214 Seminary St · Rockport, IN 47635

$150,000

4 bd · 1.0 ba · 2,202 sqft · SingleFamily public records · 49 Days on market

Built 1890 0.57 ac lot $68/sqft · 6% below area Est $160k · 6% 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 +26.6/30.0
• ARV discount +10.3/15.0
• DSCR +9.1/10.0
• 1% rule +6.1/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Spacious 4 Bedroom home on a large corner lot exceeding 1/2 acre in Rockport. This 2202 square feet property features a large living room, breakfast nook, and classic arched doorways. All appliances included. Additional highlights include: 1.5 baths, a 2-car detached garage, and a partial unfinished basement for extra storage. Built in 1890, the home sits on approximately 0.57 acres with plenty of outdoor space. This property is being sold in "as-is" condition.

Key facts

• 0.57 acre lot
• 2 garage spots
• Built 1890

Property features AI

Finance

• Other: Property listed by Keller Williams Elite

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding
• Exterior features: Rolling slope lot; Lot described as uneven

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: 7 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Natural gas forced-air heating; Window cooling unit(s)
• Interior features: Dishwasher; Microwave; Refrigerator; Electric range; Partial unfinished basement
• Laundry & utility: Washer; Dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#403 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Rockport-Ohio Elementary School (math 52% / reading 52%, grade C-, #237 of 994 statewide, top 26%, 318 students, 61% FRL); South Spencer Middle School (math 39% / reading 52%, grade D+, #79 of 330 statewide, top 24%, 228 students, 56% FRL); South Spencer High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 357 students, 44% FRL).
• Market conditions: 33 active listings in the ZIP; 78 units permitted in Spencer 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 $4k of value loss. Plan a longer hold.
• Spencer County population projected at -16% 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 $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.11% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.42%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (median comp): $160,126
• List price: $150,000
• Delta: -6.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
343 S Third St	0.11mi	3/1.0 (-1)	2,212 (+0%)	6mo	$160,000	$72	84
535 Seminary St	0.25mi	4/2.5	2,214 (+0%)	12mo	$225,000	$102	71
215 N Third St	0.31mi	3/2.0 (-1)	2,368 (+8%)	0mo	$144,000	$61	64
650 Main St	0.46mi	3/1.5 (-1)	2,176 (-1%)	9mo	$239,500	$110	62
206 Walnut St	0.08mi	3/2.0 (-1)	1,883 (-14%)	4mo	$110,000	$58	60
407 Elm St	0.29mi	3/2.0 (-1)	2,065 (-6%)	10mo	$149,900	$73	59
619 Williamson St	0.49mi	3/1.5 (-1)	2,098 (-5%)	9mo	$26,000	$12	55
220 N 4th St	0.32mi	3/2.5 (-1)	2,048 (-7%)	12mo	$35,000	$17	52
710 Elm St	0.54mi	3/2.0 (-1)	2,324 (+6%)	22mo	$221,900	$95	39

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,106
• Equity at exit: $22,365

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $33,540
• Equity at exit: $12,969

Cash invested: $42,000 (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 47635

• Home prices YoY: -2.4%
• Active inventory: 33
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,659 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $400

Break-even live

Break-even rent $1,153

Max offer price $150,000

Occupancy floor 71%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $150,000 Active 49 DOM
2. 2026-06-17
   days on market $150,000 Active 48 DOM
3. 2026-06-16
   days on market $150,000 Active 47 DOM
4. 2026-06-15
   days on market $150,000 Active 46 DOM
5. 2026-06-14
   days on market $150,000 Active 44 DOM
6. 2026-06-13
   days on market $150,000 Active 43 DOM
7. 2026-06-10
   days on market $150,000 Active 41 DOM
8. 2026-06-09
   days on market $150,000 Active 40 DOM
9. 2026-06-08
   days on market $150,000 Active 39 DOM
10. 2026-06-07
    days on market $150,000 Active 38 DOM
11. 2026-06-05
    days on market $150,000 Active 35 DOM
12. 2026-06-03
    days on market $150,000 Active 34 DOM
13. 2026-06-02
    days on market $150,000 Active 33 DOM
14. 2026-06-01
    days on market $150,000 Active 32 DOM
15. 2026-05-31
    days on market $150,000 Active 31 DOM
16. 2026-05-30
    days on market $150,000 Active 30 DOM
17. 2026-04-30
    listed $150,000 Active 476-char remark

ⓘ 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: $745 · $62/mo
• Projected year-2 tax: $1,010 · $84/mo
• Expected delta: +$265/yr (+$22/mo · 35.6%)

ⓘ 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 2/10 Low 3% 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: $19,914
• − Mortgage interest: −$8,402
• − Property taxes: −$745
• − Insurance: −$750
• − Repairs & maintenance: −$1,593
• − Management: −$1,593
• − Depreciation: −$4,364
• Taxable income: $2,467
• Est. tax owed @ 24.0%: −$592
• After-tax cash flow: $4,206/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 — Rockport

• Score: 64/100
• State rank: #403
• US rank: #14750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockport, IN
• Population (ZIP): 5,578

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 3% Scottish 2% Iranian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 99% English-only · 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: ▼ -4.91%
• Current HPI: 199.6703
• 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

• 2026-04-30 Listed $150,000 IRMLS

Property tax history

-7.0%/yr

Latest (2024): $745 · +53.3% YoY. Source: county tax records.