6671 N County Road 525 W · Sulphur Springs, IN 47356

$77,500

3 bd · 1.0 ba · 1,880 sqft · SingleFamily public records · 213 Days on market

Built 1890 0.56 ac lot $41/sqft · 64% 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
• Schools +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

Key facts

• Large lot
• Peaceful setting
• Detached garage

Tags

• LARGE LOT
• DETACHED GARAGE
• PEACEFUL SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $68k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#468 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $536 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Henry 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $62k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.72% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.83%
• DSCR: 2.33
• GRM: 4.8

CMA / ARV

• ARV (median comp): $238,200
• List price: $77,500
• Delta: -67.46%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 24.4%
• Equity multiple: 2.01×
• Total profit: $21,809
• Equity at exit: $11,556

10-year hold

• IRR: 32.2%
• Equity multiple: 3.92×
• Total profit: $63,263
• Equity at exit: $6,701

Cash invested: $21,700 (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 47356

• Home prices YoY: -18.9%
• Active inventory: 35
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,333 medium
• Mortgage (P&I): −$406
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $539

Break-even live

Break-even rent $650

Max offer price $77,500

Occupancy floor 55%

Sensitivity live

Price	-10% $583	-5% $561	+0% $539	+5% $518	+10% $496
Rent	-10% $434	-5% $487	+0% $539	+5% $592	+10% $645
Rate	-1.0pp $579	-0.5pp $559	base $539	+0.5pp $519	+1.0pp $499

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: $19,375
• Closing costs: $2,325
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $77,500 Active 213 DOM
2. 2026-06-18
   days on market $77,500 Active 212 DOM
3. 2026-06-17
   days on market $77,500 Active 211 DOM
4. 2026-06-16
   days on market $77,500 Active 210 DOM
5. 2026-06-15
   days on market $77,500 Active 209 DOM
6. 2026-06-14
   days on market $77,500 Active 207 DOM
7. 2026-06-12
   days on market $77,500 Active 206 DOM
8. 2026-06-09
   days on market $77,500 Active 203 DOM
9. 2026-06-08
   days on market $77,500 Active 202 DOM
10. 2026-06-07
    days on market $77,500 Active 201 DOM
11. 2026-06-05
    days on market $77,500 Active 198 DOM
12. 2026-06-03
    days on market $77,500 Active 197 DOM
13. 2026-06-02
    days on market $77,500 Active 196 DOM
14. 2026-06-01
    days on market $77,500 Active 195 DOM
15. 2026-05-31
    days on market $77,500 Active 194 DOM
16. 2026-05-30
    days on market $77,500 Active 193 DOM
17. 2026-05-16
    price $72,300 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

18. 2026-04-23
    price $77,500 558-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

19. 2026-04-15
    price $77,500 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

20. 2026-04-13
    price $85,000 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

21. 2026-03-10
    price $94,900 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

22. 2026-03-09
    status Active 570-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

23. 2026-03-09
    status Active 558-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

24. 2026-02-26
    status Pending 570-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

25. 2026-02-26
    status Pending 558-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

26. 2026-02-18
    price $104,900 558-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

27. 2026-02-06
    price $104,900 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

28. 2026-01-09
    price $119,500 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

29. 2025-12-09
    price $129,900 570-char remark

    Show marketing remark (570 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you’ll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage—perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

30. 2025-11-07
    listed $139,900 Active 570-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

31. 2025-11-07
    listed $139,900 Active 558-char remark

    Show marketing remark (558 chars)

    Nestled on the outskirts of a small town, this spacious 3-bedroom, 1-bath home offers 1,880 sq ft of living space on just over half an acre. With a little vision and updating, this property has the potential to truly shine. Inside, you'll find generous room sizes and a comfortable layout ready to be customized to your taste. Outside, enjoy the benefits of a large lot and a 2-car detached garage-perfect for parking, storage, or a workshop. The peaceful setting provides a great balance of privacy and convenience while keeping you close to town amenities.

32. 2005-06-09
    soldstatus $58,000
33. 2004-08-27
    listed $59,000

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $901 · $75/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: $15,999
• − Mortgage interest: −$4,341
• − Property taxes: −$901
• − Insurance: −$388
• − Repairs & maintenance: −$1,280
• − Management: −$1,280
• − Depreciation: −$2,255
• Taxable income: $5,555
• Est. tax owed @ 24.0%: −$1,333
• After-tax cash flow: $5,141/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Sulphur Springs

• Score: 62/100
• State rank: #468
• US rank: #16580

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 413
• Population (ZIP): 5,508

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Iranian 2% Slovak 2%
• Foreign-born: 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.87%
• Current HPI: 240.0691
• 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

+22.5% since first listed

17 events — show timeline

• 2026-05-16 Price Changed $72,300 IRMLS
• 2026-04-23 Price Changed $77,500 MIBOR as Distributed by MLS Grid
• 2026-04-15 Price Changed $77,500 IRMLS
• 2026-04-13 Price Changed $85,000 IRMLS
• 2026-03-10 Price Changed $94,900 IRMLS
• 2026-03-09 Relisted — IRMLS
• 2026-03-09 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-26 Pending — IRMLS
• 2026-02-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-18 Price Changed $104,900 MIBOR as Distributed by MLS Grid
• 2026-02-06 Price Changed $104,900 IRMLS
• 2026-01-09 Price Changed $119,500 IRMLS
• 2025-12-09 Price Changed $129,900 IRMLS
• 2025-11-07 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2025-11-07 Listed $139,900 IRMLS
• 2005-06-09 Sold (MLS) $58,000 MIBOR as Distributed by MLS Grid
• 2004-08-27 Listed $59,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.4%/yr

Latest (2024): $901 · +12.2% YoY. Source: county tax records.