815 Church St · Grandview, IN 47615

$154,000

4 bd · 1.0 ba · 1,338 sqft · SingleFamily public records · 140 Days on market

Built 1911 0.25 ac lot $115/sqft · 9% below area Est $170k · 9% under

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Why this score? — see what drove the C+ 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 +18.1/30.0
• ARV discount +11.7/15.0
• Appreciation +8.8/10.0
• DSCR +5.7/10.0
• Schools +4.2/10.0
• 1% rule +3.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Take a look at this Quaint home located in Grandview. This 4 Bedroom home offers plenty of space for a growing family. There is updated flooring, a large dine-in kitchen and fresh paint throughout. In 2023, the home was reinsulated and had a porch renovation, along with a new refrigerator and microwave. Recently, the seller's have upgraded and installed 6 inch gutters with gutter guards, for the next home buyer's peace of mind. For additional storage, you can find an 8X12 yard barn and a 14x20 carport. This home has been lovingly cared for and will make a great property for it's next owner. This home is being offered with a one year Home Warranty, paid for by the seller.

Key facts

• Porch renovation
• Dine-in kitchen
• New refrigerator

Tags

• UPDATED FLOORING
• DINE-IN KITCHEN
• PORCH RENOVATION
• NEW REFRIGERATOR
• NEW MICROWAVE
• 6 INCH GUTTERS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $154k.

Deal economics

• At list price, monthly cash flow is $-291 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (33.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (14.7% below list).
• Recommended offer: $103k (33.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 61/100 on livability (#512 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment 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.
• 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: 11 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 $13k of equity ($1k loan paydown + $12k appreciation (7.5% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $24k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $154k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $102,580 (33.4% 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 140 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• GRM: 9.8

CMA / ARV

• ARV (median comp): $170,000
• List price: $154,000
• Delta: -9.41%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
711 Ninth St	0.34mi	4/2.0	1,296 (-3%)	9mo	$161,800	$125	68
615 W Ninth St	0.27mi	3/2.0 (-1)	1,249 (-7%)	2mo	$140,300	$112	65
820 Main St	0.06mi	3/2.0 (-1)	1,217 (-9%)	12mo	$9,000	$7	63
224 Birch Dr	0.57mi	3/1.0 (-1)	1,305 (-2%)	7mo	$184,900	$142	58

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

Projected returns pro-forma

7.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.93×
• Total profit: $40,255
• Equity at exit: $111,862

10-year hold

• IRR: 13.2%
• Equity multiple: 4.04×
• Total profit: $130,918
• Equity at exit: $217,319

Cash invested: $43,120 (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 47615

• Home prices YoY: 3.7%
• Active inventory: 11
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$808
• Tax from tax record: −$30 /mo · $365/yr
• Insurance: −$64
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-291

Break-even live

Break-even rent $1,682

Max offer price $102,580

Occupancy floor —

Sensitivity live

Price	-10% $-204	-5% $-247	+0% $-291	+5% $-335	+10% $-378
Rent	-10% $-395	-5% $-343	+0% $-291	+5% $-239	+10% $-187
Rate	-1.0pp $-214	-0.5pp $-252	base $-291	+0.5pp $-331	+1.0pp $-372

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: $38,500
• Closing costs: $4,620
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $154,000 Active 140 DOM
2. 2026-06-17
   days on market $154,000 Active 139 DOM
3. 2026-06-16
   days on market $154,000 Active 138 DOM
4. 2026-06-15
   days on market $154,000 Active 137 DOM
5. 2026-06-14
   days on market $154,000 Active 135 DOM
6. 2026-06-13
   days on market $154,000 Active 134 DOM
7. 2026-06-10
   days on market $154,000 Active 132 DOM
8. 2026-06-09
   days on market $154,000 Active 131 DOM
9. 2026-06-08
   days on market $154,000 Active 130 DOM
10. 2026-06-07
    days on market $154,000 Active 129 DOM
11. 2026-06-05
    days on market $154,000 Active 126 DOM
12. 2026-06-03
    days on market $154,000 Active 125 DOM
13. 2026-06-02
    days on market $154,000 Active 124 DOM
14. 2026-06-01
    days on market $154,000 Active 123 DOM
15. 2026-05-31
    days on market $154,000 Active 122 DOM
16. 2026-05-30
    days on market $154,000 Active 121 DOM
17. 2026-04-07
    price $154,000 679-char remark

    Show marketing remark (679 chars)

    Take a look at this Quaint home located in Grandview. This 4 Bedroom home offers plenty of space for a growing family. There is updated flooring, a large dine-in kitchen and fresh paint throughout. In 2023, the home was reinsulated and had a porch renovation, along with a new refrigerator and microwave. Recently, the seller's have upgraded and installed 6 inch gutters with gutter guards, for the next home buyer's peace of mind. For additional storage, you can find an 8X12 yard barn and a 14x20 carport. This home has been lovingly cared for and will make a great property for it's next owner. This home is being offered with a one year Home Warranty, paid for by the seller.

18. 2026-02-22
    price $164,000 679-char remark

    Show marketing remark (679 chars)

    Take a look at this Quaint home located in Grandview. This 4 Bedroom home offers plenty of space for a growing family. There is updated flooring, a large dine-in kitchen and fresh paint throughout. In 2023, the home was reinsulated and had a porch renovation, along with a new refrigerator and microwave. Recently, the seller's have upgraded and installed 6 inch gutters with gutter guards, for the next home buyer's peace of mind. For additional storage, you can find an 8X12 yard barn and a 14x20 carport. This home has been lovingly cared for and will make a great property for it's next owner. This home is being offered with a one year Home Warranty, paid for by the seller.

19. 2026-01-28
    listed $178,000 Active 679-char remark

    Show marketing remark (679 chars)

    Take a look at this Quaint home located in Grandview. This 4 Bedroom home offers plenty of space for a growing family. There is updated flooring, a large dine-in kitchen and fresh paint throughout. In 2023, the home was reinsulated and had a porch renovation, along with a new refrigerator and microwave. Recently, the seller's have upgraded and installed 6 inch gutters with gutter guards, for the next home buyer's peace of mind. For additional storage, you can find an 8X12 yard barn and a 14x20 carport. This home has been lovingly cared for and will make a great property for it's next owner. This home is being offered with a one year Home Warranty, paid for by the seller.

20. 2022-04-27
    soldstatus $98,000 165-char remark

    Show marketing remark (165 chars)

    Lots of potential in quaint Grandview! Updated flooring, large dine in kitchen, large lot near city park and walkable to the riverfront, this home has tons to offer.

21. 2022-03-08
    listed $99,900 165-char remark

    Show marketing remark (165 chars)

    Lots of potential in quaint Grandview! Updated flooring, large dine in kitchen, large lot near city park and walkable to the riverfront, this home has tons to offer.

ⓘ 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: $365 · $30/mo
• Projected year-2 tax: $837 · $70/mo
• Expected delta: +$472/yr (+$39/mo · 129.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 60% 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 4% 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: $15,762
• − Mortgage interest: −$8,626
• − Property taxes: −$365
• − Insurance: −$5,888
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$4,480
• Taxable loss: −$6,120
• Est. tax savings @ 24.0%: +$1,469
• After-tax cash flow: $-2,024/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 — Grandview

• Score: 61/100
• State rank: #512
• US rank: #18203

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grandview, IN
• Population (ZIP): 1,683

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 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 7.51%
• Current HPI: 208.3355
• 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

+54.2% since first listed

5 events — show timeline

• 2026-04-07 Price Changed $154,000 IRMLS
• 2026-02-22 Price Changed $164,000 IRMLS
• 2026-01-28 Listed $178,000 IRMLS
• 2022-04-27 Sold (MLS) $98,000 IRMLS
• 2022-03-08 Listed $99,900 IRMLS

Property tax history

+18.3%/yr

Latest (2024): $365 · +18.3% YoY. Source: county tax records.