840 Lane 120 · Hamilton, IN 46742

$134,900

1 bd · 1.0 ba · 712 sqft · SingleFamily · 15 Days on market

Built 1927 Fair condition 1,699 sqft lot $189/sqft · 24% below area Est $207k · 35% under ↓ 32% since listing

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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 +20.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

YOU OWN THE LAND! Hamilton Lake cottage charm with land ownership! just a short walk to Hamilton Lake, this unique cottage offers a peaceful creekside setting, a large wraparound deck, rustic interior charm and beautiful stone fireplace. Enjoy Cold Springs weekend fun and cruise by golf cart to Hamilton resturants and entertainment. A great little getaway with income potential too. This cottage is rustic but has all the basics to start making sweet summertime memories!

Key facts

• New well
• Updated cottage
• Newer metal roof

Tags

• UPDATED COTTAGE
• NEW WELL
• NEWER METAL ROOF
• UPDATED ELECTRICAL SERVICE
• FRESHLY PAINTED EXTERIOR
• ACCESS TO ALL SPORTS LAKE

Property features AI

Finance

• HOA & community: Community offers golf course access

Exterior

• Utilities: Private well water; Public sewer
• Home design: Single-family residence; Site-built home; 1 story
• Construction: Wood siding
• Exterior features: Sloped lot; No fencing; Metal roof

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: 2 total rooms (includes bedroom count within room total)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Window unit cooling
• Interior features: Microwave; Refrigerator; One fireplace; Crawl space with exterior entry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Community Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 166 students, 48% FRL); Hamilton Community High School (math 17% / reading 32%, grade F, #325 of 369 statewide, top 91%, 186 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,876 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1927 — 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. 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?
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: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $206,656
• List price: $134,900
• Delta: -21.61%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-10,614
• Equity at exit: $20,114

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $5,297
• Equity at exit: $11,664

Cash invested: $37,772 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,403 medium
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $176

Break-even live

Break-even rent $1,180

Max offer price $134,900

Occupancy floor 82%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   days on market $134,900 Active 15 DOM
2. 2026-06-18
   days on market $134,900 Active 14 DOM
3. 2026-06-17
   days on market $134,900 Active 13 DOM
4. 2026-06-16
   days on market $134,900 Active 12 DOM
5. 2026-06-15
   days on market $134,900 Active 11 DOM
6. 2026-06-14
   days on market $134,900 Active 9 DOM
7. 2026-06-12
   days on market $134,900 Active 8 DOM
8. 2026-06-09
   days on market $134,900 Active 5 DOM
9. 2026-06-08
   days on market $134,900 Active 4 DOM

   Show marketing remark (473 chars)

   YOU OWN THE LAND! Hamilton Lake cottage charm with land ownership! just a short walk to Hamilton Lake, this unique cottage offers a peaceful creekside setting, a large wraparound deck, rustic interior charm and beautiful stone fireplace. Enjoy Cold Springs weekend fun and cruise by golf cart to Hamilton resturants and entertainment. A great little getaway with income potential too. This cottage is rustic but has all the basics to start making sweet summertime memories!

10. 2026-06-07
    days on market $134,900 Active 3 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    pricestatusdays on marketlisting id $134,900 Active 2 DOM
13. 2026-05-15
    historical Active Under Contract 473-char remark

    Show marketing remark (473 chars)

    YOU OWN THE LAND! Hamilton Lake cottage charm with land ownership! just a short walk to Hamilton Lake, this unique cottage offers a peaceful creekside setting, a large wraparound deck, rustic interior charm and beautiful stone fireplace. Enjoy Cold Springs weekend fun and cruise by golf cart to Hamilton resturants and entertainment. A great little getaway with income potential too. This cottage is rustic but has all the basics to start making sweet summertime memories!

14. 2026-04-22
    listed $162,000 Active 473-char remark

    Show marketing remark (473 chars)

    YOU OWN THE LAND! Hamilton Lake cottage charm with land ownership! just a short walk to Hamilton Lake, this unique cottage offers a peaceful creekside setting, a large wraparound deck, rustic interior charm and beautiful stone fireplace. Enjoy Cold Springs weekend fun and cruise by golf cart to Hamilton resturants and entertainment. A great little getaway with income potential too. This cottage is rustic but has all the basics to start making sweet summertime memories!

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

Taxation est. · year 1

• Rental income: $16,838
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − Depreciation: −$3,924
• Taxable loss: −$35
• Est. tax savings @ 24.0%: +$8
• After-tax cash flow: $2,123/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This property requires significant repairs and updates to improve its condition and value. The roof, exterior siding, flooring, and interior walls/paint are in poor condition and need immediate attention.

Repairs flagged

• Major roof — Significant wear and tear
• Major exterior siding — Weathered and possibly peeling
• Major flooring — Worn carpet
• Major interior walls/paint — Faded and uneven paint
• Major bathroom fixtures — Dated and possibly in need of replacement

Value-add opportunities

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics
• Both New flooring — Improves comfort and appearance
• Both New roof — Extends the life of the home and improves curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear	Major	$15,000–50,000
exterior siding · Weathered and possibly peeling	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
interior walls/paint · Faded and uneven paint	Major	$15,000–50,000
bathroom fixtures · Dated and possibly in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics ↑
• Both New flooring — Improves comfort and appearance ↑
• Both New roof — Extends the life of the home and improves curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

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

• Census place: Hamilton, IN
• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

-31.9% since first listed

7 events — show timeline

• 2026-06-08 Sold (MLS) $160,000 IRMLS
• 2026-06-04 Listed $134,900 IRMLS
• 2026-05-29 Pending — IRMLS
• 2026-05-15 Contingent — IRMLS
• 2026-04-22 Listed $162,000 IRMLS
• 2022-08-23 Listed $235,000 IRMLS
• 2022-08-23 Sold (MLS) $235,000 IRMLS