227 Elliott Ave · Plymouth, IN 46563

$55,000

4 bd · 1.0 ba · 1,536 sqft · SingleFamily public records · 3 Days on market

Built 1930 7,405 sqft lot $36/sqft · 70% below area ↓ 15% 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 +3.6/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investors, cash only ! 4 bedroom, 1 bath home, 1536 sq ft. Close to schools and conveniences. SOLD AS IS, Where Is

Key facts

• 7,405 sq ft lot
• Garage
• Built 1930

Property features AI

Finance

• Other: Property listed by eXp Realty, LLC
• Financial info: Tax information provided but omitted
• HOA & community: No subdivision

Exterior

• Parking: Detached 1-car garage
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding
• Exterior features: Level lot

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedroom count not specified
• Flooring: Flooring details not provided
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Forced air heating; No cooling system
• Interior features: Partial, unfinished basement; Total of 9 rooms
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 28.5% vs local median 3.5% in Plymouth — 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 71/100 on livability (#142 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Plymouth Community School Corporation (town): math 33% / reading 41% proficiency, ranked #173 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary School (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 303 students, 68% FRL); Lincoln Junior High School (math 30% / reading 46%, grade F, #136 of 330 statewide, top 44%, 510 students, 56% FRL); Plymouth High School (math 37% / reading 60%, grade D, #139 of 369 statewide, top 38%, 1,078 students, 51% FRL).
• Market conditions: 82 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $47k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.50% ✓
• Cap rate: 28.49%
• Cash-on-cash: 79.27%
• DSCR: 4.53
• GRM: 2.4

CMA / ARV

• ARV (median comp): $184,683
• List price: $55,000
• Delta: -70.22%
• 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
227 Elliott Ave	0.00mi	4/1.0	1,536 (0%)	1mo	$46,900	$31	100
829 N Michigan St	0.21mi	3/2.0 (-1)	1,536 (0%)	3mo	$164,900	$107	79
1222 N Center St	0.24mi	4/1.0	1,648 (+7%)	1mo	$183,000	$111	75
824 N Michigan St	0.19mi	4/1.5	1,595 (+4%)	9mo	$112,500	$71	75
257 Elliott Ave	0.04mi	3/1.5 (-1)	1,664 (+8%)	15mo	$229,500	$138	65
404 Klinger Ave	0.17mi	3/2.0 (-1)	1,620 (+6%)	11mo	$230,000	$142	65
307 Baker St	0.06mi	3/2.0 (-1)	1,756 (+14%)	2mo	$222,500	$127	63
101 N Liberty St	0.64mi	3/1.0 (-1)	1,520 (-1%)	9mo	$165,000	$109	56
806 N Plum St	0.37mi	3/1.5 (-1)	1,373 (-11%)	10mo	$169,900	$124	49
618 E Laporte St	0.70mi	3/1.0 (-1)	1,400 (-9%)	8mo	$175,000	$125	41
216 N Plum St	0.61mi	3/1.5 (-1)	1,664 (+8%)	13mo	$150,000	$90	40
702 E Laporte St	0.73mi	3/2.0 (-1)	1,700 (+11%)	13mo	$200,000	$118	28

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: 79.5%
• Equity multiple: 4.64×
• Total profit: $55,985
• Equity at exit: $8,201

10-year hold

• IRR: 82.9%
• Equity multiple: 9.61×
• Total profit: $132,603
• Equity at exit: $4,755

Cash invested: $15,400 (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 46563

• Home prices YoY: -27.7%
• Active inventory: 82
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,922 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $1,017

Break-even live

Break-even rent $635

Max offer price $55,000

Occupancy floor 42%

Sensitivity live

Price	-10% $1,048	-5% $1,033	+0% $1,017	+5% $1,002	+10% $986
Rent	-10% $865	-5% $941	+0% $1,017	+5% $1,093	+10% $1,169
Rate	-1.0pp $1,045	-0.5pp $1,031	base $1,017	+0.5pp $1,003	+1.0pp $989

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Baker St Plymouth, IN	4.0	3.0	1640	$2,195	$1.34	44d	1	0.75mi
1280 Dora Ln Plymouth, IN	2.0–3.0	1.0–2.0	995	$1,260	$1.27	44d	1	0.78mi
2234 Bitter Root Dr Plymouth, IN	1.0–3.0	1.0–2.5	1249	$2,195	$1.76	14d	2	0.80mi

Listing history 2 events

1. 2026-05-08
   status Pending 115-char remark
2. 2026-05-03
   listed $55,000 Active 115-char remark

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,279 · $190/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 2/10 Low 7 d/yr ≥101°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: $23,067
• − Mortgage interest: −$3,081
• − Property taxes: −$2,279
• − Insurance: −$275
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$1,600
• Taxable income: $12,141
• Est. tax owed @ 24.0%: −$2,914
• After-tax cash flow: $9,294/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: Plymouth Community School Corporation
• NCES district ID: 1809060
• Math proficiency: 33% ▼ -10.00%
• Reading proficiency: 41% ▼ -11.00%
• Median HH income: $45,852
• Composite: 31.58/100
• National rank: #5949
• State rank: #173 of 301 in IN

Livability — Plymouth

• Score: 71/100
• State rank: #142
• US rank: #7282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, IN
• County: Marshall County · 23,615 people
• City population: 23,615
• Metro: Plymouth, IN
• Population (ZIP): 23,615
• Household income: $73,293
• Rent vs Own: 26.6% rent · 73.4% own
• Severe rent burden: 243.0

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 16% Two or more races 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 12% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.52%
• Current HPI: 247.1045
• Rent YoY: —
• Metro: Plymouth, IN
• 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

-14.7% since first listed

3 events — show timeline

• 2026-06-02 Sold (MLS) $46,900 IRMLS
• 2026-05-08 Pending — IRMLS
• 2026-05-03 Listed $55,000 IRMLS

Property tax history

+1.3%/yr

Latest (2025): $2,279 · +4.2% YoY. Source: county tax records.