311 S Section St · Sullivan, IN 47882

$50,000

3 bd · 1.5 ba · 1,220 sqft · SingleFamily public records · 34 Days on market

Built 1920 0.48 ac lot $41/sqft · 53% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A Great Opportunity to Make It Your Own You’ve been looking for a home with potential, character, and a location that makes sense—and this one is full of opportunity. This 2-bedroom, 1-bath home offers a comfortable layout and an enclosed front porch, giving you extra space to relax, unwind, or create a cozy sitting area. While the home needs a little TLC, it gives you the chance to add your own style and build equity along the way. Whether you’re a first-time buyer, investor, or someone looking for a project with promise, this property is worth a look. Located in a good location, you’ll enjoy convenience and the potential to create something truly special. This isn

Key facts

• Comfortable layout
• Enclosed front porch
• 0.48 acre lot

Tags

• ENCLOSED FRONT PORCH
• COMFORTABLE LAYOUT

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public sewer
• Home design: Single-family residence; Single story
• Construction: Metal siding; Shingle roof
• Exterior features: Front porch; Shed(s)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 4.5% in Sullivan — 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 70/100 on livability (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sullivan Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 663 students, 50% FRL); Sullivan Middle School (math 39% / reading 45%, grade D-, #102 of 330 statewide, top 32%, 298 students, 49% FRL); Sullivan High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 499 students, 46% FRL).
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Sullivan County population projected at -12% 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 $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $25k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $50k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 1.99% ✓
• Cap rate: 16.20%
• Cash-on-cash: 35.37%
• DSCR: 2.57
• GRM: 4.2

CMA / ARV

• ARV (median comp): $107,421
• List price: $50,000
• Delta: -53.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 S Court St	0.11mi	2/1.0 (-1)	1,224 (+0%)	1mo	$139,000	$114	86
221 S State St	0.22mi	2/2.0 (-1)	1,197 (-2%)	5mo	$157,500	$132	76
321 E Wall St	0.44mi	3/2.0	1,232 (+1%)	1mo	$230,400	$187	75
314 E Washington St	0.44mi	3/2.0	1,232 (+1%)	1mo	$230,499	$187	75
316 E Washington St	0.44mi	3/2.0	1,176 (-4%)	1mo	$219,899	$187	70
312 E Washington St	0.44mi	3/2.0	1,161 (-5%)	1mo	$215,500	$186	69
323 E Wall St	0.44mi	3/2.0	1,161 (-5%)	1mo	$215,123	$185	69
562 S Court St St	0.30mi	2/1.0 (-1)	1,288 (+6%)	5mo	$135,000	$105	66
419 S Bell St St	0.27mi	3/2.0	1,363 (+12%)	3mo	$230,000	$169	64
501 E Beech St	0.66mi	3/2.0	1,232 (+1%)	7mo	$174,900	$142	60
720 E Chaney St	0.67mi	3/2.0	1,248 (+2%)	5mo	$175,000	$140	59
202 E Depot St St	0.69mi	3/1.0	1,200 (-2%)	7mo	$119,900	$100	58

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: 31.0%
• Equity multiple: 2.30×
• Total profit: $18,214
• Equity at exit: $7,455

10-year hold

• IRR: 38.2%
• Equity multiple: 4.56×
• Total profit: $49,835
• Equity at exit: $4,323

Cash invested: $14,000 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $413

Break-even live

Break-even rent $473

Max offer price $50,000

Occupancy floor 54%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	14d	1	0.28mi
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	12d	1	0.28mi

Listing history 28 events

1. 2026-06-18
   days on market $50,000 Active 34 DOM
2. 2026-06-17
   days on market $50,000 Active 33 DOM
3. 2026-06-16
   days on market $50,000 Active 32 DOM
4. 2026-06-15
   days on market $50,000 Active 31 DOM
5. 2026-06-13
   days on market $50,000 Active 29 DOM
6. 2026-06-12
   days on market $50,000 Active 28 DOM
7. 2026-06-09
   days on market $50,000 Active 25 DOM
8. 2026-06-08
   days on market $50,000 Active 24 DOM
9. 2026-06-07
   days on market $50,000 Active 23 DOM
10. 2026-06-07
    pricedays on market $50,000 Active 22 DOM
11. 2026-06-04
    days on market $75,000 Active 19 DOM
12. 2026-06-02
    days on market $75,000 Active 18 DOM
13. 2026-06-01
    days on market $75,000 Active 17 DOM
14. 2026-05-31
    days on market $75,000 Active 16 DOM
15. 2026-05-31
    days on market $75,000 Active 15 DOM
16. 2026-05-14
    listed $75,000 Active 779-char remark
17. 2026-03-31
    historical
18. 2026-01-11
    price $60,000
19. 2025-11-12
    price $80,500
20. 2025-08-30
    price $81,500
21. 2025-07-31
    historical
22. 2025-03-31
    historical
23. 2025-02-14
    price $85,900
24. 2025-01-31
    price $90,900
25. 2024-12-31
    historical
26. 2024-04-04
    listed $70,000 Active
27. 2022-04-26
    soldstatus $25,000
28. 2022-02-17
    listed $40,000

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $1,084 · $90/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,940
• − Mortgage interest: −$2,801
• − Property taxes: −$1,084
• − Insurance: −$250
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$1,455
• Taxable income: $4,440
• Est. tax owed @ 24.0%: −$1,066
• After-tax cash flow: $3,886/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IN
• City population: 8,494
• Population (ZIP): 8,494

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.79%
• Current HPI: 190.5334
• 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

+25.0% since first listed

14 events — show timeline

• 2026-06-04 Price Changed $50,000 THAAR
• 2026-05-14 Listed $75,000 THAAR
• 2026-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-11 Price Changed $60,000 MIBOR as Distributed by MLS Grid
• 2025-11-12 Price Changed $80,500 MIBOR as Distributed by MLS Grid
• 2025-08-30 Price Changed $81,500 MIBOR as Distributed by MLS Grid
• 2025-07-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-02-14 Price Changed $85,900 MIBOR as Distributed by MLS Grid
• 2025-01-31 Price Changed $90,900 MIBOR as Distributed by MLS Grid
• 2024-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-04-04 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2022-04-26 Sold (MLS) $25,000 THAAR
• 2022-02-17 Listed $40,000 THAAR

Property tax history

+1.4%/yr

Latest (2024): $1,084 · +43.6% YoY. Source: county tax records.