401 E Pearl St · Waldron, IN 46182

$249,900

2 bd · 1.5 ba · 2,694 sqft · SingleFamily public records · 80 Days on market

Built 1920 7,480 sqft lot $93/sqft · 6% below area Est $297k · 16% under

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Why this score? — see what drove the D 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 +14.6/15.0
• Cash flow +11.4/30.0
• Schools +4.0/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ready to leave the hustle of the big city and settle into the charm of small-town living? Welcome to this warm and inviting home in Waldron! Start your mornings on the covered front porch, the perfect spot for sipping coffee and enjoying the peaceful surroundings. Inside, you'll find a spacious layout featuring 5 bedrooms and 1.5 baths, including a large primary bedroom on the main level and a second bedroom ideal for an office, nursery, or flex space. The home offers a large living room plus a cozy den with a new free-standing wood burner, creating the perfect place to relax. The big eat-in kitchen provides plenty of room for gatherings and everyday living, and multiple closets throughout the home offer excellent storage. Upstairs, you'll discover three sizable bedrooms and two loft areas, complete with built-in shelves-perfect for books, games, or even a craft space. Enjoy peace of mind with a new roof (2025) and HVAC (2024), along with a dry basement featuring a cement floor and new sump pump, ideal for storage. Step outside to a large deck and a workshop with utilities, offering endless possibilities for hobbies or projects. Located within walking distance to Waldron schools, this home blends comfort, space, and small-town charm-ready for new owners to come in and add their personal touch. Schedule your personal tour today.

Key facts

• 7,480 sq ft lot
• Built 1920
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (25.4% below list).
• Recommended offer: $186k (25.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#433 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools C-, amenities F, commute F.
• Shelby Eastern Schools (rural): math 43% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 10 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 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.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $135k; list at $250k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,459 (25.4% below list)

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 80 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 11.2

CMA / ARV

• ARV (median comp): $296,823
• List price: $249,900
• Delta: -15.81%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
713 E Middletown Rd	0.29mi	3/1.0 (+1)	2,754 (+2%)	4mo	$280,000	$102	72
104 W Pearl St	0.17mi	3/2.0 (+1)	2,468 (-8%)	9mo	$215,000	$87	64
204 W Pullman St	0.23mi	3/1.0 (+1)	2,520 (-6%)	12mo	$242,000	$96	62
404 W Walnut St	0.32mi	3/2.0 (+1)	2,504 (-7%)	9mo	$215,000	$86	59
704 E Pearl St E	0.09mi	3/2.0 (+1)	2,360 (-12%)	20mo	$230,000	$97	52
307 S Mulberry St S	0.20mi	3/2.5 (+1)	2,353 (-13%)	16mo	$305,000	$130	47

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: -18.7%
• Equity multiple: 0.34×
• Total profit: $-45,957
• Equity at exit: $37,261

10-year hold

• IRR: -11.3%
• Equity multiple: 0.32×
• Total profit: $-47,264
• Equity at exit: $21,607

Cash invested: $69,972 (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 46182

• Home prices YoY: -4.0%
• Active inventory: 10
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,865 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$143 /mo · $1,716/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $-85

Break-even live

Break-even rent $1,972

Max offer price $234,959

Occupancy floor 100%

Sensitivity live

Price	-10% $57	-5% $-14	+0% $-85	+5% $-155	+10% $-226
Rent	-10% $-232	-5% $-158	+0% $-85	+5% $-11	+10% $63
Rate	-1.0pp $41	-0.5pp $-21	base $-85	+0.5pp $-149	+1.0pp $-215

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $249,900 Active 80 DOM
2. 2026-06-18
   days on market $249,900 Active 77 DOM
3. 2026-06-17
   days on market $249,900 Active 76 DOM
4. 2026-06-16
   days on market $249,900 Active 75 DOM
5. 2026-06-15
   days on market $249,900 Active 74 DOM
6. 2026-06-13
   days on market $249,900 Active 72 DOM
7. 2026-06-09
   days on market $249,900 Active 68 DOM
8. 2026-06-08
   days on market $249,900 Active 67 DOM
9. 2026-06-07
   pricedays on market $249,900 Active 66 DOM
10. 2026-06-05
    days on market $254,900 Active 63 DOM
11. 2026-06-03
    days on market $254,900 Active 62 DOM
12. 2026-06-02
    days on market $254,900 Active 61 DOM
13. 2026-06-01
    days on market $254,900 Active 60 DOM
14. 2026-05-31
    days on market $254,900 Active 59 DOM
15. 2026-05-10
    price $254,900 1352-char remark

    Show marketing remark (1361 chars)

    Ready to leave the hustle of the big city and settle into the charm of small-town living? Welcome to this warm and inviting home in Waldron! Start your mornings on the covered front porch, the perfect spot for sipping coffee and enjoying the peaceful surroundings. Inside, you'll find a spacious layout featuring 5 bedrooms and 1.5 baths, including a large primary bedroom on the main level and a second bedroom ideal for an office, nursery, or flex space. The home offers a large living room plus a cozy den with a new free-standing wood burner, creating the perfect place to relax. The big eat-in kitchen provides plenty of room for gatherings and everyday living, and multiple closets throughout the home offer excellent storage. Upstairs, you'll discover three sizable bedrooms and two loft areas, complete with built-in shelves-perfect for books, games, or even a craft space. Enjoy peace of mind with a new roof (2025) and HVAC (2024), along with a dry basement featuring a cement floor and new sump pump, ideal for storage. Step outside to a large deck and a workshop with utilities, offering endless possibilities for hobbies or projects. Located within walking distance to Waldron schools, this home blends comfort, space, and small-town charm-ready for new owners to come in and add their personal touch. Schedule your personal tour today.

16. 2026-05-10
    price $254,900 1361-char remark

    Show marketing remark (1361 chars)

    Ready to leave the hustle of the big city and settle into the charm of small-town living? Welcome to this warm and inviting home in Waldron! Start your mornings on the covered front porch, the perfect spot for sipping coffee and enjoying the peaceful surroundings. Inside, you'll find a spacious layout featuring 5 bedrooms and 1.5 baths, including a large primary bedroom on the main level and a second bedroom ideal for an office, nursery, or flex space. The home offers a large living room plus a cozy den with a new free-standing wood burner, creating the perfect place to relax. The big eat-in kitchen provides plenty of room for gatherings and everyday living, and multiple closets throughout the home offer excellent storage. Upstairs, you'll discover three sizable bedrooms and two loft areas, complete with built-in shelves-perfect for books, games, or even a craft space. Enjoy peace of mind with a new roof (2025) and HVAC (2024), along with a dry basement featuring a cement floor and new sump pump, ideal for storage. Step outside to a large deck and a workshop with utilities, offering endless possibilities for hobbies or projects. Located within walking distance to Waldron schools, this home blends comfort, space, and small-town charm-ready for new owners to come in and add their personal touch. Schedule your personal tour today.

17. 2026-04-02
    listed $259,900 Active 1352-char remark

    Show marketing remark (1361 chars)

    Ready to leave the hustle of the big city and settle into the charm of small-town living? Welcome to this warm and inviting home in Waldron! Start your mornings on the covered front porch, the perfect spot for sipping coffee and enjoying the peaceful surroundings. Inside, you'll find a spacious layout featuring 5 bedrooms and 1.5 baths, including a large primary bedroom on the main level and a second bedroom ideal for an office, nursery, or flex space. The home offers a large living room plus a cozy den with a new free-standing wood burner, creating the perfect place to relax. The big eat-in kitchen provides plenty of room for gatherings and everyday living, and multiple closets throughout the home offer excellent storage. Upstairs, you'll discover three sizable bedrooms and two loft areas, complete with built-in shelves-perfect for books, games, or even a craft space. Enjoy peace of mind with a new roof (2025) and HVAC (2024), along with a dry basement featuring a cement floor and new sump pump, ideal for storage. Step outside to a large deck and a workshop with utilities, offering endless possibilities for hobbies or projects. Located within walking distance to Waldron schools, this home blends comfort, space, and small-town charm-ready for new owners to come in and add their personal touch. Schedule your personal tour today.

18. 2026-04-02
    listed $259,900 Active 1361-char remark

    Show marketing remark (1361 chars)

    Ready to leave the hustle of the big city and settle into the charm of small-town living? Welcome to this warm and inviting home in Waldron! Start your mornings on the covered front porch, the perfect spot for sipping coffee and enjoying the peaceful surroundings. Inside, you'll find a spacious layout featuring 5 bedrooms and 1.5 baths, including a large primary bedroom on the main level and a second bedroom ideal for an office, nursery, or flex space. The home offers a large living room plus a cozy den with a new free-standing wood burner, creating the perfect place to relax. The big eat-in kitchen provides plenty of room for gatherings and everyday living, and multiple closets throughout the home offer excellent storage. Upstairs, you'll discover three sizable bedrooms and two loft areas, complete with built-in shelves-perfect for books, games, or even a craft space. Enjoy peace of mind with a new roof (2025) and HVAC (2024), along with a dry basement featuring a cement floor and new sump pump, ideal for storage. Step outside to a large deck and a workshop with utilities, offering endless possibilities for hobbies or projects. Located within walking distance to Waldron schools, this home blends comfort, space, and small-town charm-ready for new owners to come in and add their personal touch. Schedule your personal tour today.

19. 2017-07-21
    soldstatus $135,000 Sold
20. 2017-07-11
    status Pending
21. 2017-06-04
    historical Active with Contingency
22. 2017-06-02
    listed $132,900 Active
23. 2012-09-27
    soldstatus $120,000
24. 2012-09-24
    historical
25. 2012-09-21
    soldstatus $120,000
26. 2012-07-17
    listed $124,900

ⓘ 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: $1,716 · $143/mo
• Projected year-2 tax: $1,920 · $160/mo
• Expected delta: +$204/yr (+$17/mo · 11.9%)

ⓘ 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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,375
• − Mortgage interest: −$13,998
• − Property taxes: −$1,716
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$7,270
• Taxable loss: −$5,438
• Est. tax savings @ 24.0%: +$1,305
• After-tax cash flow: $290/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: Shelby Eastern Schools
• NCES district ID: 1803210
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $60,076
• Composite: 40.0/100
• National rank: #3828
• State rank: #84 of 301 in IN

Livability — Waldron

• Score: 63/100
• State rank: #433
• US rank: #15572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waldron, IN
• City population: 1,670
• Population (ZIP): 1,670

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 10% Iranian 1% Romanian 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.07%
• Current HPI: 241.2392
• 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

+104.1% since first listed

12 events — show timeline

• 2026-05-10 Price Changed $254,900 IRMLS
• 2026-05-10 Price Changed $254,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $259,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $259,900 IRMLS
• 2017-07-21 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2017-07-11 Pending — MIBOR as Distributed by MLS Grid
• 2017-06-04 Contingent — MIBOR as Distributed by MLS Grid
• 2017-06-02 Listed $132,900 MIBOR as Distributed by MLS Grid
• 2012-09-27 Sold (Public Records) $120,000 Public Records
• 2012-09-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-09-21 Sold (MLS) $120,000 MIBOR as Distributed by MLS Grid
• 2012-07-17 Listed $124,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.7%/yr

Latest (2025): $1,716 · -5.1% YoY. Source: county tax records.