601 W Gordon St · Francesville, IN 47946

$194,900

3 bd · 1.5 ba · 2,356 sqft · SingleFamily public records · 204 Days on market

Built 1900 0.43 ac lot $83/sqft · 11% below area Est $305k · 36% under ↓ 3% since listing

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Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +12.9/30.0
• Appreciation +8.0/10.0
• DSCR +3.9/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious home, spacious lot, small town living. Main floor primary bedroom with fireplace, main floor laundry, living room, dining room, kitchen with cut out window/ counter for additional seating area. 2 additional finished areas- currently used for mudroom/foyer, covered porch. Upper level has 3 more bedrooms and a half bathroom- spacious closets, hardwood floors. Unfinished basement- primarily for utilities/ additional storage. Detached garage and large shed/storage with fenced yard. This charming home has a little bit of everything go for it - schedule a showing today.

Key facts

• Covered porch
• Living room
• Main floor laundry

Tags

• MAIN FLOOR PRIMARY BEDROOM
• MAIN FLOOR LAUNDRY
• LIVING ROOM
• DINING ROOM
• KITCHEN WITH CUT OUT WINDOW
• COVERED PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $-15 ($-174/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (25.5% below list).
• Recommended offer: $145k (25.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#458 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D-, amenities F.
• West Central School Corporation (rural): math 31% / reading 34% proficiency, ranked #211 of 301 in IN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 25 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.0% local appreciation)).
• Pulaski County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $145,257 (25.5% 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 204 days. Have you received any prior offers? Is the seller open to a 25% 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. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 11.2

CMA / ARV

• ARV (median comp): $305,427
• List price: $194,900
• Delta: -36.19%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 W James St	0.32mi	3/2.0	2,208 (-6%)	8mo	$270,000	$122	66
130 N Bill St	0.36mi	3/2.0	2,094 (-11%)	6mo	$245,000	$117	58
312 W Montgomery St	0.28mi	3/2.0	2,492 (+6%)	22mo	$266,000	$107	57

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

Projected returns pro-forma

5.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 2.01×
• Total profit: $55,160
• Equity at exit: $122,420

10-year hold

• IRR: 15.2%
• Equity multiple: 3.98×
• Total profit: $162,811
• Equity at exit: $221,913

Cash invested: $54,572 (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 47946

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,453 medium
• Mortgage (P&I): −$1,022
• Tax from tax record: −$59 /mo · $705/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $-15

Break-even live

Break-even rent $1,471

Max offer price $192,338

Occupancy floor 96%

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $194,900 Active 204 DOM
2. 2026-06-17
   days on market $194,900 Active 203 DOM
3. 2026-06-16
   days on market $194,900 Active 202 DOM
4. 2026-06-15
   days on market $194,900 Active 201 DOM
5. 2026-06-13
   days on market $194,900 Active 199 DOM
6. 2026-06-12
   days on market $194,900 Active 198 DOM
7. 2026-06-09
   days on market $194,900 Active 195 DOM
8. 2026-06-08
   days on market $194,900 Active 194 DOM
9. 2026-06-07
   days on market $194,900 Active 193 DOM
10. 2026-06-05
    days on market $194,900 Active 191 DOM
11. 2026-06-04
    days on market $194,900 Active 189 DOM
12. 2026-06-02
    days on market $194,900 Active 188 DOM
13. 2026-06-01
    days on market $194,900 Active 187 DOM
14. 2026-05-31
    days on market $194,900 Active 186 DOM
15. 2026-05-31
    days on market $194,900 Active 185 DOM
16. 2026-01-08
    price $194,900 580-char remark

    Show marketing remark (580 chars)

    Spacious home, spacious lot, small town living. Main floor primary bedroom with fireplace, main floor laundry, living room, dining room, kitchen with cut out window/ counter for additional seating area. 2 additional finished areas- currently used for mudroom/foyer, covered porch. Upper level has 3 more bedrooms and a half bathroom- spacious closets, hardwood floors. Unfinished basement- primarily for utilities/ additional storage. Detached garage and large shed/storage with fenced yard. This charming home has a little bit of everything go for it - schedule a showing today.

17. 2025-12-17
    status Active 580-char remark

    Show marketing remark (580 chars)

    Spacious home, spacious lot, small town living. Main floor primary bedroom with fireplace, main floor laundry, living room, dining room, kitchen with cut out window/ counter for additional seating area. 2 additional finished areas- currently used for mudroom/foyer, covered porch. Upper level has 3 more bedrooms and a half bathroom- spacious closets, hardwood floors. Unfinished basement- primarily for utilities/ additional storage. Detached garage and large shed/storage with fenced yard. This charming home has a little bit of everything go for it - schedule a showing today.

18. 2025-12-03
    status Pending 580-char remark

    Show marketing remark (580 chars)

    Spacious home, spacious lot, small town living. Main floor primary bedroom with fireplace, main floor laundry, living room, dining room, kitchen with cut out window/ counter for additional seating area. 2 additional finished areas- currently used for mudroom/foyer, covered porch. Upper level has 3 more bedrooms and a half bathroom- spacious closets, hardwood floors. Unfinished basement- primarily for utilities/ additional storage. Detached garage and large shed/storage with fenced yard. This charming home has a little bit of everything go for it - schedule a showing today.

19. 2025-11-12
    listed $199,900 Active 580-char remark

    Show marketing remark (580 chars)

    Spacious home, spacious lot, small town living. Main floor primary bedroom with fireplace, main floor laundry, living room, dining room, kitchen with cut out window/ counter for additional seating area. 2 additional finished areas- currently used for mudroom/foyer, covered porch. Upper level has 3 more bedrooms and a half bathroom- spacious closets, hardwood floors. Unfinished basement- primarily for utilities/ additional storage. Detached garage and large shed/storage with fenced yard. This charming home has a little bit of everything go for it - schedule a 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: $705 · $59/mo
• Projected year-2 tax: $1,181 · $98/mo
• Expected delta: +$476/yr (+$40/mo · 67.5%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,431
• − Mortgage interest: −$10,917
• − Property taxes: −$705
• − Insurance: −$974
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$5,670
• Taxable loss: −$3,625
• Est. tax savings @ 24.0%: +$870
• After-tax cash flow: $696/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: West Central School Corporation
• NCES district ID: 1809360
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 34% ▼ -10.00%
• Median HH income: $48,045
• Composite: 28.08/100
• National rank: #6834
• State rank: #211 of 301 in IN

Livability — Francesville

• Score: 62/100
• State rank: #458
• US rank: #16205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Francesville, IN
• Population (ZIP): 2,175

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 11,942 people
• By 2030: 11,394 · -4.6%
• By 2040: 10,274 · -14.0%
• By 2050: 9,209 · -22.9%
• By 2075: 7,182 · -39.9%
• By 2100: 5,365 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 12% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 2% Romanian 2% Portuguese 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 10% Tagalog/Filipino 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+53.7) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -15.5pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+47.9 2016: R+46.5 2012: R+27.2 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.99%
• Current HPI: 224.9978
• 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

-2.5% since first listed

4 events — show timeline

• 2026-01-08 Price Changed $194,900 NIRA MLS as Distributed by MLS Grid
• 2025-12-17 Relisted — NIRA MLS as Distributed by MLS Grid
• 2025-12-03 Pending — NIRA MLS as Distributed by MLS Grid
• 2025-11-12 Listed $199,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2024): $705 · +47.4% YoY. Source: county tax records.