103 N Illinois St · Hanna, IN 46340

$234,000

3 bd · 2.0 ba · 1,945 sqft · SingleFamily public records · 14 Days on market

Built 1880 0.40 ac lot Est $352k · 34% under

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Why this score? — see what drove the C+ 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 +16.2/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.0/10.0
• Schools +3.8/10.0
• 1% rule +3.4/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Step into the timeless character of this 3 bedroom, 1 bath historic home situated on a prominent corner lot in downtown Hanna. This property offers a unique blend of vintage charm and practical updates, creating an inviting place to call home. Outdoor spaces abound, including a sunny deck ideal for grilling and entertaining, a welcoming front sunroom perfect for enjoying your morning coffee, and a screened back patio complete with a porch swing for relaxing evenings. The spacious yard offers plenty of room to enjoy the outdoors while still being conveniently located within the heart of town. Inside, the home features a generously sized kitchen with room for future enhancements while remaini

Key facts

• Spacious yard
• Sunny deck
• Screened back patio

Tags

• HISTORIC HOME
• CORNER LOT
• SUNNY DECK
• FRONT SUNROOM
• SCREENED BACK PATIO
• SPACIOUS YARD

Property features AI

Exterior

• Parking: Detached garage with garage door opener; 2-car garage; Driveway and off-street parking
• Utilities: Well water; Septic tank sewer; Electricity connected (100 amp service); Natural gas connected
• Home design: Two-story home; Built in 1880; Walk-out basement access
• Construction: Vinyl siding; Shingle roof; Interior-entry basement foundation; Has basement (unfinished with storage space)
• Exterior features: Covered, screened and enclosed front and rear porches; Deck and patio; Rain gutters; On-site storage shed(s) and workshop; Neighborhood and rural views

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Office (can function as a bedroom)
• Flooring: Carpet; Vinyl; Tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Main-level laundry room with washer hookup, gas dryer hookup and a sink; Basement storage and unfinished space

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $234k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/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 $197k (15.9% below list).
• Recommended offer: $197k (15.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 52/100 on livability (#650 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools D+, amenities F, commute F.
• South Central Community School Corporation (rural): math 39% / reading 45% proficiency, ranked #101 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• LaPorte County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,725 (15.9% below list)

Questions for the listing agent

1. Built in 1880 — 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. 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?
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: 0.84% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.29%
• DSCR: 1.10
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $352,045
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 E Jersey St	0.21mi	4/2.5 (+1)	2,204 (+13%)	0mo	$400,000	$181	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 25.9%
• Equity multiple: 3.07×
• Total profit: $135,321
• Equity at exit: $210,806

10-year hold

• IRR: 22.8%
• Equity multiple: 6.98×
• Total profit: $392,065
• Equity at exit: $454,611

Cash invested: $65,520 (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 46340

• Home prices YoY: 8.7%
• Active inventory: 8
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,967 medium
• Mortgage (P&I): −$1,227
• Tax from tax record: −$104 /mo · $1,253/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $125

Break-even live

Break-even rent $1,809

Max offer price $234,000

Occupancy floor 89%

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: $58,500
• Closing costs: $7,020
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $234,000 Active 14 DOM
2. 2026-06-18
   days on market $234,000 Active 13 DOM
3. 2026-06-17
   days on market $234,000 Active 12 DOM
4. 2026-06-16
   days on market $234,000 Active 11 DOM
5. 2026-06-15
   days on market $234,000 Active 10 DOM
6. 2026-06-14
   days on market $234,000 Active 8 DOM
7. 2026-06-13
   days on market $234,000 Active 7 DOM
8. 2026-06-10
   days on market $234,000 Active 5 DOM
9. 2026-06-09
   days on market $234,000 Active 4 DOM
10. 2026-06-08
    days on market $234,000 Active 3 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $234,000 Active 2 DOM

ⓘ 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: $1,253 · $104/mo
• Projected year-2 tax: $1,621 · $135/mo
• Expected delta: +$368/yr (+$31/mo · 29.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,607
• − Mortgage interest: −$13,108
• − Property taxes: −$1,253
• − Insurance: −$1,170
• − Repairs & maintenance: −$1,889
• − Management: −$1,889
• − Depreciation: −$6,807
• Taxable loss: −$2,508
• Est. tax savings @ 24.0%: +$602
• After-tax cash flow: $2,103/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 Central Community School Corporation
• NCES district ID: 1802190
• Math proficiency: 39% ▼ -3.00%
• Reading proficiency: 45% ▼ -8.00%
• Median HH income: $69,255
• Composite: 37.97/100
• National rank: #4298
• State rank: #101 of 301 in IN

Livability — Hanna

• Score: 52/100
• State rank: #650
• US rank: #24903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanna, IN
• Population (ZIP): 1,531

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Puerto Rican 9%
• Common ancestry: Lithuanian 10% Romanian 10% Scotch-Irish 3%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.83%
• Current HPI: 234.7752
• 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

• 2026-06-05 Listed $234,000 NIRA MLS as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2024): $1,253 · +7.6% YoY. Source: county tax records.