111 Stark Dr · Borden, IN 47106

$230,000

3 bd · 2.0 ba · 1,168 sqft · SingleFamily public records · 247 Days on market

Built 1999 9,600 sqft lot Est $225k · 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 +17.8/30.0
• Appreciation +10.0/10.0
• ARV discount +6.6/15.0
• DSCR +5.6/10.0
• Schools +5.0/10.0
• 1% rule +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

STOP PAYING RENT! Eligible for 100% Financing through USDA Rural Development. Larger than it looks 3 Bedroom 2 Full Bathroom home in Borden, IN. Home is located in the Borden Ridge subdivision and is within walking distance to schools. It has a desirable Open Floor Plan, with vaulted ceilings that make it feel even larger than it is. The backyard is completely fenced. This house has been well-cared for and will make someone a great home. Call today to view!

Key facts

• Open floor plan
• 9,600 sq ft lot
• Garage

Tags

• OPEN FLOOR PLAN
• BACKYARD COMPLETELY FENCED

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water connection; Public sewer
• Home design: Single-story home; Slab foundation; Shingle roof; Frame construction with vinyl siding; Above-grade finished area approximately 1,238
• Construction: Built with frame and vinyl siding; Shingle roof; Slab foundation
• Exterior features: Paved road access; Residential zoning; Lot dimensions approximately 80 x 120

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Kitchen located on the first floor (approx. 12 x 19)
• Bedrooms: Two first-floor bedrooms (approx. 9 x 11.2 and 9 x 12); Additional first-floor room (approx. 13 x 13) that can serve as bedroom or flex space
• Bathrooms: Two full bathrooms (both on the first floor)
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Primary bedroom with private bath; Main level primary suite; Vaulted ceilings; 7 total rooms
• Laundry & utility: Main-level laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $189 ($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 $203k (11.7% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#507 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.
• Market conditions: 26 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $108k; list at $230k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.88% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.53%
• DSCR: 1.16
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $225,424
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 Brewer Dr	0.16mi	3/2.0	1,148 (-2%)	0mo	$225,000	$196	89
117 Stark Dr	0.05mi	3/2.0	1,108 (-5%)	0mo	$215,000	$194	89
203 Borden Ridge Dr	0.10mi	3/2.0	1,215 (+4%)	12mo	$235,000	$193	79
111 Vine Ct	0.06mi	3/2.0	1,054 (-10%)	7mo	$203,500	$193	75
118 Stark Dr	0.05mi	3/2.0	1,080 (-8%)	16mo	$184,900	$171	72
112 Mckinley Dr	0.37mi	4/1.0 (+1)	1,242 (+6%)	7mo	$204,000	$164	57
633 W Water St	0.71mi	3/1.0	1,200 (+3%)	8mo	$240,000	$200	51

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.8%
• Equity multiple: 3.13×
• Total profit: $137,237
• Equity at exit: $207,202

10-year hold

• IRR: 23.5%
• Equity multiple: 7.13×
• Total profit: $394,514
• Equity at exit: $446,839

Cash invested: $64,400 (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 47106

• Home prices YoY: 6.7%
• Active inventory: 26
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,032 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$114 /mo · $1,367/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $189

Break-even live

Break-even rent $1,792

Max offer price $230,000

Occupancy floor 86%

Sensitivity live

Price	-10% $319	-5% $254	+0% $189	+5% $124	+10% $59
Rent	-10% $29	-5% $109	+0% $189	+5% $269	+10% $350
Rate	-1.0pp $305	-0.5pp $248	base $189	+0.5pp $130	+1.0pp $69

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-17
   days on market $230,000 Active 247 DOM
2. 2026-06-16
   days on market $230,000 Active 246 DOM
3. 2026-06-15
   days on market $230,000 Active 245 DOM
4. 2026-06-13
   days on market $230,000 Active 243 DOM
5. 2026-06-10
   days on market $230,000 Active 240 DOM
6. 2026-06-09
   days on market $230,000 Active 239 DOM
7. 2026-06-08
   days on market $230,000 Active 238 DOM
8. 2026-06-07
   days on market $230,000 Active 237 DOM
9. 2026-06-03
   days on market $230,000 Active 233 DOM
10. 2026-06-02
    days on market $230,000 Active 232 DOM
11. 2026-06-01
    days on market $230,000 Active 231 DOM
12. 2026-05-31
    days on market $230,000 Active 230 DOM
13. 2026-05-15
    price $230,000
14. 2026-04-13
    status Active
15. 2026-04-11
    historical
16. 2025-10-10
    listed $235,000 Active
17. 2016-05-10
    soldstatus $108,000 461-char remark

    Show marketing remark (461 chars)

    STOP PAYING RENT! Eligible for 100% Financing through USDA Rural Development. Larger than it looks 3 Bedroom 2 Full Bathroom home in Borden, IN. Home is located in the Borden Ridge subdivision and is within walking distance to schools. It has a desirable Open Floor Plan, with vaulted ceilings that make it feel even larger than it is. The backyard is completely fenced. This house has been well-cared for and will make someone a great home. Call today to view!

18. 2016-05-10
    soldstatus $108,000

    Show marketing remark (461 chars)

    STOP PAYING RENT! Eligible for 100% Financing through USDA Rural Development. Larger than it looks 3 Bedroom 2 Full Bathroom home in Borden, IN. Home is located in the Borden Ridge subdivision and is within walking distance to schools. It has a desirable Open Floor Plan, with vaulted ceilings that make it feel even larger than it is. The backyard is completely fenced. This house has been well-cared for and will make someone a great home. Call today to view!

19. 2016-02-24
    listed $110,000 461-char remark

    Show marketing remark (461 chars)

    STOP PAYING RENT! Eligible for 100% Financing through USDA Rural Development. Larger than it looks 3 Bedroom 2 Full Bathroom home in Borden, IN. Home is located in the Borden Ridge subdivision and is within walking distance to schools. It has a desirable Open Floor Plan, with vaulted ceilings that make it feel even larger than it is. The backyard is completely fenced. This house has been well-cared for and will make someone a great home. Call today to view!

20. 2010-03-09
    soldstatus $105,000

ⓘ 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: $1,367 · $114/mo
• Projected year-2 tax: $1,661 · $138/mo
• Expected delta: +$294/yr (+$25/mo · 21.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 8 d/yr ≥104°F today · 21 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,380
• − Mortgage interest: −$12,884
• − Property taxes: −$1,367
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,950
• − Management: −$1,950
• − Depreciation: −$6,691
• Taxable loss: −$1,612
• Est. tax savings @ 24.0%: +$387
• After-tax cash flow: $2,657/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)

No district data.

Livability — Borden

• Score: 61/100
• State rank: #507
• US rank: #17982

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Borden, IN
• Population (ZIP): 4,583

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2%
• Common ancestry: Lithuanian 2% Serbian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.50%
• Current HPI: 344.4
• 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

+119.0% since first listed

8 events — show timeline

• 2026-05-15 Price Changed $230,000 SIRA
• 2026-04-13 Relisted — SIRA
• 2026-04-11 Delisted — SIRA
• 2025-10-10 Listed $235,000 SIRA
• 2016-05-10 Sold (Public Records) $108,000 Public Records
• 2016-05-10 Sold (MLS) $108,000 SIRA
• 2016-02-24 Listed $110,000 SIRA
• 2010-03-09 Sold (Public Records) $105,000 Public Records

Property tax history

+6.7%/yr

Latest (2024): $1,367 · +13.7% YoY. Source: county tax records.