577 E Blue St · Montezuma, IN 47862

$109,900

2 bd · 1.0 ba · 938 sqft · SingleFamily public records · 99 Days on market

Built 1954 6,970 sqft lot Est $107k · at est.

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Why this score? — see what drove the D 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 +12.6/30.0
• ARV discount +6.3/15.0
• Appreciation +5.5/10.0
• DSCR +3.7/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Checkout this nice, updated 2 bedroom home on a large corner lot in Montezuma. Large, spacious rooms throughout plus a nice new kitchen. This home is move in ready. Come take a look!!

Key facts

• 6,970 sq ft lot
• 2 garage spots
• Built 1954

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; One level
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch; Corner city lot

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Updated/remodeled condition; Laundry in unit; Unfinished basement
• Laundry & utility: Laundry in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $-15 ($-176/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (19.7% below list).
• Recommended offer: $88k (19.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#314 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, crime D+, amenities F.
• Southwest Parke Community School Corporation (rural): math 34% / reading 36% proficiency, ranked #195 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Montezuma Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 232 students, 66% FRL); Riverton Parke Jr-Sr High School (math 23% / reading 39%, grade F, #303 of 369 statewide, top 82%, 472 students, 53% FRL).
• Market conditions: 10 active listings in the ZIP; 61 units permitted in Parke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($760 loan paydown + $1k appreciation (1.1% local appreciation)).
• Parke County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,260 (19.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.80% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $106,932
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
538 Madison St	0.17mi	2/1.0	1,066 (+14%)	14mo	$20,500	$19	58
143 N Water St	0.48mi	2/2.5	1,044 (+11%)	3mo	$119,000	$114	50

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

Projected returns pro-forma

1.09% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $1,606
• Equity at exit: $38,053

10-year hold

• IRR: 5.6%
• Equity multiple: 1.70×
• Total profit: $21,388
• Equity at exit: $50,986

Cash invested: $30,772 (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 47862

• Home prices YoY: 0.5%
• Active inventory: 10
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $883 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$90 /mo · $1,078/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $-15

Break-even live

Break-even rent $901

Max offer price $107,303

Occupancy floor 97%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-03
   status $109,900 Pending 99 DOM
2. 2026-06-02
   days on market $109,900 Active 99 DOM
3. 2026-06-01
   days on market $109,900 Active 98 DOM
4. 2026-05-31
   days on market $109,900 Active 97 DOM
5. 2026-05-30
   days on market $109,900 Active 96 DOM
6. 2026-05-11
   price $109,900
7. 2026-02-23
   listed $119,900 Active
8. 2025-11-30
   historical
9. 2025-10-31
   price $119,900
10. 2025-08-18
    price $124,900
11. 2025-07-16
    listed $129,900 Active
12. 2024-03-22
    price $45,000
13. 2024-01-30
    price $47,900
14. 2023-11-21
    listed $49,900 Active
15. 2023-08-11
    listed $49,900 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: $1,078 · $90/mo
• Projected year-2 tax: $1,078 · $90/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 4/10 Moderate 7 d/yr ≥105°F today · 18 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: $10,591
• − Mortgage interest: −$6,156
• − Property taxes: −$1,078
• − Insurance: −$550
• − Repairs & maintenance: −$847
• − Management: −$847
• − Depreciation: −$3,197
• Taxable loss: −$2,084
• Est. tax savings @ 24.0%: +$500
• After-tax cash flow: $324/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: Southwest Parke Community School Corporation
• NCES district ID: 1810900
• Math proficiency: 34% ▼ -4.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $42,288
• Composite: 29.61/100
• National rank: #6474
• State rank: #195 of 301 in IN

Livability — Montezuma

• Score: 65/100
• State rank: #314
• US rank: #12442

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montezuma, IN
• Population (ZIP): 1,262

Population outlook (Parke County) Hauer SSP2

• Today (2025): 15,937 people
• By 2030: 15,467 · -2.9%
• By 2040: 14,793 · -7.2%
• By 2050: 14,318 · -10.2%
• By 2075: 13,484 · -15.4%
• By 2100: 12,236 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 10% Hispanic / Latino 10% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Iranian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Parke

• 2024 margin: Solid R (+56.9) · D 20.6% · R 77.5% · Other 1.9%
• 2008→2024 swing: -42.8pp toward R · 2008: -14.1pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+55.5 2016: R+52.0 2012: R+32.6 2008: R+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.09%
• Current HPI: 212.829
• 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

+120.2% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $109,900 MIBOR as Distributed by MLS Grid
• 2026-02-23 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2025-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-31 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2025-08-18 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2025-07-16 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2024-03-22 Price Changed $45,000 THAAR
• 2024-01-30 Price Changed $47,900 THAAR
• 2023-11-21 Listed $49,900 THAAR
• 2023-08-11 Listed $49,900 THAAR

Property tax history

+1.7%/yr

Latest (2024): $1,078 · +0.4% YoY. Source: county tax records.