4915 E White Point Dr · Norway, IN 47960

$111,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 418 Days on market

Built 1948 9,800 sqft lot $154/sqft · 54% below 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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +3.6/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

Key facts

• 9,800 sq ft lot
• Built 1948
• Listed 417 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $111k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $111k).
• Recommended offer: $98k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.2% in Norway — 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 53/100 on livability (#644 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Meadowlawn Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 567 students, 56% FRL); Roosevelt Middle School (math 38% / reading 47%, grade D-, #98 of 330 statewide, top 30%, 523 students, 67% FRL); Twin Lakes Senior High School (math 37% / reading 62%, grade D, #123 of 369 statewide, top 36%, 674 students, 59% FRL) — zoned schools average 60% FRL vs 41% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 224 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $767 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 418 days — a 12% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 23% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 418 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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 F-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. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $278,475
• List price: $111,000
• Delta: -60.14%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-10,658
• Equity at exit: $16,550

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $203
• Equity at exit: $9,597

Cash invested: $31,080 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 224
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,116 medium
• Mortgage (P&I): −$582
• Tax est. 1.5%: −$139 /mo · $1,665/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $115

Break-even live

Break-even rent $971

Max offer price $111,000

Occupancy floor 85%

Sensitivity live

Price	-10% $192	-5% $153	+0% $115	+5% $76	+10% $38
Rent	-10% $27	-5% $71	+0% $115	+5% $159	+10% $203
Rate	-1.0pp $171	-0.5pp $143	base $115	+0.5pp $86	+1.0pp $57

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: $27,750
• Closing costs: $3,330
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $111,000 Active 418 DOM
2. 2026-06-21
   days on market $111,000 Active 417 DOM
3. 2026-06-18
   days on market $111,000 Active 415 DOM
4. 2026-06-17
   days on market $111,000 Active 414 DOM
5. 2026-06-16
   days on market $111,000 Active 413 DOM
6. 2026-06-15
   days on market $111,000 Active 412 DOM
7. 2026-06-13
   days on market $111,000 Active 410 DOM
8. 2026-06-12
   days on market $111,000 Active 409 DOM
9. 2026-06-09
   days on market $111,000 Active 406 DOM
10. 2026-06-08
    days on market $111,000 Active 405 DOM
11. 2026-06-07
    days on market $111,000 Active 404 DOM
12. 2026-06-07
    days on market $111,000 Active 403 DOM
13. 2026-06-04
    days on market $111,000 Active 400 DOM
14. 2026-06-02
    days on market $111,000 Active 399 DOM
15. 2026-06-01
    days on market $111,000 Active 398 DOM
16. 2026-05-31
    days on market $111,000 Active 397 DOM
17. 2026-05-31
    days on market $111,000 Active 396 DOM
18. 2026-05-07
    status Active 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

19. 2026-05-07
    historical 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

20. 2026-05-04
    price $111,000 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

21. 2025-10-08
    status Active 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

22. 2025-05-03
    price $92,500 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

23. 2025-04-25
    listed $89,900 Active 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

24. 2025-04-06
    historical $89,900 411-char remark

    Show marketing remark (411 chars)

    This cozy home is the perfect blend of comfort and convenience. Featuring vinyl siding and a metal roof. This property includes a second lot with a newer shed & Porch, Ideal for all your outdoor storage needs. Located in close proximity to thrilling amusement park/Campgrounds, pristine local golf courses, and 1 Block Off Lake shafer. This home offers entertainment and recreation right at your doorstep.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 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: $13,396
• − Mortgage interest: −$6,218
• − Property taxes: −$1,665
• − Insurance: −$555
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$3,229
• Taxable loss: −$414
• Est. tax savings @ 24.0%: +$99
• After-tax cash flow: $1,477/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: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Norway

• Score: 53/100
• State rank: #644
• US rank: #24336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norway, IN
• Population (ZIP): 15,313

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

+23.5% since first listed

7 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-05-04 Price Changed $111,000 IRMLS
• 2025-10-08 Relisted — IRMLS
• 2025-05-03 Price Changed $92,500 IRMLS
• 2025-04-25 Listed $89,900 IRMLS
• 2025-04-06 Coming Soon $89,900 IRMLS

Property tax history

+2.9%/yr

Latest (2024): $190 · +11.6% YoY. Source: county tax records.