1535 Forbes Ave · Grissom AFB, IN 46970

$70,000

3 bd · 1.0 ba · 1,185 sqft · SingleFamily public records · 24 Days on market

Built 1958 8,094 sqft lot Est $84k · 17% under ↓ 12% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This three bedroom one bath home with one car attached garage. This unit comes with refrigerator, and stove.

Key facts

• 8,094 sq ft lot
• Garage
• Pool

Property features AI

Finance

• HOA & community: Association pool; Breed restrictions for pets

Exterior

• Parking: Garage; 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Single-story; Vinyl siding
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Patio; Porch; Level lot; Community pool

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Range; Refrigerator; Carpet and tile flooring
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#359 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Maconaquah School Corporation (rural): math 25% / reading 40% proficiency, ranked #213 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maconaquah Elementary School (math 36% / reading 36%, grade F, #577 of 994 statewide, top 59%, 557 students, 67% FRL); Maconaquah Middle School (math 14% / reading 36%, grade F, #247 of 330 statewide, top 76%, 435 students, 63% FRL); Maconaquah High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 594 students, 52% FRL).
• Market conditions: 129 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,950 (1.5% below list)

Questions for the listing agent

1. Built in 1958 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.57% ✓
• Cap rate: 13.99%
• Cash-on-cash: 27.48%
• DSCR: 2.22
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $84,135
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2942 Travis St	0.22mi	3/1.0	1,160 (-2%)	3mo	$120,000	$103	83
2804 Castle Ct	0.25mi	3/2.0	1,160 (-2%)	3mo	$120,000	$103	78
1617 Warhawk Rd	0.27mi	3/1.0	1,185 (0%)	24mo	$77,500	$65	68
1129 Barksdale Ave	0.22mi	3/1.0	1,025 (-14%)	1mo	$33,500	$33	66
1933 George Ave	0.12mi	3/1.0	1,025 (-14%)	10mo	$28,000	$27	63
2810 Castle Ct	0.23mi	3/1.5	1,130 (-5%)	20mo	$110,900	$98	63
1520 Forbes Ave	0.11mi	2/1.0 (-1)	1,025 (-14%)	15mo	$100,000	$98	55
1013 Donaldson St	0.18mi	2/1.0 (-1)	1,026 (-13%)	18mo	$72,900	$71	49
41026 Gunter Ct	0.45mi	2/1.0 (-1)	1,059 (-11%)	17mo	$60,000	$57	42

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: 21.5%
• Equity multiple: 1.88×
• Total profit: $17,221
• Equity at exit: $10,437

10-year hold

• IRR: 29.6%
• Equity multiple: 3.64×
• Total profit: $51,716
• Equity at exit: $6,052

Cash invested: $19,600 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,102 high
• Mortgage (P&I): −$367
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $449

Break-even live

Break-even rent $534

Max offer price $70,000

Occupancy floor 54%

Sensitivity live

Price	-10% $488	-5% $469	+0% $449	+5% $429	+10% $409
Rent	-10% $362	-5% $405	+0% $449	+5% $492	+10% $536
Rate	-1.0pp $484	-0.5pp $467	base $449	+0.5pp $431	+1.0pp $412

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2909 Travis St Peru, IN	3.0	1.5	1148	$1,125	$0.98	45d	1	0.24mi
1005 N Lincoln St Peru, IN	2.0	1.0	834	$855	$1.03	45d	1	0.26mi
1029 N Lincoln St Peru, IN	3.0	1.0	941	$1,000	$1.06	45d	1	0.27mi
1703 S Lincoln St Peru, IN	3.0	2.0	1201	$1,100	$0.92	45d	1	0.32mi
39023 Edwards Ct Peru, IN	4.0	2.5	1334	$1,230	$0.92	45d	1	0.55mi
36013 Beale Ct Peru, IN	3.0	1.5	1080	$1,050	$0.97	45d	1	0.68mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $70,000 Pending 24 DOM
2. 2026-06-10
   days on market $70,000 Active 22 DOM
3. 2026-06-09
   days on market $70,000 Active 21 DOM
4. 2026-06-08
   days on market $70,000 Active 20 DOM
5. 2026-06-07
   days on market $70,000 Active 19 DOM
6. 2026-06-05
   days on market $70,000 Active 16 DOM
7. 2026-06-02
   days on market $70,000 Active 14 DOM
8. 2026-06-01
   pricedays on market $70,000 Active 13 DOM
9. 2026-05-31
   days on market $80,000 Active 12 DOM
10. 2026-05-30
    days on market $80,000 Active 11 DOM
11. 2026-05-20
    listed $80,000 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: $303 · $25/mo
• Projected year-2 tax: $449 · $37/mo
• Expected delta: +$146/yr (+$12/mo · 48.3%)

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,220
• − Mortgage interest: −$3,921
• − Property taxes: −$303
• − Insurance: −$350
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$2,036
• Taxable income: $4,494
• Est. tax owed @ 24.0%: −$1,079
• After-tax cash flow: $4,307/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: Maconaquah School Corporation
• NCES district ID: 1806090
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $47,296
• Composite: 27.96/100
• National rank: #6859
• State rank: #213 of 301 in IN

Livability — Grissom AFB

• Score: 65/100
• State rank: #359
• US rank: #13555

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: Grissom AFB, IN
• County: Miami County · 23,020 people
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

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: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, IN
• 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

-12.5% since first listed

3 events — show timeline

• 2026-06-12 Pending — IRMLS
• 2026-06-01 Price Changed $70,000 IRMLS
• 2026-05-20 Listed $80,000 IRMLS

Property tax history

-1.4%/yr

Latest (2024): $303 · +44.1% YoY. Source: county tax records.