5104 Walnut St · New Trenton, IN 47035

$131,900

3 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 99 Days on market

Built 1838 0.27 ac lot $92/sqft · 41% below area Est $225k · 41% under ↓ 22% since listing

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Why this score? — see what drove the C+ 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 +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Motivated to sell! Bring your best offer for this home, business or investment opportunity! This Historic 1838 home on a spacious 0.27-acre lot is waiting for you to own this piece of history! Whether you're looking for a nostalgic homestead or seeking the ideal location for a small business or boutique, this corner lot location is perfect for residence or zoning for business. Deep, level, and private backyard, 1200 sq ft outbuildings, and a piece of the country just 10 minutes from Harrison and 20 minutes to Downtown Cincinnati. Come unleash its potential! Priced to sell!

Key facts

• Piece of history
• Deep level backyard
• 0.27 acre lot

Tags

• PIECE OF HISTORY
• DEEP LEVEL BACKYARD
• 1200 SQ FT OUTBUILDINGS
• CORNER LOT VISIBILITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (0.9% below list).
• Recommended offer: $120k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 51/100 on livability (#652 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Market conditions: 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($912 loan paydown + $4k appreciation (3.0% local appreciation)).
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, 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 99 days — a 9% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 20y ago; this cycle's ask has dropped $28k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1838 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,029 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1838 — 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 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?
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: 0.99% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $225,021
• List price: $131,900
• Delta: -41.38%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.2%
• Equity multiple: 1.64×
• Total profit: $23,608
• Equity at exit: $59,308

10-year hold

• IRR: 13.4%
• Equity multiple: 2.98×
• Total profit: $73,301
• Equity at exit: $91,401

Cash invested: $36,932 (down + closing). Projections, not guarantees.

Monthly cashflow live

• Estimated rent: $1,307 medium
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,978/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $121

Break-even live

Break-even rent $1,154

Max offer price $131,900

Occupancy floor 86%

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: $32,975
• Closing costs: $3,957
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-16
   statusdays on market $131,900 Pending 99 DOM
2. 2026-06-15
   days on market $131,900 Active 98 DOM
3. 2026-06-13
   days on market $131,900 Active 96 DOM
4. 2026-06-13
   days on market $131,900 Active 95 DOM
5. 2026-06-09
   days on market $131,900 Active 92 DOM
6. 2026-06-08
   days on market $131,900 Active 91 DOM
7. 2026-06-07
   days on market $131,900 Active 90 DOM
8. 2026-06-04
   days on market $131,900 Active 87 DOM
9. 2026-06-03
   days on market $131,900 Active 86 DOM
10. 2026-06-02
    days on market $131,900 Active 85 DOM
11. 2026-06-01
    days on market $131,900 Active 84 DOM
12. 2026-05-31
    days on market $131,900 Active 83 DOM
13. 2026-04-15
    price $131,900 579-char remark

    Show marketing remark (579 chars)

    Motivated to sell! Bring your best offer for this home, business or investment opportunity! This Historic 1838 home on a spacious 0.27-acre lot is waiting for you to own this piece of history! Whether you're looking for a nostalgic homestead or seeking the ideal location for a small business or boutique, this corner lot location is perfect for residence or zoning for business. Deep, level, and private backyard, 1200 sq ft outbuildings, and a piece of the country just 10 minutes from Harrison and 20 minutes to Downtown Cincinnati. Come unleash its potential! Priced to sell!

14. 2026-03-06
    listed $159,900 Active 579-char remark

    Show marketing remark (579 chars)

    Motivated to sell! Bring your best offer for this home, business or investment opportunity! This Historic 1838 home on a spacious 0.27-acre lot is waiting for you to own this piece of history! Whether you're looking for a nostalgic homestead or seeking the ideal location for a small business or boutique, this corner lot location is perfect for residence or zoning for business. Deep, level, and private backyard, 1200 sq ft outbuildings, and a piece of the country just 10 minutes from Harrison and 20 minutes to Downtown Cincinnati. Come unleash its potential! Priced to sell!

15. 2021-10-07
    listed $139,000
16. 2016-10-03
    historical
17. 2016-06-07
    price $89,500
18. 2016-06-07
    status Active
19. 2016-04-25
    historical
20. 2016-04-12
    listed $81,500 Active
21. 2016-04-11
    listed $89,500
22. 2016-01-29
    historical
23. 2015-11-16
    listed $89,900 Active
24. 2015-11-12
    historical
25. 2015-06-25
    price $99,000
26. 2015-04-03
    listed $109,000 Active
27. 2015-04-01
    listed $99,000
28. 2014-02-10
    historical
29. 2013-09-25
    listed $109,900
30. 2013-09-25
    listed $109,900
31. 2012-07-14
    historical
32. 2012-01-14
    listed $127,000
33. 2007-10-26
    historical
34. 2007-05-02
    listed $139,500
35. 2006-10-28
    historical
36. 2006-07-27
    listed $169,000
37. 2006-07-27
    listed $165,000
38. 2006-07-25
    historical
39. 2006-06-06
    listed $169,900
40. 2006-06-04
    listed $169,900

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,682
• − Mortgage interest: −$7,388
• − Property taxes: −$1,978
• − Insurance: −$660
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − Depreciation: −$3,837
• Taxable loss: −$690
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $1,616/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)

No district data.

Livability — New Trenton

• Score: 51/100
• State rank: #652
• US rank: #25250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Trenton, IN
• City population: 266
• Population (ZIP): 266

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 22,796 people
• By 2030: 22,556 · -1.1%
• By 2040: 21,762 · -4.5%
• By 2050: 20,575 · -9.7%
• By 2075: 17,810 · -21.9%
• By 2100: 13,698 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Iranian 5%
• Languages at home: 94% English-only · Korean 6%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+64.4) · D 17.1% · R 81.5% · Other 1.3%
• 2008→2024 swing: -30.3pp toward R · 2008: -34.1pp · 2024: -64.4pp
• All cycles: 2024: R+64.4 2020: R+63.0 2016: R+60.9 2012: R+42.8 2008: R+34.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-22.4% since first listed

28 events — show timeline

• 2026-04-15 Price Changed $131,900 SEIBR
• 2026-03-06 Listed $159,900 SEIBR
• 2021-10-07 Listed $139,000 SEIBR
• 2016-10-03 Listing Removed — Cincy MLS
• 2016-06-07 Price Changed $89,500 Cincy MLS
• 2016-06-07 Relisted — Cincy MLS
• 2016-04-25 Listing Removed — Cincy MLS
• 2016-04-12 Listed $81,500 Cincy MLS
• 2016-04-11 Listed $89,500 SEIBR
• 2016-01-29 Listing Removed — Cincy MLS
• 2015-11-16 Listed $89,900 Cincy MLS
• 2015-11-12 Listing Removed — Cincy MLS
• 2015-06-25 Price Changed $99,000 Cincy MLS
• 2015-04-03 Listed $109,000 Cincy MLS
• 2015-04-01 Listed $99,000 SEIBR
• 2014-02-10 Listing Removed — Cincy MLS
• 2013-09-25 Listed $109,900 Cincy MLS
• 2013-09-25 Listed $109,900 SEIBR
• 2012-07-14 Listing Removed — Cincy MLS
• 2012-01-14 Listed $127,000 Cincy MLS
• 2007-10-26 Listing Removed — Cincy MLS
• 2007-05-02 Listed $139,500 Cincy MLS
• 2006-10-28 Listing Removed — Cincy MLS
• 2006-07-27 Listed $165,000 Cincy MLS
• 2006-07-27 Listed $169,000 SEIBR
• 2006-07-25 Listing Removed — Cincy MLS
• 2006-06-06 Listed $169,900 Cincy MLS
• 2006-06-04 Listed $169,900 SEIBR

Property tax history

+0.0%/yr

Latest (2018): $5 · +0.0% YoY. Source: county tax records.