455 W Franklin St · Shelbyville, IN 46176

$199,000

4 bd · 2.0 ba · 2,532 sqft · SingleFamily public records · 114 Days on market

Built 1960 5,600 sqft lot $79/sqft · 24% above area Est $241k · 18% under

---

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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +3.6/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you're looking for space to spread out, this 4-bedroom, 2 full bath home delivers! Generous bedroom sizes throughout, plus a bonus room off the main-level primary bedroom - perfect for a sitting area, office, or extra closet space. Enjoy a spacious living room, separate dining area, and an updated kitchen with plenty of cabinets. The basement offers additional storage. Relax on the 13x14 front porch or enjoy the fully fenced backyard with patio. A 2-car carport provides off-street parking.

Key facts

• Off street parking
• Front porch
• Bonus room

Tags

• BONUS ROOM
• UPDATED KITCHEN
• FULLY FENCED BACKYARD
• FRONT PORCH
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (14.3% below list).
• Recommended offer: $171k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago 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.

Recommended offer $170,565 (14.3% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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: 0.86% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.22%
• DSCR: 1.10
• GRM: 9.7

CMA / ARV

• ARV (median comp): $241,242
• List price: $199,000
• Delta: -17.51%
• 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
327 W Franklin St	0.11mi	4/1.5	2,274 (-10%)	3mo	$92,400	$41	73
530 W Franklin St	0.11mi	3/2.0 (-1)	2,469 (-2%)	16mo	$194,975	$79	72
228 W Washington St	0.20mi	3/1.5 (-1)	2,407 (-5%)	5mo	$189,900	$79	71
428 W Washington St	0.06mi	3/1.0 (-1)	2,352 (-7%)	8mo	$165,000	$70	69
259 W South St	0.44mi	4/1.0	2,452 (-3%)	3mo	$165,000	$67	68
429 W Washington St	0.09mi	4/1.5	2,266 (-10%)	10mo	$190,000	$84	68
103 N West St	0.25mi	4/1.5	2,600 (+3%)	18mo	$240,000	$92	67
430 W Locust St	0.41mi	3/2.0 (-1)	2,641 (+4%)	4mo	$199,900	$76	65
367 W Broadway St	0.15mi	4/2.0	2,886 (+14%)	13mo	$210,000	$73	59
310 W South St	0.39mi	3/1.0 (-1)	2,322 (-8%)	17mo	$164,000	$71	45
117 W Mechanic St	0.36mi	4/2.0	2,908 (+15%)	17mo	$160,000	$55	44
331 Colescott St	0.57mi	3/2.0 (-1)	2,169 (-14%)	14mo	$162,000	$75	33

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: -12.8%
• Equity multiple: 0.54×
• Total profit: $-25,727
• Equity at exit: $29,672

10-year hold

• IRR: -3.8%
• Equity multiple: 0.75×
• Total profit: $-14,160
• Equity at exit: $17,206

Cash invested: $55,720 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,706 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$118 /mo · $1,413/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $103

Break-even live

Break-even rent $1,575

Max offer price $199,000

Occupancy floor 89%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $199,000 Active 114 DOM
2. 2026-06-17
   days on market $199,000 Active 113 DOM
3. 2026-06-16
   days on market $199,000 Active 112 DOM
4. 2026-06-15
   days on market $199,000 Active 111 DOM
5. 2026-06-13
   days on market $199,000 Active 109 DOM
6. 2026-06-13
   days on market $199,000 Active 108 DOM
7. 2026-06-09
   days on market $199,000 Active 105 DOM
8. 2026-06-08
   days on market $199,000 Active 104 DOM
9. 2026-06-07
   days on market $199,000 Active 103 DOM
10. 2026-06-03
    days on market $199,000 Active 99 DOM
11. 2026-06-02
    days on market $199,000 Active 98 DOM
12. 2026-06-01
    days on market $199,000 Active 97 DOM
13. 2026-05-31
    days on market $199,000 Active 96 DOM
14. 2026-03-09
    price $199,000 497-char remark

    Show marketing remark (497 chars)

    If you're looking for space to spread out, this 4-bedroom, 2 full bath home delivers! Generous bedroom sizes throughout, plus a bonus room off the main-level primary bedroom - perfect for a sitting area, office, or extra closet space. Enjoy a spacious living room, separate dining area, and an updated kitchen with plenty of cabinets. The basement offers additional storage. Relax on the 13x14 front porch or enjoy the fully fenced backyard with patio. A 2-car carport provides off-street parking.

15. 2026-02-23
    listed $205,000 Active 497-char remark

    Show marketing remark (497 chars)

    If you're looking for space to spread out, this 4-bedroom, 2 full bath home delivers! Generous bedroom sizes throughout, plus a bonus room off the main-level primary bedroom - perfect for a sitting area, office, or extra closet space. Enjoy a spacious living room, separate dining area, and an updated kitchen with plenty of cabinets. The basement offers additional storage. Relax on the 13x14 front porch or enjoy the fully fenced backyard with patio. A 2-car carport provides off-street parking.

16. 2023-11-10
    soldstatus $182,000 Closed 750-char remark

    Show marketing remark (750 chars)

    If You Are Looking For All that Extra Room To Stretch Out,Than You Have Found It Here! 4 Bedrooms( Check out the Bedroom Sizes!), 2 Full Baths,There is a Bonus Room off of Main Bedroom located on Main Level, currently used as additional closet space and a Setting Room! Spacious Living Room, Separate Dining Area and an Updated Kitchen with Lots Of Cabinets! Basement offers additional storage( very small area by basement steps is slightly damp, photos) .Sit on your Roomy Front Porch ( 13 x 14) and give out candy to Trick or Treaters this Halloween! Cute Back yard is Totally Fenced in, with a Dog Run Area and Patio Area. 2 Car Carport offers additional off street Parking. If buyer would like a carpeting allowance, this is negotiable w/Offer

17. 2023-10-10
    status Pending 750-char remark

    Show marketing remark (750 chars)

    If You Are Looking For All that Extra Room To Stretch Out,Than You Have Found It Here! 4 Bedrooms( Check out the Bedroom Sizes!), 2 Full Baths,There is a Bonus Room off of Main Bedroom located on Main Level, currently used as additional closet space and a Setting Room! Spacious Living Room, Separate Dining Area and an Updated Kitchen with Lots Of Cabinets! Basement offers additional storage( very small area by basement steps is slightly damp, photos) .Sit on your Roomy Front Porch ( 13 x 14) and give out candy to Trick or Treaters this Halloween! Cute Back yard is Totally Fenced in, with a Dog Run Area and Patio Area. 2 Car Carport offers additional off street Parking. If buyer would like a carpeting allowance, this is negotiable w/Offer

18. 2023-10-06
    listed $180,000 Active 750-char remark

    Show marketing remark (750 chars)

    If You Are Looking For All that Extra Room To Stretch Out,Than You Have Found It Here! 4 Bedrooms( Check out the Bedroom Sizes!), 2 Full Baths,There is a Bonus Room off of Main Bedroom located on Main Level, currently used as additional closet space and a Setting Room! Spacious Living Room, Separate Dining Area and an Updated Kitchen with Lots Of Cabinets! Basement offers additional storage( very small area by basement steps is slightly damp, photos) .Sit on your Roomy Front Porch ( 13 x 14) and give out candy to Trick or Treaters this Halloween! Cute Back yard is Totally Fenced in, with a Dog Run Area and Patio Area. 2 Car Carport offers additional off street Parking. If buyer would like a carpeting allowance, this is negotiable w/Offer

19. 2008-09-05
    soldstatus $114,900
20. 2008-03-06
    listed $114,900
21. 2004-07-29
    historical
22. 2003-07-29
    listed $55,000
23. 2003-05-12
    historical
24. 2001-11-12
    listed $59,900

ⓘ 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: $1,413 · $118/mo
• Projected year-2 tax: $1,552 · $129/mo
• Expected delta: +$139/yr (+$12/mo · 9.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,468
• − Mortgage interest: −$11,147
• − Property taxes: −$1,413
• − Insurance: −$995
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$5,789
• Taxable loss: −$2,151
• Est. tax savings @ 24.0%: +$516
• After-tax cash flow: $1,755/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+232.2% since first listed

11 events — show timeline

• 2026-03-09 Price Changed $199,000 MIBOR as Distributed by MLS Grid
• 2026-02-23 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2023-11-10 Sold (MLS) $182,000 MIBOR as Distributed by MLS Grid
• 2023-10-10 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-06 Listed $180,000 MIBOR as Distributed by MLS Grid
• 2008-09-05 Sold (MLS) $114,900 MIBOR as Distributed by MLS Grid
• 2008-03-06 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2004-07-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-29 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2003-05-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-11-12 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $1,413 · -6.2% YoY. Source: county tax records.