11695 N CR 1200 E · Troy, IN 47531

$164,900

4 bd · 2.5 ba · 3,896 sqft · SingleFamily public records · 99 Days on market

Built 1957 2.11 ac lot

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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 +17.7/30.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +5.5/10.0
• 1% rule +4.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Set on 2.11 peaceful acres in the heart of the countryside, this spacious 1.5-story home offers nearly 3,900 square feet of living space with room to grow. Featuring 5 bedrooms and 2.5 bathrooms, the layout provides flexibility for large households, multigenerational living, home offices, or hobby spaces. The unfinished basement adds even more potential for future expansion, storage, or workshop use. Enjoy quiet mornings overlooking your private pond and evenings with plenty of outdoor space to entertain, garden, or simply unwind. The property offers the privacy of country living while remaining conveniently located near the Evanston ball field and local community amenities. If you’ve been searching for acreage, space, and opportunity at an attractive price point, this property delivers the setting and square footage to make it your own.

Key facts

• Community amenities
• Unfinished basement
• Private pond

Tags

• PRIVATE POND
• UNFINISHED BASEMENT
• OUTDOOR SPACE
• COMMUNITY AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $133 ($2k/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 $152k (7.6% below list).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#553 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, schools F.
• North Spencer County School Corporation (rural): math 64% / reading 63% proficiency, ranked #12 of 301 in IN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.4% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k 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 ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,059 (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 1957 — 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. 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?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.51×
• Total profit: $69,913
• Equity at exit: $118,392

10-year hold

• IRR: 19.8%
• Equity multiple: 5.26×
• Total profit: $196,532
• Equity at exit: $228,727

Cash invested: $46,172 (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 47531

• Home prices YoY: 3.6%
• Active inventory: 5
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,523 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$137 /mo · $1,643/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $133

Break-even live

Break-even rent $1,355

Max offer price $164,900

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-03
   price $164,900 855-char remark

   Show marketing remark (855 chars)

   Set on 2.11 peaceful acres in the heart of the countryside, this spacious 1.5-story home offers nearly 3,900 square feet of living space with room to grow. Featuring 5 bedrooms and 2.5 bathrooms, the layout provides flexibility for large households, multigenerational living, home offices, or hobby spaces. The unfinished basement adds even more potential for future expansion, storage, or workshop use. Enjoy quiet mornings overlooking your private pond and evenings with plenty of outdoor space to entertain, garden, or simply unwind. The property offers the privacy of country living while remaining conveniently located near the Evanston ball field and local community amenities. If you’ve been searching for acreage, space, and opportunity at an attractive price point, this property delivers the setting and square footage to make it your own.

2. 2026-03-21
   price $174,900 855-char remark

   Show marketing remark (855 chars)

   Set on 2.11 peaceful acres in the heart of the countryside, this spacious 1.5-story home offers nearly 3,900 square feet of living space with room to grow. Featuring 5 bedrooms and 2.5 bathrooms, the layout provides flexibility for large households, multigenerational living, home offices, or hobby spaces. The unfinished basement adds even more potential for future expansion, storage, or workshop use. Enjoy quiet mornings overlooking your private pond and evenings with plenty of outdoor space to entertain, garden, or simply unwind. The property offers the privacy of country living while remaining conveniently located near the Evanston ball field and local community amenities. If you’ve been searching for acreage, space, and opportunity at an attractive price point, this property delivers the setting and square footage to make it your own.

3. 2026-02-19
   listed $189,900 Active 855-char remark

   Show marketing remark (855 chars)

   Set on 2.11 peaceful acres in the heart of the countryside, this spacious 1.5-story home offers nearly 3,900 square feet of living space with room to grow. Featuring 5 bedrooms and 2.5 bathrooms, the layout provides flexibility for large households, multigenerational living, home offices, or hobby spaces. The unfinished basement adds even more potential for future expansion, storage, or workshop use. Enjoy quiet mornings overlooking your private pond and evenings with plenty of outdoor space to entertain, garden, or simply unwind. The property offers the privacy of country living while remaining conveniently located near the Evanston ball field and local community amenities. If you’ve been searching for acreage, space, and opportunity at an attractive price point, this property delivers the setting and square footage to make it your own.

4. 2018-04-19
   soldstatus $140,000 558-char remark

   Show marketing remark (558 chars)

   Enjoy country living with this 4 bedroom, 2.5 bath home nestled on 2.11 Acres in Spencer County! Kitchen with formal dining room near by. Full bathroom, laundry room, one bedroom on the main level along with a fabulous and spacious living/family/rec room with a kitchenette/bar area. Great entertaining area! Screened deck off of the rec room area. Upper level has a very large master bedroom, full bath and two bedrooms. Full, unfinished walk out basement. 2 car attached garage. Small pond to this partially wooded and secluded location! Call for details!!

5. 2017-07-18
   listed $159,900 558-char remark

   Show marketing remark (558 chars)

   Enjoy country living with this 4 bedroom, 2.5 bath home nestled on 2.11 Acres in Spencer County! Kitchen with formal dining room near by. Full bathroom, laundry room, one bedroom on the main level along with a fabulous and spacious living/family/rec room with a kitchenette/bar area. Great entertaining area! Screened deck off of the rec room area. Upper level has a very large master bedroom, full bath and two bedrooms. Full, unfinished walk out basement. 2 car attached garage. Small pond to this partially wooded and secluded location! Call for details!!

ⓘ 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: $1,643 · $137/mo
• Projected year-2 tax: $1,643 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,280
• − Mortgage interest: −$9,237
• − Property taxes: −$1,643
• − Insurance: −$824
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − Depreciation: −$4,797
• Taxable loss: −$1,146
• Est. tax savings @ 24.0%: +$275
• After-tax cash flow: $1,872/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: North Spencer County School Corporation
• NCES district ID: 1808010
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $58,055
• Composite: 54.76/100
• National rank: #1318
• State rank: #12 of 301 in IN

Livability — Troy

• Score: 59/100
• State rank: #553
• US rank: #19838

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 951

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Lithuanian 2% Iranian 2% Romanian 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.38%
• Current HPI: 214.0278
• 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

+3.1% since first listed

5 events — show timeline

• 2026-05-03 Price Changed $164,900 IRMLS
• 2026-03-21 Price Changed $174,900 IRMLS
• 2026-02-19 Listed $189,900 IRMLS
• 2018-04-19 Sold (MLS) $140,000 IRMLS
• 2017-07-18 Listed $159,900 IRMLS

Property tax history

+4.5%/yr

Latest (2024): $1,643 · -2.5% YoY. Source: county tax records.