203 Crane Dr · Crawfordsville, IN 47933

$134,900

4 bd · 2.0 ba · 2,082 sqft · SingleFamily public records · 63 Days on market

Built 1900 3,833 sqft lot Est $171k · 21% 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +6.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Walking distance to downtown! A quick jaunt to shopping, restaurants, and more. Easy west side location. 4 bedrooms, with the primary bedroom on the main level. The home thoughtfully provides two full bathrooms, one on each level. Spanning 2082 square feet of living area, over two levels. Plenty of room to spread out. The kitchen has cream colored wood cabinetry and features an electric range and refrigerator. There is ample space for a dining table, or an additional room on the main level could be formal dining space, a workout room, office, or 2nd living room. Outside, a manageable and easy to maintain lot that is just under 1/10th of an acre. Just enough green space for play, without ov

Key facts

• Electric range
• Refrigerator
• Two full bathrooms

Tags

• WALKING DISTANCE TO DOWNTOWN
• EASY WEST SIDE LOCATION
• TWO FULL BATHROOMS
• CREAM COLORED WOOD CABINETRY
• ELECTRIC RANGE
• REFRIGERATOR

Property features AI

Exterior

• Parking: No garage space reported
• Utilities: Public water; Municipal sewer connection; Renewable source fuel; No solid waste service listed
• Home design: Single-family residence; Two levels; Residential property type
• Construction: Vinyl siding; Block and brick/mortar foundation
• Exterior features: Covered patio/porch; Deck; Privacy fence; Low-maintenance yard

Interior

• Kitchen: Electric oven; Range hood; Refrigerator; Eat-in layout
• Bedrooms: Four bedrooms total (one on the main level, three on the upper level)
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level)
• Heating & cooling: Forced air heating; Electric heating; Baseboard heating; Central air conditioning
• Interior features: High ceilings; Eat-in kitchen; Woodwork painted; Unfinished basement; One fireplace (located in a bedroom, non-functional)
• Laundry & utility: Main-level laundry room (9 x 7)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.4% in Crawfordsville — 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 (#118 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: commute D+, amenities F, employment D-.
• Crawfordsville Community Schools (town): math 27% / reading 32% proficiency, ranked #247 of 301 in IN (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crawfordsville Sr High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 692 students, 58% FRL) — zoned schools at 58% FRL track the district average.
• Zoned-school proficiency averages 47% at this address vs 30% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Crawfordsville Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.3%/yr); 209 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 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.
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y 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 $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.29%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $170,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 W Pike St	0.21mi	3/1.5 (-1)	2,016 (-3%)	1mo	$185,000	$92	77
210 Wilhoit St	0.24mi	4/1.0	1,933 (-7%)	5mo	$142,000	$73	69
314 W North St	0.16mi	3/2.0 (-1)	1,942 (-7%)	12mo	$215,000	$111	67
211 Vance St	0.04mi	5/2.5 (+1)	2,358 (+13%)	5mo	$260,000	$110	64
413 S Water St	0.60mi	3/2.0 (-1)	2,088 (+0%)	6mo	$155,000	$74	61
215 S Grant Ave	0.27mi	5/2.0 (+1)	1,806 (-13%)	1mo	$210,000	$116	60
701 Illinois St	0.69mi	3/2.0 (-1)	2,020 (-3%)	6mo	$160,000	$79	53
116 N Barr St	0.59mi	3/2.0 (-1)	2,248 (+8%)	2mo	$185,000	$82	52
1205 W Market St	0.56mi	4/2.5	1,834 (-12%)	1mo	$217,000	$118	51
600 S Walnut St	0.56mi	3/1.0 (-1)	2,160 (+4%)	11mo	$120,000	$56	49
103 E Chestnut St	0.73mi	3/1.0 (-1)	2,016 (-3%)	7mo	$110,000	$55	46
304 E Franklin St	0.68mi	3/1.0 (-1)	2,324 (+12%)	0mo	$145,000	$62	40

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 · 3.28% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-777
• Equity at exit: $20,114

10-year hold

• IRR: 9.4%
• Equity multiple: 1.74×
• Total profit: $27,778
• 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 47933

• Home prices YoY: -27.1%
• Rents YoY: 3.3%
• Active inventory: 209
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,574 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$156 /mo · $1,877/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $324

Break-even live

Break-even rent $1,165

Max offer price $134,900

Occupancy floor 74%

Sensitivity live

Price	-10% $400	-5% $362	+0% $324	+5% $286	+10% $247
Rent	-10% $199	-5% $262	+0% $324	+5% $386	+10% $448
Rate	-1.0pp $392	-0.5pp $358	base $324	+0.5pp $289	+1.0pp $253

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 28 events

1. 2026-06-02
   status $134,900 Pending 63 DOM
2. 2026-06-01
   days on market $134,900 Active 63 DOM
3. 2026-05-31
   days on market $134,900 Active 62 DOM
4. 2026-05-30
   days on market $134,900 Active 61 DOM
5. 2026-05-05
   price $134,900
6. 2026-04-25
   status Active
7. 2026-04-07
   status Pending
8. 2026-03-12
   listed $144,900 Active
9. 2025-05-19
   historical
10. 2025-04-19
    price $169,000
11. 2025-02-11
    listed $173,000 Active
12. 2024-11-01
    historical
13. 2024-03-10
    listed $189,900 Active
14. 2022-04-25
    soldstatus $150,000 Closed
15. 2022-03-24
    status Pending
16. 2022-03-22
    listed $154,900 Active
17. 2021-12-06
    soldstatus $118,000 Closed
18. 2021-11-08
    status Pending
19. 2021-11-03
    price $125,000
20. 2021-10-06
    price $130,000
21. 2021-09-26
    listed $139,000 Active
22. 2012-06-22
    historical
23. 2012-06-22
    soldstatus $54,000
24. 2011-10-08
    listed $57,400
25. 2011-10-05
    historical
26. 2011-01-17
    listed $59,900
27. 2005-05-27
    soldstatus $50,000
28. 2005-03-31
    listed $44,900

ⓘ 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: $1,877 · $156/mo
• Projected year-2 tax: $1,877 · $156/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 ≥101°F today · 18 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: $18,893
• − Mortgage interest: −$7,556
• − Property taxes: −$1,877
• − Insurance: −$674
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$3,924
• Taxable income: $1,838
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $3,444/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: Crawfordsville Community Schools
• NCES district ID: 1802460
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $39,087
• Composite: 24.73/100
• National rank: #7606
• State rank: #247 of 301 in IN

Livability — Crawfordsville

• Score: 72/100
• State rank: #118
• US rank: #6376

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crawfordsville, IN
• County: Montgomery County · 28,357 people
• City population: 28,357
• Metro: Crawfordsville, IN
• Population (ZIP): 28,357
• Household income: $68,130
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 464.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.91%
• Current HPI: 211.6864
• Rent YoY: ▲ 3.28%
• Metro: Crawfordsville, IN
• 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

+200.4% since first listed

24 events — show timeline

• 2026-05-05 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2026-04-25 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-12 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2025-05-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-19 Price Changed $169,000 MIBOR as Distributed by MLS Grid
• 2025-02-11 Listed $173,000 MIBOR as Distributed by MLS Grid
• 2024-11-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-03-10 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2022-04-25 Sold (MLS) $150,000 MIBOR as Distributed by MLS Grid
• 2022-03-24 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-22 Listed $154,900 MIBOR as Distributed by MLS Grid
• 2021-12-06 Sold (MLS) $118,000 MIBOR as Distributed by MLS Grid
• 2021-11-08 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-03 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2021-10-06 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2021-09-26 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2012-06-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-06-22 Sold (MLS) $54,000 MIBOR as Distributed by MLS Grid
• 2011-10-08 Listed $57,400 MIBOR as Distributed by MLS Grid
• 2011-10-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-01-17 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2005-05-27 Sold (MLS) $50,000 MIBOR as Distributed by MLS Grid
• 2005-03-31 Listed $44,900 MIBOR as Distributed by MLS Grid

Property tax history

+23.4%/yr

Latest (2025): $1,877 · +7.6% YoY. Source: county tax records.