5178 N Co Rd 900 West · Sullivan, IN 47882

$158,000

2 bd · 1.0 ba · 1,542 sqft · SingleFamily public records · 138 Days on market

Built 1953 0.58 ac lot $102/sqft · 36% below area ↓ 4% since listing

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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 +14.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The affordable American dream in the Graysville area of Sullivan County. Homes in this area don't come available very often. This ranch home has endless possibilities. The layout could easily allow this home to be up to a 5-bedroom home if space is what you're needing. The basement also offers many possibilities. Off the kitchen is a 2-car attached garage. Outside, you will find an outbuilding perfect for lawn mower and tool storage as well. Several trees in the yard give great shade in the summertime. This is a rare opportunity for country living to the fullest. Opportunities like this don't come along every day.

Key facts

• Ranch home
• Country living
• 0.58 acre lot

Tags

• RANCH HOME
• 2-CAR ATTACHED GARAGE
• OUTBUILDING FOR STORAGE
• SEVERAL TREES IN YARD
• COUNTRY LIVING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $158k.

Deal economics

• At list price, monthly cash flow is $47 ($568/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 $123k (21.8% below list).
• Recommended offer: $123k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.5% in Sullivan — 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 70/100 on livability (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 4 units permitted in Sullivan 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.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,486 (21.8% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — 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 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?
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: 0.78% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• GRM: 10.7

CMA / ARV

• ARV (median comp): $410,867
• List price: $158,000
• Delta: -61.54%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-22,671
• Equity at exit: $23,558

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-16,195
• Equity at exit: $13,661

Cash invested: $44,240 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,235 medium
• Mortgage (P&I): −$829
• Tax from tax record: −$34 /mo · $406/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $47

Break-even live

Break-even rent $1,175

Max offer price $158,000

Occupancy floor 91%

Sensitivity live

Price	-10% $137	-5% $92	+0% $47	+5% $3	+10% $-42
Rent	-10% $-50	-5% $-1	+0% $47	+5% $96	+10% $145
Rate	-1.0pp $127	-0.5pp $87	base $47	+0.5pp $6	+1.0pp $-35

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: $39,500
• Closing costs: $4,740
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $158,000 Active 138 DOM
2. 2026-06-17
   days on market $158,000 Active 137 DOM
3. 2026-06-16
   days on market $158,000 Active 136 DOM
4. 2026-06-15
   days on market $158,000 Active 135 DOM
5. 2026-06-13
   days on market $158,000 Active 133 DOM
6. 2026-06-12
   days on market $158,000 Active 132 DOM
7. 2026-06-09
   days on market $158,000 Active 129 DOM
8. 2026-06-08
   days on market $158,000 Active 128 DOM
9. 2026-06-07
   days on market $158,000 Active 127 DOM
10. 2026-06-07
    days on market $158,000 Active 126 DOM
11. 2026-06-04
    days on market $158,000 Active 123 DOM
12. 2026-06-02
    days on market $158,000 Active 122 DOM
13. 2026-06-01
    days on market $158,000 Active 121 DOM
14. 2026-05-31
    days on market $158,000 Active 120 DOM
15. 2026-05-31
    days on market $158,000 Active 119 DOM
16. 2026-05-17
    status Active 621-char remark

    Show marketing remark (621 chars)

    The affordable American dream in the Graysville area of Sullivan County. Homes in this area don't come available very often. This ranch home has endless possibilities. The layout could easily allow this home to be up to a 5-bedroom home if space is what you're needing. The basement also offers many possibilities. Off the kitchen is a 2-car attached garage. Outside, you will find an outbuilding perfect for lawn mower and tool storage as well. Several trees in the yard give great shade in the summertime. This is a rare opportunity for country living to the fullest. Opportunities like this don't come along every day.

17. 2026-05-06
    status Pending 621-char remark

    Show marketing remark (621 chars)

    The affordable American dream in the Graysville area of Sullivan County. Homes in this area don't come available very often. This ranch home has endless possibilities. The layout could easily allow this home to be up to a 5-bedroom home if space is what you're needing. The basement also offers many possibilities. Off the kitchen is a 2-car attached garage. Outside, you will find an outbuilding perfect for lawn mower and tool storage as well. Several trees in the yard give great shade in the summertime. This is a rare opportunity for country living to the fullest. Opportunities like this don't come along every day.

18. 2026-03-26
    price $158,000 621-char remark

    Show marketing remark (621 chars)

    The affordable American dream in the Graysville area of Sullivan County. Homes in this area don't come available very often. This ranch home has endless possibilities. The layout could easily allow this home to be up to a 5-bedroom home if space is what you're needing. The basement also offers many possibilities. Off the kitchen is a 2-car attached garage. Outside, you will find an outbuilding perfect for lawn mower and tool storage as well. Several trees in the yard give great shade in the summertime. This is a rare opportunity for country living to the fullest. Opportunities like this don't come along every day.

19. 2026-01-21
    listed $165,000 Active 621-char remark

    Show marketing remark (621 chars)

    The affordable American dream in the Graysville area of Sullivan County. Homes in this area don't come available very often. This ranch home has endless possibilities. The layout could easily allow this home to be up to a 5-bedroom home if space is what you're needing. The basement also offers many possibilities. Off the kitchen is a 2-car attached garage. Outside, you will find an outbuilding perfect for lawn mower and tool storage as well. Several trees in the yard give great shade in the summertime. This is a rare opportunity for country living to the fullest. Opportunities like this don't come along every day.

ⓘ 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: $406 · $34/mo
• Projected year-2 tax: $874 · $73/mo
• Expected delta: +$468/yr (+$39/mo · 115.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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: $14,818
• − Mortgage interest: −$8,850
• − Property taxes: −$406
• − Insurance: −$790
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$4,596
• Taxable loss: −$2,195
• Est. tax savings @ 24.0%: +$527
• After-tax cash flow: $1,095/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 8,494
• Population (ZIP): 8,494

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.79%
• Current HPI: 190.5334
• 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

-4.2% since first listed

4 events — show timeline

• 2026-05-17 Relisted — THAAR
• 2026-05-06 Pending — THAAR
• 2026-03-26 Price Changed $158,000 THAAR
• 2026-01-21 Listed $165,000 THAAR

Property tax history

+6.5%/yr

Latest (2024): $406 · -9.3% YoY. Source: county tax records.