1422 S US 33 Hwy · Wolflake, IN 46701

$144,900

2 bd · 1.0 ba · 1,678 sqft · SingleFamily public records · 8 Days on market

Built 1920 0.57 ac lot Est $208k · 30% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• DSCR +4.5/10.0
• Schools +2.9/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* * SELLER IS OFFERING $5,000 TOWARDS A BUYER'S CLOSING COSTS * * This 3-bedroom home sits on a peaceful lot in the Village of Wolf Lake. Surrounded by mature trees, the property offers privacy, shade, and a quiet setting. Inside, you’ll find a large living room and a nice-sized kitchen featuring a cooktop, built-in oven, and plenty of cabinet space. The full bath has been updated with a walk-in shower and newer vanity. Enjoy relaxing evenings on the screened-in porch, or step out back to the deck—perfect for grilling and entertaining. The property also includes a shed for extra storage and is connected to city sewer. This home does need work, but it is priced accordingly and

Key facts

• Peaceful lot
• Cooktop
• Large living room

Tags

• PEACEFUL LOT
• MATURE TREES
• LARGE LIVING ROOM
• NICE SIZED KITCHEN
• COOKTOP
• BUILT IN OVEN

Property features AI

Exterior

• Utilities: Private well water; Public sewer
• Home design: Single-family home; Site-built construction; 2 stories
• Construction: Vinyl siding; Stone foundation; Asphalt shingle roof; Year built not provided
• Exterior features: Deck; Covered porch; Shed(s); Level lot

Interior

• Kitchen: Refrigerator; Electric cooktop; Oven
• Bedrooms: Total rooms: 6
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Propane heating; Ceiling fans for cooling; Window air conditioning units
• Interior features: Ceiling fans; Laminate counters; Partial basement
• Laundry & utility: Washer hookup on main level; Electric dryer hookup; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $35 ($425/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (22.5% below list).
• Recommended offer: $112k (22.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Central Noble Community School Corporation (rural): math 32% / reading 34% proficiency, ranked #207 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Noble Primary School (249 students, 47% FRL); Central Noble Junior Senior Hs (math 23% / reading 37%, grade F, #307 of 369 statewide, top 83%, 654 students, 46% FRL) — zoned schools average 46% FRL vs 31% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $112,291 (22.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.77% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.05%
• DSCR: 1.05
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $208,072
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1422 S US 33 Hwy	0.00mi	3/1.0 (+1)	1,678 (0%)	0mo	$144,900	$86	95
3797 W Noble St	0.33mi	3/1.0 (+1)	1,494 (-11%)	18mo	$185,000	$124	46

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: -14.7%
• Equity multiple: 0.47×
• Total profit: $-21,301
• Equity at exit: $21,605

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-15,951
• Equity at exit: $12,528

Cash invested: $40,572 (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 46701

• Home prices YoY: -16.8%
• Active inventory: 29
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,123 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$31 /mo · $378/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $35

Break-even live

Break-even rent $1,078

Max offer price $144,900

Occupancy floor 92%

Sensitivity live

Price	-10% $117	-5% $76	+0% $35	+5% $-6	+10% $-47
Rent	-10% $-53	-5% $-9	+0% $35	+5% $80	+10% $124
Rate	-1.0pp $108	-0.5pp $72	base $35	+0.5pp $-2	+1.0pp $-40

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-10
   status Pending
2. 2026-05-02
   listed $144,900 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: $378 · $31/mo
• Projected year-2 tax: $805 · $67/mo
• Expected delta: +$427/yr (+$36/mo · 113.1%)

ⓘ 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 2/10 Low 7 d/yr ≥100°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: $13,475
• − Mortgage interest: −$8,117
• − Property taxes: −$378
• − Insurance: −$724
• − Repairs & maintenance: −$1,078
• − Management: −$1,078
• − Depreciation: −$4,215
• Taxable loss: −$2,115
• Est. tax savings @ 24.0%: +$508
• After-tax cash flow: $932/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: Central Noble Community School Corporation
• NCES district ID: 1801710
• Math proficiency: 32% ▼ -1.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $48,911
• Composite: 28.58/100
• National rank: #6718
• State rank: #207 of 301 in IN

Livability — Wolflake

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Wolflake, IN
• City population: 217
• Population (ZIP): 8,186

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 13% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.57%
• Current HPI: 250.7517
• 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

2 events — show timeline

• 2026-05-10 Pending — IRMLS
• 2026-05-02 Listed $144,900 IRMLS

Property tax history

+13.9%/yr

Latest (2024): $378 · +16.8% YoY. Source: county tax records.