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

$230,000

5 bd · 2.0 ba · 1,880 sqft · MultiFamily · 267 Days on market

Built 1991 Fair condition 0.45 ac lot $122/sqft · 46% below area Est $425k · 46% 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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• Appreciation +6.5/10.0
• 1% rule +5.5/10.0
• Schools +4.7/10.0
• 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

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $230k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.4% 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.
• Zoned schools: Loogootee Elementary School (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 299 students, 44% FRL); Loogootee Middle School (math 40% / reading 48%, grade D, #87 of 330 statewide, top 27%, 210 students, 41% FRL); Loogootee High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 241 students, 32% FRL).
• Market conditions: 73 active listings in the ZIP; 2 units permitted in Martin County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 $64k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, 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 267 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Recommended offer $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 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: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $425,000
• List price: $230,000
• Delta: -45.88%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 Queen St	1.00mi	4/2.0 (-1)	1,897 (+1%)	2mo	$140,000	$74	57
305 Walker St	0.64mi	4/2.0 (-1)	1,980 (+5%)	4mo	$114,000	$58	53
501 SW 3rd St	0.38mi	6/2.0 (+1)	2,200 (+17%)	3mo	$425,000	$193	50
403 Butcher Blvd	0.73mi	4/2.0 (-1)	1,715 (-9%)	4mo	$22,500	$13	43
102 Eastgate Ave	1.05mi	4/1.5 (-1)	1,680 (-11%)	0mo	$180,000	$107	40
106 Queen St	0.90mi	4/2.0 (-1)	1,688 (-10%)	5mo	$118,750	$70	38
100 Wood St	0.78mi	4/2.0 (-1)	1,671 (-11%)	9mo	$139,900	$84	34
502 E Broadway St	1.02mi	4/1.0 (-1)	1,680 (-11%)	13mo	$179,000	$107	28
208 Sycamore St	1.11mi	4/2.0 (-1)	1,608 (-14%)	10mo	$185,000	$115	27
690 E Southridge Rd	1.22mi	4/3.0 (-1)	2,292 (+22%)	6mo	$248,500	$108	26
117 Garrett Ave	1.04mi	4/2.0 (-1)	2,118 (+13%)	20mo	$375,000	$177	22
512 E Broadway St	1.10mi	4/1.5 (-1)	1,632 (-13%)	19mo	$90,000	$55	20

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

Projected returns pro-forma

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

5-year hold

• IRR: 13.1%
• Equity multiple: 1.75×
• Total profit: $48,264
• Equity at exit: $103,624

10-year hold

• IRR: 15.0%
• Equity multiple: 3.22×
• Total profit: $143,174
• Equity at exit: $159,857

Cash invested: $64,400 (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: 73
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $2,416 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $319

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$855
▸ 2× units	2	1	$1,562
Total (3 units)			$2,416

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 82%

Sensitivity live

Price	-10% $478	-5% $399	+0% $319	+5% $240	+10% $160
Rent	-10% $128	-5% $224	+0% $319	+5% $415	+10% $510
Rate	-1.0pp $435	-0.5pp $378	base $319	+0.5pp $260	+1.0pp $199

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: $57,500
• Closing costs: $6,900
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $230,000 Active 267 DOM
2. 2026-08-07
   days on market $230,000 Active 266 DOM
3. 2026-08-06
   days on market $230,000 Active 265 DOM
4. 2026-08-05
   days on market $230,000 Active 264 DOM
5. 2026-08-04
   days on market $230,000 Active 263 DOM
6. 2026-08-03
   days on market $230,000 Active 262 DOM
7. 2026-07-31
   days on market $230,000 Active 259 DOM
8. 2026-07-30
   days on market $230,000 Active 258 DOM
9. 2026-07-30
   price $230,000 Active 257 DOM
10. 2026-07-29
    days on market $235,000 Active 257 DOM
11. 2026-07-27
    days on market $235,000 Active 255 DOM
12. 2026-07-25
    days on market $235,000 Active 253 DOM
13. 2026-07-24
    days on market $235,000 Active 252 DOM
14. 2026-07-23
    days on market $235,000 Active 251 DOM
15. 2026-07-22
    days on market $235,000 Active 250 DOM
16. 2026-07-21
    days on market $235,000 Active 249 DOM
17. 2026-07-18
    days on market $235,000 Active 246 DOM
18. 2026-07-16
    days on market $235,000 Active 244 DOM
19. 2026-07-15
    days on market $235,000 Active 243 DOM
20. 2026-07-14
    days on market $235,000 Active 242 DOM
21. 2026-07-13
    days on market $235,000 Active 241 DOM
22. 2026-07-12
    days on market $235,000 Active 240 DOM
23. 2026-07-11
    days on market $235,000 Active 239 DOM
24. 2026-07-11
    days on market $235,000 Active 238 DOM
25. 2026-07-09
    days on market $235,000 Active 237 DOM
26. 2026-07-08
    days on market $235,000 Active 236 DOM
27. 2026-07-07
    days on market $235,000 Active 235 DOM
28. 2026-07-06
    days on market $235,000 Active 234 DOM
29. 2026-07-05
    days on market $235,000 Active 233 DOM
30. 2026-07-04
    days on market $235,000 Active 232 DOM
31. 2026-07-03
    days on market $235,000 Active 231 DOM
32. 2026-07-02
    days on market $235,000 Active 230 DOM
33. 2026-07-01
    days on market $235,000 Active 229 DOM
34. 2026-06-30
    days on market $235,000 Active 228 DOM
35. 2026-06-29
    days on market $235,000 Active 227 DOM
36. 2026-06-28
    days on market $235,000 Active 226 DOM
37. 2026-06-27
    days on market $235,000 Active 225 DOM
38. 2026-06-26
    days on market $235,000 Active 223 DOM
39. 2026-06-22
    days on market $235,000 Active 220 DOM
40. 2026-06-21
    days on market $235,000 Active 219 DOM
41. 2026-06-19
    days on market $235,000 Active 217 DOM
42. 2026-06-18
    days on market $235,000 Active 216 DOM
43. 2026-06-17
    days on market $235,000 Active 215 DOM
44. 2026-06-16
    days on market $235,000 Active 214 DOM
45. 2026-06-15
    days on market $235,000 Active 213 DOM
46. 2026-06-14
    days on market $235,000 Active 211 DOM
47. 2026-06-12
    days on market $235,000 Active 210 DOM
48. 2026-06-09
    days on market $235,000 Active 207 DOM
49. 2026-06-08
    days on market $235,000 Active 206 DOM
50. 2026-06-07
    days on market $235,000 Active 205 DOM

ⓘ 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: $28,992
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,319
• − Management: −$2,319
• − Depreciation: −$6,691
• Taxable income: $179
• Est. tax owed @ 24.0%: −$43
• After-tax cash flow: $3,787/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 Est. rehab $47,000–$84,600 screening

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 ↑

ⓘ 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 47/100

Zoned Schools

Elementary Loogootee Elementary School D IN #279/994 Nat'l #12,785/41,679 Middle Loogootee Middle School D IN #87/330 Nat'l #4,963/14,009 High Loogootee High School D- IN #143/369 Nat'l #6,330/17,239

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

B Composite livability gradescore 74/100

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
• County: Martin · 9,585 people
• Population (ZIP): 8,613
• Household income: $74,533
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 6% of renters

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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%

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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%

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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

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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