118 N Union St · Peru, IN 46970

$99,900

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 480 Days on market

Built 1920 3,220 sqft lot $107/sqft · at area comps Est $103k · at est.

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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).

• Cash flow +20.2/30.0
• ARV discount +8.7/15.0
• DSCR +6.4/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

Key facts

• Laundry room
• Front porch
• 3,220 sq ft lot

Tags

• LAUNDRY ROOM
• FRONT PORCH
• WALKING DISTANCE TO YMCA
• WALKING DISTANCE TO RIVERWALK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 6.1% in Peru — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, schools D, commute F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 129 active listings in the ZIP; 5 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 $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 480 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 480 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 1920 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.00% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 8.3

CMA / ARV

• ARV (median comp): $102,731
• List price: $99,900
• Delta: -2.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 W 7th St	0.03mi	2/1.0	972 (+4%)	4mo	$95,000	$98	89
463 Oak St	0.34mi	3/1.0 (+1)	936 (0%)	0mo	$144,900	$155	79
357 W 5th St	0.16mi	3/1.0 (+1)	990 (+6%)	0mo	$83,670	$85	78
426 W 7th St	0.08mi	2/2.0	980 (+5%)	11mo	$147,000	$150	76
552 W 7th St	0.20mi	2/1.0	864 (-8%)	12mo	$103,000	$119	68
458 W 6th St	0.04mi	3/1.0 (+1)	1,016 (+8%)	18mo	$22,500	$22	64
152 W Boulevard	0.59mi	2/2.0	1,008 (+8%)	3mo	$170,000	$169	54
395 N Duke St	0.44mi	2/1.0	820 (-12%)	15mo	$110,000	$134	46
103 Logan St	0.70mi	3/1.0 (+1)	816 (-13%)	10mo	$142,900	$175	33

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: -7.9%
• Equity multiple: 0.71×
• Total profit: $-8,165
• Equity at exit: $14,895

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $3,219
• Equity at exit: $8,638

Cash invested: $27,972 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,000 high
• Mortgage (P&I): −$524
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $126

Break-even live

Break-even rent $841

Max offer price $99,900

Occupancy floor 82%

Sensitivity live

Price	-10% $183	-5% $154	+0% $126	+5% $98	+10% $69
Rent	-10% $47	-5% $86	+0% $126	+5% $165	+10% $205
Rate	-1.0pp $176	-0.5pp $151	base $126	+0.5pp $100	+1.0pp $74

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
283 W Main St Unit 1 Peru, IN	3.0	1.0	850	$929	$1.09	44d	1	0.28mi
548 Sycamore Trl Peru, IN	1.0–2.0	1.0–2.0	899	$1,345	$1.50	44d	2	0.43mi
130 S Clay St Unit 6 Peru, IN	2.0	1.0	725	$799	$1.10	44d	1	1.07mi
1850 Business 31 Unit 18562-B Peru, IN	2.0	1.0	976	$850	$0.87	44d	1	1.29mi
1850 S Business 31 Peru, IN	2.0	1.0	976	$850	$0.87	44d	1	1.33mi

Listing history 24 events

1. 2026-06-19
   days on market $99,900 Active 480 DOM
2. 2026-06-18
   days on market $99,900 Active 479 DOM
3. 2026-06-17
   days on market $99,900 Active 478 DOM
4. 2026-06-16
   days on market $99,900 Active 477 DOM
5. 2026-06-15
   days on market $99,900 Active 476 DOM
6. 2026-06-14
   days on market $99,900 Active 474 DOM
7. 2026-06-12
   days on market $99,900 Active 473 DOM
8. 2026-06-09
   days on market $99,900 Active 470 DOM
9. 2026-06-08
   days on market $99,900 Active 469 DOM
10. 2026-06-07
    days on market $99,900 Active 468 DOM
11. 2026-06-07
    days on market $99,900 Active 467 DOM
12. 2026-06-03
    days on market $99,900 Active 464 DOM
13. 2026-06-02
    days on market $99,900 Active 463 DOM
14. 2026-06-01
    days on market $99,900 Active 462 DOM
15. 2026-05-31
    days on market $99,900 Active 461 DOM
16. 2026-05-31
    days on market $99,900 Active 460 DOM
17. 2026-05-07
    status Active 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

18. 2026-05-07
    historical 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

19. 2026-02-26
    status Active 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

20. 2026-02-26
    price $99,900 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

21. 2025-07-21
    price $104,900 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

22. 2025-05-26
    price $109,900 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

23. 2025-02-12
    listed $114,900 Active 354-char remark

    Show marketing remark (354 chars)

    2 Bedroom, 1 Bath, Freshly Painted Bungalow!! A Spacious Living Room along with a Nice Sized Kitchen. The Laundry Room is an Added Feature with Above Machine Cabinets for Storage. A Great Front Porch and a One Car Attached Garage! Easy to Maintain! This Sidewalk Neighborhood is Within Walking Distance to the New YMCA and Riverwalk! Affordably Priced!

24. 2020-12-03
    listed $55,000

ⓘ 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: $1,184 · $99/mo
• Projected year-2 tax: $1,184 · $99/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $12,003
• − Mortgage interest: −$5,596
• − Property taxes: −$1,184
• − Insurance: −$500
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$2,906
• Taxable loss: −$104
• Est. tax savings @ 24.0%: +$25
• After-tax cash flow: $1,537/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• 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

+81.6% since first listed

8 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-02-26 Relisted — IRMLS
• 2026-02-26 Price Changed $99,900 IRMLS
• 2025-07-21 Price Changed $104,900 IRMLS
• 2025-05-26 Price Changed $109,900 IRMLS
• 2025-02-12 Listed $114,900 IRMLS
• 2020-12-03 Listed $55,000 IRMLS

Property tax history

-0.6%/yr

Latest (2024): $1,184 · +81.2% YoY. Source: county tax records.