6535 S 375 W · North Judson, IN 46366

$130,000

4 bd · 1.5 ba · 1,536 sqft · SingleFamily public records · 124 Days on market

Built 1977 10,018 sqft lot $85/sqft · 28% below area Est $180k · 28% under

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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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.3/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

Key facts

• Huge walk-in closet
• Soaking tub
• Newer metal roof

Tags

• NEWER METAL ROOF
• OPEN CONCEPT LIVING AREA
• HUGE WALK-IN CLOSET
• SOAKING TUB
• SKYLIGHTS
• DURABLE PLANK FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $274 ($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: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.7% in North Judson — 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 63/100 on livability (#423 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools D-, amenities F.
• North Judson-San Pierre School Corporation (rural): math 30% / reading 35% proficiency, ranked #218 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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: 1.03% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

• ARV (median comp): $180,277
• List price: $130,000
• Delta: -27.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 Leslie St	0.28mi	3/2.0 (-1)	1,526 (-1%)	8mo	$181,000	$119	72
204 N High St	0.53mi	4/1.0	1,496 (-3%)	11mo	$140,000	$94	60
218 Park Ave	0.60mi	3/1.5 (-1)	1,473 (-4%)	12mo	$72,000	$49	50
205 Silver St	0.65mi	3/2.0 (-1)	1,377 (-10%)	6mo	$45,000	$33	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-3,674
• Equity at exit: $19,383

10-year hold

• IRR: 7.0%
• Equity multiple: 1.52×
• Total profit: $19,053
• Equity at exit: $11,240

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 46366

• Home prices YoY: -12.7%
• Active inventory: 38
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,337 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$47 /mo · $560/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $274

Break-even live

Break-even rent $991

Max offer price $130,000

Occupancy floor 75%

Sensitivity live

Price	-10% $347	-5% $311	+0% $274	+5% $237	+10% $200
Rent	-10% $168	-5% $221	+0% $274	+5% $327	+10% $380
Rate	-1.0pp $339	-0.5pp $307	base $274	+0.5pp $240	+1.0pp $206

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 30 events

1. 2026-06-21
   days on market $130,000 Active 124 DOM
2. 2026-06-18
   days on market $130,000 Active 122 DOM
3. 2026-06-17
   days on market $130,000 Active 121 DOM
4. 2026-06-16
   days on market $130,000 Active 120 DOM
5. 2026-06-15
   days on market $130,000 Active 119 DOM
6. 2026-06-13
   days on market $130,000 Active 117 DOM
7. 2026-06-12
   days on market $130,000 Active 116 DOM
8. 2026-06-09
   days on market $130,000 Active 113 DOM
9. 2026-06-08
   days on market $130,000 Active 112 DOM
10. 2026-06-07
    days on market $130,000 Active 111 DOM
11. 2026-06-05
    days on market $130,000 Active 109 DOM
12. 2026-06-04
    days on market $130,000 Active 107 DOM
13. 2026-06-02
    days on market $130,000 Active 106 DOM
14. 2026-06-01
    days on market $130,000 Active 105 DOM
15. 2026-05-31
    days on market $130,000 Active 104 DOM
16. 2026-05-31
    days on market $130,000 Active 103 DOM
17. 2026-03-20
    price $130,000 928-char remark

    Show marketing remark (928 chars)

    Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

18. 2026-02-27
    status Active 928-char remark

    Show marketing remark (928 chars)

    Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

19. 2026-02-24
    status Pending 928-char remark

    Show marketing remark (928 chars)

    Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

20. 2026-02-22
    price $145,000 928-char remark

    Show marketing remark (928 chars)

    Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

21. 2026-02-13
    listed $149,900 Active 928-char remark

    Show marketing remark (928 chars)

    Great investment opportunity with two potential rental properties available on a single parcel! The main house features a newer metal roof, open concept living area with hardwood floors, four spacious bedrooms, a full bathroom, half bath & laundry area (washer & dryer stay). The guest house (converted garage/workshop) offers an open concept living area on the main floor with fireplace, kitchen, huge walk-in closet & soaking tub, while the upstairs could serve as a sleeping area or workshop, boasting a half bath, skylights, durable plank flooring and walk-out access to the 9.5x9 raised deck! Occupy one dwelling and rent out the other, rent out both or make in-law accommodations! Endless possibilities & rental income potential! LOW taxes and NO HOA, great location on a corner lot just a half-mile from downtown North Judson -- schedule your showing today to check out this truly unique property!

22. 2014-09-09
    historical
23. 2014-09-09
    historical
24. 2007-02-01
    listed $34,900
25. 2007-01-04
    listed $57,750
26. 2006-09-12
    historical
27. 2005-09-19
    listed $59,900
28. 2005-09-19
    listed $59,900
29. 2004-10-14
    historical
30. 2004-10-06
    listed $65,000

ⓘ 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: $560 · $47/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: +$272/yr (+$23/mo · 48.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 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: $16,047
• − Mortgage interest: −$7,282
• − Property taxes: −$560
• − Insurance: −$650
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$3,782
• Taxable income: $1,206
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $2,997/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: North Judson-San Pierre School Corporation
• NCES district ID: 1807800
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 35% ▲ 3.00%
• Median HH income: $42,731
• Composite: 27.57/100
• National rank: #6940
• State rank: #218 of 301 in IN

Livability — North Judson

• Score: 63/100
• State rank: #423
• US rank: #15224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Judson, IN
• City population: 5,672
• Population (ZIP): 5,672

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Romanian 5% Iranian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.58%
• Current HPI: 224.7809
• 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

+100.0% since first listed

14 events — show timeline

• 2026-03-20 Price Changed $130,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-27 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-02-24 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-02-22 Price Changed $145,000 NIRA MLS as Distributed by MLS Grid
• 2026-02-13 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2014-09-09 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2007-02-01 Listed $34,900 NIRA MLS as Distributed by MLS Grid
• 2007-01-04 Listed $57,750 NIRA MLS as Distributed by MLS Grid
• 2006-09-12 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2005-09-19 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2005-09-19 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2004-10-14 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-10-06 Listed $65,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2024): $560 · -3.1% YoY. Source: county tax records.