2613 N Hitchcock Rd · Salem, IN 47167

$48,800

3 bd · 1.0 ba · 924 sqft · SingleFamily public records · 104 Days on market

Built 1990 1.50 ac lot $53/sqft · 69% below area ↓ 2% since listing

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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
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

Key facts

• 1.5 acre lot
• Built 1990
• Listed 104 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($807 rent vs $49k).
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 2.5% in Salem — 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 62/100 on livability (#456 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, schools D-.
• Salem Community Schools (town): math 23% / reading 36% proficiency, ranked #250 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 98 active listings in the ZIP; 25 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $337 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Washington County population projected at -22% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $44,408 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.65% ✓
• Cap rate: 13.71%
• Cash-on-cash: 26.49%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

• ARV (median comp): $156,409
• List price: $48,800
• Delta: -68.80%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.3%
• Equity multiple: 1.83×
• Total profit: $11,318
• Equity at exit: $7,276

10-year hold

• IRR: 28.5%
• Equity multiple: 3.54×
• Total profit: $34,644
• Equity at exit: $4,219

Cash invested: $13,664 (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 47167

• Home prices YoY: -34.2%
• Active inventory: 98
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $807 medium
• Mortgage (P&I): −$256
• Tax from tax record: −$60 /mo · $718/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $302

Break-even live

Break-even rent $425

Max offer price $48,800

Occupancy floor 58%

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: $12,200
• Closing costs: $1,464
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $48,800 Active 104 DOM
2. 2026-06-17
   days on market $48,800 Active 103 DOM
3. 2026-06-16
   days on market $48,800 Active 102 DOM
4. 2026-06-15
   days on market $48,800 Active 101 DOM
5. 2026-06-13
   days on market $48,800 Active 99 DOM
6. 2026-06-12
   pricedays on market $48,800 Active 98 DOM
7. 2026-06-09
   days on market $48,900 Active 95 DOM
8. 2026-06-08
   days on market $48,900 Active 94 DOM
9. 2026-06-07
   pricedays on market $48,900 Active 93 DOM
10. 2026-06-04
    days on market $49,000 Active 89 DOM
11. 2026-06-02
    days on market $49,000 Active 88 DOM
12. 2026-06-01
    days on market $49,000 Active 87 DOM
13. 2026-05-31
    days on market $49,000 Active 86 DOM
14. 2026-05-31
    days on market $49,000 Active 85 DOM
15. 2026-05-15
    price $49,100 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

16. 2026-05-08
    price $49,200 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

17. 2026-05-01
    price $49,300 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

18. 2026-04-24
    price $49,400 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

19. 2026-04-10
    price $49,500 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

20. 2026-04-03
    price $49,600 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

21. 2026-03-27
    price $49,700 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

22. 2026-03-20
    price $49,800 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

23. 2026-03-16
    price $49,900 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

24. 2026-03-06
    listed $50,000 Active 244-char remark

    Show marketing remark (244 chars)

    This beautiful, scenic property is located just a few miles from Salem's town square! Very nice 1.5 acre property. The property has a 3 bedroom home situated on it, in need of extensive TLC. Call for more information today! Property sold AS-IS.

25. 2025-05-30
    price $50,000

ⓘ 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: $718 · $60/mo
• Projected year-2 tax: $718 · $60/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 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,688
• − Mortgage interest: −$2,734
• − Property taxes: −$718
• − Insurance: −$244
• − Repairs & maintenance: −$775
• − Management: −$775
• − Depreciation: −$1,420
• Taxable income: $3,022
• Est. tax owed @ 24.0%: −$725
• After-tax cash flow: $2,895/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: Salem Community Schools
• NCES district ID: 1809810
• Math proficiency: 23% ▼ -15.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $38,570
• Composite: 24.65/100
• National rank: #7623
• State rank: #250 of 301 in IN

Livability — Salem

• Score: 62/100
• State rank: #456
• US rank: #16181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 15,573
• Population (ZIP): 15,573

Population outlook (Washington County) Hauer SSP2

• Today (2025): 26,460 people
• By 2030: 25,498 · -3.6%
• By 2040: 23,127 · -12.6%
• By 2050: 20,505 · -22.5%
• By 2075: 14,941 · -43.5%
• By 2100: 10,453 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+54.8) · D 21.7% · R 76.5% · Other 1.7%
• 2008→2024 swing: -37.5pp toward R · 2008: -17.3pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+52.1 2016: R+49.1 2012: R+24.4 2008: R+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.62%
• Current HPI: 237.8027
• 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

-1.8% since first listed

11 events — show timeline

• 2026-05-15 Price Changed $49,100 SIRA
• 2026-05-08 Price Changed $49,200 SIRA
• 2026-05-01 Price Changed $49,300 SIRA
• 2026-04-24 Price Changed $49,400 SIRA
• 2026-04-10 Price Changed $49,500 SIRA
• 2026-04-03 Price Changed $49,600 SIRA
• 2026-03-27 Price Changed $49,700 SIRA
• 2026-03-20 Price Changed $49,800 SIRA
• 2026-03-16 Price Changed $49,900 SIRA
• 2026-03-06 Listed $50,000 SIRA
• 2025-05-30 Price Changed $50,000 SIRA

Property tax history

-4.5%/yr

Latest (2024): $718 · -5.3% YoY. Source: county tax records.