840 Lane 120 · Hamilton, IN
Flood risk No data
- FEMA flood zone
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- Chance of flooding over 30 yrs
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- Est. flood insurance / yr
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Fire risk No data
- Est. fire insurance / yr
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Heat risk No data
- Hot days now (above threshold)
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- Hot days in 30 yrs
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Wind risk No data
- Chance of severe wind over 30 yrs
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Air-quality risk No data
- Unhealthy air days now
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- Unhealthy air days in 30 yrs
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Risk factors via First Street. Map © Google.
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 +26.4/30.0
- ARV discount +15.0/15.0
- DSCR +9.0/10.0
- 1% rule +7.1/10.0
- Schools +3.3/10.0
- Livability +3.2/5.0
- Rent growth +2.5/5.0
- Condition / age +2.2/5.0
- Appreciation +0.0/10.0
$129,900
840 Lane 120 · Hamilton, IN 46742
1 bd · 1.0 ba · 712 sqft · SingleFamily
· 111 Days on market
Built 1927
1,699 sqft lot
$182/sqft
· 39% below area
Est $214k · 39% under
↓ 32% since listing
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence
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
Neighborhood map
Sold within
Property
Rental comp
Retail
Costco
Walmart
Transit
Schools
Stadiums
Fortune 500
· Circle radius: 6.0 mi
Loading POIs…
What this means for you Summary
Snapshot
- This is a 1-bed/1.0-bath single-family listed at $130k. Condition is rated fair.
Deal economics
- At list price, monthly cash flow is $339 ($4k/yr) — positive.
- The deal already cash-flows at list — no discount required.
- Meets the 1% rule at list price ($2k rent vs $130k).
- Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
- Cap rate 9.4% vs local median 2.4% 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: 54 active listings in the ZIP; solid renter incomes; 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 $898 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.
- At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.
Negotiation context
- It's been on market 111 days — a 9% lower offer ($118k) 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
$118,209
(9.0% below list)
Questions for the listing agent
- It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
- Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
- Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
- Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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?
- 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.
- 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.
- 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
- 1.21% ✓
- Cap rate
- 9.43%
- Cash-on-cash
- 11.19%
- DSCR
- 1.50
- GRM
- 6.9
CMA / ARV
- ARV (median comp)
- $214,169
- List price
- $129,900
- Delta
- -39.35%
- Verdict
- UNDERPRICED
- Comps
- 9 within 1.0 mi
Show comp detail 5 sales within ~0.75 mi
| Address | Dist | Beds/Ba | Sqft | Sold | Price | $/sf | Match |
|---|---|---|---|---|---|---|---|
| 2515 Ln 150 Hamilton Lk Lk | 0.74mi | 1/2.0 | 576 (-19%) | 1mo | $200,000 | $347 | 36 |
| 140 221c Hamilton Lake Ln | 0.78mi | 2/1.5 (+1) | 806 (+13%) | 2mo | $160,000 | $199 | 34 |
| 375 Lane 221b Hamilton Lake Lk | 0.79mi | 2/1.0 (+1) | 832 (+17%) | 10mo | $400,000 | $481 | 27 |
| 635 Lane 101 Hamilton Lake Lk | 1.03mi | 2/1.0 (+1) | 832 (+17%) | 13mo | $450,000 | $541 | 24 |
| 216 Lane 221 Hamilton Lk | 1.07mi | 2/1.0 (+1) | 600 (-16%) | 18mo | $205,000 | $342 | 20 |
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
- 0.4%
- Equity multiple
- 1.02×
- Total profit
- $583
- Equity at exit
- $19,369
10-year hold
- IRR
- 10.1%
- Equity multiple
- 1.78×
- Total profit
- $28,428
- Equity at exit
- $11,231
Cash invested: $36,372 (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.
Balanced market
Market conditions
within 1.0 mi — comparable homes for sale
Active competition Active MLS
- For sale now
- 1 active · 2 under contract
- Months of supply
- 3.0 mo (33%/mo absorbed)
- Median asking
- $369,900 ($465/sqft)
- Median days on market
- 87 d
- This list price
- lowest-priced of the active set
- ARV vs active asking
- -35.3% vs current asking $/sqft
Closed sales set the value; these active listings set current market conditions and a practical price ceiling.
ZIP-level market 46742
- Home prices YoY
- -31.9%
- Active inventory
- 54
- Price-to-rent
- 6.9×
Monthly cashflow live
↻
- Estimated rent
- $1,566 medium interval (Pro) →
- Mortgage (P&I)
- −$681
- Tax est. 1.5%
- −$162 /mo · $1,948/yr
- Insurance
- −$54
- HOA
- −$0
- Lot rent
- −$0
- Vacancy / Maint / Mgmt
- −$329
- Net cashflow
- $339
Break-even live
Break-even rent
$1,136
Max offer price
$129,900
Occupancy floor
73%
Sensitivity live
| Price | -10% $429 | -5% $384 | +0% $339 | +5% $294 | +10% $250 |
|---|---|---|---|---|---|
| Rent | -10% $216 | -5% $277 | +0% $339 | +5% $401 | +10% $463 |
| Rate | -1.0pp $405 | -0.5pp $372 | base $339 | +0.5pp $306 | +1.0pp $271 |
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
- $32,475
- Closing costs
- $3,897
- Club membership (one-time)
- —
- Reserves months
- —
- Total cash needed
- —
Loan-product check · same deal, 3 products live
Conventional
25% down · 7.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Personal DTI + credit; lowest rate.
DSCR
20% down · 8.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
No personal income docs; deal must DSCR.
Hard money
10% down · 12.0% · 12mo
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Short-term bridge; refi at stabilization.
Property features AI
Finance
- HOA & community
- Community offers golf course access
Exterior
- Utilities
- Private well waterPublic sewer
- Home design
- Single-family residenceSite-built home1 story
- Construction
- Wood siding
- Exterior features
- Sloped lotNo fencingMetal roof
Interior
- Kitchen
- MicrowaveRefrigerator
- Bedrooms
- 2 total rooms (includes bedroom count within room total)
- Bathrooms
- 1 full bathroom (main level)
- Heating & cooling
- Window unit cooling
- Interior features
- MicrowaveRefrigeratorOne fireplaceCrawl space with exterior entry
Listing history 50 events
-
2026-09-23days on market $129,900 Active 111 DOM
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2026-09-21days on market $129,900 Active 109 DOM
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2026-09-20days on market $129,900 Active 108 DOM
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2026-09-18days on market $129,900 Active 106 DOM
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2026-09-17days on market $129,900 Active 105 DOM
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2026-09-16days on market $129,900 Active 104 DOM
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2026-09-15days on market $129,900 Active 103 DOM
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2026-09-14days on market $129,900 Active 102 DOM
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2026-09-13days on market $129,900 Active 101 DOM
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2026-09-12days on market $129,900 Active 100 DOM
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2026-09-11days on market $129,900 Active 99 DOM
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2026-09-05days on market $129,900 Active 93 DOM
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2026-09-04days on market $129,900 Active 92 DOM
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2026-09-03days on market $129,900 Active 91 DOM
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2026-09-02days on market $129,900 Active 90 DOM
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2026-08-30days on market $129,900 Active 87 DOM
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2026-08-29days on market $129,900 Active 86 DOM
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2026-08-28days on market $129,900 Active 85 DOM
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2026-08-27days on market $129,900 Active 84 DOM
-
2026-08-26days on market $129,900 Active 83 DOM
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2026-08-25days on market $129,900 Active 82 DOM
-
2026-08-24days on market $129,900 Active 81 DOM
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2026-08-23days on market $129,900 Active 80 DOM
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2026-08-22days on market $129,900 Active 79 DOM
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2026-08-21pricedays on market $129,900 Active 78 DOM
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2026-08-20days on market $134,900 Active 77 DOM
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2026-08-19days on market $134,900 Active 76 DOM
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2026-08-18days on market $134,900 Active 75 DOM
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2026-08-17days on market $134,900 Active 74 DOM
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2026-08-16days on market $134,900 Active 73 DOM
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2026-08-15days on market $134,900 Active 72 DOM
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2026-08-14days on market $134,900 Active 71 DOM
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2026-08-13days on market $134,900 Active 70 DOM
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2026-08-12days on market $134,900 Active 69 DOM
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2026-08-11days on market $134,900 Active 68 DOM
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2026-08-10days on market $134,900 Active 67 DOM
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2026-08-09days on market $134,900 Active 66 DOM
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2026-08-08days on market $134,900 Active 65 DOM
-
2026-08-07days on market $134,900 Active 64 DOM
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2026-08-06days on market $134,900 Active 63 DOM
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2026-08-05days on market $134,900 Active 62 DOM
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2026-08-04days on market $134,900 Active 61 DOM
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2026-08-03days on market $134,900 Active 60 DOM
-
2026-07-31days on market $134,900 Active 57 DOM
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2026-07-30days on market $134,900 Active 56 DOM
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2026-07-29days on market $134,900 Active 55 DOM
-
2026-07-27days on market $134,900 Active 53 DOM
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2026-07-25days on market $134,900 Active 51 DOM
-
2026-07-24days on market $134,900 Active 50 DOM
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2026-07-23days on market $134,900 Active 49 DOM
ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot
backfill from property_details.listing_events for pre-trigger history.
Nearby sold comps map
Loading sold comps map…
Walkable amenities ~0.75 mi
Loading nearby amenities…
Taxation est. · year 1
- Rental income
- $18,790
- − Mortgage interest
- −$7,276
- − Property taxes
- −$1,948
- − Insurance
- −$650
- − Repairs & maintenance
- −$1,503
- − Management
- −$1,503
- − Depreciation
- −$3,779
- Taxable income
- $2,130
combined federal + state — saved on this device
- Est. tax owed @ 24.0%
- −$511
- After-tax cash flow
- $3,560/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
45/100
Moderate rehab
Est. rehab $17,800–$32,040 screening
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 ↑
ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.
F
Composite school gradezoned avg 33/100
Zoned Schools
Elementary
Hamilton Community Elementary Sch
F
IN #434/994
Nat'l #17,861/41,679
High
Hamilton Community High School
F
IN #325/369
Nat'l #12,478/17,239
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
C
Composite livability gradescore 64/100
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
- County
- Steuben · 34,334 people
- Population (ZIP)
- 3,126
- Household income
- $77,037
- Rent vs Own
- Severe rent burden
- 14% of renters
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 |
|
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| Healthcare | 1 | $177B |
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| Pharmaceuticals | 1 | $45B |
|
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| Metals / Steel | 1 | $18B |
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| Agriculture | 1 | $17B |
|
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| Packaging | 1 | $12B |
|
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Price history
-31.9% since first listed7 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
Cash-flow waterfall
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…