420 N West St · Winchester, IN 47394

$94,900

3 bd · 1.0 ba · 894 sqft · SingleFamily public records · 10 Days on market

Built 1900 4,356 sqft lot Est $116k · 18% under

---

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 +22.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.4/10.0
• 1% rule +5.3/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

2BR/1BA home in Winchester featuring a welcoming front living room that flows through to the dining room and open kitchen with a laundry area. A full bath sits just off the dining room, and two connected bedrooms await upstairs. Close to town amenities and a great fit as a starter home or rental.

Key facts

• Laundry area
• Dining room
• Full bath

Tags

• FRONT LIVING ROOM
• DINING ROOM
• OPEN KITCHEN
• LAUNDRY AREA
• FULL BATH
• TWO CONNECTED BEDROOMS

Property features AI

Finance

• Other: Lot dimensions approximately 39 x 108 (about 0.1 acre)

Exterior

• Parking: No dedicated parking listed
• Utilities: Public water; Public sewer
• Home design: Single-story, site-built single family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Metal roof; No fencing; Yard shed(s)

Interior

• Kitchen: Electric range
• Bedrooms: Total rooms: 6
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (located on the main level)
• Heating & cooling: Baseboard heating; Window air conditioning unit(s)
• Interior features: Entrance foyer; One fireplace (none of the listed fireplace features apply)
• Laundry & utility: Electric dryer hookup on the main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($980 rent vs $95k).
• Cap rate 8.4% vs local median 5.1% in Winchester — 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 (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, amenities F, commute F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($656 loan paydown + $9k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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 $32k; list at $95k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,900

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $116,220
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 W Orange St	0.65mi	2/1.0 (-1)	948 (+6%)	1mo	$85,000	$90	54
419 E Carl St	0.65mi	2/1.0 (-1)	877 (-2%)	9mo	$103,900	$118	54
407 Westwood Dr	0.60mi	2/1.0 (-1)	806 (-10%)	2mo	$120,000	$149	49
840 N West St	0.42mi	3/1.0	768 (-14%)	13mo	$108,000	$141	46
865 N West St	0.47mi	3/1.0	1,008 (+13%)	13mo	$52,400	$52	46
542 S Wall St	0.63mi	2/1.0 (-1)	834 (-7%)	12mo	$15,000	$18	44
534 S Western Ave	0.64mi	2/1.0 (-1)	825 (-8%)	10mo	$125,000	$152	44
712 Wedgewood Dr	0.74mi	3/1.0	1,026 (+15%)	6mo	$189,000	$184	36
425 Western Ave	0.51mi	2/1.0 (-1)	1,008 (+13%)	17mo	$85,000	$84	36
607 W Newton St	0.63mi	2/1.0 (-1)	1,025 (+15%)	12mo	$133,400	$130	31

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 3.35×
• Total profit: $62,321
• Equity at exit: $85,493

10-year hold

• IRR: 25.8%
• Equity multiple: 7.59×
• Total profit: $175,120
• Equity at exit: $184,370

Cash invested: $26,572 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $980 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$70 /mo · $838/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $167

Break-even live

Break-even rent $768

Max offer price $94,900

Occupancy floor 78%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $94,900 Active 10 DOM
2. 2026-06-17
   days on market $94,900 Active 9 DOM
3. 2026-06-16
   days on market $94,900 Active 8 DOM
4. 2026-06-15
   days on market $94,900 Active 7 DOM
5. 2026-06-13
   days on market $94,900 Active 5 DOM
6. 2026-06-12
   days on market $94,900 Active 4 DOM
7. 2026-06-09
   remarks 297-char remark
8. 2026-06-09
   listed $94,900 Active 1 DOM

ⓘ 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: $838 · $70/mo
• Projected year-2 tax: $838 · $70/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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $11,761
• − Mortgage interest: −$5,316
• − Property taxes: −$838
• − Insurance: −$474
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$2,761
• Taxable income: $490
• Est. tax owed @ 24.0%: −$118
• After-tax cash flow: $1,889/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

+281.1% since first listed

7 events — show timeline

• 2026-06-08 Listed $94,900 IRMLS
• 2026-06-08 Listed $94,900 RRELMS
• 2019-03-29 Sold (MLS) $31,800 IRMLS
• 2019-03-29 Sold (MLS) $31,800 RRELMS
• 2018-12-17 Listed $29,900 RRELMS
• 2018-12-17 Listed $29,900 IRMLS
• 2014-08-19 Listed $24,900 IRMLS

Property tax history

+5.1%/yr

Latest (2024): $838 · +4.0% YoY. Source: county tax records.