1812 Grand Ave · Connersville, IN 47331

$55,000

3 bd · 1.5 ba · 2,016 sqft · SingleFamily public records · 4 Days on market

Built 1920 8,276 sqft lot Est $109k · 49% under ↓ 34% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks MLS

Bring sold "as is"

Key facts

• 8,276 sq ft lot
• Garage
• Built 1920

Property features AI

Finance

• Financial info: Annual property tax approximately $1,920

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; One-story
• Construction: Frame construction
• Exterior features: Front porch; Level lot

Interior

• Bedrooms: 7 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 19.0% vs local median 4.9% in Connersville — 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 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frazee Elementary School (math 27% / reading 32%, grade F, #697 of 994 statewide, top 73%, 313 students, 69% FRL).
• Market conditions: 171 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

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.
• Fayette County population projected at -26% 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 3.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1920 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.43% ✓
• Cap rate: 19.04%
• Cash-on-cash: 45.54%
• DSCR: 3.03
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $108,864
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
645 Lexington Pl	0.29mi	3/1.5	1,968 (-2%)	5mo	$185,400	$94	78
1947 Ohio Ave	0.24mi	3/2.0	2,140 (+6%)	9mo	$72,250	$34	69
2231 Vermont Ave	0.47mi	4/1.0 (+1)	2,000 (-1%)	4mo	$130,000	$65	66
2015 Vermont Ave	0.24mi	3/2.0	1,792 (-11%)	3mo	$150,000	$84	66
226 W 12th St	0.43mi	3/2.0	2,117 (+5%)	6mo	$160,000	$76	65
2234 Iowa Ave	0.53mi	3/1.5	1,920 (-5%)	7mo	$57,000	$30	61
337 W 12th St	0.48mi	4/2.0 (+1)	1,922 (-5%)	8mo	$68,500	$36	56
718 Western Ave	0.74mi	3/1.0	1,948 (-3%)	5mo	$37,000	$19	54
2219 Indiana Ave	0.45mi	4/2.0 (+1)	1,791 (-11%)	1mo	$60,000	$34	53
324 12th St	0.45mi	4/2.0 (+1)	2,220 (+10%)	9mo	$119,900	$54	48
311 W 12th St	0.46mi	4/2.0 (+1)	1,772 (-12%)	7mo	$85,000	$48	45
2335 Indiana Ave	0.60mi	3/2.0	2,264 (+12%)	10mo	$195,000	$86	41

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: 42.8%
• Equity multiple: 2.84×
• Total profit: $28,382
• Equity at exit: $8,201

10-year hold

• IRR: 48.9%
• Equity multiple: 5.74×
• Total profit: $72,950
• 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 47331

• Home prices YoY: -2.1%
• Active inventory: 171
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,336 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$160 /mo · $1,920/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $584

Break-even live

Break-even rent $597

Max offer price $55,000

Occupancy floor 51%

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: —

Listing history 7 events

1. 2026-06-03
   status $55,000 Pending 4 DOM
2. 2026-06-02
   days on market $55,000 Active 4 DOM
3. 2026-06-01
   days on market $55,000 Active 3 DOM
4. 2026-05-31
   days on market $55,000 Active 2 DOM
5. 2026-01-12
   listed $59,000 Active 28-char remark

   Show marketing remark (28 chars)

   Bring sold "as is"

6. 2026-01-12
   listed $55,000 Active

   Show marketing remark (28 chars)

   Bring sold "as is"

7. 2010-08-10
   soldstatus $83,150

ⓘ 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: $1,920 · $160/mo
• Projected year-2 tax: $1,920 · $160/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 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,036
• − Mortgage interest: −$3,081
• − Property taxes: −$1,920
• − Insurance: −$275
• − Repairs & maintenance: −$1,283
• − Management: −$1,283
• − Depreciation: −$1,600
• Taxable income: $6,594
• Est. tax owed @ 24.0%: −$1,583
• After-tax cash flow: $5,430/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

-33.9% since first listed

3 events — show timeline

• 2026-01-12 Listed $55,000 ECIAOR
• 2026-01-12 Listed $59,000 RRELMS
• 2010-08-10 Sold (Public Records) $83,150 Public Records

Property tax history

-2.6%/yr

Latest (2024): $1,920 · +11.4% YoY. Source: county tax records.