1318 State Road 135 S · Nashville, IN 47448

$72,900

3 bd · 1.5 ba · 938 sqft · SingleFamily public records · 148 Days on market

Built 1980 1.50 ac lot

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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
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property sits on 1.5 acres, with a single wide trailer. Property is a fixer upper, being sold As Is. Clear title for trailer. Extended garage with storage included.

Key facts

• Storage included
• 1.5 acres
• Extended garage

Tags

• 1.5 ACRES
• EXTENDED GARAGE
• STORAGE INCLUDED

Property features AI

Finance

• Other: Property on approximately 1.5 acres (1–3 acres); GPS-friendly directions
• HOA & community: Not low-maintenance lifestyle

Exterior

• Parking: One-car garage (approx. 450 sq ft); Gravel parking; Additional/other garage parking
• Utilities: Public water; Septic system; 200+ amp electric service; Cable available; Electricity connected; Solid waste service available; No on-site fuel source
• Home design: Single-family residence; One level; North-facing
• Construction: Aluminum siding exterior; Other type of foundation
• Exterior features: Covered patio/porch; Barn pole; Exterior storage; No fence

Interior

• Kitchen: No appliances included
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bath and one half bath on the main level
• Heating & cooling: No heating; No cooling
• Interior features: Fixer condition; Has a view; Five main-level rooms
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $839 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $73k).
• Recommended offer: $64k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.2% vs local median 2.9% in Nashville — 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 80/100 on livability (#20 in IN, #1,893 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Brown County School Corporation (rural): math 37% / reading 48% proficiency, ranked #113 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Buren Elementary School (math 47% / reading 47%, grade D-, #325 of 994 statewide, top 36%, 245 students, 43% FRL); Brown County High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 509 students, 48% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 90 active listings in the ZIP; 76 units permitted in Brown County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $504 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Brown 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $73k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,152 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 2.45% ✓
• Cap rate: 22.16%
• Cash-on-cash: 56.68%
• DSCR: 3.52
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 47.0%
• Equity multiple: 3.04×
• Total profit: $41,684
• Equity at exit: $10,870

10-year hold

• IRR: 52.7%
• Equity multiple: 6.16×
• Total profit: $105,375
• Equity at exit: $6,303

Cash invested: $20,412 (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 47448

• Home prices YoY: -25.5%
• Active inventory: 90
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,786 medium
• Mortgage (P&I): −$382
• Tax from tax record: −$34 /mo · $411/yr
• Insurance: −$30
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $839

Break-even live

Break-even rent $724

Max offer price $72,900

Occupancy floor 48%

Sensitivity live

Price	-10% $880	-5% $860	+0% $839	+5% $818	+10% $798
Rent	-10% $698	-5% $768	+0% $839	+5% $909	+10% $980
Rate	-1.0pp $876	-0.5pp $857	base $839	+0.5pp $820	+1.0pp $801

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: $18,225
• Closing costs: $2,187
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $72,900 Active 148 DOM
2. 2026-06-18
   days on market $72,900 Active 147 DOM
3. 2026-06-17
   days on market $72,900 Active 146 DOM
4. 2026-06-16
   days on market $72,900 Active 145 DOM
5. 2026-06-15
   days on market $72,900 Active 144 DOM
6. 2026-06-14
   days on market $72,900 Active 142 DOM
7. 2026-06-13
   days on market $72,900 Active 141 DOM
8. 2026-06-10
   days on market $72,900 Active 139 DOM
9. 2026-06-09
   days on market $72,900 Active 138 DOM
10. 2026-06-08
    days on market $72,900 Active 137 DOM
11. 2026-06-07
    days on market $72,900 Active 136 DOM
12. 2026-06-05
    days on market $72,900 Active 133 DOM
13. 2026-06-02
    days on market $72,900 Active 131 DOM
14. 2026-06-01
    days on market $72,900 Active 130 DOM
15. 2026-05-31
    days on market $72,900 Active 129 DOM
16. 2026-05-30
    days on market $72,900 Active 128 DOM
17. 2026-05-13
    price $72,900
18. 2026-04-16
    price $79,500
19. 2026-01-22
    listed $85,000 Active
20. 2005-07-05
    soldstatus $32,000

ⓘ 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: $411 · $34/mo
• Projected year-2 tax: $515 · $43/mo
• Expected delta: +$104/yr (+$9/mo · 25.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,433
• − Mortgage interest: −$4,084
• − Property taxes: −$411
• − Insurance: −$1,867
• − Repairs & maintenance: −$1,715
• − Management: −$1,715
• − Depreciation: −$2,121
• Taxable income: $9,521
• Est. tax owed @ 24.0%: −$2,285
• After-tax cash flow: $7,781/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: Brown County School Corporation
• NCES district ID: 1800960
• Math proficiency: 37% ▼ -15.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $53,070
• Composite: 36.82/100
• National rank: #4563
• State rank: #113 of 301 in IN

Livability — Nashville

• Score: 80/100
• State rank: #20
• US rank: #1893

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,719

Population outlook (Brown County) Hauer SSP2

• Today (2025): 14,677 people
• By 2030: 14,458 · -1.5%
• By 2040: 13,727 · -6.5%
• By 2050: 12,841 · -12.5%
• By 2075: 11,232 · -23.5%
• By 2100: 9,129 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1% Black 1%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 2% · Philippines
• Languages at home: 98% English-only · Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+32.6) · D 32.8% · R 65.5% · Other 1.7%
• 2008→2024 swing: -30.1pp toward R · 2008: -2.5pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+30.5 2016: R+31.6 2012: R+16.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 228.3895
• 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

+127.8% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $72,900 MIBOR as Distributed by MLS Grid
• 2026-04-16 Price Changed $79,500 MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2005-07-05 Sold (Public Records) $32,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $411 · -1.0% YoY. Source: county tax records.