37 Church St · Cambridge City, IN 47327

$45,000

2 bd · 1.0 ba · 1,154 sqft · SingleFamily public records · 395 Days on market

Built 1900 6,098 sqft lot $39/sqft · 52% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.5/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 394 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $21 ($256/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($986 rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#387 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Western Wayne Schools (town): math 25% / reading 41% proficiency, ranked #215 of 301 in IN (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $311 of loan paydown is wiped out by about $414 of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 395 days — a 12% lower offer ($40k) 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: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 395 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 2.19% ✓
• Cap rate: 18.24%
• Cash-on-cash: 42.66%
• DSCR: 2.90
• GRM: 3.8

CMA / ARV

• ARV (median comp): $129,581
• List price: $45,000
• Delta: -65.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 S 4th St	0.22mi	3/2.0 (+1)	1,142 (-1%)	11mo	$140,000	$123	70
207 Orchard St	0.46mi	2/1.0	1,200 (+4%)	10mo	$130,000	$108	63
505 N Lincoln Dr	0.47mi	2/1.0	1,266 (+10%)	2mo	$160,000	$126	60
309 W Church St	0.39mi	2/2.5	1,084 (-6%)	14mo	$140,000	$129	54
108 Orchard St	0.41mi	3/1.0 (+1)	1,040 (-10%)	7mo	$152,900	$147	53
310 N Lincoln Dr	0.36mi	2/1.0	984 (-15%)	15mo	$135,000	$137	46
308 W Parkway Dr	0.43mi	3/2.0 (+1)	1,232 (+7%)	24mo	$20,000	$16	40
405 Mulberry St	0.67mi	3/1.0 (+1)	1,008 (-13%)	7mo	$100,000	$99	37
4 N Graham St	0.56mi	3/1.0 (+1)	984 (-15%)	9mo	$131,500	$134	37

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

Projected returns pro-forma

-0.92% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.87×
• Total profit: $-1,576
• Equity at exit: $11,034

10-year hold

• IRR: 4.4%
• Equity multiple: 1.43×
• Total profit: $5,389
• Equity at exit: $11,734

Cash invested: $12,600 (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 47327

• Home prices YoY: -0.4%
• Active inventory: 24
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $986 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$76 /mo · $917/yr
• Insurance: −$19
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $21

Break-even live

Break-even rent $959

Max offer price $45,000

Occupancy floor 93%

Sensitivity live

Price	-10% $47	-5% $34	+0% $21	+5% $9	+10% $-4
Rent	-10% $-57	-5% $-18	+0% $21	+5% $60	+10% $99
Rate	-1.0pp $44	-0.5pp $33	base $21	+0.5pp $10	+1.0pp $-2

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $45,000 Active 395 DOM
2. 2026-06-18
   days on market $45,000 Active 394 DOM
3. 2026-06-17
   days on market $45,000 Active 393 DOM
4. 2026-06-16
   days on market $45,000 Active 392 DOM
5. 2026-06-15
   days on market $45,000 Active 391 DOM
6. 2026-06-14
   days on market $45,000 Active 389 DOM
7. 2026-06-12
   days on market $45,000 Active 388 DOM
8. 2026-06-09
   days on market $45,000 Active 385 DOM
9. 2026-06-08
   days on market $45,000 Active 384 DOM
10. 2026-06-07
    days on market $45,000 Active 383 DOM
11. 2026-06-05
    days on market $45,000 Active 380 DOM
12. 2026-06-03
    days on market $45,000 Active 379 DOM
13. 2026-06-02
    days on market $45,000 Active 378 DOM
14. 2026-06-01
    days on market $45,000 Active 377 DOM
15. 2026-05-31
    days on market $45,000 Active 376 DOM
16. 2026-05-30
    days on market $45,000 Active 375 DOM
17. 2026-01-06
    status Active
18. 2025-05-14
    listed $45,000 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: $917 · $76/mo
• Projected year-2 tax: $917 · $76/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 AE · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,834
• − Mortgage interest: −$2,521
• − Property taxes: −$917
• − Insurance: −$5,344
• − Repairs & maintenance: −$947
• − Management: −$947
• − Depreciation: −$1,309
• Taxable loss: −$150
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $292/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: Western Wayne Schools
• NCES district ID: 1813050
• Math proficiency: 25% ▼ -1.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $40,067
• Composite: 27.68/100
• National rank: #6913
• State rank: #215 of 301 in IN

Livability — Cambridge City

• Score: 64/100
• State rank: #387
• US rank: #14324

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cambridge City, IN
• Population (ZIP): 4,384

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Italian 2% Polish 2% Slovak 2%
• Foreign-born: 0%
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.92%
• Current HPI: 243.63
• 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 events — show timeline

• 2026-01-06 Relisted — ECIAOR
• 2025-05-14 Listed $45,000 ECIAOR

Property tax history

-0.5%/yr

Latest (2024): $917 · +9.4% YoY. Source: county tax records.