listed $178,500 Active 1 DOM

ⓘ 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: $1,433 · $119/mo
• Projected year-2 tax: $1,475 · $123/mo
• Expected delta: +$42/yr (+$4/mo · 3.0%)

ⓘ 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 ≥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: $23,785
• − Mortgage interest: −$9,999
• − Property taxes: −$1,433
• − Insurance: −$892
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$5,193
• Taxable income: $2,463
• Est. tax owed @ 24.0%: −$591
• After-tax cash flow: $4,641/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: Delphi Community School Corporation
• NCES district ID: 1802700
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 41% ▼ -8.00%
• Median HH income: $47,044
• Composite: 32.95/100
• National rank: #5589
• State rank: #160 of 301 in IN

Livability — Delphi

• Score: 72/100
• State rank: #112
• US rank: #5934

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphi, IN
• Population (ZIP): 8,036

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.54%
• Current HPI: 261.2451
• 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

+11.6% since first listed

5 events — show timeline

• 2026-06-11 Listed $178,500 IRMLS
• 2022-09-06 Price Changed $155,000 IRMLS
• 2022-08-22 Relisted — IRMLS
• 2022-08-03 Pending — IRMLS
• 2022-07-29 Listed $160,000 IRMLS

Property tax history

+10.3%/yr

Latest (2025): $1,433 · +0.3% YoY. Source: county tax records.