500 N Gospel St · Paoli, IN 47454

$135,000

5 bd · 1.0 ba · 2,449 sqft · SingleFamily public records · 191 Days on market

Built 1935 6,403 sqft lot $55/sqft · 31% below area Est $195k · 31% under

---

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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• Appreciation +6.2/10.0
• 1% rule +5.7/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

We are pleased to present to you a unique opportunity to own a piece of Paoli’s rich history. This charming home, originally built by Dr. Clark, served as both his medical practice and residence for many years. Dr. Clark was well known for his kind and gentle spirit, especially in his care for his community. The home also holds a special place in local lore, with stories of lively card games on the front porch, set against the backdrop of the County Courthouse and the downtown landscape. The residence is ready for your personal touches to bring out its full potential. Beneath the current carpeted floor coverings, beautiful hardwood floors are expected to be revealed throughout the main level, as well as in the three upstairs bedrooms. Elegant French-style doors with beveled glass separate the formal dining room from the expansive living room, adding a touch of sophistication. The dining room features period built-in cabinets with glass doors, while the living room boasts a working fireplace flanked by original built-in shelving. The front entry door is original and matches the style of the French doors, enhancing the home’s historic charm. Upstairs, a spacious landing off the stairwell offers room for a small workstation or sitting area, along with additional storage behind a closed door. Each of the three bedrooms provides ample closet space, with two offering lovely views of the downtown area. The full, unfinished basement garage can easily accommodate multiple vehicles and provides abundant space for a workshop or storage. A standalone shower in the basement offers convenience for freshening up after completing dirtier tasks before entering the main residence. Recent updates include modern wiring, ensuring comfort and safety for its current occupants over the past several decades. This home is truly a rare find, combining historical significance with practical living space.

Key facts

• 6,403 sq ft lot
• 2 garage spots
• Built 1935

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/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: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.0% in Paoli — 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 62/100 on livability (#471 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Throop Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 712 students, 61% FRL); Paoli Jr & Sr High School (math 19% / reading 50%, grade F, #270 of 369 statewide, top 77%, 561 students, 55% FRL).
• Market conditions: 64 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($933 loan paydown + $3k appreciation (2.4% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.07% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.53%
• DSCR: 1.42
• GRM: 7.8

CMA / ARV

• ARV (median comp): $194,615
• List price: $135,000
• Delta: -30.63%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
238 E Thornton St	0.19mi	5/2.0	2,205 (-10%)	16mo	$215,000	$98	57
250 E Hospital Rd	0.54mi	4/2.5 (-1)	2,334 (-5%)	5mo	$210,000	$90	52

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

Projected returns pro-forma

2.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.82×
• Total profit: $30,809
• Equity at exit: $55,882

10-year hold

• IRR: 17.0%
• Equity multiple: 3.35×
• Total profit: $88,645
• Equity at exit: $82,546

Cash invested: $37,800 (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 47454

• Home prices YoY: 1.1%
• Active inventory: 64
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,439 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$73 /mo · $872/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $300

Break-even live

Break-even rent $1,059

Max offer price $135,000

Occupancy floor 74%

Sensitivity live

Price	-10% $377	-5% $338	+0% $300	+5% $262	+10% $224
Rent	-10% $186	-5% $243	+0% $300	+5% $357	+10% $414
Rate	-1.0pp $368	-0.5pp $334	base $300	+0.5pp $265	+1.0pp $230

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $135,000 Active 191 DOM
2. 2026-06-21
   days on market $135,000 Active 190 DOM
3. 2026-06-21
   days on market $135,000 Active 189 DOM
4. 2026-06-18
   price $135,000 Active 187 DOM
5. 2026-06-18
   days on market $139,000 Active 187 DOM
6. 2026-06-17
   days on market $139,000 Active 186 DOM
7. 2026-06-16
   days on market $139,000 Active 185 DOM
8. 2026-06-15
   days on market $139,000 Active 184 DOM
9. 2026-06-13
   days on market $139,000 Active 182 DOM
10. 2026-06-12
    days on market $139,000 Active 181 DOM
11. 2026-06-09
    days on market $139,000 Active 178 DOM
12. 2026-06-08
    days on market $139,000 Active 177 DOM
13. 2026-06-07
    days on market $139,000 Active 176 DOM
14. 2026-06-07
    days on market $139,000 Active 175 DOM
15. 2026-06-04
    days on market $139,000 Active 172 DOM
16. 2026-06-02
    days on market $139,000 Active 171 DOM
17. 2026-06-01
    days on market $139,000 Active 170 DOM
18. 2026-05-31
    days on market $139,000 Active 169 DOM
19. 2026-05-31
    days on market $139,000 Active 168 DOM
20. 2025-12-13
    listed $139,000 Active 1921-char remark

    Show marketing remark (1921 chars)

    We are pleased to present to you a unique opportunity to own a piece of Paoli’s rich history. This charming home, originally built by Dr. Clark, served as both his medical practice and residence for many years. Dr. Clark was well known for his kind and gentle spirit, especially in his care for his community. The home also holds a special place in local lore, with stories of lively card games on the front porch, set against the backdrop of the County Courthouse and the downtown landscape. The residence is ready for your personal touches to bring out its full potential. Beneath the current carpeted floor coverings, beautiful hardwood floors are expected to be revealed throughout the main level, as well as in the three upstairs bedrooms. Elegant French-style doors with beveled glass separate the formal dining room from the expansive living room, adding a touch of sophistication. The dining room features period built-in cabinets with glass doors, while the living room boasts a working fireplace flanked by original built-in shelving. The front entry door is original and matches the style of the French doors, enhancing the home’s historic charm. Upstairs, a spacious landing off the stairwell offers room for a small workstation or sitting area, along with additional storage behind a closed door. Each of the three bedrooms provides ample closet space, with two offering lovely views of the downtown area. The full, unfinished basement garage can easily accommodate multiple vehicles and provides abundant space for a workshop or storage. A standalone shower in the basement offers convenience for freshening up after completing dirtier tasks before entering the main residence. Recent updates include modern wiring, ensuring comfort and safety for its current occupants over the past several decades. This home is truly a rare find, combining historical significance with practical living space.

ⓘ 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: $872 · $73/mo
• Projected year-2 tax: $1,010 · $84/mo
• Expected delta: +$138/yr (+$11/mo · 15.8%)

ⓘ 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: $17,271
• − Mortgage interest: −$7,562
• − Property taxes: −$872
• − Insurance: −$675
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$3,927
• Taxable income: $1,471
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $3,248/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: Paoli Community School Corporation
• NCES district ID: 1808640
• Math proficiency: 28% ▼ -14.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $38,333
• Composite: 29.18/100
• National rank: #6571
• State rank: #200 of 301 in IN

Livability — Paoli

• Score: 62/100
• State rank: #471
• US rank: #16678

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paoli, IN
• Population (ZIP): 7,529

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Iranian 1%
• Foreign-born: 0% · Canada

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.36%
• Current HPI: 207.3937
• 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

1 event — show timeline

• 2025-12-13 Listed $139,000 IRMLS

Property tax history

+6.8%/yr

Latest (2024): $872 · +20.3% YoY. Source: county tax records.