113 E Main St · Saratoga, IN 47382

$25,000

3 bd · 2.0 ba · 1,843 sqft · SingleFamily · 20 Days on market

Built 1881 Fair condition 0.29 ac lot $14/sqft · 71% below area ↓ 27% since listing

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Spacious fixer upper on a corner lot in downtown Saratoga was most recently a rental property. Roof was replaced in 2020

Key facts

• Rental property
• Corner lot
• Roof replaced

Tags

• CORNER LOT
• RENTAL PROPERTY
• ROOF REPLACED

Property features AI

Exterior

• Utilities: Private well water; Septic tank sewer
• Home design: Single family residence (site-built); One story
• Construction: Aluminum siding
• Exterior features: Corner lot; Lot dimensions approximately 110 x 114; Lot size about 0.289 acres

Interior

• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window cooling units
• Interior features: Electric water heater; Water heater
• Laundry & utility: Laundry on main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $25k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#517 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime D-, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Deerfield Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 154 students, 65% FRL); Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 2 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($173 loan paydown + $2k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($25k) 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: built in 1881 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1881 — 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 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?
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: 4.87% ✓
• Cap rate: 44.18%
• Cash-on-cash: 135.31%
• DSCR: 7.02
• GRM: 1.7

CMA / ARV

• ARV (median comp): $86,877
• List price: $25,000
• Delta: -71.22%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 E Main St	0.00mi	3/2.0	1,843 (0%)	1mo	$36,250	$20	99
300 S Evans St	0.19mi	3/1.0	1,746 (-5%)	4mo	$150,000	$86	75
305 E Pearl St	0.12mi	4/1.5 (+1)	2,072 (+12%)	17mo	$134,000	$65	53

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.13×
• Total profit: $63,907
• Equity at exit: $22,522

10-year hold

• IRR: —
• Equity multiple: 22.24×
• Total profit: $148,698
• Equity at exit: $48,570

Cash invested: $7,000 (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 47382

• Home prices YoY: 5.0%
• Active inventory: 2
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,218 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $789

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 30%

Sensitivity live

Price	-10% $807	-5% $798	+0% $789	+5% $781	+10% $772
Rent	-10% $693	-5% $741	+0% $789	+5% $837	+10% $886
Rate	-1.0pp $802	-0.5pp $796	base $789	+0.5pp $783	+1.0pp $776

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   status Pending 120-char remark
2. 2026-04-22
   listed $25,000 Active 120-char remark
3. 2025-12-22
   price $39,900
4. 2025-10-13
   listed $49,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,614
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$727
• Taxable income: $9,648
• Est. tax owed @ 24.0%: −$2,316
• After-tax cash flow: $7,156/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

A fair condition fixer-upper with a new roof, requiring moderate repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Major Front porch steps and railings — Structural damage
• Minor Landscaping — Minimal grass and debris

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and value
• Both Replace front porch steps and railings — Structural repair and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
Front porch steps and railings · Structural damage	Major	$15,000–50,000
Landscaping · Minimal grass and debris	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and value ↑
• Both Replace front porch steps and railings — Structural repair and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Saratoga

• Score: 61/100
• State rank: #517
• US rank: #18402

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saratoga, IN
• City population: 188
• Population (ZIP): 188

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.73%
• Current HPI: 267.6798
• 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

-27.4% since first listed

6 events — show timeline

• 2026-05-29 Sold (MLS) $36,250 IRMLS
• 2026-05-12 Pending — IRMLS
• 2026-05-12 Price Changed $36,250 IRMLS
• 2026-04-22 Listed $25,000 IRMLS
• 2025-12-22 Price Changed $39,900 IRMLS
• 2025-10-13 Listed $49,900 IRMLS