803 & 805 Reason Ave Unit INCLUDES 111 TRUELOVE RD · Loogootee, IN 47553

$235,000

5 bd · 2.0 ba · 1,880 sqft · MultiFamily · 217 Days on market

Built 1991 Fair condition 0.45 ac lot $125/sqft · 45% below area Est $425k · 45% under ↓ 6% 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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• Appreciation +6.5/10.0
• 1% rule +5.6/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Prime Investment Opportunity – 2 City Lots with Multiple Income Streams Unlock exceptional rental potential with this unique property featuring two active rentals plus room to add a third. Situated on two spacious city lots, this investment offers flexibility, strong cash flow, and desirable long-term upside. Return on Investment in just 7 years. Property Highlights: Two current rentals producing income: • 3 Bed 1 Bath, Mobile Home Rental – steady tenant appeal - 12 x 70 (840 SF) • 2 Bed 1 Bath Pole Barn House Rental – versatile living space with solid rental history - 40 X 26 (1040 SF) Expandable Portfolio – The additional vacant lot already has electric, water, and sewer, making it ideal for adding a third rental unit with minimal groundwork. Low-maintenance setup designed for reliable occupancy and attractive returns. Convenient in-town location, close to amenities such as swiming pool , city Park, Pickle Ball courts, and ample employment opportunities, boosting rental demand. Currently on 1 year leases that expire 1 Nov 2026. Whether you're expanding your investment portfolio or seeking a property with immediate income and clear potential for growth, this one checks all the boxes.

Key facts

• Electric water sewer
• Expandable portfolio
• Two active rentals

Tags

• TWO CITY LOTS
• MULTIPLE INCOME STREAMS
• TWO ACTIVE RENTALS
• EXPANDABLE PORTFOLIO
• ADDITIONAL VACANT LOT
• ELECTRIC WATER SEWER

🏷️ Possibly a rental listed for sale. The $235,000 price doesn't fit this home's estimated sale value (~$425,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.8% in Loogootee — 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 74/100 on livability (#74 in IN, #4,663 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Loogootee Community School Corporation (rural): math 42% / reading 48% proficiency, ranked #97 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP; 2 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Martin County population projected at -22% 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 $66k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $425,000
• List price: $235,000
• Delta: -44.71%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.77×
• Total profit: $50,848
• Equity at exit: $105,877

10-year hold

• IRR: 15.4%
• Equity multiple: 3.27×
• Total profit: $149,599
• Equity at exit: $163,332

Cash invested: $65,800 (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 47553

• Home prices YoY: 1.4%
• Active inventory: 63
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $2,499 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $350

Break-even live

Break-even rent $2,056

Max offer price $235,000

Occupancy floor 81%

Sensitivity live

Price	-10% $513	-5% $431	+0% $350	+5% $269	+10% $188
Rent	-10% $153	-5% $251	+0% $350	+5% $449	+10% $548
Rate	-1.0pp $469	-0.5pp $410	base $350	+0.5pp $289	+1.0pp $227

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$871
▸ 2× units	2	1	$1,628
Total (3 units)			$2,499

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $235,000 Active 217 DOM
2. 2026-06-18
   days on market $235,000 Active 216 DOM
3. 2026-06-17
   days on market $235,000 Active 215 DOM
4. 2026-06-16
   days on market $235,000 Active 214 DOM
5. 2026-06-15
   days on market $235,000 Active 213 DOM
6. 2026-06-14
   days on market $235,000 Active 211 DOM
7. 2026-06-12
   days on market $235,000 Active 210 DOM
8. 2026-06-09
   days on market $235,000 Active 207 DOM
9. 2026-06-08
   days on market $235,000 Active 206 DOM
10. 2026-06-07
    days on market $235,000 Active 205 DOM
11. 2026-06-07
    days on market $235,000 Active 204 DOM
12. 2026-06-04
    days on market $235,000 Active 201 DOM
13. 2026-06-02
    days on market $235,000 Active 200 DOM
14. 2026-06-01
    days on market $235,000 Active 199 DOM
15. 2026-05-31
    days on market $235,000 Active 198 DOM
16. 2026-05-31
    days on market $235,000 Active 197 DOM
17. 2026-05-12
    price $235,000 1244-char remark

    Show marketing remark (1244 chars)

    Prime Investment Opportunity – 2 City Lots with Multiple Income Streams Unlock exceptional rental potential with this unique property featuring two active rentals plus room to add a third. Situated on two spacious city lots, this investment offers flexibility, strong cash flow, and desirable long-term upside. Return on Investment in just 7 years. Property Highlights: Two current rentals producing income: • 3 Bed 1 Bath, Mobile Home Rental – steady tenant appeal - 12 x 70 (840 SF) • 2 Bed 1 Bath Pole Barn House Rental – versatile living space with solid rental history - 40 X 26 (1040 SF) Expandable Portfolio – The additional vacant lot already has electric, water, and sewer, making it ideal for adding a third rental unit with minimal groundwork. Low-maintenance setup designed for reliable occupancy and attractive returns. Convenient in-town location, close to amenities such as swiming pool , city Park, Pickle Ball courts, and ample employment opportunities, boosting rental demand. Currently on 1 year leases that expire 1 Nov 2026. Whether you're expanding your investment portfolio or seeking a property with immediate income and clear potential for growth, this one checks all the boxes.

18. 2026-03-30
    price $239,500 1244-char remark

    Show marketing remark (1244 chars)

    Prime Investment Opportunity – 2 City Lots with Multiple Income Streams Unlock exceptional rental potential with this unique property featuring two active rentals plus room to add a third. Situated on two spacious city lots, this investment offers flexibility, strong cash flow, and desirable long-term upside. Return on Investment in just 7 years. Property Highlights: Two current rentals producing income: • 3 Bed 1 Bath, Mobile Home Rental – steady tenant appeal - 12 x 70 (840 SF) • 2 Bed 1 Bath Pole Barn House Rental – versatile living space with solid rental history - 40 X 26 (1040 SF) Expandable Portfolio – The additional vacant lot already has electric, water, and sewer, making it ideal for adding a third rental unit with minimal groundwork. Low-maintenance setup designed for reliable occupancy and attractive returns. Convenient in-town location, close to amenities such as swiming pool , city Park, Pickle Ball courts, and ample employment opportunities, boosting rental demand. Currently on 1 year leases that expire 1 Nov 2026. Whether you're expanding your investment portfolio or seeking a property with immediate income and clear potential for growth, this one checks all the boxes.

19. 2025-11-13
    listed $249,500 Active 1244-char remark

    Show marketing remark (1244 chars)

    Prime Investment Opportunity – 2 City Lots with Multiple Income Streams Unlock exceptional rental potential with this unique property featuring two active rentals plus room to add a third. Situated on two spacious city lots, this investment offers flexibility, strong cash flow, and desirable long-term upside. Return on Investment in just 7 years. Property Highlights: Two current rentals producing income: • 3 Bed 1 Bath, Mobile Home Rental – steady tenant appeal - 12 x 70 (840 SF) • 2 Bed 1 Bath Pole Barn House Rental – versatile living space with solid rental history - 40 X 26 (1040 SF) Expandable Portfolio – The additional vacant lot already has electric, water, and sewer, making it ideal for adding a third rental unit with minimal groundwork. Low-maintenance setup designed for reliable occupancy and attractive returns. Convenient in-town location, close to amenities such as swiming pool , city Park, Pickle Ball courts, and ample employment opportunities, boosting rental demand. Currently on 1 year leases that expire 1 Nov 2026. Whether you're expanding your investment portfolio or seeking a property with immediate income and clear potential for growth, this one checks all the boxes.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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: $29,988
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,399
• − Management: −$2,399
• − Depreciation: −$6,836
• Taxable income: $490
• Est. tax owed @ 24.0%: −$118
• After-tax cash flow: $4,085/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 · 10 photos

Fair 45/100 Moderate rehab

This multi-family property presents as a moderate renovation opportunity with fair condition. It offers two active rentals and room for expansion, but requires some cosmetic updates to enhance its curb appeal and resale value.

Repairs flagged

• Minor kitchen cabinets — existing cabinets need touch-up
• Minor bathroom fixtures — existing fixtures need cleaning
• Minor roof shingles — existing shingles need inspection
• Minor exterior siding — existing siding needs touch-up
• Minor interior walls — existing paint needs touch-up
• Minor windows — existing windows need cleaning

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both clean windows — improves natural light and aesthetics
• Both touch-up flooring — maintains and enhances value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets need touch-up	Minor	$500–3,000
bathroom fixtures · existing fixtures need cleaning	Minor	$500–3,000
roof shingles · existing shingles need inspection	Minor	$500–3,000
exterior siding · existing siding needs touch-up	Minor	$500–3,000
interior walls · existing paint needs touch-up	Minor	$500–3,000
windows · existing windows need cleaning	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both clean windows — improves natural light and aesthetics ↑
• Both touch-up flooring — maintains and enhances value ↑

ⓘ 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: Loogootee Community School Corporation
• NCES district ID: 1806060
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $47,513
• Composite: 38.38/100
• National rank: #4209
• State rank: #97 of 301 in IN

Livability — Loogootee

• Score: 74/100
• State rank: #74
• US rank: #4663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Loogootee, IN
• Population (ZIP): 8,613

Population outlook (Martin County) Hauer SSP2

• Today (2025): 9,585 people
• By 2030: 9,198 · -4.0%
• By 2040: 8,365 · -12.7%
• By 2050: 7,518 · -21.6%
• By 2075: 5,674 · -40.8%
• By 2100: 3,916 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Italian 5% Slovak 3% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 89% English-only · German/W. Germanic 10% Spanish 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+60.7) · D 18.7% · R 79.4% · Other 1.9%
• 2008→2024 swing: -31.8pp toward R · 2008: -28.9pp · 2024: -60.7pp
• All cycles: 2024: R+60.7 2020: R+58.7 2016: R+58.5 2012: R+40.3 2008: R+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.02%
• Current HPI: 217.7385
• 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

-5.8% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $235,000 IRMLS
• 2026-03-30 Price Changed $239,500 IRMLS
• 2025-11-13 Listed $249,500 IRMLS