328 Wells Ave · Mitchell, IN 47446

$149,000

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 18 Days on market

Built 1910 0.30 ac lot Est $174k · 14% 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 +20.6/30.0
• ARV discount +13.9/15.0
• DSCR +6.5/10.0
• Appreciation +5.3/10.0
• 1% rule +4.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Near Lehigh and move in ready! New roof in 2019, new heat pumpand new kitchen cabinets all in 2019. All walls were painted in last few years. Nice basement for storage. Nice corner lot and close to Hwy 60. Refrigerator and stove negotiable. There is a concrete pad in back to build a garage on or use for a nice patio area.

Key facts

• Newer roof
• Convenient location
• Corner lot

Tags

• CORNER LOT
• NEWER ROOF
• COMFORTABLE LIVING SPACE
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Residential property listed by Keach & Grove Real Estate, LLC

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch; Partial wood fencing; Level lot; Lot approximately 100 x 132 (0.3 acres)

Interior

• Kitchen: Refrigerator; Electric range
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Full unfinished basement; 6 total rooms
• Laundry & utility: Washer hookup on main level; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (7.1% below list).
• Recommended offer: $138k (7.1% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 5.6% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mitchell Jr High School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 359 students, 61% FRL); Mitchell High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 436 students, 51% FRL).
• Market conditions: 61 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $917 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $99k; list at $149k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,471 (7.1% below list)

Questions for the listing agent

1. Built in 1910 — 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 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?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $173,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
340 S Meridian Rd	0.08mi	3/1.5	1,228 (+0%)	21mo	$33,000	$27	76
503 College Ave	0.56mi	3/2.0	1,200 (-2%)	2mo	$220,000	$183	65
610 W Frank St	0.61mi	2/1.5 (-1)	1,200 (-2%)	4mo	$174,000	$145	58
507 College Ave	0.56mi	3/2.0	1,200 (-2%)	12mo	$212,000	$177	57
304 E Vine St	0.19mi	2/1.0 (-1)	1,043 (-15%)	12mo	$95,000	$91	51
515 W Vine St	0.54mi	3/1.0	1,111 (-9%)	11mo	$80,000	$72	50
11 South 1st St	0.36mi	3/2.0	1,380 (+13%)	10mo	$275,000	$199	50
120 E Grissom Ave	0.17mi	2/1.0 (-1)	1,060 (-13%)	18mo	$15,500	$15	50
105 W Main St	0.29mi	2/2.0 (-1)	1,100 (-10%)	22mo	$125,000	$114	42
313 W Warren St	0.47mi	2/2.0 (-1)	1,100 (-10%)	13mo	$169,000	$154	41
245 Bartlett Dr	0.67mi	3/1.0	1,100 (-10%)	14mo	$156,000	$142	40
510 S 6th St	0.62mi	3/2.0	1,318 (+8%)	18mo	$75,000	$57	39

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

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.30×
• Total profit: $12,554
• Equity at exit: $47,909

10-year hold

• IRR: 10.6%
• Equity multiple: 2.24×
• Total profit: $51,531
• Equity at exit: $61,439

Cash invested: $41,720 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 61
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $198

Break-even live

Break-even rent $1,134

Max offer price $149,000

Occupancy floor 81%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $149,000 Active 18 DOM
2. 2026-06-17
   days on market $149,000 Active 17 DOM
3. 2026-06-16
   days on market $149,000 Active 16 DOM
4. 2026-06-15
   days on market $149,000 Active 15 DOM
5. 2026-06-14
   days on market $149,000 Active 13 DOM
6. 2026-06-12
   pricedays on market $149,000 Active 12 DOM
7. 2026-06-09
   days on market $155,000 Active 9 DOM
8. 2026-06-08
   days on market $155,000 Active 8 DOM
9. 2026-06-07
   days on market $155,000 Active 7 DOM
10. 2026-06-05
    days on market $155,000 Active 5 DOM
11. 2026-06-03
    days on market $155,000 Active 3 DOM
12. 2026-06-02
    days on market $155,000 Active 2 DOM
13. 2026-05-31
    listing id $155,000 Active 1 DOM
14. 2026-05-30
    remarks 520-char remark
15. 2026-05-30
    listed $155,000 Active 1 DOM

ⓘ 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: $630 · $52/mo
• Projected year-2 tax: $948 · $79/mo
• Expected delta: +$318/yr (+$27/mo · 50.5%)

ⓘ 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 2% 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: $16,617
• − Mortgage interest: −$8,346
• − Property taxes: −$630
• − Insurance: −$745
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − Depreciation: −$4,335
• Taxable loss: −$98
• Est. tax savings @ 24.0%: +$24
• After-tax cash flow: $2,399/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

+56.7% since first listed

3 events — show timeline

• 2026-05-30 Listed $155,000 IRMLS
• 2021-10-29 Sold (MLS) $98,900 IRMLS
• 2021-08-18 Listed $98,900 IRMLS

Property tax history

-11.0%/yr

Latest (2025): $630 · -12.7% YoY. Source: county tax records.