207 S Erie St · Lapel, IN 46051

$115,000

3 bd · 2.0 ba · 900 sqft · SingleFamily public records · 1 Days on market

Built 1961 Est $148k · 22% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits at this 2-bedroom, 1-bathroom, Bi-level located in the heart of Lapel. This 900 sq. ft. home is a true blank canvas, perfect for investors or DIY enthusiasts ready to put in the work. The property features a functional layout, a 0.19-acre lot with mature potential, and a convenient carport. Situated within the desirable Frankton-Lapel Community School system and just blocks from local parks and the elementary school, this home offers incredible potential once restored. Sold strictly as-is & acirc; & euro; & rdquo; bring your tools and your vision to turn this diamond in the rough into a standout residence!

Key facts

• Built 1961

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).

Location & tenants

• Location reads 72/100 on livability (#122 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Frankton-Lapel Community Schools (rural): math 39% / reading 41% proficiency, ranked #131 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 27 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Madison County population projected at -14% 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 $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1961 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.44% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.85%
• DSCR: 2.02
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $147,600
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 W 5th St	0.23mi	3/1.0	925 (+3%)	6mo	$187,000	$202	75
316 S Ford St	0.12mi	3/1.0	980 (+9%)	1mo	$32,000	$33	75
108 W 5th St	0.23mi	3/1.0	952 (+6%)	6mo	$105,000	$110	71
310 S Ford St	0.12mi	2/1.0 (-1)	800 (-11%)	8mo	$168,500	$211	60
404 S Ford St	0.16mi	2/1.0 (-1)	951 (+6%)	19mo	$172,500	$181	58
223 W 11th St	0.53mi	3/1.0	960 (+7%)	5mo	$120,000	$125	56
327 S John St	0.26mi	3/1.0	988 (+10%)	15mo	$210,000	$213	55
303 W 7th St	0.30mi	2/1.0 (-1)	1,008 (+12%)	12mo	$165,000	$164	47
426 S Walnut St	0.38mi	2/1.0 (-1)	1,008 (+12%)	9mo	$144,000	$143	46
1220 N Main St	0.65mi	2/1.0 (-1)	816 (-9%)	11mo	$175,000	$214	36
1419 Ford St	0.75mi	2/1.0 (-1)	768 (-15%)	11mo	$100,000	$130	23

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: 15.7%
• Equity multiple: 1.63×
• Total profit: $20,377
• Equity at exit: $17,147

10-year hold

• IRR: 24.4%
• Equity multiple: 3.11×
• Total profit: $67,881
• Equity at exit: $9,943

Cash invested: $32,200 (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 46051

• Home prices YoY: -17.2%
• Active inventory: 27
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,659 high
• Mortgage (P&I): −$603
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $613

Break-even live

Break-even rent $883

Max offer price $115,000

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 N Main St Lapel, IN	3.0	1.0	989	$1,545	$1.56	1d	1	0.26mi
108 W 5th St Lapel, IN	4.0	2.0	952	$1,850	$1.94	1d	1	0.26mi
1 Benwarren Way Lapel, IN	1.0–3.0	1.0–2.0	846	$1,690	$2.00	1d	1	0.48mi
1520 N Main St Lapel, IN	1.0–3.0	1.0	760	$1,460	$1.92	1d	1	0.86mi
16014 E 186th St Noblesville, IN	3.0	1.0	1040	$1,395	$1.34	1d	1	1.49mi

Listing history 1 events

1. 2026-05-26
   listed $115,000 Active

ⓘ 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: $556 · $46/mo
• Projected year-2 tax: $767 · $64/mo
• Expected delta: +$211/yr (+$18/mo · 37.9%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $19,905
• − Mortgage interest: −$6,442
• − Property taxes: −$556
• − Insurance: −$575
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$3,345
• Taxable income: $5,802
• Est. tax owed @ 24.0%: −$1,392
• After-tax cash flow: $5,964/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: Frankton-Lapel Community Schools
• NCES district ID: 1812880
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $55,218
• Composite: 34.99/100
• National rank: #5050
• State rank: #131 of 301 in IN

Livability — Lapel

• Score: 72/100
• State rank: #122
• US rank: #6478

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapel, IN
• City population: 2,857
• Population (ZIP): 2,857

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Serbian 2% Hispanic 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.12%
• Current HPI: 246.0051
• 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 event — show timeline

• 2026-05-26 Listed $115,000 FSBO.com

Property tax history

+0.5%/yr

Latest (2024): $556 · +6.1% YoY. Source: county tax records.