106 W Front St · New Carlisle, IN 46552

$65,000

2 bd · 1.0 ba · 933 sqft · SingleFamily public records · 44 Days on market

Built 1890 6,600 sqft lot $70/sqft · 65% below area

---

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
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fixer upper in New Carlisle! This 2 bedroom is packed full of potential just a stones throw from US 20, this location is hard to beat. Cash only offers. Owner hold Michigan real estate broker license.

Key facts

• 6,600 sq ft lot
• Built 1890
• Listed 44 days

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding; Above-grade finished area approximately 933
• Exterior features: Irregular lot; Lot dimensions approximately 50 x 132

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: 6 total rooms; Unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.4% vs local median 1.5% in New Carlisle — 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 74/100 on livability (#76 in IN, #4,702 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• New Prairie United School Corporation (rural): math 46% / reading 54% proficiency, ranked #47 of 301 in IN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.95% ✓
• Cap rate: 16.36%
• Cash-on-cash: 35.95%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (median comp): $185,464
• List price: $65,000
• Delta: -64.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S Cherry St	0.11mi	3/1.0 (+1)	960 (+3%)	4mo	$173,000	$180	82
121 S Filbert St	0.07mi	2/1.0	958 (+3%)	18mo	$181,000	$189	77
126 E Ben St	0.28mi	3/1.0 (+1)	964 (+3%)	20mo	$197,000	$204	60
624 W Front St	0.47mi	3/1.0 (+1)	864 (-7%)	2mo	$200,000	$231	59
309 Jon St	0.54mi	3/1.0 (+1)	1,027 (+10%)	16mo	$143,500	$140	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: 31.7%
• Equity multiple: 2.33×
• Total profit: $24,219
• Equity at exit: $9,692

10-year hold

• IRR: 38.8%
• Equity multiple: 4.62×
• Total profit: $65,899
• Equity at exit: $5,620

Cash invested: $18,200 (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 46552

• Home prices YoY: -29.7%
• Active inventory: 77
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,265 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$86 /mo · $1,033/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $545

Break-even live

Break-even rent $575

Max offer price $65,000

Occupancy floor 52%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Chapman Rd New Carlisle, IN	1.0–2.0	1.0–2.0	858	$1,265	$1.47	21d	1	0.61mi

Listing history 12 events

1. 2026-06-13
   days on market $65,000 Active 44 DOM
2. 2026-06-10
   days on market $65,000 Active 42 DOM
3. 2026-06-09
   days on market $65,000 Active 41 DOM
4. 2026-06-08
   days on market $65,000 Active 40 DOM
5. 2026-06-07
   days on market $65,000 Active 39 DOM
6. 2026-06-05
   days on market $65,000 Active 36 DOM
7. 2026-06-03
   days on market $65,000 Active 35 DOM
8. 2026-06-02
   days on market $65,000 Active 34 DOM
9. 2026-06-01
   days on market $65,000 Active 33 DOM
10. 2026-05-31
    days on market $65,000 Active 32 DOM
11. 2026-05-30
    days on market $65,000 Active 31 DOM
12. 2026-04-29
    listed $65,000 Active 200-char remark

ⓘ 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: $1,033 · $86/mo
• Projected year-2 tax: $1,033 · $86/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 2/10 Low 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,180
• − Mortgage interest: −$3,641
• − Property taxes: −$1,033
• − Insurance: −$325
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$1,891
• Taxable income: $5,861
• Est. tax owed @ 24.0%: −$1,407
• After-tax cash flow: $5,137/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: New Prairie United School Corporation
• NCES district ID: 1807560
• Math proficiency: 46% ▼ -11.00%
• Reading proficiency: 54% ▼ -7.00%
• Median HH income: $57,887
• Composite: 43.51/100
• National rank: #2989
• State rank: #47 of 301 in IN

Livability — New Carlisle

• Score: 74/100
• State rank: #76
• US rank: #4702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Carlisle, IN
• City population: 6,665
• Population (ZIP): 6,665

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Romanian 11% Italian 3% English 2%
• Foreign-born: 2%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.69%
• Current HPI: 198.5012
• 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

1 event — show timeline

• 2026-04-29 Listed $65,000 IRMLS

Property tax history

-4.3%/yr

Latest (2025): $1,033 · -6.4% YoY. Source: county tax records.