604-642 Elm St · Rockport, IN 47635

$180,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 279 Days on market

Built 1982 9,583 sqft lot $188/sqft · 52% above area

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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).

• Cash flow +16.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Schools +4.2/10.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Adorable totally remodeled home in Rockport. This home offers 3 bedrooms and one bath with all new colors and tasteful new laminate flooring throughout. The kitchen has all new appliances and new modern lighting throughout. Home has an oversized 2 car garage. This listing now includes 640 Elm street ( the vacant lot next door which is now a big back yard)

Key facts

• 9,583 sq ft lot
• 2 garage spots
• Built 1982

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $101 ($1k/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 $148k (17.7% below list).
• Recommended offer: $148k (17.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#403 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 78 units permitted in Spencer 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 $5k of value loss. Plan a longer hold.
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask is 20% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $35k; list at $180k implies a 414% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,059 (17.7% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 10.1

CMA / ARV

• ARV (median comp): $118,217
• List price: $180,000
• Delta: 52.26%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
707 Main St	0.06mi	3/1.0	925 (-4%)	23mo	$154,000	$166	72
701 N Lincoln Ave	0.44mi	3/1.0	970 (+1%)	10mo	$124,900	$129	69
609 Walnut St	0.16mi	2/2.0 (-1)	1,002 (+4%)	8mo	$155,000	$155	69
716 North St	0.47mi	3/1.0	900 (-6%)	4mo	$155,000	$172	64
818 Vine St	0.43mi	3/1.0	1,008 (+5%)	16mo	$99,900	$99	58
814 Madison St	0.35mi	3/1.0	1,000 (+4%)	23mo	$62,800	$63	58
524 S 8th St	0.49mi	3/1.0	903 (-6%)	12mo	$60,000	$66	57
605 Walnut St	0.17mi	2/1.0 (-1)	1,057 (+10%)	19mo	$17,500	$17	54
428 S 10th St	0.45mi	3/1.0	1,056 (+10%)	12mo	$150,000	$142	52
613 Jefferson St	0.33mi	2/1.0 (-1)	1,024 (+7%)	22mo	$103,900	$101	50
215 S 6th St	0.24mi	2/1.0 (-1)	825 (-14%)	14mo	$52,000	$63	49
525 S Eighth St	0.50mi	3/1.0	1,040 (+8%)	20mo	$149,000	$143	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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-22,802
• Equity at exit: $26,839

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-11,896
• Equity at exit: $15,563

Cash invested: $50,400 (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 47635

• Home prices YoY: -2.4%
• Active inventory: 33
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,481 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$49 /mo · $593/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $101

Break-even live

Break-even rent $1,352

Max offer price $180,000

Occupancy floor 88%

Sensitivity live

Price	-10% $203	-5% $152	+0% $101	+5% $50	+10% $-1
Rent	-10% $-16	-5% $43	+0% $101	+5% $160	+10% $218
Rate	-1.0pp $192	-0.5pp $147	base $101	+0.5pp $55	+1.0pp $7

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $180,000 Active 279 DOM
2. 2026-06-17
   days on market $180,000 Active 278 DOM
3. 2026-06-16
   days on market $180,000 Active 277 DOM
4. 2026-06-15
   days on market $180,000 Active 276 DOM
5. 2026-06-14
   days on market $180,000 Active 274 DOM
6. 2026-06-13
   days on market $180,000 Active 273 DOM
7. 2026-06-10
   days on market $180,000 Active 271 DOM
8. 2026-06-09
   days on market $180,000 Active 270 DOM
9. 2026-06-08
   days on market $180,000 Active 269 DOM
10. 2026-06-07
    days on market $180,000 Active 268 DOM
11. 2026-06-05
    days on market $180,000 Active 265 DOM
12. 2026-06-03
    days on market $180,000 Active 264 DOM
13. 2026-06-02
    days on market $180,000 Active 263 DOM
14. 2026-06-01
    days on market $180,000 Active 262 DOM
15. 2026-05-31
    days on market $180,000 Active 261 DOM
16. 2026-05-30
    days on market $180,000 Active 260 DOM
17. 2026-03-13
    status Active 357-char remark

    Show marketing remark (357 chars)

    Adorable totally remodeled home in Rockport. This home offers 3 bedrooms and one bath with all new colors and tasteful new laminate flooring throughout. The kitchen has all new appliances and new modern lighting throughout. Home has an oversized 2 car garage. This listing now includes 640 Elm street ( the vacant lot next door which is now a big back yard)

18. 2025-12-10
    price $180,000 357-char remark

    Show marketing remark (357 chars)

    Adorable totally remodeled home in Rockport. This home offers 3 bedrooms and one bath with all new colors and tasteful new laminate flooring throughout. The kitchen has all new appliances and new modern lighting throughout. Home has an oversized 2 car garage. This listing now includes 640 Elm street ( the vacant lot next door which is now a big back yard)

19. 2025-09-11
    listed $149,900 Active 357-char remark

    Show marketing remark (357 chars)

    Adorable totally remodeled home in Rockport. This home offers 3 bedrooms and one bath with all new colors and tasteful new laminate flooring throughout. The kitchen has all new appliances and new modern lighting throughout. Home has an oversized 2 car garage. This listing now includes 640 Elm street ( the vacant lot next door which is now a big back yard)

20. 2025-03-21
    soldstatus $35,000 Closed 90-char remark

    Show marketing remark (90 chars)

    Investor Special! Home features 3 bedrooms, nice corner lot, and oversized 2 car garage.

21. 2025-03-12
    status Pending 90-char remark

    Show marketing remark (90 chars)

    Investor Special! Home features 3 bedrooms, nice corner lot, and oversized 2 car garage.

22. 2025-03-11
    listed $38,900 Active 90-char remark

    Show marketing remark (90 chars)

    Investor Special! Home features 3 bedrooms, nice corner lot, and oversized 2 car garage.

23. 2015-05-12
    soldstatus $30,000
24. 2015-03-14
    listed $47,500
25. 2012-06-28
    listed $47,500

ⓘ 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: $593 · $49/mo
• Projected year-2 tax: $1,062 · $88/mo
• Expected delta: +$468/yr (+$39/mo · 79.0%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,767
• − Mortgage interest: −$10,083
• − Property taxes: −$593
• − Insurance: −$900
• − Repairs & maintenance: −$1,421
• − Management: −$1,421
• − Depreciation: −$5,236
• Taxable loss: −$1,888
• Est. tax savings @ 24.0%: +$453
• After-tax cash flow: $1,669/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 Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Rockport

• Score: 64/100
• State rank: #403
• US rank: #14750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockport, IN
• Population (ZIP): 5,578

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 3% Scottish 2% Iranian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.91%
• Current HPI: 199.6703
• 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

+278.9% since first listed

9 events — show timeline

• 2026-03-13 Relisted — IRMLS
• 2025-12-10 Price Changed $180,000 IRMLS
• 2025-09-11 Listed $149,900 IRMLS
• 2025-03-21 Sold (MLS) $35,000 IRMLS
• 2025-03-12 Pending — IRMLS
• 2025-03-11 Listed $38,900 IRMLS
• 2015-05-12 Sold (MLS) $30,000 IRMLS
• 2015-03-14 Listed $47,500 IRMLS
• 2012-06-28 Listed $47,500 IRMLS

Property tax history

-5.3%/yr

Latest (2024): $593 · +39.0% YoY. Source: county tax records.