401 South High St · Rising Sun, IN 47040

$209,900

4 bd · 2.0 ba · 2,046 sqft · MultiFamily public records · 21 Days on market

Built 1897 6,098 sqft lot

---

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 +27.4/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This 2 unit duplex sets in the heart of Rising Sun Indiana. Each unit contains 2 bed and 1 1/2 baths. Both units were fully updated before tenants moved in. Home recently painted. Units have been continually maintained. Steadily producing income. Come check it out.

Key facts

• 6,098 sq ft lot
• 2 parking spots
• Built 1897

Property features AI

Exterior

• Parking: Off-street parking; 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (2–4 units); Two levels / 2 stories
• Construction: Brick construction
• Exterior features: Metal roof; Has a view; Public maintained road

Interior

• Kitchen: Range; Oven; Refrigerator
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Range; Oven; Refrigerator; Electric water heater; Full basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive. Per door: $305/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#345 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, amenities F, commute D-.
• Rising Sun-Ohio County Com (rural): math 24% / reading 38% proficiency, ranked #225 of 301 in IN (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ohio County Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 409 students, 49% FRL); Rising Sun High School (math 34% / reading 64%, grade D, #123 of 369 statewide, top 36%, 226 students, 35% FRL).
• Market conditions: 32 active listings in the ZIP; 6 units permitted in Ohio 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 $6k of value loss. Plan a longer hold.
• Ohio County population projected at -30% 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 $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,751 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.47%
• DSCR: 1.55
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.2%
• Equity multiple: 1.08×
• Total profit: $4,857
• Equity at exit: $31,297

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $54,222
• Equity at exit: $18,148

Cash invested: $58,772 (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 47040

• Home prices YoY: -6.6%
• Active inventory: 32
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,489 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$168 /mo · $2,010/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $611

Break-even live

Break-even rent $1,716

Max offer price $209,900

Occupancy floor 70%

Sensitivity live

Price	-10% $729	-5% $670	+0% $611	+5% $551	+10% $492
Rent	-10% $414	-5% $512	+0% $611	+5% $709	+10% $807
Rate	-1.0pp $716	-0.5pp $664	base $611	+0.5pp $556	+1.0pp $501

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,490
Total (2 units)			$2,489

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $209,900 Active 21 DOM
2. 2026-06-18
   days on market $209,900 Active 19 DOM
3. 2026-06-17
   days on market $209,900 Active 18 DOM
4. 2026-06-16
   days on market $209,900 Active 17 DOM
5. 2026-06-15
   days on market $209,900 Active 16 DOM
6. 2026-06-13
   days on market $209,900 Active 14 DOM
7. 2026-06-12
   days on market $209,900 Active 13 DOM
8. 2026-06-09
   days on market $209,900 Active 10 DOM
9. 2026-06-08
   days on market $209,900 Active 9 DOM
10. 2026-06-07
    days on market $209,900 Active 8 DOM
11. 2026-06-07
    days on market $209,900 Active 7 DOM
12. 2026-06-04
    days on market $209,900 Active 4 DOM
13. 2026-06-02
    days on market $209,900 Active 3 DOM
14. 2026-06-01
    days on market $209,900 Active 2 DOM
15. 2026-05-31
    remarks 265-char remark
16. 2026-05-31
    listed $209,900 Active 1 DOM

ⓘ 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: $2,010 · $168/mo
• Projected year-2 tax: $2,010 · $168/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 5/10 Major 7 d/yr ≥103°F today · 19 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,868
• − Mortgage interest: −$11,758
• − Property taxes: −$2,010
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,389
• − Management: −$2,389
• − Depreciation: −$6,106
• Taxable income: $4,166
• Est. tax owed @ 24.0%: −$1,000
• After-tax cash flow: $6,328/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: Rising Sun-Ohio County Com
• NCES district ID: 1809600
• Math proficiency: 24% ▼ -12.00%
• Reading proficiency: 38% ▼ -14.00%
• Median HH income: $51,559
• Composite: 27.13/100
• National rank: #7034
• State rank: #225 of 301 in IN

Livability — Rising Sun

• Score: 65/100
• State rank: #345
• US rank: #13179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rising Sun, IN
• Population (ZIP): 5,408

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 5,660 people
• By 2030: 5,409 · -4.4%
• By 2040: 4,718 · -16.6%
• By 2050: 3,978 · -29.7%
• By 2075: 2,798 · -50.6%
• By 2100: 2,129 · -62.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Iranian 2% Serbian 2% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Ohio

• 2024 margin: Solid R (+55.5) · D 21.6% · R 77.0% · Other 1.4%
• 2008→2024 swing: -36.5pp toward R · 2008: -19.0pp · 2024: -55.5pp
• All cycles: 2024: R+55.5 2020: R+51.9 2016: R+49.1 2012: R+27.2 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.15%
• Current HPI: 215.0049
• 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

1 event — show timeline

• 2026-05-30 Listed $209,900 SEIBR

Property tax history

+9.8%/yr

Latest (2024): $2,010 · +10.9% YoY. Source: county tax records.