23109 Nicholson Knob Rd · Borden, IN 47106

$154,999

4 bd · 2.0 ba · 1,636 sqft · SingleFamily public records · 44 Days on market

Built 2016 0.92 ac lot

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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 +28.4/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

What a deal! This roomy home has 4 bedrooms and 2 full bathrooms on almost an acre lot! Lots of room to spread out in the home and outside! Great floor plan with a good size family room and woodburning stove! Covered front porch! Rear deck with views of the property! Call today for a private showing before this home is SOLD!

Key facts

• Covered front porch
• Rear deck with views
• 0.92 acre lot

Tags

• COVERED FRONT PORCH
• REAR DECK WITH VIEWS

Property features AI

Exterior

• Utilities: Public water connection; Septic tank sewer
• Home design: Single-story home; Single wide mobile home
• Construction: Vinyl siding; Built with conventional foundation
• Exterior features: Covered porch; Deck; Landscaping; Shed(s); Has a view; Paved road access

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Bedrooms located on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Primary bedroom on main level; Bath in primary bedroom; Walk-in closet(s); Utility room
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#507 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Market conditions: 26 active listings in the ZIP; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $155k implies a 933% gain — meaningful room to come down on a strong offer.

Recommended offer $150,349 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.28% ✓
• Cap rate: 10.18%
• Cash-on-cash: 13.87%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.5%
• Equity multiple: 3.68×
• Total profit: $116,395
• Equity at exit: $139,635

10-year hold

• IRR: 29.7%
• Equity multiple: 8.32×
• Total profit: $317,700
• Equity at exit: $301,129

Cash invested: $43,400 (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 47106

• Home prices YoY: 6.7%
• Active inventory: 26
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,991 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $502

Break-even live

Break-even rent $1,356

Max offer price $154,999

Occupancy floor 70%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $154,999 Active 44 DOM
2. 2026-06-17
   days on market $154,999 Active 43 DOM
3. 2026-06-16
   days on market $154,999 Active 42 DOM
4. 2026-06-15
   days on market $154,999 Active 41 DOM
5. 2026-06-13
   days on market $154,999 Active 39 DOM
6. 2026-06-10
   days on market $154,999 Active 36 DOM
7. 2026-06-09
   days on market $154,999 Active 35 DOM
8. 2026-06-08
   pricedays on market $154,999 Active 34 DOM
9. 2026-06-07
   days on market $155,000 Active 33 DOM
10. 2026-06-03
    days on market $155,000 Active 29 DOM
11. 2026-06-02
    days on market $155,000 Active 28 DOM
12. 2026-06-01
    days on market $155,000 Active 27 DOM
13. 2026-05-31
    days on market $155,000 Active 26 DOM
14. 2026-05-05
    listed $169,900 Active
15. 2016-08-29
    soldstatus $15,000
16. 2016-08-29
    soldstatus $15,000
17. 2016-07-21
    listed $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,890
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,911
• − Management: −$1,911
• − Depreciation: −$4,509
• Taxable income: $3,777
• Est. tax owed @ 24.0%: −$906
• After-tax cash flow: $5,113/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)

No district data.

Livability — Borden

• Score: 61/100
• State rank: #507
• US rank: #17982

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,583

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2%
• Common ancestry: Lithuanian 2% Serbian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.50%
• Current HPI: 344.4
• 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

+1032.7% since first listed

4 events — show timeline

• 2026-05-05 Listed $169,900 SIRA
• 2016-08-29 Sold (Public Records) $15,000 Public Records
• 2016-08-29 Sold (MLS) $15,000 SIRA
• 2016-07-21 Listed $15,000 SIRA

Property tax history

-1.1%/yr

Latest (2024): $285 · +67.8% YoY. Source: county tax records.