618 S Union St · Russiaville, IN 46979

$45,000

3 bd · 1.0 ba · 1,618 sqft · SingleFamily public records · 45 Days on market

Built 1900 0.44 ac lot ↓ 10% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits in the sweet small town of Russiaville. This three bedroom, one bath home is ready for someone with vision and a willingness to bring it back to life. The property is in distressed condition and will require repairs and updates, making it ideal for investors or buyers looking for a project. Inspections are welcome but the home is being sold as is.

Key facts

• 0.44 acre lot
• Built 1900
• Listed 45 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#57 in IN, #3,800 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Western School Corporation (rural): math 48% / reading 52% proficiency, ranked #44 of 301 in IN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 2.62% ✓
• Cap rate: 20.78%
• Cash-on-cash: 51.76%
• DSCR: 3.30
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 49.7%
• Equity multiple: 3.17×
• Total profit: $27,385
• Equity at exit: $6,710

10-year hold

• IRR: 55.2%
• Equity multiple: 6.45×
• Total profit: $68,678
• Equity at exit: $3,891

Cash invested: $12,600 (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 46979

• Home prices YoY: -23.1%
• Active inventory: 19
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,178 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$132 /mo · $1,590/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $543

Break-even live

Break-even rent $490

Max offer price $45,000

Occupancy floor 49%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-30
   price $45,000 368-char remark

   Show marketing remark (368 chars)

   Opportunity awaits in the sweet small town of Russiaville. This three bedroom, one bath home is ready for someone with vision and a willingness to bring it back to life. The property is in distressed condition and will require repairs and updates, making it ideal for investors or buyers looking for a project. Inspections are welcome but the home is being sold as is.

2. 2026-04-07
   listed $50,000 Active 368-char remark

   Show marketing remark (368 chars)

   Opportunity awaits in the sweet small town of Russiaville. This three bedroom, one bath home is ready for someone with vision and a willingness to bring it back to life. The property is in distressed condition and will require repairs and updates, making it ideal for investors or buyers looking for a project. Inspections are welcome but the home is being sold as is.

ⓘ 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: $1,590 · $132/mo
• Projected year-2 tax: $1,590 · $132/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $14,136
• − Mortgage interest: −$2,521
• − Property taxes: −$1,590
• − Insurance: −$225
• − Repairs & maintenance: −$1,131
• − Management: −$1,131
• − Depreciation: −$1,309
• Taxable income: $6,230
• Est. tax owed @ 24.0%: −$1,495
• After-tax cash flow: $5,026/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: Western School Corporation
• NCES district ID: 1804470
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 52% ▼ -8.00%
• Median HH income: $62,856
• Composite: 44.0/100
• National rank: #2891
• State rank: #44 of 301 in IN

Livability — Russiaville

• Score: 76/100
• State rank: #57
• US rank: #3800

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,026

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.62%
• Current HPI: 217.7998
• 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

-10.0% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $45,000 IRMLS
• 2026-04-07 Listed $50,000 IRMLS

Property tax history

+50.1%/yr

Latest (2024): $1,590 · +7.7% YoY. Source: county tax records.