806 Sam Ralston Rd · Lebanon, IN 46052

$250,000

3 bd · 2.0 ba · 1,746 sqft · SingleFamily public records · 2 Days on market

Built 1975 9,148 sqft lot Est $283k · 12% 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 +12.7/15.0
• Cash flow +11.8/30.0
• Schools +3.7/10.0
• DSCR +3.5/10.0
• Livability +3.3/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this move-in ready, 3-bedroom, 2-bathroom single-story home! Step into the spacious living room featuring newer LVP flooring and a gas fireplace, perfect for entertaining. The large den offers versatile space and opens seamlessly to an inviting outdoor patio and a fully fenced yard. The primary bedroom features a large walk-in closet, and all bedrooms have brand new carpeting. Enjoy the convenience of a great location with easy access to I-65, making your daily commute a breeze.

Key facts

• Move-in ready
• Large den
• Gas fireplace

Tags

• MOVE-IN READY
• SPACIOUS LIVING ROOM
• GAS FIREPLACE
• LARGE DEN
• OUTDOOR PATIO
• FULLY FENCED YARD

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer
• Home design: Single family residence; One story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Storage shed; Fenced yard

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Refrigerator
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms on the main level; Primary bathroom with double sinks and full tub/shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Tray ceilings; Walk-in closets; Wet bar; Gas log fireplace in the living room
• Laundry & utility: Laundry closet; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-67 ($-798/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (23.1% below list).
• Recommended offer: $192k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.5% in Lebanon — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harney Elementary School (math 32% / reading 28%, grade F, #693 of 994 statewide, top 70%, 504 students, 44% FRL); Lebanon Senior High School (math 43% / reading 68%, grade C, #75 of 369 statewide, top 20%, 1,027 students, 38% FRL).
• Market conditions: 183 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $192,231 (23.1% 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. Built in 1975 — 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. 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?
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: 0.77% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $282,852
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1405 Lafayette Ave	0.36mi	3/2.0	1,792 (+3%)	2mo	$290,000	$162	77
1410 Danielle Rd	0.44mi	3/2.0	1,738 (-0%)	3mo	$288,000	$166	76
1620 Danielle Rd	0.58mi	3/2.0	1,804 (+3%)	0mo	$320,000	$177	68
1308 Ascot Dr	0.48mi	4/2.0 (+1)	1,800 (+3%)	2mo	$286,000	$159	66
1635 Riley Rd	0.26mi	3/2.0	1,506 (-14%)	0mo	$275,000	$183	65
824 Garfield St	0.54mi	3/2.0	1,609 (-8%)	8mo	$305,000	$190	55
1540 Round Lake Ct	0.45mi	3/2.5	1,920 (+10%)	7mo	$280,000	$146	55
1202 Victoria Dr	0.74mi	3/2.0	1,632 (-6%)	2mo	$255,000	$156	53
501 Henry St	0.65mi	3/1.0	1,915 (+10%)	0mo	$145,000	$76	49
1502 Round Lake Ct	0.41mi	4/2.5 (+1)	1,992 (+14%)	6mo	$295,000	$148	45
704 Baronne St	0.72mi	3/1.0	1,625 (-7%)	10mo	$180,000	$111	43
719 Henry St	0.63mi	4/2.0 (+1)	1,553 (-11%)	11mo	$255,000	$164	38

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: -18.2%
• Equity multiple: 0.36×
• Total profit: $-44,806
• Equity at exit: $37,276

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-44,709
• Equity at exit: $21,615

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 46052

• Active inventory: 183
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$170 /mo · $2,039/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $-67

Break-even live

Break-even rent $2,007

Max offer price $238,250

Occupancy floor 98%

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: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,604	$0.93	1d	1	0.16mi
814 Powell St Lebanon, IN	4.0	1.5	1647	$1,650	$1.00	21d	1	0.69mi
806 Harney Dr Lebanon, IN	3.0	1.0	1170	$2,500	$2.14	17d	1	0.78mi
1704 Crimson Ln Lebanon, IN	3.0	2.0	1110	$2,000	$1.80	17d	1	0.86mi
718 N Lebanon St Lebanon, IN	4.0	1.5	1560	$1,795	$1.15	23d	1	0.95mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	14d	1	0.95mi
2102 Yosemite Dr Lebanon, IN	3.0	2.0	1400	$2,300	$1.64	4d	1	0.95mi
114 S Meridian St Lebanon, IN	2.0	2.0	1200	$1,595	$1.33	7d	1	1.16mi
411 S East St Lebanon, IN	3.0	1.0	1588	$1,450	$0.91	43d	1	1.31mi

Listing history 7 events

1. 2026-05-29
   status Pending 494-char remark

   Show marketing remark (494 chars)

   Welcome to this move-in ready, 3-bedroom, 2-bathroom single-story home! Step into the spacious living room featuring newer LVP flooring and a gas fireplace, perfect for entertaining. The large den offers versatile space and opens seamlessly to an inviting outdoor patio and a fully fenced yard. The primary bedroom features a large walk-in closet, and all bedrooms have brand new carpeting. Enjoy the convenience of a great location with easy access to I-65, making your daily commute a breeze.

2. 2026-05-29
   status Pending

   Show marketing remark (494 chars)

   Welcome to this move-in ready, 3-bedroom, 2-bathroom single-story home! Step into the spacious living room featuring newer LVP flooring and a gas fireplace, perfect for entertaining. The large den offers versatile space and opens seamlessly to an inviting outdoor patio and a fully fenced yard. The primary bedroom features a large walk-in closet, and all bedrooms have brand new carpeting. Enjoy the convenience of a great location with easy access to I-65, making your daily commute a breeze.

3. 2026-05-27
   listed $250,000 Active 494-char remark

   Show marketing remark (494 chars)

   Welcome to this move-in ready, 3-bedroom, 2-bathroom single-story home! Step into the spacious living room featuring newer LVP flooring and a gas fireplace, perfect for entertaining. The large den offers versatile space and opens seamlessly to an inviting outdoor patio and a fully fenced yard. The primary bedroom features a large walk-in closet, and all bedrooms have brand new carpeting. Enjoy the convenience of a great location with easy access to I-65, making your daily commute a breeze.

4. 2026-05-27
   listed $250,000 Active

   Show marketing remark (494 chars)

   Welcome to this move-in ready, 3-bedroom, 2-bathroom single-story home! Step into the spacious living room featuring newer LVP flooring and a gas fireplace, perfect for entertaining. The large den offers versatile space and opens seamlessly to an inviting outdoor patio and a fully fenced yard. The primary bedroom features a large walk-in closet, and all bedrooms have brand new carpeting. Enjoy the convenience of a great location with easy access to I-65, making your daily commute a breeze.

5. 2022-06-30
   soldstatus $222,000 Closed 613-char remark

   Show marketing remark (613 chars)

   The home you've been waiting for! Immediate possession! This is a 3 bedroom, 2 bath home with over 1700 sq. ft. of living space. It features an extra-large living room with gas fireplace and wet bar, a fully applianced kitchen with an abundance of cabinets, a cozy den with doors to the back yard patio space, a large master suite with an oversized walk-in closet, an attached garage, and a large shed with electric. You'll love the custom ceilings and trim work! Fully fenced back yard. A hop, skip and jump to shopping and I65 for an easy commute to either Downtown Indy or Lafayette. Set up your showing today!

6. 2022-06-15
   historical Active Under Contract 613-char remark

   Show marketing remark (613 chars)

   The home you've been waiting for! Immediate possession! This is a 3 bedroom, 2 bath home with over 1700 sq. ft. of living space. It features an extra-large living room with gas fireplace and wet bar, a fully applianced kitchen with an abundance of cabinets, a cozy den with doors to the back yard patio space, a large master suite with an oversized walk-in closet, an attached garage, and a large shed with electric. You'll love the custom ceilings and trim work! Fully fenced back yard. A hop, skip and jump to shopping and I65 for an easy commute to either Downtown Indy or Lafayette. Set up your showing today!

7. 2022-06-14
   listed $220,000 Active 613-char remark

   Show marketing remark (613 chars)

   The home you've been waiting for! Immediate possession! This is a 3 bedroom, 2 bath home with over 1700 sq. ft. of living space. It features an extra-large living room with gas fireplace and wet bar, a fully applianced kitchen with an abundance of cabinets, a cozy den with doors to the back yard patio space, a large master suite with an oversized walk-in closet, an attached garage, and a large shed with electric. You'll love the custom ceilings and trim work! Fully fenced back yard. A hop, skip and jump to shopping and I65 for an easy commute to either Downtown Indy or Lafayette. Set up your showing today!

ⓘ 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: $2,039 · $170/mo
• Projected year-2 tax: $2,082 · $174/mo
• Expected delta: +$43/yr (+$4/mo · 2.1%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 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: $23,068
• − Mortgage interest: −$14,004
• − Property taxes: −$2,039
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$7,273
• Taxable loss: −$5,189
• Est. tax savings @ 24.0%: +$1,245
• After-tax cash flow: $447/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+13.6% since first listed

7 events — show timeline

• 2026-05-29 Pending — IRMLS
• 2026-05-29 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-27 Listed $250,000 IRMLS
• 2026-05-27 Listed $250,000 MIBOR as Distributed by MLS Grid
• 2022-06-30 Sold (MLS) $222,000 IRMLS
• 2022-06-15 Contingent — IRMLS
• 2022-06-14 Listed $220,000 IRMLS

Property tax history

+7.1%/yr

Latest (2025): $2,039 · -11.0% YoY. Source: county tax records.