315-311 W Division St · Oakland City, IN 47660

$49,900

3 bd · 2.0 ba · 720 sqft · SingleFamily public records · 45 Days on market

Built 1940 0.34 ac lot $69/sqft · 36% below area ↓ 17% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

3-parcel investment opportunity totaling approximately ±0.34 acre, and containing a site-built home, a manufactured home, and a potential homesite! Being sold together. All parcels are adjacent and occupy the northwest corner of Madison and Division Streets in Oakland City. The first parcel includes a 3-bedroom, 1-bath home with a basement. The interior has been partially gutted but still requires significant renovation to be livable. The second parcel has an older 2BR-1BA manufactured home that also needs some renovations. The third parcel is a vacant lot where a manufactured home previously sat. It may offer the potential for another homesite, subject to verification of utilities and zoning. All three parcels offer potential for rental income after improvements. Properties are being sold as-is.

Key facts

• Vacant lot
• Manufactured home
• Site built home

Tags

• INVESTMENT OPPORTUNITY
• SITE BUILT HOME
• MANUFACTURED HOME
• POTENTIAL HOMESITE
• VACANT LOT
• RENTAL INCOME

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; Single-story
• Construction: Metal siding construction; 980 above-grade finished area
• Exterior features: Corner, level lot; Asphalt road with public maintenance

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; No cooling system
• Interior features: Partial basement; Lower-level laundry; Total of 4 rooms
• Laundry & utility: Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($950 rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#349 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• East Gibson School Corporation (town): math 40% / reading 35% proficiency, ranked #171 of 301 in IN (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waldo J Wood Memorial Jhs (math 27% / reading 32%, grade F, #212 of 330 statewide, top 67%, 119 students, 60% FRL); Waldo J Wood Memorial High (math 34% / reading 44%, grade F, #221 of 369 statewide, top 63%, 212 students, 37% FRL).
• Market conditions: 24 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1940 — 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. 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: 1.90% ✓
• Cap rate: 16.04%
• Cash-on-cash: 34.81%
• DSCR: 2.55
• GRM: 4.4

CMA / ARV

• ARV (median comp): $105,860
• List price: $49,900
• Delta: -52.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 N Jackson St	0.30mi	2/1.0 (-1)	748 (+4%)	2mo	$125,000	$167	69
331 S Franklin St	0.13mi	2/1.0 (-1)	800 (+11%)	0mo	$137,000	$171	66

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: 51.0%
• Equity multiple: 4.79×
• Total profit: $53,004
• Equity at exit: $44,954

10-year hold

• IRR: 44.6%
• Equity multiple: 10.72×
• Total profit: $135,818
• Equity at exit: $96,945

Cash invested: $13,972 (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 47660

• Home prices YoY: 7.7%
• Active inventory: 24
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $405

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 52%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $49,900 Active 45 DOM
2. 2026-06-17
   price $49,900 Active 44 DOM
3. 2026-06-17
   days on market $60,000 Active 44 DOM
4. 2026-06-16
   days on market $60,000 Active 43 DOM

   Show marketing remark (814 chars)

   3-parcel investment opportunity totaling approximately ±0.34 acre, and containing a site-built home, a manufactured home, and a potential homesite! Being sold together. All parcels are adjacent and occupy the northwest corner of Madison and Division Streets in Oakland City. The first parcel includes a 3-bedroom, 1-bath home with a basement. The interior has been partially gutted but still requires significant renovation to be livable. The second parcel has an older 2BR-1BA manufactured home that also needs some renovations. The third parcel is a vacant lot where a manufactured home previously sat. It may offer the potential for another homesite, subject to verification of utilities and zoning. All three parcels offer potential for rental income after improvements. Properties are being sold as-is.

5. 2026-06-15
   days on market $60,000 Active 42 DOM
6. 2026-06-13
   days on market $60,000 Active 40 DOM
7. 2026-06-12
   days on market $60,000 Active 39 DOM
8. 2026-06-09
   days on market $60,000 Active 36 DOM
9. 2026-06-08
   days on market $60,000 Active 35 DOM
10. 2026-06-07
    days on market $60,000 Active 34 DOM
11. 2026-06-07
    days on market $60,000 Active 33 DOM
12. 2026-06-04
    days on market $60,000 Active 30 DOM
13. 2026-06-02
    days on market $60,000 Active 29 DOM
14. 2026-06-01
    days on market $60,000 Active 28 DOM
15. 2026-05-31
    days on market $60,000 Active 27 DOM
16. 2026-05-31
    days on market $60,000 Active 26 DOM
17. 2026-05-04
    listed $60,000 Active 814-char remark

    Show marketing remark (814 chars)

    3-parcel investment opportunity totaling approximately ±0.34 acre, and containing a site-built home, a manufactured home, and a potential homesite! Being sold together. All parcels are adjacent and occupy the northwest corner of Madison and Division Streets in Oakland City. The first parcel includes a 3-bedroom, 1-bath home with a basement. The interior has been partially gutted but still requires significant renovation to be livable. The second parcel has an older 2BR-1BA manufactured home that also needs some renovations. The third parcel is a vacant lot where a manufactured home previously sat. It may offer the potential for another homesite, subject to verification of utilities and zoning. All three parcels offer potential for rental income after improvements. Properties are being sold as-is.

18. 2026-05-04
    listed $60,000 Active 814-char remark

    Show marketing remark (814 chars)

    3-parcel investment opportunity totaling approximately ±0.34 acre, and containing a site-built home, a manufactured home, and a potential homesite! Being sold together. All parcels are adjacent and occupy the northwest corner of Madison and Division Streets in Oakland City. The first parcel includes a 3-bedroom, 1-bath home with a basement. The interior has been partially gutted but still requires significant renovation to be livable. The second parcel has an older 2BR-1BA manufactured home that also needs some renovations. The third parcel is a vacant lot where a manufactured home previously sat. It may offer the potential for another homesite, subject to verification of utilities and zoning. All three parcels offer potential for rental income after improvements. Properties are being sold as-is.

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,394
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$1,452
• Taxable income: $4,327
• Est. tax owed @ 24.0%: −$1,038
• After-tax cash flow: $3,825/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: East Gibson School Corporation
• NCES district ID: 1802940
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $42,426
• Composite: 31.73/100
• National rank: #5908
• State rank: #171 of 301 in IN

Livability — Oakland City

• Score: 65/100
• State rank: #349
• US rank: #13364

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: Oakland City, IN
• Population (ZIP): 4,819

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Lithuanian 2% Serbian 2% Scottish 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.71%
• Current HPI: 234.1104
• 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

-16.8% since first listed

4 events — show timeline

• 2026-06-17 Price Changed $49,900 IRMLS
• 2026-06-16 Price Changed $49,900 IRMLS
• 2026-05-04 Listed $60,000 IRMLS
• 2026-05-04 Listed $60,000 IRMLS

Property tax history

-0.8%/yr

Latest (2024): $76 · +0.0% YoY. Source: county tax records.