702 W Association St · Ellettsville, IN 47429

$209,000

3 bd · 1.5 ba · 2,112 sqft · SingleFamily public records · 81 Days on market

Built 1899 0.39 ac lot Est $304k · 31% under

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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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +8.0/10.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Historic downtown two story in need of a little TLC. Lots of space is found here including 3 bedrooms, 1-1/2 baths. Master Bedroom is on the main level. Ceramic tile and hardwood flooring are found throughout. There is a nice landing/sitting area on the upper level. This home is being sold AS IS.

Key facts

• Screened-in porch
• Modern updates
• Walking distance

Tags

• HISTORIC CHARM
• MODERN UPDATES
• LARGE LOT
• WALKING DISTANCE
• SCREENED-IN PORCH
• NEWLY REMODELED KITCHEN

Property features AI

Exterior

• Parking: Attached garage (1 space); Additional off-street parking
• Utilities: Public water; Public sewer; Electric service (electric water heater) and natural gas
• Home design: Single-family residence; Site-built home; Two stories
• Construction: Aluminum siding; Stone foundation; Built with walk-out full basement (sump pump)
• Exterior features: Covered porch

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas range
• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Ceiling fan(s) (also listed under interior features)
• Interior features: Ceiling fans throughout; Window treatments; Living room fireplace (1)
• Laundry & utility: Washer and dryer included; Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $196k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.3% in Ellettsville — 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 70/100 on livability (#153 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Richland-Bean Blossom Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #82 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgewood Primary School (650 students, 38% FRL); Edgewood Junior High School (math 30% / reading 51%, grade F, #117 of 330 statewide, top 36%, 603 students, 40% FRL); Edgewood High School (math 42% / reading 77%, grade C+, #49 of 369 statewide, top 16%, 820 students, 33% FRL).
• Market conditions: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 872 units permitted in Monroe County in 2024 (663 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 $6k of value loss. Plan a longer hold.
• Monroe County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $50k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $209k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.30% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $304,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 W Oak St	0.08mi	4/3.0 (+1)	2,313 (+10%)	0mo	$287,315	$124	69
7227 W Mustang Dr	0.38mi	4/2.0 (+1)	2,086 (-1%)	6mo	$405,400	$194	68
302 S Edgewood Dr	0.23mi	3/2.0	2,296 (+9%)	9mo	$240,000	$105	65
203 S Sale St	0.08mi	4/2.5 (+1)	1,830 (-13%)	5mo	$352,500	$193	61
114 E Chester St	0.48mi	4/2.0 (+1)	2,140 (+1%)	16mo	$224,722	$105	55
601 N Robin Dr	0.63mi	4/2.5 (+1)	2,016 (-4%)	5mo	$210,000	$104	50
111 E Renee Dr	0.47mi	4/2.5 (+1)	2,016 (-4%)	16mo	$250,000	$124	48
501 S Turtleback Creek Rd	0.59mi	4/3.0 (+1)	2,322 (+10%)	0mo	$335,000	$144	44
7215 W Mustang Dr	0.36mi	4/2.5 (+1)	1,834 (-13%)	9mo	$357,000	$195	44
635 N Robin Dr	0.74mi	3/2.0	1,862 (-12%)	3mo	$281,000	$151	41
412 S Cedar Dr	0.62mi	4/1.5 (+1)	1,870 (-12%)	14mo	$262,500	$140	36
525 S Poplar Dr	0.70mi	3/2.0	1,836 (-13%)	13mo	$279,000	$152	33

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: 2.8%
• Equity multiple: 1.11×
• Total profit: $6,210
• Equity at exit: $31,163

10-year hold

• IRR: 12.3%
• Equity multiple: 1.98×
• Total profit: $57,241
• Equity at exit: $18,071

Cash invested: $58,520 (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 47429

• Home prices YoY: -26.8%
• Active inventory: 64
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,708 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$328 /mo · $3,940/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $628

Break-even live

Break-even rent $1,913

Max offer price $209,000

Occupancy floor 72%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 N Sale St Unit 3 Ellettsville, IN	3.0	2.0	3000	$3,000	$1.00	21d	1	0.09mi
213 S Poplar Dr Ellettsville, IN	3.0	2.0	1654	$1,800	$1.09	21d	1	0.35mi

Listing history 26 events

1. 2026-06-19
   days on market $209,000 Active 81 DOM
2. 2026-06-18
   days on market $209,000 Active 80 DOM
3. 2026-06-17
   days on market $209,000 Active 79 DOM
4. 2026-06-16
   days on market $209,000 Active 78 DOM
5. 2026-06-15
   days on market $209,000 Active 77 DOM
6. 2026-06-14
   days on market $209,000 Active 75 DOM
7. 2026-06-13
   days on market $209,000 Active 74 DOM
8. 2026-06-10
   days on market $209,000 Active 72 DOM
9. 2026-06-09
   days on market $209,000 Active 71 DOM
10. 2026-06-09
    price $209,000 Active 70 DOM
11. 2026-06-08
    days on market $219,000 Active 70 DOM
12. 2026-06-07
    days on market $219,000 Active 69 DOM
13. 2026-06-03
    days on market $219,000 Active 65 DOM
14. 2026-06-02
    pricedays on market $219,000 Active 64 DOM
15. 2026-06-01
    days on market $229,000 Active 63 DOM
16. 2026-05-31
    days on market $229,000 Active 62 DOM
17. 2026-05-30
    days on market $229,000 Active 61 DOM
18. 2026-05-22
    status Active
19. 2026-05-16
    historical Active Under Contract
20. 2026-04-24
    price $229,000
21. 2026-04-12
    price $249,000
22. 2026-03-30
    listed $259,000 Active
23. 2020-07-31
    soldstatus $82,500 297-char remark

    Show marketing remark (297 chars)

    Historic downtown two story in need of a little TLC. Lots of space is found here including 3 bedrooms, 1-1/2 baths. Master Bedroom is on the main level. Ceramic tile and hardwood flooring are found throughout. There is a nice landing/sitting area on the upper level. This home is being sold AS IS.

24. 2020-01-23
    listed $92,500 297-char remark

    Show marketing remark (297 chars)

    Historic downtown two story in need of a little TLC. Lots of space is found here including 3 bedrooms, 1-1/2 baths. Master Bedroom is on the main level. Ceramic tile and hardwood flooring are found throughout. There is a nice landing/sitting area on the upper level. This home is being sold AS IS.

25. 2019-05-30
    listed $99,000
26. 2018-05-10
    listed $99,000

ⓘ 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: $3,940 · $328/mo
• Projected year-2 tax: $3,940 · $328/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,497
• − Mortgage interest: −$11,707
• − Property taxes: −$3,940
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,600
• − Management: −$2,600
• − Depreciation: −$6,080
• Taxable income: $4,525
• Est. tax owed @ 24.0%: −$1,086
• After-tax cash flow: $6,449/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: Richland-Bean Blossom Community School Corporation
• NCES district ID: 1809480
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 52% ▼ -8.00%
• Median HH income: $53,816
• Composite: 40.21/100
• National rank: #3780
• State rank: #82 of 301 in IN

Livability — Ellettsville

• Score: 70/100
• State rank: #153
• US rank: #7613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellettsville, IN
• Population (ZIP): 7,402

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 160,645 people
• By 2030: 170,174 · +5.9%
• By 2040: 188,326 · +17.2%
• By 2050: 206,892 · +28.8%
• By 2075: 256,650 · +59.8%
• By 2100: 303,242 · +88.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong D (+27.4) · D 63.0% · R 35.5% · Other 1.5%
• 2008→2024 swing: -4.7pp toward R · 2008: 32.2pp · 2024: 27.4pp
• All cycles: 2024: D+27.4 2020: D+28.2 2016: D+23.7 2012: D+16.5 2008: D+32.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.14%
• Current HPI: 265.2863
• 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

+131.3% since first listed

9 events — show timeline

• 2026-05-22 Relisted — IRMLS
• 2026-05-16 Contingent — IRMLS
• 2026-04-24 Price Changed $229,000 IRMLS
• 2026-04-12 Price Changed $249,000 IRMLS
• 2026-03-30 Listed $259,000 IRMLS
• 2020-07-31 Sold (MLS) $82,500 IRMLS
• 2020-01-23 Listed $92,500 IRMLS
• 2019-05-30 Listed $99,000 IRMLS
• 2018-05-10 Listed $99,000 IRMLS

Property tax history

+14.6%/yr

Latest (2024): $3,940 · +0.9% YoY. Source: county tax records.