6709 S State Road 3 · Spiceland, IN 47385

$137,900

2 bd · 1.0 ba · 873 sqft · SingleFamily public records · 146 Days on market

Built 1948 0.61 ac lot $158/sqft · 67% above area Est $165k · 17% under

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Why this score? — see what drove the D+ 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).

• ARV discount +14.9/15.0
• Appreciation +10.0/10.0
• Cash flow +7.8/30.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• DSCR +1.9/10.0
• 1% rule +1.2/10.0

Listing remarks MLS

Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

Key facts

• .61 ac lot
• Eat-in kitchen
• Outdoor space

Tags

• HARDWOOD FLOORS
• EAT-IN KITCHEN
• BLOCK BASEMENT
• OUTDOOR SPACE
• .61 AC LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (37.7% below list).
• Recommended offer: $86k (37.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#393 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment C-, health & safety C-, crime D+.
• South Henry School Corporation (rural): math 25% / reading 27% proficiency, ranked #258 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 9 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($953 loan paydown + $14k appreciation (10.0% local appreciation)).
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $94k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,844 (37.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.62% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 13.4

CMA / ARV

• ARV (median comp): $165,198
• List price: $137,900
• Delta: -16.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
522 W Linden Dr	0.68mi	2/1.0	936 (+7%)	5mo	$125,000	$134	52

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 2.69×
• Total profit: $65,414
• Equity at exit: $124,231

10-year hold

• IRR: 19.0%
• Equity multiple: 6.18×
• Total profit: $200,079
• Equity at exit: $267,909

Cash invested: $38,612 (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 47385

• Home prices YoY: 14.2%
• Active inventory: 9
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $858 medium
• Mortgage (P&I): −$723
• Tax from tax record: −$49 /mo · $584/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $-151

Break-even live

Break-even rent $1,050

Max offer price $111,199

Occupancy floor —

Sensitivity live

Price	-10% $-73	-5% $-112	+0% $-151	+5% $-190	+10% $-229
Rent	-10% $-219	-5% $-185	+0% $-151	+5% $-117	+10% $-83
Rate	-1.0pp $-82	-0.5pp $-116	base $-151	+0.5pp $-187	+1.0pp $-223

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: $34,475
• Closing costs: $4,137
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-05
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

2. 2026-04-17
   status Active 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

3. 2026-04-12
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

4. 2026-03-30
   price $137,900 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

5. 2026-02-18
   status Active 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

6. 2026-02-04
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

7. 2026-01-13
   price $139,900 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

8. 2025-11-21
   listed $149,900 Active 453-char remark

   Show marketing remark (453 chars)

   Come make this two bedroom Spiceland home your own! This cute 873 sq. ft. bungalow with basement has hardwood floors in the living room and bedrooms. One full bath with tub/shower combo. Eat-in kitchen comes with electric range and refrigerator. Block basement is where you'll find the laundry and space for hobbies, storage, entertaining ... you name it! There is a two car detached garage, but it needs work. Outdoor space is great on this .61 ac lot.

9. 2021-08-11
   soldstatus $94,500 212-char remark

   Show marketing remark (212 chars)

   Take a look at this tidy, well-kept home in Spiceland. This home features a spacious kitchen, large open living room, beautiful hardwood floors, an open concept full basement, and large yard w/ over half an acre.

10. 2021-08-11
    soldstatus $94,500

    Show marketing remark (212 chars)

    Take a look at this tidy, well-kept home in Spiceland. This home features a spacious kitchen, large open living room, beautiful hardwood floors, an open concept full basement, and large yard w/ over half an acre.

11. 2021-06-25
    listed $94,500 212-char remark

    Show marketing remark (212 chars)

    Take a look at this tidy, well-kept home in Spiceland. This home features a spacious kitchen, large open living room, beautiful hardwood floors, an open concept full basement, and large yard w/ over half an acre.

12. 2021-06-25
    listed $94,500

    Show marketing remark (212 chars)

    Take a look at this tidy, well-kept home in Spiceland. This home features a spacious kitchen, large open living room, beautiful hardwood floors, an open concept full basement, and large yard w/ over half an acre.

ⓘ 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: $584 · $49/mo
• Projected year-2 tax: $878 · $73/mo
• Expected delta: +$294/yr (+$24/mo · 50.3%)

ⓘ 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 ≥99°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: $10,301
• − Mortgage interest: −$7,725
• − Property taxes: −$584
• − Insurance: −$690
• − Repairs & maintenance: −$824
• − Management: −$824
• − Depreciation: −$4,012
• Taxable loss: −$4,357
• Est. tax savings @ 24.0%: +$1,046
• After-tax cash flow: $-768/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: South Henry School Corporation
• NCES district ID: 1810380
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 27% ▼ -14.00%
• Median HH income: $47,772
• Composite: 22.67/100
• National rank: #8045
• State rank: #258 of 301 in IN

Livability — Spiceland

• Score: 64/100
• State rank: #393
• US rank: #14523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spiceland, IN
• Population (ZIP): 1,700

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 1%
• Common ancestry: Serbian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 31.11%
• Current HPI: 250.235
• 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

+45.9% since first listed

12 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-30 Price Changed $137,900 MIBOR as Distributed by MLS Grid
• 2026-02-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2025-11-21 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2021-08-11 Sold (MLS) $94,500 IRMLS
• 2021-08-11 Sold (MLS) $94,500 MIBOR as Distributed by MLS Grid
• 2021-06-25 Listed $94,500 MIBOR as Distributed by MLS Grid
• 2021-06-25 Listed $94,500 IRMLS

Property tax history

-1.6%/yr

Latest (2024): $584 · +8.9% YoY. Source: county tax records.