364 W 1650 N · Summitville, IN 46070

$250,000

4 bd · 1.5 ba · 2,582 sqft · SingleFamily public records · 78 Days on market

Built 1899 3.41 ac lot $97/sqft · 23% below area Est $380k · 34% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +5.6/30.0
• Livability +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to country living at its finest! This 4-bedroom, 2-bath home sits on approximately 3.41 acres, offering the perfect mix of space, privacy, and potential. Enjoy peaceful views with your own pond right in the backyard-ideal for relaxing evenings or outdoor gatherings. The property features both a detached 2-car garage and an additional 1-car garage, giving you plenty of room for vehicles, storage, or a workshop. Inside, you'll find a spacious layout with great bones, along with major updates already taken care of-including a newer roof and updated plumbing. While the home could use a little updating, it presents a great opportunity to make it your own and add value over time. If you've been looking for a property with land, outbuildings, and room to grow, this one is a must-see! Property will be fully cleared and vacant at time of possession.

Key facts

• Own pond
• Newer roof
• Outbuildings

Tags

• OWN POND
• DETACHED GARAGE
• UPDATED PLUMBING
• NEWER ROOF
• OUTBUILDINGS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-527 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (37.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (51.3% below list).
• Recommended offer: $122k (51.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#310 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools D, crime D.
• Madison-Grant United School Corporation (rural): math 32% / reading 40% proficiency, ranked #180 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $250k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,848 (51.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 0.49% ✗
• Cap rate: 3.76%
• Cash-on-cash: -9.04%
• DSCR: 0.60
• GRM: 17.1

CMA / ARV

• ARV (median comp): $380,413
• List price: $250,000
• Delta: -34.28%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.9%
• Equity multiple: 2.46×
• Total profit: $102,440
• Equity at exit: $225,220

10-year hold

• IRR: 16.8%
• Equity multiple: 5.68×
• Total profit: $327,830
• Equity at exit: $485,695

Cash invested: $70,000 (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 46070

• Home prices YoY: 12.2%
• Active inventory: 12
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $1,218 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$75 /mo · $897/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-527

Break-even live

Break-even rent $1,886

Max offer price $156,837

Occupancy floor —

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $250,000 Active 78 DOM
2. 2026-06-18
   days on market $250,000 Active 77 DOM
3. 2026-06-17
   days on market $250,000 Active 76 DOM
4. 2026-06-16
   days on market $250,000 Active 75 DOM
5. 2026-06-15
   days on market $250,000 Active 74 DOM
6. 2026-06-14
   days on market $250,000 Active 72 DOM
7. 2026-06-12
   days on market $250,000 Active 71 DOM
8. 2026-06-09
   days on market $250,000 Active 68 DOM
9. 2026-06-08
   days on market $250,000 Active 67 DOM
10. 2026-06-07
    days on market $250,000 Active 66 DOM
11. 2026-06-02
    days on market $250,000 Active 61 DOM
12. 2026-06-01
    days on market $250,000 Active 60 DOM
13. 2026-05-31
    days on market $250,000 Active 59 DOM
14. 2026-05-30
    days on market $250,000 Active 58 DOM
15. 2026-05-11
    price $255,000 863-char remark

    Show marketing remark (863 chars)

    Welcome to country living at its finest! This 4-bedroom, 2-bath home sits on approximately 3.41 acres, offering the perfect mix of space, privacy, and potential. Enjoy peaceful views with your own pond right in the backyard-ideal for relaxing evenings or outdoor gatherings. The property features both a detached 2-car garage and an additional 1-car garage, giving you plenty of room for vehicles, storage, or a workshop. Inside, you'll find a spacious layout with great bones, along with major updates already taken care of-including a newer roof and updated plumbing. While the home could use a little updating, it presents a great opportunity to make it your own and add value over time. If you've been looking for a property with land, outbuildings, and room to grow, this one is a must-see! Property will be fully cleared and vacant at time of possession.

16. 2026-05-02
    price $260,000 863-char remark

    Show marketing remark (863 chars)

    Welcome to country living at its finest! This 4-bedroom, 2-bath home sits on approximately 3.41 acres, offering the perfect mix of space, privacy, and potential. Enjoy peaceful views with your own pond right in the backyard-ideal for relaxing evenings or outdoor gatherings. The property features both a detached 2-car garage and an additional 1-car garage, giving you plenty of room for vehicles, storage, or a workshop. Inside, you'll find a spacious layout with great bones, along with major updates already taken care of-including a newer roof and updated plumbing. While the home could use a little updating, it presents a great opportunity to make it your own and add value over time. If you've been looking for a property with land, outbuildings, and room to grow, this one is a must-see! Property will be fully cleared and vacant at time of possession.

17. 2026-04-27
    price $265,000 863-char remark

    Show marketing remark (863 chars)

    Welcome to country living at its finest! This 4-bedroom, 2-bath home sits on approximately 3.41 acres, offering the perfect mix of space, privacy, and potential. Enjoy peaceful views with your own pond right in the backyard-ideal for relaxing evenings or outdoor gatherings. The property features both a detached 2-car garage and an additional 1-car garage, giving you plenty of room for vehicles, storage, or a workshop. Inside, you'll find a spacious layout with great bones, along with major updates already taken care of-including a newer roof and updated plumbing. While the home could use a little updating, it presents a great opportunity to make it your own and add value over time. If you've been looking for a property with land, outbuildings, and room to grow, this one is a must-see! Property will be fully cleared and vacant at time of possession.

18. 2026-03-30
    listed $270,000 Active 863-char remark

    Show marketing remark (863 chars)

    Welcome to country living at its finest! This 4-bedroom, 2-bath home sits on approximately 3.41 acres, offering the perfect mix of space, privacy, and potential. Enjoy peaceful views with your own pond right in the backyard-ideal for relaxing evenings or outdoor gatherings. The property features both a detached 2-car garage and an additional 1-car garage, giving you plenty of room for vehicles, storage, or a workshop. Inside, you'll find a spacious layout with great bones, along with major updates already taken care of-including a newer roof and updated plumbing. While the home could use a little updating, it presents a great opportunity to make it your own and add value over time. If you've been looking for a property with land, outbuildings, and room to grow, this one is a must-see! Property will be fully cleared and vacant at time of possession.

19. 2016-06-17
    soldstatus $140,000 793-char remark

    Show marketing remark (793 chars)

    ENJOY COUNTRY LIVING! Located in the Madison-Grant District this home features lots of space with 4 BEDROOMS & 2 FULL BATHS! Spacious Living Room & Family Room. Eat-in Kitchen comes equipped with appliances and walk-in pantry. Main Level Master Bedroom is large in size and features En Suite Bath with jetted tub and dual sink vanity. Home is situated on 3.41 acres with small pond and multiple outbuildings. Outbuildings include 3 Car Detached Garage/Workshop Space, 1 Car Detached Garage, Large Lean-to Building, plus additional outbuilding. Large Driveway with Covered Carport. Updated include newer roof within last 3 years, updated kitchen, flooring, & more! Home is centrally located with close convenience to both Madison & Grant Counties. HOME WARRANTY PROVIDED!

20. 2016-04-06
    listed $149,900 793-char remark

    Show marketing remark (793 chars)

    ENJOY COUNTRY LIVING! Located in the Madison-Grant District this home features lots of space with 4 BEDROOMS & 2 FULL BATHS! Spacious Living Room & Family Room. Eat-in Kitchen comes equipped with appliances and walk-in pantry. Main Level Master Bedroom is large in size and features En Suite Bath with jetted tub and dual sink vanity. Home is situated on 3.41 acres with small pond and multiple outbuildings. Outbuildings include 3 Car Detached Garage/Workshop Space, 1 Car Detached Garage, Large Lean-to Building, plus additional outbuilding. Large Driveway with Covered Carport. Updated include newer roof within last 3 years, updated kitchen, flooring, & more! Home is centrally located with close convenience to both Madison & Grant Counties. HOME WARRANTY PROVIDED!

21. 2015-11-06
    historical
22. 2015-09-21
    listed $149,900
23. 2015-09-16
    listed $149,900 Active

ⓘ 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: $897 · $75/mo
• Projected year-2 tax: $1,511 · $126/mo
• Expected delta: +$614/yr (+$51/mo · 68.4%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $14,622
• − Mortgage interest: −$14,004
• − Property taxes: −$897
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$7,273
• Taxable loss: −$11,142
• Est. tax savings @ 24.0%: +$2,674
• After-tax cash flow: $-3,654/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: Madison-Grant United School Corporation
• NCES district ID: 1806240
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $47,917
• Composite: 30.95/100
• National rank: #6107
• State rank: #180 of 301 in IN

Livability — Summitville

• Score: 66/100
• State rank: #310
• US rank: #12277

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,289

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 3% Iranian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.48%
• Current HPI: 233.4985
• 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

+70.1% since first listed

9 events — show timeline

• 2026-05-11 Price Changed $255,000 MIBOR as Distributed by MLS Grid
• 2026-05-02 Price Changed $260,000 MIBOR as Distributed by MLS Grid
• 2026-04-27 Price Changed $265,000 MIBOR as Distributed by MLS Grid
• 2026-03-30 Listed $270,000 MIBOR as Distributed by MLS Grid
• 2016-06-17 Sold (MLS) $140,000 IRMLS
• 2016-04-06 Listed $149,900 IRMLS
• 2015-11-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-09-21 Listed $149,900 IRMLS
• 2015-09-16 Listed $149,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $897 · +13.3% YoY. Source: county tax records.