347 S 3rd St · Decatur, IN 46733

$134,900

4 bd · 1.5 ba · 1,666 sqft · SingleFamily public records · 88 Days on market

Built 1910 8,712 sqft lot $81/sqft · 12% below area Est $153k · 12% under ↓ 4% 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 +26.4/30.0
• ARV discount +12.8/15.0
• DSCR +9.0/10.0
• 1% rule +6.5/10.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

Key facts

• Open living space
• Close to local parks
• Close to shopping

Tags

• FENCED IN YARD
• GARDEN SPACE
• OPEN LIVING SPACE
• CLOSE TO LOCAL PARKS
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.4% in Decatur — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#40 in IN, #3,038 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D, amenities F.
• North Adams Community Schools (town): math 29% / reading 35% proficiency, ranked #220 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Adams County population projected at -13% 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 $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.15% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 7.3

CMA / ARV

• ARV (median comp): $152,878
• List price: $134,900
• Delta: -11.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
323 S 1st St	0.20mi	3/2.0 (-1)	1,730 (+4%)	1mo	$220,000	$127	76
903 Winchester St	0.39mi	3/1.0 (-1)	1,672 (+0%)	1mo	$212,000	$127	74
205 W Grant St	0.39mi	4/1.0	1,560 (-6%)	1mo	$55,000	$35	68
607 W Jefferson St	0.25mi	4/1.0	1,839 (+10%)	1mo	$100,000	$54	68
754 Mercer Ave	0.48mi	4/2.0	1,736 (+4%)	3mo	$162,000	$93	66
350 S 3rd St	0.03mi	3/2.0 (-1)	1,460 (-12%)	10mo	$184,900	$127	62
108 N 11th St	0.55mi	3/2.0 (-1)	1,596 (-4%)	4mo	$159,900	$100	57
507 Marshall St	0.57mi	4/2.0	1,856 (+11%)	5mo	$240,000	$129	48
130 S 11th St	0.53mi	4/1.5	1,440 (-14%)	7mo	$173,500	$120	47
515 Nuttman Ave	0.51mi	3/1.0 (-1)	1,512 (-9%)	10mo	$168,000	$111	46
109 N 10th St	0.52mi	3/1.0 (-1)	1,855 (+11%)	6mo	$189,900	$102	45
602 Marshall St	0.60mi	3/1.0 (-1)	1,552 (-7%)	11mo	$155,000	$100	44

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: 0.3%
• Equity multiple: 1.01×
• Total profit: $495
• Equity at exit: $20,114

10-year hold

• IRR: 10.0%
• Equity multiple: 1.77×
• Total profit: $29,181
• Equity at exit: $11,664

Cash invested: $37,772 (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 46733

• Home prices YoY: -18.9%
• Active inventory: 54
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,550 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$110 /mo · $1,316/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $351

Break-even live

Break-even rent $1,105

Max offer price $134,900

Occupancy floor 72%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1514 Cherry Ln Decatur, IN	3.0	2.0	1240	$1,550	$1.25	43d	1	0.83mi

Listing history 31 events

1. 2026-06-18
   days on market $134,900 Active 88 DOM
2. 2026-06-17
   days on market $134,900 Active 87 DOM
3. 2026-06-16
   days on market $134,900 Active 86 DOM
4. 2026-06-15
   days on market $134,900 Active 85 DOM
5. 2026-06-13
   days on market $134,900 Active 83 DOM
6. 2026-06-12
   days on market $134,900 Active 82 DOM
7. 2026-06-09
   days on market $134,900 Active 79 DOM
8. 2026-06-08
   days on market $134,900 Active 78 DOM
9. 2026-06-07
   days on market $134,900 Active 77 DOM
10. 2026-06-07
    pricedays on market $134,900 Active 76 DOM
11. 2026-06-04
    days on market $139,900 Active 73 DOM
12. 2026-06-02
    days on market $139,900 Active 72 DOM
13. 2026-06-01
    days on market $139,900 Active 71 DOM
14. 2026-05-31
    days on market $139,900 Active 70 DOM
15. 2026-05-31
    days on market $139,900 Active 69 DOM
16. 2026-05-07
    status Active 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

17. 2026-05-07
    historical 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

18. 2026-03-30
    status Active 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

19. 2026-03-30
    price $139,900 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

20. 2026-02-25
    status Active 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

21. 2026-01-17
    status Pending 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

22. 2026-01-09
    listed $129,900 Active 618-char remark

    Show marketing remark (618 chars)

    Calling all investors and buyers looking for instant equity! This 4 bedroom, 1.5 bathroom home is a fantastic opportunity to invest and get a great return. With high ceilings, large windows, and a large open living space it is loaded with potential. Out back you'll find a fenced in yard, garden space, and oversized 2 car garage. Located a few blocks from downtown Decatur and close to local parks and shopping. The home has been pre-inspected and the report is available to buyers, so no surprises! Sold as-is. Be sure to take the 3D virtual tour to walk the home digitally and schedule your private showing TODAY!

23. 2025-11-24
    historical Active Under Contract
24. 2025-11-18
    status Active
25. 2025-11-18
    price $124,900
26. 2025-11-13
    historical Active Under Contract
27. 2025-11-03
    price $129,000
28. 2025-10-27
    status Active
29. 2025-09-25
    status Pending
30. 2025-09-22
    price $139,000
31. 2025-09-11
    listed $145,000 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: $1,316 · $110/mo
• Projected year-2 tax: $1,316 · $110/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,600
• − Mortgage interest: −$7,556
• − Property taxes: −$1,316
• − Insurance: −$674
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$3,924
• Taxable income: $2,153
• Est. tax owed @ 24.0%: −$517
• After-tax cash flow: $3,698/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: North Adams Community Schools
• NCES district ID: 1807680
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $45,806
• Composite: 27.44/100
• National rank: #6964
• State rank: #220 of 301 in IN

Livability — Decatur

• Score: 77/100
• State rank: #40
• US rank: #3038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IN
• City population: 19,246
• Population (ZIP): 19,246

Population outlook (Adams County) Hauer SSP2

• Today (2025): 33,772 people
• By 2030: 32,927 · -2.5%
• By 2040: 31,349 · -7.2%
• By 2050: 29,447 · -12.8%
• By 2075: 24,062 · -28.8%
• By 2100: 18,126 · -46.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+52.6) · D 22.8% · R 75.4% · Other 1.8%
• 2008→2024 swing: -26.9pp toward R · 2008: -25.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+52.4 2016: R+52.5 2012: R+39.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.02%
• Current HPI: 215.0238
• 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

-3.5% since first listed

16 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-03-30 Relisted — IRMLS
• 2026-03-30 Price Changed $139,900 IRMLS
• 2026-02-25 Relisted — IRMLS
• 2026-01-17 Pending — IRMLS
• 2026-01-09 Listed $129,900 IRMLS
• 2025-11-24 Contingent — IRMLS
• 2025-11-18 Relisted — IRMLS
• 2025-11-18 Price Changed $124,900 IRMLS
• 2025-11-13 Contingent — IRMLS
• 2025-11-03 Price Changed $129,000 IRMLS
• 2025-10-27 Relisted — IRMLS
• 2025-09-25 Pending — IRMLS
• 2025-09-22 Price Changed $139,000 IRMLS
• 2025-09-11 Listed $145,000 IRMLS

Property tax history

+5.1%/yr

Latest (2024): $1,316 · +7.8% YoY. Source: county tax records.