115 High Street St · Geneva, IN 46740

$109,900

4 bd · 2.0 ba · 2,746 sqft · MultiFamily public records · 317 Days on market

Built 1900 8,712 sqft lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This spacious two story home has room for everyone! Live on the main floor and rent out the upstairs to help pay your mortgage! With space for three, to as many as five bedrooms, large kitchen, breakfast area, dining room and much more, there is room to roam. Custom made oak cabinets, original stairway banister, new dishwasher and water heater. Fenced back yard and with a 12 x 24 deck, detached garage, vinyl siding & replacement windows. The upstairs is currently used as an apartment but is easily converted back to a single family dwelling by just opening a doorway again. All appliances both upstairs, downstairs, and laundry stay with the home . New carpet in main level dining room & living room.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#103 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• South Adams Schools (town): math 50% / reading 43% proficiency, ranked #92 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Adams Elementary School (math 53% / reading 34%, grade F, #411 of 994 statewide, top 42%, 660 students, 51% FRL); South Adams Middle School (math 50% / reading 46%, grade C-, #60 of 330 statewide, top 18%, 288 students, 56% FRL); South Adams High School (math 37% / reading 67%, grade D+, #106 of 369 statewide, top 31%, 343 students, 44% FRL).
• Market conditions: 7 active listings in the ZIP; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($760 loan paydown + $7k appreciation (6.2% local appreciation)).
• Adams County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 317 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $50k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $110k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 317 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 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 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.05% ✓
• Cap rate: 17.62%
• Cash-on-cash: 40.46%
• DSCR: 2.80
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.4%
• Equity multiple: 4.22×
• Total profit: $99,050
• Equity at exit: $70,374

10-year hold

• IRR: 47.1%
• Equity multiple: 8.78×
• Total profit: $239,343
• Equity at exit: $128,745

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 46740

• Home prices YoY: 2.5%
• Active inventory: 7
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,255 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$122 /mo · $1,461/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $1,038

Break-even live

Break-even rent $942

Max offer price $109,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,100	-5% $1,069	+0% $1,038	+5% $1,006	+10% $975
Rent	-10% $859	-5% $949	+0% $1,038	+5% $1,127	+10% $1,216
Rate	-1.0pp $1,093	-0.5pp $1,066	base $1,038	+0.5pp $1,009	+1.0pp $980

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,160
1× unit	2	1.5	$1,094
Total (2 units)			$2,255

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 10 events

1. 2026-04-10
   status Pending
2. 2026-04-08
   price $109,900
3. 2026-02-20
   price $119,900
4. 2026-01-11
   price $129,900
5. 2025-11-08
   price $142,900
6. 2025-08-16
   price $144,900
7. 2025-07-24
   price $149,900
8. 2025-05-28
   listed $159,900 Active
9. 2014-09-04
   soldstatus $65,000 718-char remark

   Show marketing remark (718 chars)

   This spacious two story home has room for everyone! Live on the main floor and rent out the upstairs to help pay your mortgage! With space for three, to as many as five bedrooms, large kitchen, breakfast area, dining room and much more, there is room to roam. Custom made oak cabinets, original stairway banister, new dishwasher and water heater. Fenced back yard and with a 12 x 24 deck, detached garage, vinyl siding & replacement windows. The upstairs is currently used as an apartment but is easily converted back to a single family dwelling by just opening a doorway again. All appliances both upstairs, downstairs, and laundry stay with the home . New carpet in main level dining room & living room.

10. 2014-07-03
    listed $65,000 718-char remark

    Show marketing remark (718 chars)

    This spacious two story home has room for everyone! Live on the main floor and rent out the upstairs to help pay your mortgage! With space for three, to as many as five bedrooms, large kitchen, breakfast area, dining room and much more, there is room to roam. Custom made oak cabinets, original stairway banister, new dishwasher and water heater. Fenced back yard and with a 12 x 24 deck, detached garage, vinyl siding & replacement windows. The upstairs is currently used as an apartment but is easily converted back to a single family dwelling by just opening a doorway again. All appliances both upstairs, downstairs, and laundry stay with the home . New carpet in main level dining room & living room.

ⓘ 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: $1,461 · $122/mo
• Projected year-2 tax: $1,461 · $122/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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,060
• − Mortgage interest: −$6,156
• − Property taxes: −$1,461
• − Insurance: −$550
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − Depreciation: −$3,197
• Taxable income: $11,367
• Est. tax owed @ 24.0%: −$2,728
• After-tax cash flow: $9,723/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: South Adams Schools
• NCES district ID: 1810260
• Math proficiency: 50% ▼ -7.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $42,024
• Composite: 39.16/100
• National rank: #4029
• State rank: #92 of 301 in IN

Livability — Geneva

• Score: 73/100
• State rank: #103
• US rank: #5517

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Geneva, IN
• Population (ZIP): 4,766

Population outlook (Adams County) Hauer SSP2

• Today (2025): 33,772 people
• By 2030: 32,927 · -2.5%
• By 2040: 31,349 · -7.2%
• By 2050: 29,447 · -12.8%
• By 2075: 24,062 · -28.8%
• By 2100: 18,126 · -46.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Polish 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 51% English-only · German/W. Germanic 46% Spanish 3%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+52.6) · D 22.8% · R 75.4% · Other 1.8%
• 2008→2024 swing: -26.9pp toward R · 2008: -25.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+52.4 2016: R+52.5 2012: R+39.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.19%
• Current HPI: 250.9013
• 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

+69.1% since first listed

10 events — show timeline

• 2026-04-10 Pending — IRMLS
• 2026-04-08 Price Changed $109,900 IRMLS
• 2026-02-20 Price Changed $119,900 IRMLS
• 2026-01-11 Price Changed $129,900 IRMLS
• 2025-11-08 Price Changed $142,900 IRMLS
• 2025-08-16 Price Changed $144,900 IRMLS
• 2025-07-24 Price Changed $149,900 IRMLS
• 2025-05-28 Listed $159,900 IRMLS
• 2014-09-04 Sold (MLS) $65,000 IRMLS
• 2014-07-03 Listed $65,000 IRMLS

Property tax history

+1.7%/yr

Latest (2024): $1,461 · +6.9% YoY. Source: county tax records.