1317 Cottage Ave · Middletown, IN 47356

$125,000

3 bd · 1.5 ba · 1,616 sqft · SingleFamily public records · 22 Days on market

Built 1972 9,148 sqft lot Est $175k · 28% under

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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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.3/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is ready for a handyman family to come in and make it just the way they want it. The home is located just down the street from a park for the kids, has 3 bedrooms and a large detached garage. The fenced in backyard is great for pets and the large living areas make it easy to spread out.

Key facts

• 9,148 sq ft lot
• 2 garage spots
• Built 1972

Property features AI

Exterior

• Parking: Detached garage (2-car); Guest street parking available
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas available; Cable available
• Home design: Single-family residence; Updated/remodeled condition; One-and-a-half story home; North-facing
• Construction: Vinyl siding construction; Block foundation with crawl space; Partial, unfinished basement with storage space
• Exterior features: Full fencing (yard fenced); City lot with sidewalk access; Lot about 0.21 acres

Interior

• Kitchen: Eat-in kitchen (approx. 13x12)
• Bedrooms: Three bedrooms total (two on the main level, one on the upper level); Bedroom sizes include 15x11 (upper), 15x7 (main), and 12x11 (main)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level); Primary bathroom described as bath/half
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; High ceilings; Hardwood floors; Eat-in kitchen; Laundry in unit
• Laundry & utility: Laundry located in unit on the main level (room approx. 15x6)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $145 ($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 $116k (7.2% below list).
• Recommended offer: $116k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 5.2% in Middletown — 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 67/100 on livability (#235 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shenandoah Elementary School (math 48% / reading 49%, grade D, #304 of 994 statewide, top 31%, 624 students, 46% FRL); Shenandoah High School (math 42% / reading 72%, grade C, #64 of 369 statewide, top 18%, 410 students, 40% FRL).
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $116,000 (7.2% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.93% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $174,528
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1190 Cottage Ave	0.14mi	3/2.0	1,506 (-7%)	2mo	$158,900	$106	78
1485 Locust St	0.16mi	3/1.0	1,699 (+5%)	7mo	$194,000	$114	76
1256 Locust St	0.07mi	4/2.0 (+1)	1,547 (-4%)	10mo	$129,900	$84	74
309 N 8th St	0.52mi	3/1.0	1,615 (-0%)	5mo	$55,000	$34	70
993 High St	0.27mi	3/2.0	1,506 (-7%)	11mo	$204,000	$135	65
511 N 12th St	0.37mi	3/2.0	1,764 (+9%)	8mo	$254,900	$145	58
1144 Cottage Ave	0.16mi	3/1.0	1,852 (+15%)	10mo	$160,000	$86	58
829 High St	0.44mi	3/1.0	1,486 (-8%)	8mo	$138,400	$93	58
127 N 8th St	0.49mi	2/1.0 (-1)	1,678 (+4%)	10mo	$165,000	$98	56
8130 N Mechanicsburg Rd	0.64mi	3/1.5	1,680 (+4%)	12mo	$265,000	$158	53
602 Liberty St	0.69mi	3/2.0	1,632 (+1%)	13mo	$200,000	$123	53
553 Liberty St	0.72mi	2/1.0 (-1)	1,503 (-7%)	8mo	$163,000	$108	41

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

Projected returns pro-forma

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

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-11,081
• Equity at exit: $18,638

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $2,056
• Equity at exit: $10,808

Cash invested: $35,000 (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 47356

• Home prices YoY: -18.9%
• Active inventory: 35
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,160 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$64 /mo · $770/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $145

Break-even live

Break-even rent $977

Max offer price $125,000

Occupancy floor 83%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 S Crestwood Dr Middletown, IN	3.0	2.0	1216	$1,160	$0.95	2d	1	0.73mi

Listing history 37 events

1. 2026-06-19
   days on market $125,000 Active 22 DOM
2. 2026-06-18
   days on market $125,000 Active 21 DOM
3. 2026-06-17
   days on market $125,000 Active 20 DOM
4. 2026-06-16
   days on market $125,000 Active 19 DOM
5. 2026-06-15
   days on market $125,000 Active 18 DOM
6. 2026-06-14
   days on market $125,000 Active 16 DOM
7. 2026-06-12
   remarks 546-char remark
8. 2026-06-12
   days on market $125,000 Active 15 DOM
9. 2026-06-09
   days on market $125,000 Active 12 DOM
10. 2026-06-08
    days on market $125,000 Active 11 DOM
11. 2026-06-07
    days on market $125,000 Active 10 DOM
12. 2026-06-05
    days on market $125,000 Active 7 DOM
13. 2026-06-03
    days on market $125,000 Active 6 DOM
14. 2026-06-02
    days on market $125,000 Active 5 DOM
15. 2026-06-01
    days on market $125,000 Active 4 DOM
16. 2026-05-31
    days on market $125,000 Active 3 DOM
17. 2026-05-30
    days on market $125,000 Active 2 DOM
18. 2026-05-27
    listed $125,000 Active
19. 2025-04-21
    historical
20. 2025-01-13
    price $130,000
21. 2025-01-09
    price $140,000
22. 2024-12-21
    price $150,000
23. 2024-11-06
    price $159,900
24. 2024-10-24
    listed $164,900 Active
25. 2022-07-01
    soldstatus $84,900
26. 2022-06-30
    soldstatus $84,900 Closed 297-char remark

    Show marketing remark (297 chars)

    This home is ready for a handyman family to come in and make it just the way they want it. The home is located just down the street from a park for the kids, has 3 bedrooms and a large detached garage. The fenced in backyard is great for pets and the large living areas make it easy to spread out.

27. 2022-05-29
    historical 297-char remark

    Show marketing remark (297 chars)

    This home is ready for a handyman family to come in and make it just the way they want it. The home is located just down the street from a park for the kids, has 3 bedrooms and a large detached garage. The fenced in backyard is great for pets and the large living areas make it easy to spread out.

28. 2022-05-27
    listed $84,900 297-char remark

    Show marketing remark (297 chars)

    This home is ready for a handyman family to come in and make it just the way they want it. The home is located just down the street from a park for the kids, has 3 bedrooms and a large detached garage. The fenced in backyard is great for pets and the large living areas make it easy to spread out.

29. 2015-04-13
    soldstatus $49,900
30. 2015-04-13
    soldstatus $49,900
31. 2015-02-24
    listed $49,900
32. 2015-02-24
    listed $49,900
33. 2008-09-05
    soldstatus $13,000
34. 2008-05-12
    soldstatus $68,664
35. 2008-04-29
    listed $19,900
36. 2001-02-22
    soldstatus $59,900
37. 2000-11-18
    listed $59,900

ⓘ 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: $770 · $64/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$146/yr (+$12/mo · 19.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°F today · 18 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: $13,920
• − Mortgage interest: −$7,002
• − Property taxes: −$770
• − Insurance: −$625
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$3,636
• Taxable loss: −$340
• Est. tax savings @ 24.0%: +$82
• After-tax cash flow: $1,818/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Middletown

• Score: 67/100
• State rank: #235
• US rank: #10188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, IN
• Population (ZIP): 5,508

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Iranian 2% Slovak 2%
• Foreign-born: 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.87%
• Current HPI: 240.0691
• 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

+108.7% since first listed

20 events — show timeline

• 2026-05-27 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-04-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-01-13 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2025-01-09 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2024-12-21 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2024-11-06 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2024-10-24 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2022-07-01 Sold (Public Records) $84,900 Public Records
• 2022-06-30 Sold (MLS) $84,900 IRMLS
• 2022-05-29 Delisted — IRMLS
• 2022-05-27 Listed $84,900 IRMLS
• 2015-04-13 Sold (MLS) $49,900 MIBOR as Distributed by MLS Grid
• 2015-04-13 Sold (MLS) $49,900 IRMLS
• 2015-02-24 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2015-02-24 Listed $49,900 IRMLS
• 2008-09-05 Sold (MLS) $13,000 MIBOR as Distributed by MLS Grid
• 2008-05-12 Sold (Public Records) $68,664 Public Records
• 2008-04-29 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2001-02-22 Sold (MLS) $59,900 MIBOR as Distributed by MLS Grid
• 2000-11-18 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2024): $770 · +36.6% YoY. Source: county tax records.