5405 N State Road 127 · Snow Lake, IN 46737

$99,900

3 bd · 1.0 ba · 1,144 sqft · SingleFamily public records · 4 Days on market

Built 1925 1.06 ac lot Est $117k · 14% under

---

Why this score? — see what drove the B 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 +29.6/30.0
• ARV discount +14.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This estate property is situated on a little over an acre parcel of land. House needs several updates but has possibilities. Natural gas, regional sewer, whole house generator, and a 4" well. There is a detached metal building for storage and plenty of room to add on. Located near the the lake, the outlet mall, and the interstate.

Key facts

• Regional sewer
• Near the lake
• Acre parcel

Tags

• ACRE PARCEL
• NATURAL GAS
• REGIONAL SEWER
• WHOLE HOUSE GENERATOR
• DETACHED METAL BUILDING
• NEAR THE LAKE

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Detached 3-car garage
• Utilities: Private well water; Generator for electric
• Home design: Single-family residence; Site-built home; One story
• Construction: Construction materials: Other; Above-grade finished area listed
• Exterior features: Shingle roof; Irregular lot; Lot dimensions: 218.02' x 248.3' x 152.17' x 186'; Approximately 1.063-acre lot

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Partial basement; Total of 5 rooms
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fremont Community Schools (rural): math 42% / reading 48% proficiency, ranked #94 of 301 in IN (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fremont Elementary School (math 47% / reading 42%, grade F, #379 of 994 statewide, top 41%, 395 students, 47% FRL); Fremont Middle School (math 35% / reading 41%, grade F, #136 of 330 statewide, top 44%, 298 students, 46% FRL); Fremont High School (math 57% / reading 87%, grade B+, #12 of 369 statewide, top 4%, 292 students, 34% FRL).
• Market conditions: 61 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1925 — 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. 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.
4. 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.
5. 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: 1.30% ✓
• Cap rate: 10.61%
• Cash-on-cash: 15.41%
• DSCR: 1.69
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $116,688
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5405 N State Road 127	0.00mi	2/1.0 (-1)	1,142 (-0%)	0mo	$90,000	$79	94
5480 N 50 W	0.25mi	2/1.0 (-1)	996 (-13%)	1mo	$205,000	$206	61
60 Ln 385 Big Otter Lk	0.65mi	2/1.0 (-1)	1,224 (+7%)	2mo	$125,000	$102	51

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

Projected returns pro-forma

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

5-year hold

• IRR: 6.1%
• Equity multiple: 1.24×
• Total profit: $6,692
• Equity at exit: $14,895

10-year hold

• IRR: 15.5%
• Equity multiple: 2.26×
• Total profit: $35,309
• Equity at exit: $8,638

Cash invested: $27,972 (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 46737

• Home prices YoY: -34.7%
• Active inventory: 61
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,302 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$104 /mo · $1,252/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $359

Break-even live

Break-even rent $848

Max offer price $99,900

Occupancy floor 67%

Sensitivity live

Price	-10% $416	-5% $387	+0% $359	+5% $331	+10% $303
Rent	-10% $256	-5% $308	+0% $359	+5% $411	+10% $462
Rate	-1.0pp $409	-0.5pp $385	base $359	+0.5pp $333	+1.0pp $307

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-21
   listed $99,900 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: $1,252 · $104/mo
• Projected year-2 tax: $1,252 · $104/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 2/10 Low 7 d/yr ≥97°F today · 16 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: $15,630
• − Mortgage interest: −$5,596
• − Property taxes: −$1,252
• − Insurance: −$500
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$2,906
• Taxable income: $2,876
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $3,619/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: Fremont Community Schools
• NCES district ID: 1803780
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 48% ▼ -5.00%
• Median HH income: $54,625
• Composite: 39.06/100
• National rank: #4055
• State rank: #94 of 301 in IN

Livability — Snow Lake

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 7,076

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.57%
• Current HPI: 217.7195
• 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

• 2026-05-21 Listed $99,900 IRMLS

Property tax history

+4.6%/yr

Latest (2024): $1,252 · +44.5% YoY. Source: county tax records.