405 Maple Ave · Wheeler, IN 46393

$130,000

3 bd · 1.0 ba · 1,337 sqft · SingleFamily public records · 20 Days on market

Built 1900 6,229 sqft lot Est $205k · 36% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.3/10.0
• Schools +5.0/10.0
• Appreciation +4.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0

Listing remarks MLS

Plenty of storage. This 3 Bedroom 1 bath home is just perfect for those who are in need of more space for their stuff. Featuring a 2 car Detached Garage, a Storage Shed in the back , and a Car Port for protection from weather. Perfect for anyone with boats, ATV's, a second Car. Hardwood floors in the Foyer and the upper level.

Key facts

• Spacious kitchen
• Bonus room
• Outdoor space

Tags

• SPACIOUS KITCHEN
• BONUS ROOM
• OUTDOOR SPACE
• MATURE TREES

Property features AI

Finance

• Other: Occupant type: Owner

Exterior

• Parking: Detached parking
• Utilities: Public water; Public sewer
• Home design: Two-story property; Built in 1900; Property listed in fixer condition
• Construction: Year built: 1900
• Exterior features: No notable view

Interior

• Kitchen: No kitchen-specific appliances listed
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating powered by natural gas
• Interior features: No special interior features listed; Bonus room; Living room
• Laundry & utility: Washer and dryer on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 47/100 on livability (#658 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, health & safety A; Watch: schools F, amenities F, commute F.
• Union Township School Corporation (rural): math 52% / reading 58% proficiency, ranked #22 of 301 in IN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 4 active listings in the ZIP; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $899 of loan paydown is wiped out by about $955 of value loss. Plan a longer hold.
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y 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.
• Current owner paid $90k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.03% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $204,561
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 5th St	0.38mi	3/1.0	1,376 (+3%)	19mo	$181,000	$132	62
605 St Rd 130	0.44mi	3/1.0	1,440 (+8%)	17mo	$220,000	$153	52
107 6th St	0.41mi	4/1.0 (+1)	1,166 (-13%)	16mo	$145,500	$125	42
572 W 450 N	0.63mi	2/2.0 (-1)	1,431 (+7%)	23mo	$290,000	$203	30

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

Projected returns pro-forma

-0.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.27×
• Total profit: $9,975
• Equity at exit: $33,043

10-year hold

• IRR: 12.0%
• Equity multiple: 2.21×
• Total profit: $44,189
• Equity at exit: $36,136

Cash invested: $36,400 (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 46393

• Home prices YoY: -0.4%
• Active inventory: 4
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,344 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$39 /mo · $474/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $287

Break-even live

Break-even rent $982

Max offer price $130,000

Occupancy floor 74%

Sensitivity live

Price	-10% $360	-5% $323	+0% $287	+5% $250	+10% $213
Rent	-10% $180	-5% $234	+0% $287	+5% $340	+10% $393
Rate	-1.0pp $352	-0.5pp $320	base $287	+0.5pp $253	+1.0pp $219

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $130,000 Active 20 DOM
2. 2026-06-18
   days on market $130,000 Active 17 DOM
3. 2026-06-17
   days on market $130,000 Active 16 DOM
4. 2026-06-16
   days on market $130,000 Active 15 DOM
5. 2026-06-15
   days on market $130,000 Active 14 DOM
6. 2026-06-13
   days on market $130,000 Active 12 DOM
7. 2026-06-13
   days on market $130,000 Active 11 DOM
8. 2026-06-09
   days on market $130,000 Active 8 DOM
9. 2026-06-08
   days on market $130,000 Active 7 DOM
10. 2026-06-07
    days on market $130,000 Active 6 DOM
11. 2026-06-04
    days on market $130,000 Active 3 DOM
12. 2026-06-03
    days on market $130,000 Active 2 DOM
13. 2026-06-02
    remarks 691-char remark
14. 2026-06-02
    listed $130,000 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: $474 · $39/mo
• Projected year-2 tax: $789 · $66/mo
• Expected delta: +$316/yr (+$26/mo · 66.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 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: $16,132
• − Mortgage interest: −$7,282
• − Property taxes: −$474
• − Insurance: −$650
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$3,782
• Taxable income: $1,363
• Est. tax owed @ 24.0%: −$327
• After-tax cash flow: $3,112/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: Union Township School Corporation
• NCES district ID: 1811700
• Math proficiency: 52% ▼ -12.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $78,021
• Composite: 49.59/100
• National rank: #1983
• State rank: #22 of 301 in IN

Livability — Wheeler

• Score: 47/100
• State rank: #658
• US rank: #26233

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeler, IN
• City population: 128
• Population (ZIP): 128

Population outlook (Porter County) Hauer SSP2

• Today (2025): 177,804 people
• By 2030: 181,552 · +2.1%
• By 2040: 185,830 · +4.5%
• By 2050: 187,498 · +5.5%
• By 2075: 189,585 · +6.6%
• By 2100: 183,722 · +3.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Iranian 14% Romanian 8% Portuguese 5%

Political lean MEDSL · Porter

• 2024 margin: R (+10.5) · D 43.8% · R 54.3% · Other 1.8%
• 2008→2024 swing: -17.7pp toward R · 2008: 7.2pp · 2024: -10.5pp
• All cycles: 2024: R+10.5 2020: R+6.1 2016: R+6.8 2012: D+3.8 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.73%
• Current HPI: 167.4984
• 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

+188.9% since first listed

12 events — show timeline

• 2026-06-01 Listed $130,000 NIRA MLS as Distributed by MLS Grid
• 2018-04-11 Sold (MLS) $90,000 NIRA MLS as Distributed by MLS Grid
• 2017-10-18 Listed $87,500 NIRA MLS as Distributed by MLS Grid
• 2012-11-11 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2012-05-14 Listed $84,900 NIRA MLS as Distributed by MLS Grid
• 2012-05-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2011-10-10 Listed $90,000 NIRA MLS as Distributed by MLS Grid
• 2010-04-30 Listed $30,000 NIRA MLS as Distributed by MLS Grid
• 2010-04-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2010-01-21 Listed $30,000 NIRA MLS as Distributed by MLS Grid
• 2010-01-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2009-10-13 Listed $45,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+2.6%/yr

Latest (2024): $474 · -0.6% YoY. Source: county tax records.