4310 N State Road 161 Rd · Richland, IN 47634

$64,900

2 bd · 1.0 ba · 1,020 sqft · SingleFamily public records · 178 Days on market

Built 1926 0.50 ac lot $64/sqft · 31% below area Est $94k · 31% under ↓ 7% since listing

---

Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.2/10.0
• Schools +4.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Handyman Special in Richland, IN. Three bedroom, one full bath home situated on three lots. Features include a formal dining room and a covered front porch. The multiple lots provide ample space for a potential detached garage or additional use. Property is in need of significant updates and is being sold as-is. Due to condition, financing is limited to cash, 203K or construction loans.

Key facts

• Covered front porch
• Formal dining room
• Multiple lots

Tags

• FORMAL DINING ROOM
• COVERED FRONT PORCH
• MULTIPLE LOTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#291 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety 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: 40 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($449 loan paydown + $1k appreciation (2.3% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• 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 $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 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 1926 — 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. 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.
6. 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.
7. 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: 1.68% ✓
• Cap rate: 14.59%
• Cash-on-cash: 29.64%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

• ARV (median comp): $94,018
• List price: $64,900
• Delta: -30.97%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4167 N Walnut St	0.18mi	1/1.0 (-1)	960 (-6%)	3mo	$17,000	$18	74
5883 W Lincoln St	0.30mi	2/1.0	928 (-9%)	14mo	$134,000	$144	59

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

Projected returns pro-forma

2.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 2.87×
• Total profit: $34,067
• Equity at exit: $26,695

10-year hold

• IRR: 35.2%
• Equity multiple: 5.63×
• Total profit: $84,201
• Equity at exit: $39,301

Cash invested: $18,172 (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 47634

• Home prices YoY: 1.1%
• Active inventory: 40
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,093 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$47 /mo · $569/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $449

Break-even live

Break-even rent $525

Max offer price $64,900

Occupancy floor 54%

Sensitivity live

Price	-10% $486	-5% $467	+0% $449	+5% $431	+10% $412
Rent	-10% $363	-5% $406	+0% $449	+5% $492	+10% $535
Rate	-1.0pp $482	-0.5pp $465	base $449	+0.5pp $432	+1.0pp $415

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $64,900 Active 178 DOM
2. 2026-06-17
   days on market $64,900 Active 177 DOM
3. 2026-06-16
   days on market $64,900 Active 176 DOM
4. 2026-06-15
   days on market $64,900 Active 175 DOM
5. 2026-06-14
   days on market $64,900 Active 173 DOM
6. 2026-06-13
   days on market $64,900 Active 172 DOM
7. 2026-06-10
   days on market $64,900 Active 170 DOM
8. 2026-06-09
   days on market $64,900 Active 169 DOM
9. 2026-06-08
   days on market $64,900 Active 168 DOM
10. 2026-06-07
    days on market $64,900 Active 167 DOM
11. 2026-06-05
    days on market $64,900 Active 164 DOM
12. 2026-06-03
    days on market $64,900 Active 163 DOM
13. 2026-06-02
    days on market $64,900 Active 162 DOM
14. 2026-06-01
    days on market $64,900 Active 161 DOM
15. 2026-05-31
    days on market $64,900 Active 160 DOM
16. 2026-05-30
    days on market $64,900 Active 159 DOM
17. 2026-04-21
    price $64,900 389-char remark

    Show marketing remark (389 chars)

    Handyman Special in Richland, IN. Three bedroom, one full bath home situated on three lots. Features include a formal dining room and a covered front porch. The multiple lots provide ample space for a potential detached garage or additional use. Property is in need of significant updates and is being sold as-is. Due to condition, financing is limited to cash, 203K or construction loans.

18. 2026-03-05
    price $69,900 389-char remark

    Show marketing remark (389 chars)

    Handyman Special in Richland, IN. Three bedroom, one full bath home situated on three lots. Features include a formal dining room and a covered front porch. The multiple lots provide ample space for a potential detached garage or additional use. Property is in need of significant updates and is being sold as-is. Due to condition, financing is limited to cash, 203K or construction loans.

19. 2025-12-22
    listed $74,900 Active 389-char remark

    Show marketing remark (389 chars)

    Handyman Special in Richland, IN. Three bedroom, one full bath home situated on three lots. Features include a formal dining room and a covered front porch. The multiple lots provide ample space for a potential detached garage or additional use. Property is in need of significant updates and is being sold as-is. Due to condition, financing is limited to cash, 203K or construction loans.

20. 2024-09-23
    soldstatus $70,000
21. 2017-04-07
    soldstatus $68,500 235-char remark

    Show marketing remark (235 chars)

    Remodeled home on large lot. This home is a doll house and a must see. Great starter home. New carpet, laminate vinyl flooring. Remodeled kitchen with new cabinets and all new appliances. New carport and utility shed. 2 bedroom 1 bath.

22. 2017-01-04
    listed $69,900 235-char remark

    Show marketing remark (235 chars)

    Remodeled home on large lot. This home is a doll house and a must see. Great starter home. New carpet, laminate vinyl flooring. Remodeled kitchen with new cabinets and all new appliances. New carport and utility shed. 2 bedroom 1 bath.

ⓘ 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: $569 · $47/mo
• Projected year-2 tax: $569 · $47/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,120
• − Mortgage interest: −$3,635
• − Property taxes: −$569
• − Insurance: −$324
• − Repairs & maintenance: −$1,050
• − Management: −$1,050
• − Depreciation: −$1,888
• Taxable income: $4,603
• Est. tax owed @ 24.0%: −$1,105
• After-tax cash flow: $4,282/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 — Richland

• Score: 66/100
• State rank: #291
• US rank: #11855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, IN
• Population (ZIP): 2,101

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 (94%)
• Race & ethnicity: White 94% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Romanian 2% English 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% 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: ▲ 2.31%
• Current HPI: 210.8511
• 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

-7.2% since first listed

6 events — show timeline

• 2026-04-21 Price Changed $64,900 IRMLS
• 2026-03-05 Price Changed $69,900 IRMLS
• 2025-12-22 Listed $74,900 IRMLS
• 2024-09-23 Sold (Public Records) $70,000 Public Records
• 2017-04-07 Sold (MLS) $68,500 IRMLS
• 2017-01-04 Listed $69,900 IRMLS

Property tax history

+22.7%/yr

Latest (2024): $569 · +11.3% YoY. Source: county tax records.