316 S Ford St · Lapel, IN 46051

$29,900

2 bd · 1.0 ba · 980 sqft · SingleFamily public records · 12 Days on market

Built 1954 5,800 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Listing remarks MLS

This 3 bedroom home in Lapel features a covered front porch and a deck in the back.

Key facts

• Covered porch
• Large yard
• Full renovation

Tags

• LARGE YARD
• COVERED PORCH
• FULL RENOVATION
• FENCED REAR YARD
• BACKS UP TO PLAYGROUND
• BORDERS BASEBALL FIELD

Property features AI

Exterior

• Parking: No designated parking listed
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story; Fixer condition
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Covered porch/patio; Small barn on the property; Mature trees

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bath
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Eat-in kitchen; Smoke alarm
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $972 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).

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.
• Market conditions: 27 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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 $11k; list at $30k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,900

Questions for the listing agent

1. Built in 1954 — 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. 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?
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: 4.99% ✓
• Cap rate: 45.32%
• Cash-on-cash: 139.36%
• DSCR: 7.20
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $160,720
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
316 S Ford St	0.00mi	3/1.0 (+1)	980 (0%)	1mo	$32,000	$33	94
108 W 5th St	0.14mi	3/1.0 (+1)	952 (-3%)	6mo	$105,000	$110	79
404 S Ford St	0.05mi	2/1.0	951 (-3%)	19mo	$172,500	$181	77
426 S Walnut St	0.26mi	2/1.0	1,008 (+3%)	9mo	$144,000	$143	76
327 S John St	0.16mi	3/1.0 (+1)	988 (+1%)	15mo	$210,000	$213	74
303 W 7th St	0.27mi	2/1.0	1,008 (+3%)	12mo	$165,000	$164	73
413 W 5th St	0.24mi	3/1.0 (+1)	925 (-6%)	6mo	$187,000	$202	69
223 W 11th St	0.47mi	3/1.0 (+1)	960 (-2%)	5mo	$120,000	$125	65
1504 Gwinn Ln	0.72mi	3/1.0 (+1)	962 (-2%)	10mo	$211,000	$219	50
1428 N Ford St	0.68mi	3/1.0 (+1)	864 (-12%)	15mo	$137,000	$159	31

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: —
• Equity multiple: 7.82×
• Total profit: $57,104
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 16.47×
• Total profit: $129,557
• Equity at exit: $2,585

Cash invested: $8,372 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,492 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$37 /mo · $448/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $972

Break-even live

Break-even rent $262

Max offer price $29,900

Occupancy floor 30%

Sensitivity live

Price	-10% $993	-5% $983	+0% $972	+5% $962	+10% $952
Rent	-10% $854	-5% $913	+0% $972	+5% $1,031	+10% $1,090
Rate	-1.0pp $987	-0.5pp $980	base $972	+0.5pp $965	+1.0pp $957

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	2d	1	0.09mi
1 Benwarren Way Lapel, IN	1.0–3.0	1.0–2.0	846	$1,398	$1.65	2d	1	0.37mi
1520 N Main St Lapel, IN	1.0–3.0	1.0	760	$1,220	$1.61	2d	1	0.71mi

Listing history 7 events

1. 2026-05-15
   status Pending
2. 2026-05-12
   status Active
3. 2026-03-18
   status Pending
4. 2026-03-09
   listed $29,900 Active
5. 2013-06-19
   historical 83-char remark

   Show marketing remark (83 chars)

   This 3 bedroom home in Lapel features a covered front porch and a deck in the back.

6. 2013-06-14
   soldstatus $11,250 83-char remark

   Show marketing remark (83 chars)

   This 3 bedroom home in Lapel features a covered front porch and a deck in the back.

7. 2013-04-02
   listed $13,900 83-char remark

   Show marketing remark (83 chars)

   This 3 bedroom home in Lapel features a covered front porch and a deck in the back.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,908
• − Mortgage interest: −$1,675
• − Property taxes: −$448
• − Insurance: −$150
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$870
• Taxable income: $11,900
• Est. tax owed @ 24.0%: −$2,856
• After-tax cash flow: $8,812/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

+115.1% since first listed

7 events — show timeline

• 2026-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-09 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2013-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-06-14 Sold (MLS) $11,250 MIBOR as Distributed by MLS Grid
• 2013-04-02 Listed $13,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2024): $1,726 · +9.2% YoY. Source: county tax records.