213 Shull Dr · North Vernon, IN 47265

$159,900

5 bd · 2.0 ba · 1,704 sqft · SingleFamily public records · 24 Days on market

Built 1966 10,724 sqft lot Est $189k · 15% under

---

Why this score? — see what drove the C+ 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 +21.9/30.0
• ARV discount +14.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

Key facts

• Large laundry room
• 0.25 acre lot
• Built 1966

Tags

• WALKING DISTANCE TO SHOPS
• LARGE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.1% in North Vernon — 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 79/100 on livability (#29 in IN, #2,347 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $157,501 (1.5% below list)

Questions for the listing agent

1. Built in 1966 — 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 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?
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: 1.02% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $189,144
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 N Elm St	0.07mi	4/1.5 (-1)	1,678 (-2%)	21mo	$186,900	$111	70
616 N Elm St	0.16mi	4/2.5 (-1)	1,800 (+6%)	17mo	$185,000	$103	62
30 Oakwood Ave	0.73mi	4/2.0 (-1)	1,869 (+10%)	12mo	$210,000	$112	35

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-9,864
• Equity at exit: $23,842

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $12,028
• Equity at exit: $13,825

Cash invested: $44,772 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,633 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$133 /mo · $1,594/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $252

Break-even live

Break-even rent $1,314

Max offer price $159,900

Occupancy floor 80%

Sensitivity live

Price	-10% $343	-5% $297	+0% $252	+5% $207	+10% $162
Rent	-10% $123	-5% $188	+0% $252	+5% $317	+10% $381
Rate	-1.0pp $333	-0.5pp $293	base $252	+0.5pp $211	+1.0pp $169

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-01-25
   status Pending
2. 2026-01-19
   price $159,900
3. 2026-01-01
   listed $169,900 Active
4. 2025-11-13
   status Pending
5. 2025-11-13
   historical
6. 2025-10-24
   price $170,000
7. 2025-10-09
   price $180,000
8. 2025-09-24
   listed $190,000 Active
9. 2020-08-07
   soldstatus $140,000 Sold 444-char remark

   Show marketing remark (444 chars)

   5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

10. 2020-06-23
    status Pending 444-char remark

    Show marketing remark (444 chars)

    5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

11. 2020-06-17
    status Active 444-char remark

    Show marketing remark (444 chars)

    5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

12. 2020-05-26
    status Pending 444-char remark

    Show marketing remark (444 chars)

    5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

13. 2020-05-21
    price $149,900 444-char remark

    Show marketing remark (444 chars)

    5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

14. 2020-04-17
    listed $155,000 Active 444-char remark

    Show marketing remark (444 chars)

    5 bedrooms and 2 full baths make this home a rare find! But wait, there is more than just extra room in this well maintained home. Added attic insulation, replacement windows, and a new HVAC including duct work in 2016 make the home an efficient option as well. Other features include a spacious laundry room, some original hardwood floors, newer carpeting, and a French drain the back yard. Convenient location close to City Park and new pool.

15. 2013-05-30
    soldstatus $79,900
16. 2012-11-08
    listed $82,000
17. 2012-08-25
    historical
18. 2011-08-23
    listed $83,500

ⓘ 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: $1,594 · $133/mo
• Projected year-2 tax: $1,594 · $133/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 ≥105°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,598
• − Mortgage interest: −$8,957
• − Property taxes: −$1,594
• − Insurance: −$800
• − Repairs & maintenance: −$1,568
• − Management: −$1,568
• − Depreciation: −$4,652
• Taxable income: $460
• Est. tax owed @ 24.0%: −$110
• After-tax cash flow: $2,916/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — North Vernon

• Score: 79/100
• State rank: #29
• US rank: #2347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Vernon, IN
• City population: 20,981
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

+91.5% since first listed

18 events — show timeline

• 2026-01-25 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-19 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2026-01-01 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2025-11-13 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-24 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2025-10-09 Price Changed $180,000 MIBOR as Distributed by MLS Grid
• 2025-09-24 Listed $190,000 MIBOR as Distributed by MLS Grid
• 2020-08-07 Sold (MLS) $140,000 MIBOR as Distributed by MLS Grid
• 2020-06-23 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-17 Relisted — MIBOR as Distributed by MLS Grid
• 2020-05-26 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-21 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2020-04-17 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2013-05-30 Sold (MLS) $79,900 MIBOR as Distributed by MLS Grid
• 2012-11-08 Listed $82,000 MIBOR as Distributed by MLS Grid
• 2012-08-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-23 Listed $83,500 MIBOR as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2024): $1,594 · +22.7% YoY. Source: county tax records.