204 S Lafayette St · Cloverdale, IN 46120

$107,000

2 bd · 1.0 ba · 1,238 sqft · SingleFamily public records · 334 Days on market

Built 1970 0.29 ac lot $86/sqft · 41% below area Est $182k · 41% under ↓ 12% since listing

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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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +4.8/10.0
• Appreciation +4.4/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

Key facts

• Huge yard
• Inviting front porch
• Corner lot

Tags

• CORNER LOT
• HUGE YARD
• INVITING FRONT PORCH
• WALKING DISTANCE TO SCHOOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $107k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (1.7% below list).
• Recommended offer: $94k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.5% in Cloverdale — 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 70/100 on livability (#156 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $740 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $94,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.98% ✗
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• GRM: 8.5

CMA / ARV

• ARV (median comp): $182,172
• List price: $107,000
• Delta: -41.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 W Logan St	0.15mi	2/1.5	1,302 (+5%)	0mo	$194,000	$149	82
3 U Dr	0.25mi	3/2.0 (+1)	1,252 (+1%)	4mo	$197,000	$157	74
16 U Dr	0.20mi	3/1.5 (+1)	1,136 (-8%)	1mo	$263,000	$232	69
102 Doe Creek Dr	0.16mi	3/1.0 (+1)	1,160 (-6%)	11mo	$199,900	$172	68
204 N West St	0.40mi	3/2.0 (+1)	1,227 (-1%)	22mo	$189,900	$155	52
10 Doe Creek Cir	0.53mi	3/2.0 (+1)	1,344 (+9%)	4mo	$255,000	$190	48
10 Doe Creek Cir	0.53mi	3/2.0 (+1)	1,344 (+9%)	10mo	$250,000	$186	44
8 Doe Creek Cir	0.52mi	3/2.0 (+1)	1,404 (+13%)	18mo	$256,000	$182	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $468
• Equity at exit: $24,713

10-year hold

• IRR: 7.2%
• Equity multiple: 1.68×
• Total profit: $20,324
• Equity at exit: $25,011

Cash invested: $29,960 (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 46120

• Home prices YoY: -0.5%
• Active inventory: 65
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,052 medium
• Mortgage (P&I): −$561
• Tax from tax record: −$75 /mo · $898/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $151

Break-even live

Break-even rent $861

Max offer price $107,000

Occupancy floor 81%

Sensitivity live

Price	-10% $211	-5% $181	+0% $151	+5% $120	+10% $90
Rent	-10% $68	-5% $109	+0% $151	+5% $192	+10% $234
Rate	-1.0pp $205	-0.5pp $178	base $151	+0.5pp $123	+1.0pp $95

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $107,000 Active 334 DOM
2. 2026-06-17
   remarks 456-char remark
3. 2026-06-17
   days on marketlisting id $107,000 Active 333 DOM
4. 2026-06-16
   days on market $107,000 Active 331 DOM
5. 2026-06-15
   days on market $107,000 Active 330 DOM
6. 2026-06-13
   days on market $107,000 Active 328 DOM
7. 2026-06-09
   days on market $107,000 Active 324 DOM
8. 2026-06-08
   days on market $107,000 Active 323 DOM
9. 2026-06-07
   days on market $107,000 Active 322 DOM
10. 2026-06-03
    days on market $107,000 Active 318 DOM
11. 2026-06-02
    days on market $107,000 Active 317 DOM
12. 2026-06-01
    days on market $107,000 Active 316 DOM
13. 2026-05-31
    days on market $107,000 Active 315 DOM
14. 2026-01-20
    status Active 456-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

15. 2026-01-20
    price $107,000 456-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

16. 2026-01-20
    status Active 457-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

17. 2026-01-16
    historical 457-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

18. 2025-12-10
    price $107,000 457-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

19. 2025-10-03
    price $117,000 457-char remark

    Show marketing remark (456 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

20. 2025-10-03
    price $117,000 456-char remark

    Show marketing remark (456 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

21. 2025-07-16
    listed $122,000 Active 456-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

22. 2025-07-16
    listed $122,000 Active 457-char remark

    Show marketing remark (457 chars)

    CALLING ALL INVESTORS! Renovation special right here! Corner lot with a HUGE yard and a very inviting front porch for you to enjoy the weather. So much potential waiting for you to express your dreams. This home is waiting for a face lift with a desirable location for your family. Small town charm in the heart of Cloverdale, walking distance to school. There is an amazing opportunity for so much with this home. Give your favorite realtor a call today.

ⓘ 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: $898 · $75/mo
• Projected year-2 tax: $904 · $75/mo
• Expected delta: +$6/yr ($0/mo · 0.6%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,625
• − Mortgage interest: −$5,994
• − Property taxes: −$898
• − Insurance: −$535
• − Repairs & maintenance: −$1,010
• − Management: −$1,010
• − Depreciation: −$3,113
• Taxable income: $66
• Est. tax owed @ 24.0%: −$16
• After-tax cash flow: $1,792/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: Cloverdale Community Schools
• NCES district ID: 1802220
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 40% ▼ -14.00%
• Median HH income: $44,267
• Composite: 32.28/100
• National rank: #5753
• State rank: #167 of 301 in IN

Livability — Cloverdale

• Score: 70/100
• State rank: #156
• US rank: #7715

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cloverdale, IN
• City population: 6,138
• Population (ZIP): 6,138

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1% Black 1%
• Common ancestry: Slovak 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.22%
• Current HPI: 235.6828
• 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

-12.3% since first listed

9 events — show timeline

• 2026-01-20 Relisted — THAAR
• 2026-01-20 Price Changed $107,000 THAAR
• 2026-01-20 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-10 Price Changed $107,000 MIBOR as Distributed by MLS Grid
• 2025-10-03 Price Changed $117,000 MIBOR as Distributed by MLS Grid
• 2025-10-03 Price Changed $117,000 THAAR
• 2025-07-16 Listed $122,000 THAAR
• 2025-07-16 Listed $122,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2018): $898 · +0.2% YoY. Source: county tax records.