13728 Second St · Grabill, IN 46741

$185,000

3 bd · 1.0 ba · 1,704 sqft · SingleFamily public records · 30 Days on market

Built 1924 6,300 sqft lot Est $250k · 26% under

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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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.7/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Farmhouse-style home in Grabill offering over 1,700 square feet with 3 bedrooms, 1.5 bathrooms, and a detached garage. The home features gas forced air heating with central cooling along with several major mechanical updates already completed, including a furnace, water heater, and stove all less than 5 years old per seller. The roof is approximately 10 years old. While finishing touches are still needed, this property presents an opportunity to secure a larger home at an approachable price point and personalize the remaining details over time. Cash or conventional financing only.

Key facts

• 6,300 sq ft lot
• Garage
• Built 1924

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Partial basement (crawl space)
• Exterior features: Shed(s); Lot approximately 45 x 140 (0.15 acre)

Interior

• Kitchen: Dishwasher; Refrigerator; Electric oven
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Natural gas heating; Forced air heating; Central air conditioning
• Interior features: Dishwasher; Refrigerator; Electric oven; Gas water heater; Water heater; Crawl space/partial basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/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 $180k (3.0% below list).
• Recommended offer: $180k (3.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#301 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Leo Elementary School (math 66% / reading 71%, grade A, #5 of 330 statewide, top 1%, 631 students, 23% FRL); Leo Junior/Senior High School (math 50% / reading 69%, grade C+, #49 of 369 statewide, top 16%, 1,368 students, 18% FRL) — zoned schools average 20% FRL vs 43% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 42% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the East Allen County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 9 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,861 units permitted in Allen County in 2024 (576 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.
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,500 (3.0% below list)

Questions for the listing agent

1. Built in 1924 — 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. 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.
4. 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.
5. 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: 0.97% ✗
• Cap rate: 8.17%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $250,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13721 State St	0.14mi	3/2.0	1,723 (+1%)	11mo	$210,000	$122	78
13612 Maple Dr	0.23mi	3/2.0	1,686 (-1%)	16mo	$250,000	$148	70
13537 West St	0.15mi	3/1.5	1,928 (+13%)	5mo	$199,900	$104	65
13542 Fairview Dr	0.30mi	4/1.0 (+1)	1,581 (-7%)	6mo	$205,000	$130	64
12925 Country Shoal Ln	0.41mi	4/2.5 (+1)	1,606 (-6%)	4mo	$258,000	$161	57
13530 State St	0.22mi	3/1.5	1,486 (-13%)	12mo	$207,000	$139	56
12928 Barley Knob Rd	0.44mi	4/2.5 (+1)	1,600 (-6%)	10mo	$240,000	$150	50
13417 Tile Mill Ct	0.44mi	4/2.5 (+1)	1,645 (-4%)	19mo	$242,000	$147	47
13618 Walker Mill Ct	0.45mi	4/2.5 (+1)	1,894 (+11%)	3mo	$295,000	$156	47
13709 Maple Dr	0.26mi	4/2.0 (+1)	1,536 (-10%)	22mo	$220,000	$143	44
13416 Tile Mill Ct	0.47mi	3/2.0	1,460 (-14%)	9mo	$245,000	$168	43
13733 Ridgeview Ct	0.33mi	4/2.5 (+1)	1,940 (+14%)	12mo	$272,500	$140	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: -6.0%
• Equity multiple: 0.78×
• Total profit: $-11,568
• Equity at exit: $27,584

10-year hold

• IRR: 3.6%
• Equity multiple: 1.26×
• Total profit: $13,450
• Equity at exit: $15,995

Cash invested: $51,800 (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 46741

• Home prices YoY: -17.5%
• Active inventory: 9
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$81 /mo · $969/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $290

Break-even live

Break-even rent $1,428

Max offer price $185,000

Occupancy floor 79%

Sensitivity live

Price	-10% $395	-5% $342	+0% $290	+5% $238	+10% $185
Rent	-10% $148	-5% $219	+0% $290	+5% $361	+10% $432
Rate	-1.0pp $383	-0.5pp $337	base $290	+0.5pp $242	+1.0pp $193

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13717 Ridgeview Ct Grabill, IN	3.0	1.5	1482	$1,795	$1.21	44d	1	0.37mi

Listing history 16 events

1. 2026-06-18
   days on market $185,000 Active 30 DOM
2. 2026-06-17
   days on market $185,000 Active 29 DOM
3. 2026-06-16
   days on market $185,000 Active 28 DOM
4. 2026-06-15
   days on market $185,000 Active 27 DOM
5. 2026-06-14
   days on market $185,000 Active 25 DOM
6. 2026-06-13
   days on market $185,000 Active 24 DOM
7. 2026-06-10
   days on market $185,000 Active 22 DOM
8. 2026-06-09
   days on market $185,000 Active 21 DOM
9. 2026-06-08
   days on market $185,000 Active 20 DOM
10. 2026-06-07
    days on market $185,000 Active 19 DOM
11. 2026-06-03
    days on market $185,000 Active 15 DOM
12. 2026-06-02
    days on market $185,000 Active 14 DOM
13. 2026-06-01
    days on market $185,000 Active 13 DOM
14. 2026-05-31
    days on market $185,000 Active 12 DOM
15. 2026-05-30
    days on market $185,000 Active 11 DOM
16. 2026-05-19
    listed $195,000 Active

ⓘ 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: $969 · $81/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$302/yr (+$25/mo · 31.2%)

ⓘ 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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,540
• − Mortgage interest: −$10,363
• − Property taxes: −$969
• − Insurance: −$925
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$5,382
• Taxable income: $455
• Est. tax owed @ 24.0%: −$109
• After-tax cash flow: $3,372/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: East Allen County Schools
• NCES district ID: 1802850
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 47% ▼ -4.00%
• Median HH income: $50,524
• Composite: 35.75/100
• National rank: #4849
• State rank: #122 of 301 in IN

Livability — Grabill

• Score: 66/100
• State rank: #301
• US rank: #12039

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grabill, IN
• Population (ZIP): 4,218

Population outlook (Allen County) Hauer SSP2

• Today (2025): 394,020 people
• By 2030: 405,128 · +2.8%
• By 2040: 423,476 · +7.5%
• By 2050: 435,137 · +10.4%
• By 2075: 450,293 · +14.3%
• By 2100: 424,101 · +7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Polish 3% Subsaharan African 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 76% English-only · German/W. Germanic 18% Spanish 3% French/Haitian/Cajun 2%

Political lean MEDSL · Allen

• 2024 margin: R (+12.5) · D 42.9% · R 55.4% · Other 1.7%
• 2008→2024 swing: -8.1pp toward R · 2008: -4.3pp · 2024: -12.5pp
• All cycles: 2024: R+12.5 2020: R+11.2 2016: R+19.6 2012: R+16.8 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.51%
• Current HPI: 247.61
• 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

• 2026-05-19 Listed $195,000 IRMLS

Property tax history

+5.0%/yr

Latest (2024): $969 · +13.7% YoY. Source: county tax records.