236 E High St · Montpelier, IN 47359

$39,000

4 bd · 1.0 ba · 1,718 sqft · SingleFamily public records · 22 Days on market

Built 1970 3,180 sqft lot $23/sqft · 52% below area ↓ 41% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Spacious two-story home situated on a corner lot in a quiet small-town neighborhood. This home offers 4 bedrooms, 1 bathroom, and approximately 1,718 square feet of living space, providing plenty of room for customization and future improvements. The property features an oversized 2-car detached garage with convenient alley access, adding both functionality and storage potential. While the home is in need of interior and exterior maintenance, it presents a strong opportunity for investors or buyers looking to build equity and bring their vision to life. With its desirable layout, ample square footage, and favorable location, this property holds great potential.

Key facts

• Alley access
• Corner lot
• Detached garage

Tags

• CORNER LOT
• DETACHED GARAGE
• ALLEY ACCESS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 40 x 160

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Crawl space basement; Total of 11 rooms
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($270 loan paydown + $3k appreciation (6.7% local appreciation)).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, 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 22 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $23k; list at $39k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $38,415 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 3.45% ✓
• Cap rate: 29.49%
• Cash-on-cash: 82.86%
• DSCR: 4.69
• GRM: 2.4

CMA / ARV

• ARV (median comp): $80,451
• List price: $39,000
• Delta: -51.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 E High St	0.00mi	4/1.0	1,718 (0%)	1mo	$23,000	$13	99
415 S Jefferson St	0.32mi	4/1.0	1,696 (-1%)	18mo	$22,500	$13	68
224 N Main St	0.19mi	3/1.0 (-1)	1,799 (+5%)	20mo	$22,000	$12	62
221 Warren Ave	0.49mi	3/1.0 (-1)	1,664 (-3%)	7mo	$135,000	$81	61
402 E Monroe St	0.24mi	4/1.0	1,496 (-13%)	8mo	$129,000	$86	60
103 S Washington St	0.02mi	3/2.0 (-1)	1,478 (-14%)	8mo	$84,000	$57	60
532 W Green St	0.62mi	4/1.0	1,632 (-5%)	5mo	$133,000	$81	59
215 E Monroe St	0.21mi	3/2.0 (-1)	1,925 (+12%)	9mo	$100,000	$52	54
131 S Adams St	0.07mi	3/1.0 (-1)	1,496 (-13%)	20mo	$65,000	$43	54
348 E Brice St	0.40mi	3/1.0 (-1)	1,762 (+3%)	22mo	$205,000	$116	54
407 W Windsor St	0.47mi	4/1.0	1,502 (-13%)	10mo	$60,000	$40	49

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

Projected returns pro-forma

6.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 90.0%
• Equity multiple: 6.59×
• Total profit: $61,017
• Equity at exit: $26,312

10-year hold

• IRR: 87.1%
• Equity multiple: 13.97×
• Total profit: $141,594
• Equity at exit: $49,349

Cash invested: $10,920 (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 47359

• Home prices YoY: 3.0%
• Active inventory: 26
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,347 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$89 /mo · $1,074/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $754

Break-even live

Break-even rent $393

Max offer price $39,000

Occupancy floor 39%

Sensitivity live

Price	-10% $776	-5% $765	+0% $754	+5% $743	+10% $732
Rent	-10% $648	-5% $701	+0% $754	+5% $807	+10% $860
Rate	-1.0pp $774	-0.5pp $764	base $754	+0.5pp $744	+1.0pp $734

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-16
   status Pending 669-char remark
2. 2026-04-22
   listed $39,000 Active 669-char remark

ⓘ 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: $1,074 · $89/mo
• Projected year-2 tax: $1,074 · $89/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 3/10 Moderate 7 d/yr ≥99°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: $16,166
• − Mortgage interest: −$2,185
• − Property taxes: −$1,074
• − Insurance: −$195
• − Repairs & maintenance: −$1,293
• − Management: −$1,293
• − Depreciation: −$1,135
• Taxable income: $8,992
• Est. tax owed @ 24.0%: −$2,158
• After-tax cash flow: $6,890/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Montpelier

• Score: 68/100
• State rank: #230
• US rank: #9968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montpelier, IN
• City population: 3,688
• Population (ZIP): 3,688

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 0% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.72%
• Current HPI: 231.2009
• 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

-41.0% since first listed

3 events — show timeline

• 2026-05-27 Sold (MLS) $23,000 IRMLS
• 2026-05-16 Pending — IRMLS
• 2026-04-22 Listed $39,000 IRMLS

Property tax history

+66.7%/yr

Latest (2025): $1,074 · +2.3% YoY. Source: county tax records.