106 E Pendleton Ave · Lapel, IN 46051

$235,000

4 bd · 2.0 ba · 1,100 sqft · MultiFamily public records · 5 Days on market

Built 1950 7,810 sqft lot

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

Key facts

• Well maintained
• Upper-level deck
• 7,810 sq ft lot

Tags

• INCOME-PRODUCING PROPERTY
• UPPER-LEVEL DECK
• WELL MAINTAINED

Property features AI

Finance

• Financial info: Two rental units; Gross monthly income reported at $2,400; Unit rents: $1,650/month for the 3-bedroom; $750/month for the 2-bedroom; Expenses reported as $0; Gross rent multiplier reported as 8

Exterior

• Parking: Unpaved gravel parking
• Utilities: Solid waste service available; Owner pays water, sewer and trash collection
• Home design: Duplex residential income property; Two levels (building has two levels; units are single level)
• Construction: Asphalt roof
• Exterior features: Gravel parking / unpaved parking; Frontage road access

Interior

• Kitchen: Unit 1: Range/Oven, Refrigerator; Unit 2: Range/Oven, Refrigerator
• Bedrooms: One 3-bedroom unit (single level); One 2-bedroom unit (single level)
• Interior features: Storage shed
• Laundry & utility: Unit 1: Washer and Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).

Location & tenants

• Location reads 72/100 on livability (#122 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.
• Frankton-Lapel Community Schools (rural): math 39% / reading 41% proficiency, ranked #131 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lapel Elementary School (math 48% / reading 34%, grade F, #486 of 994 statewide, top 49%, 704 students, 34% FRL); Lapel Sr High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 466 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 27 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Madison County population projected at -14% 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 $66k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 7y ago 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.
• Current owner paid $180k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000

Questions for the listing agent

1. Built in 1950 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.15% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 7.3

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,635
• Equity at exit: $35,039

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $54,605
• Equity at exit: $20,319

Cash invested: $65,800 (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 46051

• Home prices YoY: -17.2%
• Active inventory: 27
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,695 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$159 /mo · $1,906/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $640

Break-even live

Break-even rent $1,885

Max offer price $235,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,696
Total (2 units)			$2,695

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 N Main St Lapel, IN	3.0	1.0	989	$1,545	$1.56	1d	1	0.09mi
108 W 5th St Lapel, IN	4.0	2.0	952	$1,850	$1.94	1d	1	0.20mi
1 Benwarren Way Lapel, IN	1.0–3.0	1.0–2.0	846	$1,690	$2.00	1d	1	0.23mi
1520 N Main St Lapel, IN	1.0–3.0	1.0	760	$1,460	$1.92	1d	1	0.65mi

Listing history 15 events

1. 2026-05-13
   status Pending
2. 2026-05-08
   listed $235,000 Active
3. 2024-09-30
   soldstatus $180,000 Closed 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

4. 2024-08-23
   status Pending 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

5. 2024-08-05
   status Active 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

6. 2024-07-19
   status Pending 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

7. 2024-07-17
   price $200,000 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

8. 2024-06-27
   listed $220,000 Active 991-char remark

   Show marketing remark (991 chars)

   Build your portfolio with this high demand rental area duplex. Or live upstairs and let the other unit's rent help cover your mortgage! Lower (larger) unit currently rents for $1,100 a month, upper unit was rented for $600 a month and could be increased now. Tenant moved from upper unit to lower unit once it was renovated. Spacious lower unit is 3 bedrooms and 2 full bathrooms. New flooring, paint, cabinets, bath finishings, and more- fully refurbished June 2024! Upper unit (2 beds 1 bath) can still be updated to increase rent. Lower unit is currently leased through July 2025. Showings available on upper unit until offer is accepted. Listing photos are all of lower unit. Owner currently pays utility bills and agreement in place is that the lower unit reimburses for 2/3 of the cost, and 1/3 for upper unit for City of Lapel bill (ranges from $120 in summer to $300 in winter.) Duke bill can be separated by unit if desired, (metered separately) & runs less than $100 per month.

9. 2022-01-14
   soldstatus $120,000 Closed 566-char remark

   Show marketing remark (566 chars)

   This is a great 2 unit investment property in Lapel. The home features a 3 bedroom, 1 bath main level with a 2 bedroom, 1 bath unit above. There is great cash flow potential or live in one unit and supplement woith the rent to help pay for the property, Updates include a new roof, new plumbing, newer 200 amp electrical service, a new furnace, newer water heater, new deck and stairway to the upper unit, and a separate meter for the upper unit electric usage. A second bathroom could be added in the unfinished space in the lower unit. Don't miss this opportunity!

10. 2021-12-16
    status Pending 566-char remark

    Show marketing remark (566 chars)

    This is a great 2 unit investment property in Lapel. The home features a 3 bedroom, 1 bath main level with a 2 bedroom, 1 bath unit above. There is great cash flow potential or live in one unit and supplement woith the rent to help pay for the property, Updates include a new roof, new plumbing, newer 200 amp electrical service, a new furnace, newer water heater, new deck and stairway to the upper unit, and a separate meter for the upper unit electric usage. A second bathroom could be added in the unfinished space in the lower unit. Don't miss this opportunity!

11. 2021-12-12
    status Active 566-char remark

    Show marketing remark (566 chars)

    This is a great 2 unit investment property in Lapel. The home features a 3 bedroom, 1 bath main level with a 2 bedroom, 1 bath unit above. There is great cash flow potential or live in one unit and supplement woith the rent to help pay for the property, Updates include a new roof, new plumbing, newer 200 amp electrical service, a new furnace, newer water heater, new deck and stairway to the upper unit, and a separate meter for the upper unit electric usage. A second bathroom could be added in the unfinished space in the lower unit. Don't miss this opportunity!

12. 2021-12-10
    status Pending 566-char remark

    Show marketing remark (566 chars)

    This is a great 2 unit investment property in Lapel. The home features a 3 bedroom, 1 bath main level with a 2 bedroom, 1 bath unit above. There is great cash flow potential or live in one unit and supplement woith the rent to help pay for the property, Updates include a new roof, new plumbing, newer 200 amp electrical service, a new furnace, newer water heater, new deck and stairway to the upper unit, and a separate meter for the upper unit electric usage. A second bathroom could be added in the unfinished space in the lower unit. Don't miss this opportunity!

13. 2021-12-07
    listed $124,900 Active 566-char remark

    Show marketing remark (566 chars)

    This is a great 2 unit investment property in Lapel. The home features a 3 bedroom, 1 bath main level with a 2 bedroom, 1 bath unit above. There is great cash flow potential or live in one unit and supplement woith the rent to help pay for the property, Updates include a new roof, new plumbing, newer 200 amp electrical service, a new furnace, newer water heater, new deck and stairway to the upper unit, and a separate meter for the upper unit electric usage. A second bathroom could be added in the unfinished space in the lower unit. Don't miss this opportunity!

14. 2019-07-31
    historical
15. 2019-01-22
    listed $79,900 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: $1,906 · $159/mo
• Projected year-2 tax: $1,952 · $163/mo
• Expected delta: +$46/yr (+$4/mo · 2.4%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $32,340
• − Mortgage interest: −$13,164
• − Property taxes: −$1,906
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,587
• − Management: −$2,587
• − Depreciation: −$6,836
• Taxable income: $4,085
• Est. tax owed @ 24.0%: −$980
• After-tax cash flow: $6,699/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: Frankton-Lapel Community Schools
• NCES district ID: 1812880
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $55,218
• Composite: 34.99/100
• National rank: #5050
• State rank: #131 of 301 in IN

Livability — Lapel

• Score: 72/100
• State rank: #122
• US rank: #6478

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapel, IN
• City population: 2,857
• Population (ZIP): 2,857

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Serbian 2% Hispanic 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.12%
• Current HPI: 246.0051
• 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

+194.1% since first listed

15 events — show timeline

• 2026-05-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2024-09-30 Sold (MLS) $180,000 MIBOR as Distributed by MLS Grid
• 2024-08-23 Pending — MIBOR as Distributed by MLS Grid
• 2024-08-05 Relisted — MIBOR as Distributed by MLS Grid
• 2024-07-19 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-17 Price Changed $200,000 MIBOR as Distributed by MLS Grid
• 2024-06-27 Listed $220,000 MIBOR as Distributed by MLS Grid
• 2022-01-14 Sold (MLS) $120,000 MIBOR as Distributed by MLS Grid
• 2021-12-16 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-12 Relisted — MIBOR as Distributed by MLS Grid
• 2021-12-10 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-07 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2019-07-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-01-22 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.7%/yr

Latest (2024): $1,906 · +9.3% YoY. Source: county tax records.