240 S Washington St · Pennville, IN 47369

$95,000

2 bd · 1.0 ba · 1,380 sqft · SingleFamily public records · 17 Days on market

Built 1903 9,583 sqft lot $69/sqft · at area comps Est $92k · at est.

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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 +25.4/30.0
• DSCR +8.4/10.0
• Appreciation +7.8/10.0
• 1% rule +6.7/10.0
• ARV discount +5.9/15.0
• Schools +3.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Move-in ready 3-bedroom, 1-bath home located in the heart of Pennville! This inviting property offers convenient in-town living close to local restaurants and downtown. Inside, you'll find a spacious eat-in kitchen perfect for family meals and gatherings, along with a large master bedroom providing a comfortable retreat. The home also features a newer furnace and water heater, offering added peace of mind and efficiency. A great opportunity for anyone seeking comfort, convenience, and small-town charm!

Key facts

• Newer furnace
• Water heater
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• NEWER FURNACE
• WATER HEATER
• CONVENIENT IN-TOWN LIVING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#489 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, health & safety D.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($657 loan paydown + $5k appreciation (5.5% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1903 — 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. 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?
4. 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?
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: 1.17% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $91,816
• List price: $95,000
• Delta: 3.47%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
240 S Washington St	0.00mi	3/1.0 (+1)	1,380 (0%)	0mo	$95,000	$69	95
325 S Union St	0.07mi	2/1.0	1,440 (+4%)	9mo	$57,000	$40	82
180 E Liberty	0.06mi	2/1.0	1,212 (-12%)	6mo	$128,000	$106	72
460 Maple St	0.36mi	3/1.0 (+1)	1,560 (+13%)	4mo	$73,500	$47	54

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

Projected returns pro-forma

5.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 2.45×
• Total profit: $38,636
• Equity at exit: $56,770

10-year hold

• IRR: 21.7%
• Equity multiple: 4.89×
• Total profit: $103,564
• Equity at exit: $100,495

Cash invested: $26,600 (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 47369

• Home prices YoY: 2.0%
• Active inventory: 6
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,109 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $219

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 75%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-05
   status Pending 507-char remark

   Show marketing remark (507 chars)

   Move-in ready 3-bedroom, 1-bath home located in the heart of Pennville! This inviting property offers convenient in-town living close to local restaurants and downtown. Inside, you'll find a spacious eat-in kitchen perfect for family meals and gatherings, along with a large master bedroom providing a comfortable retreat. The home also features a newer furnace and water heater, offering added peace of mind and efficiency. A great opportunity for anyone seeking comfort, convenience, and small-town charm!

2. 2026-05-02
   historical Active Under Contract 507-char remark

   Show marketing remark (507 chars)

   Move-in ready 3-bedroom, 1-bath home located in the heart of Pennville! This inviting property offers convenient in-town living close to local restaurants and downtown. Inside, you'll find a spacious eat-in kitchen perfect for family meals and gatherings, along with a large master bedroom providing a comfortable retreat. The home also features a newer furnace and water heater, offering added peace of mind and efficiency. A great opportunity for anyone seeking comfort, convenience, and small-town charm!

3. 2026-04-27
   price $95,000 507-char remark

   Show marketing remark (507 chars)

   Move-in ready 3-bedroom, 1-bath home located in the heart of Pennville! This inviting property offers convenient in-town living close to local restaurants and downtown. Inside, you'll find a spacious eat-in kitchen perfect for family meals and gatherings, along with a large master bedroom providing a comfortable retreat. The home also features a newer furnace and water heater, offering added peace of mind and efficiency. A great opportunity for anyone seeking comfort, convenience, and small-town charm!

4. 2026-04-18
   listed $110,000 Active 507-char remark

   Show marketing remark (507 chars)

   Move-in ready 3-bedroom, 1-bath home located in the heart of Pennville! This inviting property offers convenient in-town living close to local restaurants and downtown. Inside, you'll find a spacious eat-in kitchen perfect for family meals and gatherings, along with a large master bedroom providing a comfortable retreat. The home also features a newer furnace and water heater, offering added peace of mind and efficiency. A great opportunity for anyone seeking comfort, convenience, and small-town charm!

5. 2016-08-26
   soldstatus $65,000
6. 2015-03-27
   soldstatus $65,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,303
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$2,764
• Taxable income: $1,189
• Est. tax owed @ 24.0%: −$285
• After-tax cash flow: $2,346/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Pennville

• Score: 61/100
• State rank: #489
• US rank: #17460

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pennville, IN
• Population (ZIP): 1,216

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 13% Hispanic / Latino 3%
• Common ancestry: Slovak 4% Lithuanian 1%
• Foreign-born: 3% · Vietnam
• Languages at home: 94% English-only · German/W. Germanic 4% Spanish 1% Vietnamese 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.50%
• Current HPI: 274.4559
• 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

+46.2% since first listed

6 events — show timeline

• 2026-05-05 Pending — IRMLS
• 2026-05-02 Contingent — IRMLS
• 2026-04-27 Price Changed $95,000 IRMLS
• 2026-04-18 Listed $110,000 IRMLS
• 2016-08-26 Sold (Public Records) $65,000 Public Records
• 2015-03-27 Sold (Public Records) $65,000 Public Records

Property tax history

-12.6%/yr

Latest (2024): $181 · -6.1% YoY. Source: county tax records.