351 N Line St · Columbia City, IN 46725

$34,000

3 bd · 1.5 ba · 2,020 sqft · SingleFamily public records

Built 1910 4,792 sqft lot

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 4,792 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $978 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $34k).
• Cap rate 40.8% vs local median 3.7% in Columbia City — 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 (#73 in IN, #4,647 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities D, commute F.
• Whitley County Consolidated Schools (rural): math 36% / reading 43% proficiency, ranked #140 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Little Turtle Elementary School (math 39% / reading 31%, grade F, #590 of 994 statewide, top 60%, 604 students, 39% FRL); Indian Springs Middle School (math 28% / reading 40%, grade F, #173 of 330 statewide, top 53%, 834 students, 33% FRL); Columbia City High School (math 36% / reading 69%, grade C-, #102 of 369 statewide, top 28%, 1,147 students, 27% FRL).
• Market conditions: 112 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Whitley County population projected at -10% 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.80% ✓
• Cap rate: 40.81%
• Cash-on-cash: 123.29%
• DSCR: 6.49
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $204,020
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
351 N Line St	0.00mi	3/1.5	2,020 (0%)	0mo	$34,000	$17	100
332 N Line St	0.07mi	4/2.0 (+1)	2,036 (+1%)	2mo	$265,000	$130	87
315 N Walnut St	0.13mi	3/2.5	1,952 (-3%)	2mo	$205,000	$105	82
407 N Walnut St	0.18mi	3/1.5	1,896 (-6%)	3mo	$155,000	$82	79
227 N Oak St	0.29mi	3/1.5	1,920 (-5%)	5mo	$165,000	$86	74
615 N Whitley St	0.32mi	3/1.5	1,890 (-6%)	2mo	$173,000	$92	73
210 N Walnut St	0.23mi	4/2.0 (+1)	2,128 (+5%)	5mo	$190,000	$89	69
204 N Whitley St	0.41mi	4/2.5 (+1)	1,966 (-3%)	4mo	$78,000	$40	64
216 N Madison St	0.53mi	4/2.0 (+1)	1,998 (-1%)	5mo	$245,000	$123	62
115 N Wayne St	0.47mi	4/2.0 (+1)	1,843 (-9%)	5mo	$215,000	$117	52
206 S Walnut St	0.47mi	4/2.0 (+1)	1,820 (-10%)	5mo	$187,500	$103	50
211 S Elm St	0.50mi	3/2.0	2,272 (+12%)	6mo	$230,000	$101	48

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: —
• Equity multiple: 6.97×
• Total profit: $56,857
• Equity at exit: $5,070

10-year hold

• IRR: —
• Equity multiple: 14.66×
• Total profit: $130,015
• Equity at exit: $2,940

Cash invested: $9,520 (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 46725

• Home prices YoY: -21.5%
• Active inventory: 112
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,632 medium
• Mortgage (P&I): −$178
• Tax from tax record: −$118 /mo · $1,420/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $978

Break-even live

Break-even rent $393

Max offer price $34,000

Occupancy floor 35%

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: $8,500
• Closing costs: $1,020
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
354 N Chauncey St Columbia City, IN	3.0	2.5	1768	$1,600	$0.90	21d	1	0.16mi
1114 Depoy Dr Unit 1106 Columbia City, IN	3.0	2.5	2078	$1,850	$0.89	13d	1	1.19mi

Listing history 9 events

1. 2026-05-15
   historical
2. 2026-05-14
   listed $34,000
3. 2020-05-15
   soldstatus $30,000
4. 2020-04-19
   listed $34,900
5. 2020-04-01
   listed $34,900
6. 2020-03-01
   listed $44,900
7. 2020-02-16
   listed $49,900
8. 2020-02-01
   listed $49,900
9. 2020-01-29
   soldstatus $20,900

ⓘ 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: $1,420 · $118/mo
• Projected year-2 tax: $1,420 · $118/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 3/10 Moderate 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,578
• − Mortgage interest: −$1,905
• − Property taxes: −$1,420
• − Insurance: −$170
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$989
• Taxable income: $11,962
• Est. tax owed @ 24.0%: −$2,871
• After-tax cash flow: $8,866/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: Whitley County Consolidated Schools
• NCES district ID: 1802280
• Math proficiency: 36% ▼ -6.00%
• Reading proficiency: 43% ▼ -6.00%
• Median HH income: $54,445
• Composite: 34.48/100
• National rank: #5184
• State rank: #140 of 301 in IN

Livability — Columbia City

• Score: 74/100
• State rank: #73
• US rank: #4647

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia City, IN
• City population: 22,941
• Population (ZIP): 22,941

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 33,363 people
• By 2030: 32,930 · -1.3%
• By 2040: 31,598 · -5.3%
• By 2050: 29,902 · -10.4%
• By 2075: 25,785 · -22.7%
• By 2100: 20,729 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+49.9) · D 24.1% · R 74.0% · Other 1.9%
• 2008→2024 swing: -28.4pp toward R · 2008: -21.5pp · 2024: -49.9pp
• All cycles: 2024: R+49.9 2020: R+49.1 2016: R+51.4 2012: R+38.9 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.71%
• Current HPI: 217.5929
• 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

+62.7% since first listed

9 events — show timeline

• 2026-05-15 Delisted — IRMLS
• 2026-05-14 Listed $34,000 IRMLS
• 2020-05-15 Sold (MLS) $30,000 IRMLS
• 2020-04-19 Listed $34,900 IRMLS
• 2020-04-01 Listed $34,900 IRMLS
• 2020-03-01 Listed $44,900 IRMLS
• 2020-02-16 Listed $49,900 IRMLS
• 2020-02-01 Listed $49,900 IRMLS
• 2020-01-29 Sold (Public Records) $20,900 Public Records

Property tax history

+11.1%/yr

Latest (2024): $1,420 · -1.9% YoY. Source: county tax records.