190 E Canal St · Wabash, IN 46992

$79,900

3 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 86 Days on market

Built 1920 3,485 sqft lot $73/sqft · 16% below area Est $95k · 16% 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 +26.7/30.0
• ARV discount +14.6/15.0
• DSCR +9.2/10.0
• 1% rule +6.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home has been a rental property for many years. It needs some TLC. Off street parking behind home. Taxes reflect no exemptions. Buyer's agent is responsible for confirming room dimensions. Stove included. Selling as is. Conventional or cash only. Listing agent is owner. Water lines were converted to pex about three years ago, water heater is 3-4 years old. Kitchen cabinets replaced 2-3 years ago. Sold As Is

Key facts

• Off street parking
• 3,485 sq ft lot
• Built 1920

Tags

• OFF STREET PARKING
• WATER LINES CONVERTED TO PEX
• WATER HEATER 3-4 YEARS OLD
• KITCHEN CABINETS REPLACED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($950 rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.0% in Wabash — 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 76/100 on livability (#48 in IN, #3,353 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Wabash City Schools (town): math 21% / reading 38% proficiency, ranked #249 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: O J Neighbours Elementary School (math 24% / reading 25%, grade F, #762 of 994 statewide, top 78%, 391 students, 57% FRL); Wabash Middle School (math 18% / reading 43%, grade F, #203 of 330 statewide, top 63%, 443 students, 60% FRL); Wabash High School (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 478 students, 53% FRL).
• Market conditions: 37 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wabash County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $80k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1920 — 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: 1.19% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.64%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (median comp): $94,815
• List price: $79,900
• Delta: -15.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 N East St	0.45mi	3/1.0	1,072 (-2%)	9mo	$45,000	$42	69
409 Congress St	0.57mi	3/1.0	1,022 (-6%)	1mo	$154,000	$151	62
343 N East St	0.46mi	2/1.0 (-1)	1,004 (-8%)	3mo	$115,000	$115	57
138 S Carroll St	0.45mi	2/1.0 (-1)	1,144 (+5%)	19mo	$65,000	$57	50
255 N Carroll St	0.56mi	2/1.0 (-1)	1,028 (-6%)	18mo	$60,000	$58	44
246 W Fulton St	0.41mi	3/1.0	1,232 (+13%)	20mo	$18,000	$15	43
73 N Thorne St	0.74mi	2/1.0 (-1)	1,030 (-6%)	20mo	$32,500	$32	35

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $879
• Equity at exit: $11,913

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $18,577
• Equity at exit: $6,908

Cash invested: $22,372 (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 46992

• Home prices YoY: -21.3%
• Active inventory: 37
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$81 /mo · $970/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $217

Break-even live

Break-even rent $675

Max offer price $79,900

Occupancy floor 72%

Sensitivity live

Price	-10% $262	-5% $240	+0% $217	+5% $194	+10% $172
Rent	-10% $142	-5% $180	+0% $217	+5% $255	+10% $292
Rate	-1.0pp $257	-0.5pp $237	base $217	+0.5pp $196	+1.0pp $175

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-04
   price $79,900 415-char remark

   Show marketing remark (415 chars)

   This home has been a rental property for many years. It needs some TLC. Off street parking behind home. Taxes reflect no exemptions. Buyer's agent is responsible for confirming room dimensions. Stove included. Selling as is. Conventional or cash only. Listing agent is owner. Water lines were converted to pex about three years ago, water heater is 3-4 years old. Kitchen cabinets replaced 2-3 years ago. Sold As Is

2. 2026-03-02
   listed $85,000 Active 415-char remark

   Show marketing remark (415 chars)

   This home has been a rental property for many years. It needs some TLC. Off street parking behind home. Taxes reflect no exemptions. Buyer's agent is responsible for confirming room dimensions. Stove included. Selling as is. Conventional or cash only. Listing agent is owner. Water lines were converted to pex about three years ago, water heater is 3-4 years old. Kitchen cabinets replaced 2-3 years ago. Sold As Is

3. 2018-03-29
   soldstatus $28,000
4. 2018-03-03
   listed $37,900
5. 2016-02-04
   listed $40,900
6. 2015-04-28
   listed $40,900
7. 2014-09-15
   listed $45,900
8. 2013-12-31
   listed $49,500

ⓘ 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: $970 · $81/mo
• Projected year-2 tax: $970 · $81/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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,395
• − Mortgage interest: −$4,476
• − Property taxes: −$970
• − Insurance: −$400
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$2,324
• Taxable income: $1,402
• Est. tax owed @ 24.0%: −$337
• After-tax cash flow: $2,268/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: Wabash City Schools
• NCES district ID: 1812150
• Math proficiency: 21% ▼ -10.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $38,900
• Composite: 24.66/100
• National rank: #7622
• State rank: #249 of 301 in IN

Livability — Wabash

• Score: 76/100
• State rank: #48
• US rank: #3353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wabash, IN
• City population: 16,475
• Population (ZIP): 16,475

Population outlook (Wabash County) Hauer SSP2

• Today (2025): 30,872 people
• By 2030: 29,933 · -3.0%
• By 2040: 27,877 · -9.7%
• By 2050: 25,887 · -16.1%
• By 2075: 22,404 · -27.4%
• By 2100: 19,461 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Wabash

• 2024 margin: Solid R (+50.8) · D 23.9% · R 74.7% · Other 1.4%
• 2008→2024 swing: -30.7pp toward R · 2008: -20.1pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+49.9 2016: R+50.7 2012: R+36.2 2008: R+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.46%
• Current HPI: 220.0458
• 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

+61.4% since first listed

8 events — show timeline

• 2026-04-04 Price Changed $79,900 IRMLS
• 2026-03-02 Listed $85,000 IRMLS
• 2018-03-29 Sold (MLS) $28,000 IRMLS
• 2018-03-03 Listed $37,900 IRMLS
• 2016-02-04 Listed $40,900 IRMLS
• 2015-04-28 Listed $40,900 IRMLS
• 2014-09-15 Listed $45,900 IRMLS
• 2013-12-31 Listed $49,500 IRMLS

Property tax history

-2.0%/yr

Latest (2024): $970 · +2.5% YoY. Source: county tax records.