104 N 15th St · Decatur, IN 46733

$115,000

3 bd · 1.5 ba · 2,023 sqft · SingleFamily public records · 29 Days on market

Built 1950 6,098 sqft lot $57/sqft · 35% below area Est $178k · 35% under ↓ 57% 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.4/10.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

MOTIVATED SELLERS!!! Welcome to this spacious and affordable 4-bedroom, 1.5 bath located in downtown Decatur, Indiana. This property offers an excellent opportunity for first-time buyers, or investors looking for value and space. This home has a lot of potential and is located near local parks and food. Schedule your showing today!

Key facts

• 6,098 sq ft lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; Single story
• Construction: Block construction; Slab foundation; Built as site-built home
• Exterior features: Patio; Corner lot; Publicly maintained road

Interior

• Kitchen: Microwave; Refrigerator; Gas Range
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main level bathrooms
• Heating & cooling: Central air; Wall unit(s); Forced air heating
• Interior features: Fireplace (1)
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.4% in Decatur — 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 77/100 on livability (#40 in IN, #3,038 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• North Adams Community Schools (town): math 29% / reading 35% proficiency, ranked #220 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellmont Elementary (math 30% / reading 23%, grade F, #755 of 994 statewide, top 76%, 656 students, 60% FRL); Bellmont Middle School (math 21% / reading 36%, grade F, #224 of 330 statewide, top 68%, 313 students, 58% FRL); Bellmont Senior High School (math 42% / reading 57%, grade D, #123 of 369 statewide, top 36%, 641 students, 34% FRL).
• Market conditions: 54 active listings in the ZIP; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Adams County population projected at -13% 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 $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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 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: 1.14% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.60%
• DSCR: 1.61
• GRM: 7.3

CMA / ARV

• ARV (median comp): $177,681
• List price: $115,000
• Delta: -35.28%
• 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
104 N 15th St	0.00mi	4/1.5 (+1)	2,023 (0%)	0mo	$65,000	$32	95
1024 Adams St	0.31mi	4/2.0 (+1)	2,105 (+4%)	2mo	$210,900	$100	70
109 N 10th St	0.31mi	3/1.0	1,855 (-8%)	6mo	$189,900	$102	65
209 S 5th St	0.65mi	3/2.5	2,020 (-0%)	1mo	$250,000	$124	64
715 St Marys St	0.74mi	3/2.0	1,924 (-5%)	0mo	$180,000	$94	55
607 W Jefferson St	0.56mi	4/1.0 (+1)	1,839 (-9%)	1mo	$100,000	$54	51
134 S 10th St	0.32mi	3/2.0	2,264 (+12%)	22mo	$221,150	$98	45
507 Marshall St	0.66mi	4/2.0 (+1)	1,856 (-8%)	5mo	$240,000	$129	44
724 Adams Street St	0.49mi	4/2.0 (+1)	1,873 (-7%)	16mo	$159,000	$85	44
604 Adams St	0.58mi	4/2.0 (+1)	2,190 (+8%)	16mo	$163,000	$74	39
313 W Madison St	0.72mi	4/2.0 (+1)	2,124 (+5%)	21mo	$165,000	$78	34
121 S 7th St	0.53mi	4/2.0 (+1)	1,737 (-14%)	15mo	$218,000	$126	32

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: 3.7%
• Equity multiple: 1.14×
• Total profit: $4,549
• Equity at exit: $17,147

10-year hold

• IRR: 13.1%
• Equity multiple: 2.05×
• Total profit: $33,658
• Equity at exit: $9,943

Cash invested: $32,200 (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 46733

• Home prices YoY: -18.9%
• Active inventory: 54
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,311 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$20 /mo · $237/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $365

Break-even live

Break-even rent $849

Max offer price $115,000

Occupancy floor 67%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-10
   price $130,000 312-char remark
2. 2026-04-27
   listed $150,000 Active 312-char remark

ⓘ 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: $237 · $20/mo
• Projected year-2 tax: $607 · $51/mo
• Expected delta: +$370/yr (+$31/mo · 156.0%)

ⓘ 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 ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,731
• − Mortgage interest: −$6,442
• − Property taxes: −$237
• − Insurance: −$575
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$3,345
• Taxable income: $2,615
• Est. tax owed @ 24.0%: −$628
• After-tax cash flow: $3,751/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: North Adams Community Schools
• NCES district ID: 1807680
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $45,806
• Composite: 27.44/100
• National rank: #6964
• State rank: #220 of 301 in IN

Livability — Decatur

• Score: 77/100
• State rank: #40
• US rank: #3038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IN
• City population: 19,246
• Population (ZIP): 19,246

Population outlook (Adams County) Hauer SSP2

• Today (2025): 33,772 people
• By 2030: 32,927 · -2.5%
• By 2040: 31,349 · -7.2%
• By 2050: 29,447 · -12.8%
• By 2075: 24,062 · -28.8%
• By 2100: 18,126 · -46.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+52.6) · D 22.8% · R 75.4% · Other 1.8%
• 2008→2024 swing: -26.9pp toward R · 2008: -25.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+52.4 2016: R+52.5 2012: R+39.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.02%
• Current HPI: 215.0238
• 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

-56.7% since first listed

5 events — show timeline

• 2026-06-05 Sold (MLS) $65,000 IRMLS
• 2026-05-25 Pending — IRMLS
• 2026-05-22 Price Changed $115,000 IRMLS
• 2026-05-10 Price Changed $130,000 IRMLS
• 2026-04-27 Listed $150,000 IRMLS

Property tax history

-5.5%/yr

Latest (2024): $237 · +226.5% YoY. Source: county tax records.