106 W Water St · Converse, IN 46919

$74,000

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 920 Days on market

Built 1976 6,525 sqft lot $64/sqft · 33% below area Est $110k · 33% under

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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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.5/10.0
• Appreciation +4.1/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

The best buy in Converse because this home needs a major makeover beginning with a little soap and water. If you have the vision and the desire to take on a fixer upper, this one is worth saving.

Key facts

• 6,525 sq ft lot
• Garage
• Built 1976

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($775 rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#289 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $512 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 920 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $65,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 920 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.05% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.94%
• DSCR: 1.40
• GRM: 8.0

CMA / ARV

• ARV (median comp): $109,933
• List price: $74,000
• Delta: -32.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 W Wabash St	0.14mi	3/1.5	1,190 (+3%)	3mo	$75,000	$63	84
603 N Maple St	0.26mi	3/1.5	1,132 (-2%)	12mo	$139,750	$123	73
506 N Maple St	0.17mi	3/1.0	1,225 (+6%)	20mo	$50,000	$41	65
514 E Delphi St	0.41mi	2/1.0 (-1)	1,116 (-3%)	23mo	$69,900	$63	52
306 S Second St	0.71mi	3/1.0	1,005 (-13%)	8mo	$156,000	$155	39

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

Projected returns pro-forma

-1.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $1,731
• Equity at exit: $15,196

10-year hold

• IRR: 9.5%
• Equity multiple: 1.85×
• Total profit: $17,613
• Equity at exit: $13,781

Cash invested: $20,720 (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 46919

• Home prices YoY: -0.8%
• Active inventory: 12
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $775 medium
• Mortgage (P&I): −$388
• Tax from tax record: −$39 /mo · $468/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$163
• Net cashflow: $154

Break-even live

Break-even rent $580

Max offer price $74,000

Occupancy floor 75%

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 E 1st St Unit 43 Converse, IN	2.0	1.0	840	$775	$0.92	43d	1	0.21mi

Listing history 19 events

1. 2026-06-19
   days on market $74,000 Active 920 DOM
2. 2026-06-18
   days on market $74,000 Active 919 DOM
3. 2026-06-17
   days on market $74,000 Active 918 DOM
4. 2026-06-16
   days on market $74,000 Active 917 DOM
5. 2026-06-15
   days on market $74,000 Active 916 DOM
6. 2026-06-14
   days on market $74,000 Active 914 DOM
7. 2026-06-12
   days on market $74,000 Active 913 DOM
8. 2026-06-09
   days on market $74,000 Active 910 DOM
9. 2026-06-08
   days on market $74,000 Active 909 DOM
10. 2026-06-07
    days on market $74,000 Active 908 DOM
11. 2026-06-05
    days on market $74,000 Active 905 DOM
12. 2026-06-03
    days on market $74,000 Active 904 DOM
13. 2026-06-02
    days on market $74,000 Active 903 DOM
14. 2026-06-01
    days on market $74,000 Active 902 DOM
15. 2026-05-31
    days on market $74,000 Active 901 DOM
16. 2026-05-30
    days on market $74,000 Active 900 DOM
17. 2025-12-10
    status Active 195-char remark

    Show marketing remark (195 chars)

    The best buy in Converse because this home needs a major makeover beginning with a little soap and water. If you have the vision and the desire to take on a fixer upper, this one is worth saving.

18. 2025-12-09
    historical 195-char remark

    Show marketing remark (195 chars)

    The best buy in Converse because this home needs a major makeover beginning with a little soap and water. If you have the vision and the desire to take on a fixer upper, this one is worth saving.

19. 2023-12-11
    listed $74,000 Active 195-char remark

    Show marketing remark (195 chars)

    The best buy in Converse because this home needs a major makeover beginning with a little soap and water. If you have the vision and the desire to take on a fixer upper, this one is worth saving.

ⓘ 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: $468 · $39/mo
• Projected year-2 tax: $548 · $46/mo
• Expected delta: +$80/yr (+$7/mo · 17.2%)

ⓘ 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 ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,300
• − Mortgage interest: −$4,145
• − Property taxes: −$468
• − Insurance: −$370
• − Repairs & maintenance: −$744
• − Management: −$744
• − Depreciation: −$2,153
• Taxable income: $676
• Est. tax owed @ 24.0%: −$162
• After-tax cash flow: $1,690/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: Oak Hill United School Corporation
• NCES district ID: 1808340
• Math proficiency: 40% ▼ -1.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $52,442
• Composite: 38.84/100
• National rank: #4105
• State rank: #96 of 301 in IN

Livability — Converse

• Score: 66/100
• State rank: #289
• US rank: #11781

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Converse, IN
• Population (ZIP): 1,792

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Scandinavian 2% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · South Korea
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.76%
• Current HPI: 214.1898
• 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

3 events — show timeline

• 2025-12-10 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-12-11 Listed $74,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2024): $468 · -54.5% YoY. Source: county tax records.