206 W Main St · Sulphur Springs, IN 47388

$214,900

2 bd · 1.0 ba · 2,058 sqft · SingleFamily public records · 237 Days on market

Built 1900 0.26 ac lot $104/sqft · 41% above area Est $255k · 16% under ↓ 10% since listing

---

Why this score? — see what drove the D- 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).

• ARV discount +14.5/15.0
• Cash flow +5.4/30.0
• Appreciation +5.4/10.0
• Schools +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

Key facts

• Custom kitchen
• Eat-in kitchen
• Built-in bookshelves

Tags

• BUILT-IN BOOKSHELVES
• CUSTOM KITCHEN
• STAINLESS STEEL APPLIANCES
• EAT-IN KITCHEN
• NEW LAMINATE FLOORING
• FULL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-466 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (38.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (50.6% below list).
• Recommended offer: $106k (50.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#468 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shenandoah Elementary School (math 48% / reading 49%, grade D, #304 of 994 statewide, top 31%, 624 students, 46% FRL); Shenandoah Middle School (math 28% / reading 37%, grade F, #186 of 330 statewide, top 57%, 298 students, 44% FRL); Shenandoah High School (math 42% / reading 72%, grade C, #64 of 369 statewide, top 18%, 410 students, 40% FRL).
• Market conditions: 5 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (0.9% local appreciation)).
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 237 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,183 (50.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 237 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.49% ✗
• Cap rate: 3.69%
• Cash-on-cash: -9.29%
• DSCR: 0.59
• GRM: 16.9

CMA / ARV

• ARV (median comp): $254,620
• List price: $214,900
• Delta: -15.60%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 S Meridian St	0.15mi	3/1.0 (+1)	1,968 (-4%)	2mo	$68,000	$35	79
202 S Jefferson St	0.13mi	3/2.0 (+1)	2,362 (+15%)	8mo	$365,000	$155	54
202 S Jefferson St	0.14mi	3/2.5 (+1)	2,362 (+15%)	8mo	$365,000	$155	52
201 S Meridian St	0.16mi	3/1.0 (+1)	1,764 (-14%)	19mo	$180,000	$102	48
2533 W US Highway 36	0.63mi	3/1.0 (+1)	2,295 (+12%)	1mo	$275,000	$120	46

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

Projected returns pro-forma

0.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.55×
• Total profit: $-27,194
• Equity at exit: $71,809

10-year hold

• IRR: -3.3%
• Equity multiple: 0.61×
• Total profit: $-23,688
• Equity at exit: $94,238

Cash invested: $60,172 (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 47388

• Home prices YoY: 0.3%
• Active inventory: 5
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $1,062 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$88 /mo · $1,056/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $-466

Break-even live

Break-even rent $1,651

Max offer price $132,642

Occupancy floor —

Sensitivity live

Price	-10% $-344	-5% $-405	+0% $-466	+5% $-526	+10% $-587
Rent	-10% $-550	-5% $-508	+0% $-466	+5% $-424	+10% $-382
Rate	-1.0pp $-357	-0.5pp $-411	base $-466	+0.5pp $-521	+1.0pp $-578

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-12
   days on market $214,900 Active 237 DOM
2. 2026-06-09
   days on market $214,900 Active 234 DOM
3. 2026-06-08
   days on market $214,900 Active 233 DOM
4. 2026-06-07
   days on market $214,900 Active 232 DOM
5. 2026-06-05
   days on market $214,900 Active 229 DOM
6. 2026-06-03
   days on market $214,900 Active 228 DOM
7. 2026-06-02
   days on market $214,900 Active 227 DOM
8. 2026-06-01
   days on market $214,900 Active 226 DOM
9. 2026-05-31
   days on market $214,900 Active 225 DOM
10. 2026-05-30
    days on market $214,900 Active 224 DOM
11. 2026-03-27
    price $214,900 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

12. 2026-03-15
    status Active 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

13. 2026-03-14
    historical 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

14. 2026-02-21
    price $219,900 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

15. 2026-01-10
    price $224,900 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

16. 2025-11-14
    price $229,900 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

17. 2025-11-05
    price $234,900 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing today!

18. 2025-10-17
    listed $239,900 Active 1407-char remark

    Show marketing remark (1407 chars)

    Welcome to your dream home in the heart of a charming, cozy town, situated in sought-after Shenandoah school district! This spacious 4-5 bedroom, 1.5-bath residence boasts over 2,000 square feet of well-maintained living space, offering the perfect blend of modern updates and timeless charm. Step inside to discover a large living room adorned with built-in bookshelves, ideal for showcasing your literary treasures or cherished decor. The adjacent family room provides ample space for gatherings and relaxation. The custom kitchen is a chef's delight, featuring updated cabinetry, sleek stainless steel appliances, and eat-in kitchen/dining room combo. Upstairs, you'll find 2 bedrooms, a versatile loft area, all with new laminate flooring, creating a fresh and modern feel. The fifth bedroom, located on the main level, is perfect for use as a home office, dressing room, or guest suite, offering flexibility to suit your lifestyle. The full unfinished basement provides abundant storage, while the detached two-car garage ensures plenty of parking and additional storage space. Outside, the inviting wrap-around front porch is perfect for sipping morning coffee or enjoying quiet evenings in this serene neighborhood. This solid, well-maintained home is the ideal setting for creating lasting family memories. Don't miss the opportunity to own this gem in a prime location! Schedule your showing 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: $1,056 · $88/mo
• Projected year-2 tax: $1,441 · $120/mo
• Expected delta: +$385/yr (+$32/mo · 36.5%)

ⓘ 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 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: $12,742
• − Mortgage interest: −$12,038
• − Property taxes: −$1,056
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,019
• − Management: −$1,019
• − Depreciation: −$6,252
• Taxable loss: −$9,717
• Est. tax savings @ 24.0%: +$2,332
• After-tax cash flow: $-3,256/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Sulphur Springs

• Score: 62/100
• State rank: #468
• US rank: #16580

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sulphur Springs, IN
• City population: 413
• Population (ZIP): 413

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Slovak 3% Portuguese 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.86%
• Current HPI: 244.929
• 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

-10.4% since first listed

8 events — show timeline

• 2026-03-27 Price Changed $214,900 MIBOR as Distributed by MLS Grid
• 2026-03-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-21 Price Changed $219,900 MIBOR as Distributed by MLS Grid
• 2026-01-10 Price Changed $224,900 MIBOR as Distributed by MLS Grid
• 2025-11-14 Price Changed $229,900 MIBOR as Distributed by MLS Grid
• 2025-11-05 Price Changed $234,900 MIBOR as Distributed by MLS Grid
• 2025-10-17 Listed $239,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.2%/yr

Latest (2024): $1,056 · +7.2% YoY. Source: county tax records.