504 N Main St · Patoka, IN 47666

$99,900

3 bd · 1.0 ba · 1,589 sqft · SingleFamily public records · 179 Days on market

Built 1900 0.25 ac lot $63/sqft · 29% below area Est $140k · 29% under

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Why this score? — see what drove the A- 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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +9.6/10.0
• 1% rule +7.1/10.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

Key facts

• Covered front porch
• Covered patio
• Detached garage

Tags

• COVERED FRONT PORCH
• DETACHED GARAGE
• COVERED PATIO
• SEPARATE POLE BUILDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#557 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($691 loan paydown + $9k appreciation (9.3% local appreciation)).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $75k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.21% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.58%
• DSCR: 1.65
• GRM: 6.9

CMA / ARV

• ARV (median comp): $140,115
• List price: $99,900
• Delta: -28.70%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 N Main St	0.03mi	3/1.0	1,719 (+8%)	4mo	$196,000	$114	82

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

Projected returns pro-forma

9.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 3.54×
• Total profit: $71,105
• Equity at exit: $84,767

10-year hold

• IRR: 29.4%
• Equity multiple: 7.84×
• Total profit: $191,216
• Equity at exit: $177,510

Cash invested: $27,972 (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 47666

• Home prices YoY: 4.5%
• Active inventory: 6
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,207 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$48 /mo · $578/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $340

Break-even live

Break-even rent $777

Max offer price $99,900

Occupancy floor 67%

Sensitivity live

Price	-10% $396	-5% $368	+0% $340	+5% $312	+10% $283
Rent	-10% $244	-5% $292	+0% $340	+5% $387	+10% $435
Rate	-1.0pp $390	-0.5pp $365	base $340	+0.5pp $314	+1.0pp $288

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $99,900 Active 179 DOM
2. 2026-06-21
   days on market $99,900 Active 178 DOM
3. 2026-06-18
   days on market $99,900 Active 176 DOM
4. 2026-06-17
   days on market $99,900 Active 175 DOM
5. 2026-06-16
   days on market $99,900 Active 174 DOM
6. 2026-06-15
   days on market $99,900 Active 173 DOM
7. 2026-06-13
   days on market $99,900 Active 171 DOM
8. 2026-06-12
   days on market $99,900 Active 170 DOM
9. 2026-06-09
   days on market $99,900 Active 167 DOM
10. 2026-06-08
    days on market $99,900 Active 166 DOM
11. 2026-06-07
    days on market $99,900 Active 165 DOM
12. 2026-06-04
    pricedays on market $99,900 Active 161 DOM
13. 2026-06-02
    days on market $114,900 Active 160 DOM
14. 2026-06-01
    days on market $114,900 Active 159 DOM
15. 2026-05-31
    days on market $114,900 Active 158 DOM
16. 2026-05-31
    days on market $114,900 Active 157 DOM
17. 2026-05-07
    status Active 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

18. 2026-05-07
    historical 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

19. 2026-04-17
    price $114,900 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

20. 2026-03-25
    status Active 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

21. 2026-02-19
    price $134,900 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

22. 2026-01-26
    price $159,900 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

23. 2025-12-23
    listed $174,900 Active 405-char remark

    Show marketing remark (405 chars)

    Bungalow style home with a covered front porch to enjoy. Inside features 3 bedrooms; where one bedroom is accessed through the other, living room, kitchen, dining room and 1 full bathroom. There is also a 2 car detached garage with a covered patio along with a separate Pole building that sits right behind the garage. All offers must be submitted at www. servicelinkauction.com by the buyer's agent only.

24. 2022-11-21
    soldstatus $122,000 Closed 989-char remark

    Show marketing remark (989 chars)

    Enter through the inviting, covered front porch of this updated 3 bedroom, 1 bathroom home, with a huge, oversized 2 car detached garage AND a separate 20 x 25 pole barn (11 foot high side walls). The sale includes a brand new stove and refrigerator with bottom freezer. Other major updates include a new roof, a new HVAC system including H. E. gas furnace, new carpet, refinished hardwood flooring, paint, and more! This home has newer vinyl efficient replacement windows, some of which still have the stickers on them! There is a concrete driveway that leads to the garage, and the pole barn also has a concrete floor. There is a covered patio area off the side of the garage, overlooking the peaceful back yard. Quick access from U. S. Highway 41. There is an outdoor dog kennel with concrete floor between the garage and pole barn. The seller is also providing a one year Supreme Home Warranty through 2-10. Note: One of the bedrooms is accessed by passing through another bedroom.

25. 2022-11-21
    soldstatus $122,000

    Show marketing remark (989 chars)

    Enter through the inviting, covered front porch of this updated 3 bedroom, 1 bathroom home, with a huge, oversized 2 car detached garage AND a separate 20 x 25 pole barn (11 foot high side walls). The sale includes a brand new stove and refrigerator with bottom freezer. Other major updates include a new roof, a new HVAC system including H. E. gas furnace, new carpet, refinished hardwood flooring, paint, and more! This home has newer vinyl efficient replacement windows, some of which still have the stickers on them! There is a concrete driveway that leads to the garage, and the pole barn also has a concrete floor. There is a covered patio area off the side of the garage, overlooking the peaceful back yard. Quick access from U. S. Highway 41. There is an outdoor dog kennel with concrete floor between the garage and pole barn. The seller is also providing a one year Supreme Home Warranty through 2-10. Note: One of the bedrooms is accessed by passing through another bedroom.

26. 2022-10-09
    status Pending 989-char remark

    Show marketing remark (989 chars)

    Enter through the inviting, covered front porch of this updated 3 bedroom, 1 bathroom home, with a huge, oversized 2 car detached garage AND a separate 20 x 25 pole barn (11 foot high side walls). The sale includes a brand new stove and refrigerator with bottom freezer. Other major updates include a new roof, a new HVAC system including H. E. gas furnace, new carpet, refinished hardwood flooring, paint, and more! This home has newer vinyl efficient replacement windows, some of which still have the stickers on them! There is a concrete driveway that leads to the garage, and the pole barn also has a concrete floor. There is a covered patio area off the side of the garage, overlooking the peaceful back yard. Quick access from U. S. Highway 41. There is an outdoor dog kennel with concrete floor between the garage and pole barn. The seller is also providing a one year Supreme Home Warranty through 2-10. Note: One of the bedrooms is accessed by passing through another bedroom.

27. 2022-10-05
    listed $114,900 Active 989-char remark

    Show marketing remark (989 chars)

    Enter through the inviting, covered front porch of this updated 3 bedroom, 1 bathroom home, with a huge, oversized 2 car detached garage AND a separate 20 x 25 pole barn (11 foot high side walls). The sale includes a brand new stove and refrigerator with bottom freezer. Other major updates include a new roof, a new HVAC system including H. E. gas furnace, new carpet, refinished hardwood flooring, paint, and more! This home has newer vinyl efficient replacement windows, some of which still have the stickers on them! There is a concrete driveway that leads to the garage, and the pole barn also has a concrete floor. There is a covered patio area off the side of the garage, overlooking the peaceful back yard. Quick access from U. S. Highway 41. There is an outdoor dog kennel with concrete floor between the garage and pole barn. The seller is also providing a one year Supreme Home Warranty through 2-10. Note: One of the bedrooms is accessed by passing through another bedroom.

28. 2012-04-20
    soldstatus $15,000

ⓘ 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: $578 · $48/mo
• Projected year-2 tax: $714 · $59/mo
• Expected delta: +$135/yr (+$11/mo · 23.4%)

ⓘ 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 ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,484
• − Mortgage interest: −$5,596
• − Property taxes: −$578
• − Insurance: −$500
• − Repairs & maintenance: −$1,159
• − Management: −$1,159
• − Depreciation: −$2,906
• Taxable income: $2,586
• Est. tax owed @ 24.0%: −$621
• After-tax cash flow: $3,457/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 Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Patoka

• Score: 59/100
• State rank: #557
• US rank: #20021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Patoka, IN
• Population (ZIP): 1,411

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 16% Hispanic / Latino 2%
• Common ancestry: Iranian 5% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.28%
• Current HPI: 217.0124
• 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

+666.0% since first listed

12 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-17 Price Changed $114,900 IRMLS
• 2026-03-25 Relisted — IRMLS
• 2026-02-19 Price Changed $134,900 IRMLS
• 2026-01-26 Price Changed $159,900 IRMLS
• 2025-12-23 Listed $174,900 IRMLS
• 2022-11-21 Sold (Public Records) $122,000 Public Records
• 2022-11-21 Sold (MLS) $122,000 IRMLS
• 2022-10-09 Pending — IRMLS
• 2022-10-05 Listed $114,900 IRMLS
• 2012-04-20 Sold (Public Records) $15,000 Public Records

Property tax history

-8.0%/yr

Latest (2024): $578 · -10.2% YoY. Source: county tax records.