5940 E George St · Syracuse, IN 46567

$1

2 bd · 1.5 ba · 925 sqft · SingleFamily public records · 35 Days on market

Built 1958 7,405 sqft lot ↓ 4% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• Cash flow +2.8/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Take this opportunity to bid on this beautiful waterfront property on Lake Wawasee, the premier lake in Indiana. Built in 1958 this lake cottage has been fully remodeled and features 1135 square feet including the finished four seasons room. Home has 2 bedrooms, 2 baths, and a remodeled kitchen with stainless steel appliances. Attached to the home is a 480 square foot carport that is perfect to use for outdoor entertaining or car storage. For your storage needs, there is 10' x 14' storage shed. Now walk outside to your back porch made of pavers with a built-in grill to enjoy those beautiful lake views. The home has 0.17-acre lot with 50' of channel frontage and included with the home is the full pier. This home has beautiful unobstructed lake views of Lake Wawasee and sunsets over the lake. This is a unique opportunity to purchase a waterfront home on the channel, with lake views, and seconds from being on the lake.

Key facts

• Full pier
• Lake views
• Remodeled kitchen

Tags

• REMODELED KITCHEN
• FINISHED FOUR SEASONS ROOM
• BUILT IN GRILL
• CHANNEL FRONTAGE
• FULL PIER
• LAKE VIEWS

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $232,569 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $-778 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 2.3% vs local median 1.7% in Syracuse — 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 78/100 on livability (#32 in IN, #2,516 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A; Watch: schools D, employment D, commute F.
• Wawasee Community School Corporation (town): math 32% / reading 39% proficiency, ranked #179 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 261 units permitted in Kosciusko County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kosciusko County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 348853.8% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.45% ✗
• Cap rate: 2.28%
• Cash-on-cash: -14.33%
• DSCR: 0.36
• GRM: 18.5

CMA / ARV

• ARV (median comp): $232,569
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
752 E Park St	0.45mi	2/1.0	930 (+0%)	21mo	$190,000	$204	58
1017 S Martz St	0.50mi	2/1.0	880 (-5%)	21mo	$192,000	$218	49
523 E Lake View Rd	0.50mi	3/1.0 (+1)	960 (+4%)	18mo	$465,000	$484	48
12358 N Kings Dr	0.63mi	3/1.0 (+1)	1,056 (+14%)	18mo	$127,050	$120	25

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: -43.6%
• Equity multiple: -0.34×
• Total profit: $-87,205
• Equity at exit: $34,677

10-year hold

• IRR: -76.7%
• Equity multiple: -1.14×
• Total profit: $-139,655
• Equity at exit: $20,108

Cash invested: $65,119 (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 46567

• Home prices YoY: -21.4%
• Active inventory: 87

Monthly cashflow live

• Estimated rent: $1,050 medium
• Mortgage (P&I): −$1,220
• Tax est. 1.5%: −$291 /mo · $3,489/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $-778

Break-even live

Break-even rent $2,034

Max offer price $120,030

Occupancy floor —

Sensitivity live

Price	-10% $-617	-5% $-697	+0% $-778	+5% $-858	+10% $-938
Rent	-10% $-861	-5% $-819	+0% $-778	+5% $-736	+10% $-695
Rate	-1.0pp $-661	-0.5pp $-719	base $-778	+0.5pp $-838	+1.0pp $-899

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: $58,142
• Closing costs: $6,977
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 E Palm Dr Unit 303-10 Syracuse, IN	2.0	1.0	770	$1,050	$1.36	44d	1	0.71mi

Listing history 5 events

1. 2026-05-19
   status Pending 977-char remark

   Show marketing remark (977 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Take this opportunity to bid on this beautiful waterfront property on Lake Wawasee, the premier lake in Indiana. Built in 1958 this lake cottage has been fully remodeled and features 1135 square feet including the finished four seasons room. Home has 2 bedrooms, 2 baths, and a remodeled kitchen with stainless steel appliances. Attached to the home is a 480 square foot carport that is perfect to use for outdoor entertaining or car storage. For your storage needs, there is 10' x 14' storage shed. Now walk outside to your back porch made of pavers with a built-in grill to enjoy those beautiful lake views. The home has 0.17-acre lot with 50' of channel frontage and included with the home is the full pier. This home has beautiful unobstructed lake views of Lake Wawasee and sunsets over the lake. This is a unique opportunity to purchase a waterfront home on the channel, with lake views, and seconds from being on the lake.

2. 2026-04-20
   listed $1 Active 977-char remark

   Show marketing remark (977 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Take this opportunity to bid on this beautiful waterfront property on Lake Wawasee, the premier lake in Indiana. Built in 1958 this lake cottage has been fully remodeled and features 1135 square feet including the finished four seasons room. Home has 2 bedrooms, 2 baths, and a remodeled kitchen with stainless steel appliances. Attached to the home is a 480 square foot carport that is perfect to use for outdoor entertaining or car storage. For your storage needs, there is 10' x 14' storage shed. Now walk outside to your back porch made of pavers with a built-in grill to enjoy those beautiful lake views. The home has 0.17-acre lot with 50' of channel frontage and included with the home is the full pier. This home has beautiful unobstructed lake views of Lake Wawasee and sunsets over the lake. This is a unique opportunity to purchase a waterfront home on the channel, with lake views, and seconds from being on the lake.

3. 2026-04-13
   listed $1 Active 977-char remark

   Show marketing remark (977 chars)

   PROPERTY FOR AUCTION. ONLINE BIDDING NOW OPEN! Take this opportunity to bid on this beautiful waterfront property on Lake Wawasee, the premier lake in Indiana. Built in 1958 this lake cottage has been fully remodeled and features 1135 square feet including the finished four seasons room. Home has 2 bedrooms, 2 baths, and a remodeled kitchen with stainless steel appliances. Attached to the home is a 480 square foot carport that is perfect to use for outdoor entertaining or car storage. For your storage needs, there is 10' x 14' storage shed. Now walk outside to your back porch made of pavers with a built-in grill to enjoy those beautiful lake views. The home has 0.17-acre lot with 50' of channel frontage and included with the home is the full pier. This home has beautiful unobstructed lake views of Lake Wawasee and sunsets over the lake. This is a unique opportunity to purchase a waterfront home on the channel, with lake views, and seconds from being on the lake.

4. 2015-10-19
   soldstatus $340,000
5. 2015-07-07
   listed $355,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone C · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $12,600
• − Mortgage interest: −$13,027
• − Property taxes: −$3,489
• − Insurance: −$1,163
• − Repairs & maintenance: −$1,008
• − Management: −$1,008
• − Depreciation: −$6,766
• Taxable loss: −$13,861
• Est. tax savings @ 24.0%: +$3,327
• After-tax cash flow: $-6,006/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: Wawasee Community School Corporation
• NCES district ID: 1805550
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $52,439
• Composite: 30.97/100
• National rank: #6100
• State rank: #179 of 301 in IN

Livability — Syracuse

• Score: 78/100
• State rank: #32
• US rank: #2516

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,371

Population outlook (Kosciusko County) Hauer SSP2

• Today (2025): 81,747 people
• By 2030: 82,878 · +1.4%
• By 2040: 84,270 · +3.1%
• By 2050: 84,191 · +3.0%
• By 2075: 82,918 · +1.4%
• By 2100: 74,808 · -8.5%

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 3% Romanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Kosciusko

• 2024 margin: Solid R (+52.3) · D 22.9% · R 75.2% · Other 1.9%
• 2008→2024 swing: -14.9pp toward R · 2008: -37.3pp · 2024: -52.3pp
• All cycles: 2024: R+52.3 2020: R+50.7 2016: R+55.1 2012: R+52.2 2008: R+37.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.32%
• Current HPI: 276.7243
• 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

-4.2% since first listed

5 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-04-20 Listed $1 NIRA MLS as Distributed by MLS Grid
• 2026-04-13 Listed $1 IRMLS
• 2015-10-19 Sold (MLS) $340,000 IRMLS
• 2015-07-07 Listed $355,000 IRMLS

Property tax history

+14.9%/yr

Latest (2024): $2,956 · +2.0% YoY. Source: county tax records.