180 W Garfield St · Laketon, IN 46943

$43,000

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 46 Days on market

Built 1977 0.44 ac lot $41/sqft · 41% below area ↓ 14% 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
• Appreciation +5.3/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Corner lot with a 32x53 garage that was made into a home. Set up as a 1 bedroom, with full bath, living room and kitchen. Needs some TLC. Could be reverted back to a garage. Utility service is available at the property. Property has a well, septic is part of the Laketon sewer system.

Key facts

• Kitchen
• Living room
• Well

Tags

• CORNER LOT
• FULL BATH
• LIVING ROOM
• KITCHEN
• UTILITY SERVICE
• WELL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $43k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#203 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, commute D, schools D-.
• Manchester Community Schools (town): math 44% / reading 46% proficiency, ranked #99 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $525 of equity ($297 loan paydown + $228 appreciation (0.5% local appreciation)).
• Wabash County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.

Recommended offer $41,710 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1977 — 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: 2.35% ✓
• Cap rate: 20.08%
• Cash-on-cash: 49.24%
• DSCR: 3.19
• GRM: 3.5

CMA / ARV

• ARV (median comp): $104,263
• List price: $43,000
• Delta: -58.76%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
150 W Lake St	0.13mi	2/1.0 (-1)	1,000 (-5%)	12mo	$99,500	$100	70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.53% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.3%
• Equity multiple: 3.60×
• Total profit: $31,306
• Equity at exit: $13,636

10-year hold

• IRR: 53.4%
• Equity multiple: 7.21×
• Total profit: $74,747
• Equity at exit: $17,339

Cash invested: $12,040 (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 46943

• Home prices YoY: 0.2%
• Active inventory: 4
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,011 medium
• Mortgage (P&I): −$225
• Tax from tax record: −$62 /mo · $740/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $494

Break-even live

Break-even rent $386

Max offer price $43,000

Occupancy floor 46%

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: $10,750
• Closing costs: $1,290
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-09
   status Pending 284-char remark

   Show marketing remark (284 chars)

   Corner lot with a 32x53 garage that was made into a home. Set up as a 1 bedroom, with full bath, living room and kitchen. Needs some TLC. Could be reverted back to a garage. Utility service is available at the property. Property has a well, septic is part of the Laketon sewer system.

2. 2026-04-29
   price $43,000 284-char remark

   Show marketing remark (284 chars)

   Corner lot with a 32x53 garage that was made into a home. Set up as a 1 bedroom, with full bath, living room and kitchen. Needs some TLC. Could be reverted back to a garage. Utility service is available at the property. Property has a well, septic is part of the Laketon sewer system.

3. 2026-04-16
   price $45,000 284-char remark

   Show marketing remark (284 chars)

   Corner lot with a 32x53 garage that was made into a home. Set up as a 1 bedroom, with full bath, living room and kitchen. Needs some TLC. Could be reverted back to a garage. Utility service is available at the property. Property has a well, septic is part of the Laketon sewer system.

4. 2026-03-24
   listed $50,000 Active 284-char remark

   Show marketing remark (284 chars)

   Corner lot with a 32x53 garage that was made into a home. Set up as a 1 bedroom, with full bath, living room and kitchen. Needs some TLC. Could be reverted back to a garage. Utility service is available at the property. Property has a well, septic is part of the Laketon sewer system.

ⓘ 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: $740 · $62/mo
• Projected year-2 tax: $740 · $62/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 ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,138
• − Mortgage interest: −$2,409
• − Property taxes: −$740
• − Insurance: −$215
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$1,251
• Taxable income: $5,581
• Est. tax owed @ 24.0%: −$1,339
• After-tax cash flow: $4,588/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: Manchester Community Schools
• NCES district ID: 1806270
• Math proficiency: 44% ▼ -6.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $45,846
• Composite: 38.24/100
• National rank: #4242
• State rank: #99 of 301 in IN

Livability — Laketon

• Score: 69/100
• State rank: #203
• US rank: #8990

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laketon, IN
• City population: 113
• Population (ZIP): 113

Population outlook (Wabash County) Hauer SSP2

• Today (2025): 30,872 people
• By 2030: 29,933 · -3.0%
• By 2040: 27,877 · -9.7%
• By 2050: 25,887 · -16.1%
• By 2075: 22,404 · -27.4%
• By 2100: 19,461 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4%

Political lean MEDSL · Wabash

• 2024 margin: Solid R (+50.8) · D 23.9% · R 74.7% · Other 1.4%
• 2008→2024 swing: -30.7pp toward R · 2008: -20.1pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+49.9 2016: R+50.7 2012: R+36.2 2008: R+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.53%
• Current HPI: 265.3201
• 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

-14.0% since first listed

4 events — show timeline

• 2026-05-09 Pending — IRMLS
• 2026-04-29 Price Changed $43,000 IRMLS
• 2026-04-16 Price Changed $45,000 IRMLS
• 2026-03-24 Listed $50,000 IRMLS

Property tax history

+12.2%/yr

Latest (2024): $740 · +10.4% YoY. Source: county tax records.