1008 W Elm St · Hartford City, IN 47348

$49,900

2 bd · 1.0 ba · 702 sqft · MultiFamily public records · 8 Days on market

Built 1953 0.71 ac lot $71/sqft · 11% below area ↓ 31% 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
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

Key facts

• 0.71 acre lot
• Garage
• Built 1953

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 31.0% vs local median 5.1% in Hartford City — 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 66/100 on livability (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, health & safety D, amenities F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Blackford County population projected at -27% 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $30k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.50% ✓
• Cap rate: 30.96%
• Cash-on-cash: 88.10%
• DSCR: 4.92
• GRM: 2.4

CMA / ARV

• ARV (median comp): $113,694
• List price: $49,900
• Delta: -51.71%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 88.7%
• Equity multiple: 5.10×
• Total profit: $57,279
• Equity at exit: $7,440

10-year hold

• IRR: 91.7%
• Equity multiple: 10.60×
• Total profit: $134,135
• Equity at exit: $4,314

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 47348

• Home prices YoY: -17.5%
• Active inventory: 55
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,748 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$73 /mo · $872/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $1,026

Break-even live

Break-even rent $450

Max offer price $49,900

Occupancy floor 36%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$1,748
Total (2 units)			$1,748

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 17 events

1. 2026-06-19
   days on market $49,900 Active 8 DOM
2. 2026-06-18
   days on market $49,900 Active 7 DOM
3. 2026-06-17
   days on market $49,900 Active 6 DOM
4. 2026-06-16
   days on market $49,900 Active 5 DOM
5. 2026-06-15
   days on market $49,900 Active 4 DOM
6. 2026-06-14
   days on market $49,900 Active 2 DOM
7. 2026-06-12
   pricestatusdays on marketlisting id $49,900 Active 1 DOM
8. 2026-05-04
   status Pending 199-char remark

   Show marketing remark (199 chars)

   This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

9. 2025-11-13
   price $54,900

   Show marketing remark (199 chars)

   This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

10. 2025-11-13
    price $54,900 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

11. 2025-09-11
    price $67,900

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

12. 2025-09-11
    price $67,900 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

13. 2025-07-16
    status Active 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

14. 2025-06-29
    status Pending 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

15. 2025-06-17
    price $74,900

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

16. 2025-06-17
    price $74,900 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

17. 2025-05-09
    listed $79,900 Active 199-char remark

    Show marketing remark (199 chars)

    This 1,428 sq foot home in Hartford City has 3 bedrooms, 1 bathroom with a detached garage. The property sits on 4 lots of land and comes with a 2 bedroom, 1 bathroom trailer in addition to the home.

ⓘ 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: $872 · $73/mo
• Projected year-2 tax: $872 · $73/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $20,976
• − Mortgage interest: −$2,795
• − Property taxes: −$872
• − Insurance: −$250
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − Depreciation: −$1,452
• Taxable income: $12,251
• Est. tax owed @ 24.0%: −$2,940
• After-tax cash flow: $9,369/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Hartford City

• Score: 66/100
• State rank: #303
• US rank: #12079

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford City, IN
• Population (ZIP): 8,986

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 3% Scotch-Irish 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.19%
• Current HPI: 223.0485
• 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

-31.3% since first listed

10 events — show timeline

• 2026-05-04 Pending — IRMLS
• 2025-11-13 Price Changed $54,900 RRELMS
• 2025-11-13 Price Changed $54,900 IRMLS
• 2025-09-11 Price Changed $67,900 RRELMS
• 2025-09-11 Price Changed $67,900 IRMLS
• 2025-07-16 Relisted — IRMLS
• 2025-06-29 Pending — IRMLS
• 2025-06-17 Price Changed $74,900 RRELMS
• 2025-06-17 Price Changed $74,900 IRMLS
• 2025-05-09 Listed $79,900 IRMLS

Property tax history

+6.9%/yr

Latest (2025): $872 · -3.3% YoY. Source: county tax records.