706 W 21st St · Connersville, IN 47331

$42,900

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 34 Days on market

Built 1930 6,360 sqft lot $52/sqft · 35% 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
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Listing remarks MLS

NEW THING IN 2016 FURNACE, ROOF, CENTRAL AIR, NEWER WINDOWS, WASHER AND DRYER LAMINATE FLOORS AND TILE IN KITCHEN AND BATHROOM.

Key facts

• 6,360 sq ft lot
• Garage
• Built 1930

Property features AI

Finance

• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; One level; Residential property
• Construction: Block foundation; Other construction materials
• Exterior features: Lot under 1/4 acre (approximately 0.15 acre)

Interior

• Kitchen: Kitchen on the main level (7x10)
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; No built-in appliances listed
• Laundry & utility: Main-level laundry room (5x5)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $43k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($826 rent vs $43k).
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 5.0% in Connersville — 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 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $297 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fayette County population projected at -26% 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 $12k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $12k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $41,613 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.92% ✓
• Cap rate: 17.19%
• Cash-on-cash: 38.91%
• DSCR: 2.73
• GRM: 4.3

CMA / ARV

• ARV (median comp): $132,224
• List price: $42,900
• Delta: -67.56%
• 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
529 W 20th St	0.25mi	2/1.0	884 (+6%)	7mo	$87,000	$98	72
710 Scott St	0.06mi	2/1.0	928 (+12%)	8mo	$137,000	$148	72
2308 Vermont Ave	0.35mi	2/1.0	780 (-6%)	6mo	$115,000	$147	68
2601 Virginia Ave	0.67mi	2/1.0	830 (-0%)	2mo	$143,000	$172	67
2200 Indiana Ave. Ave	0.39mi	2/1.0	896 (+8%)	9mo	$135,000	$151	62
223 15th St	0.65mi	2/1.0	792 (-5%)	1mo	$39,000	$49	60
2407 Virginia Ave	0.57mi	2/1.0	884 (+6%)	6mo	$124,900	$141	58
2345 Ohio Ave	0.60mi	3/1.0 (+1)	792 (-5%)	9mo	$129,900	$164	52
2848 Iowa Ave	0.75mi	2/1.0	884 (+6%)	8mo	$75,000	$85	48
2419 Leah Ct	0.68mi	2/1.0	921 (+11%)	10mo	$115,000	$125	43
2802 Eby Dr	0.75mi	3/1.0 (+1)	936 (+12%)	1mo	$158,000	$169	38
606 11th St	0.75mi	3/1.0 (+1)	924 (+11%)	7mo	$64,900	$70	36

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: 35.1%
• Equity multiple: 2.49×
• Total profit: $17,850
• Equity at exit: $6,397

10-year hold

• IRR: 41.9%
• Equity multiple: 4.95×
• Total profit: $47,456
• Equity at exit: $3,709

Cash invested: $12,012 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 173
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $826 medium
• Mortgage (P&I): −$225
• Tax from tax record: −$20 /mo · $239/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $390

Break-even live

Break-even rent $333

Max offer price $42,900

Occupancy floor 48%

Sensitivity live

Price	-10% $414	-5% $402	+0% $390	+5% $377	+10% $365
Rent	-10% $324	-5% $357	+0% $390	+5% $422	+10% $455
Rate	-1.0pp $411	-0.5pp $400	base $390	+0.5pp $378	+1.0pp $367

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: $10,725
• Closing costs: $1,287
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 W 11th St Connersville, IN	2.0	1.0	984	$900	$0.91	25d	1	0.79mi
430 N Central Ave Apt 103 Connersville, IN	2.0	1.0	650	$700	$1.08	25d	1	1.24mi

Listing history 24 events

1. 2026-06-18
   days on market $42,900 Active 34 DOM
2. 2026-06-17
   days on market $42,900 Active 33 DOM
3. 2026-06-16
   days on market $42,900 Active 32 DOM
4. 2026-06-15
   days on market $42,900 Active 31 DOM
5. 2026-06-13
   days on market $42,900 Active 29 DOM
6. 2026-06-12
   days on market $42,900 Active 28 DOM
7. 2026-06-09
   days on market $42,900 Active 25 DOM
8. 2026-06-08
   days on market $42,900 Active 24 DOM
9. 2026-06-07
   days on market $42,900 Active 23 DOM
10. 2026-06-07
    pricedays on market $42,900 Active 22 DOM
11. 2026-06-04
    days on market $54,900 Active 19 DOM
12. 2026-06-02
    days on market $54,900 Active 18 DOM
13. 2026-06-01
    days on market $54,900 Active 17 DOM
14. 2026-05-31
    days on market $54,900 Active 16 DOM
15. 2026-05-31
    days on market $54,900 Active 15 DOM
16. 2026-05-15
    listed $54,900 Active 561-char remark
17. 2018-08-22
    soldstatus $36,000 129-char remark

    Show marketing remark (129 chars)

    NEW THINGS IN 2016,FURNACE, ROOF, CENTRAL AIR, NEWER WINDOWS, WASHER AND DRYER, LAMINATE FLOORS AND TILE IN KITCHEN AND BATHROOM.

18. 2018-08-22
    soldstatus $36,000

    Show marketing remark (129 chars)

    NEW THINGS IN 2016,FURNACE, ROOF, CENTRAL AIR, NEWER WINDOWS, WASHER AND DRYER, LAMINATE FLOORS AND TILE IN KITCHEN AND BATHROOM.

19. 2018-06-01
    historical
20. 2018-03-01
    price $42,900
21. 2017-09-01
    listed $46,900 Active
22. 2017-08-31
    listed $42,900 129-char remark

    Show marketing remark (129 chars)

    NEW THINGS IN 2016,FURNACE, ROOF, CENTRAL AIR, NEWER WINDOWS, WASHER AND DRYER, LAMINATE FLOORS AND TILE IN KITCHEN AND BATHROOM.

23. 2017-08-28
    listed $42,900

    Show marketing remark (132 chars)

    NEW THING IN 2016 FURNACE, ROOF, CENTRAL AIR, NEWER WINDOWS, WASHER AND DRYER LAMINATE FLOORS AND TILE IN KITCHEN AND BATHROOM.

24. 2011-05-02
    soldstatus $22,500

ⓘ 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: $239 · $20/mo
• Projected year-2 tax: $302 · $25/mo
• Expected delta: +$63/yr (+$5/mo · 26.3%)

ⓘ 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 · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,908
• − Mortgage interest: −$2,403
• − Property taxes: −$239
• − Insurance: −$214
• − Repairs & maintenance: −$793
• − Management: −$793
• − Depreciation: −$1,248
• Taxable income: $4,218
• Est. tax owed @ 24.0%: −$1,012
• After-tax cash flow: $3,662/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

+90.7% since first listed

10 events — show timeline

• 2026-06-04 Price Changed $42,900 MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2018-08-22 Sold (MLS) $36,000 RRELMS
• 2018-08-22 Sold (MLS) $36,000 ECIAOR
• 2018-06-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-03-01 Price Changed $42,900 MIBOR as Distributed by MLS Grid
• 2017-09-01 Listed $46,900 MIBOR as Distributed by MLS Grid
• 2017-08-31 Listed $42,900 RRELMS
• 2017-08-28 Listed $42,900 ECIAOR
• 2011-05-02 Sold (Public Records) $22,500 Public Records

Property tax history

-26.4%/yr

Latest (2019): $239 · -0.8% YoY. Source: county tax records.