2540 S Meridian Rd · Mitchell, IN 47446

$249,900

4 bd · 3.0 ba · 2,356 sqft · SingleFamily public records · 66 Days on market

Built 2001 3.00 ac lot $106/sqft · 32% below area Est $369k · 32% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.6/30.0
• Appreciation +5.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• 1% rule +0.6/10.0

Listing remarks MLS

Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

Key facts

• New front deck
• New roof on the shed
• New garage door

Tags

• BRAND NEW ANDERSEN WINDOWS
• NEW FRONT DECK
• FRESH GRAVEL IN THE DRIVEWAY
• NEW ROOF ON THE GARAGE
• NEW ROOF ON THE SHED
• NEW GARAGE DOOR

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-410 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (43.7% below list).
• Recommended offer: $141k (43.7% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 5.6% in Mitchell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools D, employment D, amenities F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 61 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $2k appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $140,675 (43.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.56% ✗
• Cap rate: 4.32%
• Cash-on-cash: -7.03%
• DSCR: 0.69
• GRM: 14.8

CMA / ARV

• ARV (median comp): $368,944
• List price: $249,900
• Delta: -32.27%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1603 Vfw Rd	0.40mi	4/3.0	2,184 (-7%)	8mo	$355,000	$163	63

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

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.63×
• Total profit: $-26,218
• Equity at exit: $80,352

10-year hold

• IRR: -1.9%
• Equity multiple: 0.78×
• Total profit: $-15,616
• Equity at exit: $103,044

Cash invested: $69,972 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 61
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $1,407 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $-410

Break-even live

Break-even rent $1,926

Max offer price $177,442

Occupancy floor —

Sensitivity live

Price	-10% $-269	-5% $-339	+0% $-410	+5% $-481	+10% $-552
Rent	-10% $-521	-5% $-466	+0% $-410	+5% $-355	+10% $-299
Rate	-1.0pp $-284	-0.5pp $-347	base $-410	+0.5pp $-475	+1.0pp $-541

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $249,900 Active 66 DOM
2. 2026-06-18
   days on market $249,900 Active 65 DOM
3. 2026-06-17
   days on market $249,900 Active 64 DOM
4. 2026-06-16
   days on market $249,900 Active 63 DOM
5. 2026-06-15
   days on market $249,900 Active 62 DOM
6. 2026-06-14
   days on market $249,900 Active 60 DOM
7. 2026-06-12
   days on market $249,900 Active 59 DOM
8. 2026-06-09
   days on market $249,900 Active 56 DOM
9. 2026-06-08
   days on market $249,900 Active 55 DOM
10. 2026-06-07
    days on market $249,900 Active 54 DOM
11. 2026-06-05
    days on market $249,900 Active 52 DOM
12. 2026-06-03
    days on market $249,900 Active 50 DOM
13. 2026-06-02
    days on market $249,900 Active 49 DOM
14. 2026-06-01
    days on market $249,900 Active 48 DOM
15. 2026-05-31
    days on market $249,900 Active 47 DOM
16. 2026-05-30
    days on market $249,900 Active 46 DOM
17. 2026-05-06
    price $259,900 617-char remark

    Show marketing remark (617 chars)

    Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

18. 2026-05-06
    price $259,900 617-char remark

    Show marketing remark (617 chars)

    Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

19. 2026-04-14
    price $269,900 617-char remark

    Show marketing remark (617 chars)

    Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

20. 2026-04-14
    listed $237,400 Active 617-char remark

    Show marketing remark (617 chars)

    Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

21. 2026-04-14
    listed $269,900 Active 617-char remark

    Show marketing remark (617 chars)

    Welcome to this very spacious 4 bed, 3 bath home on 3 acres which boasts over 2,300 sq ft. Home's recent improvements include: ALL brand new Andersen windows, new front deck, fresh gravel in the driveway, new roof on the garage and the shed, new garage door, new paint, trim and crown molding in the primary bedroom. The A/C and furnace are both under 5 years old, and seller has high-speed fiber internet through Orange County REMC. Part of property is fully fenced-in; property extends beyond fence line. If you're looking for a spacious home that's ready to move-in on some acreage, don't let this one pass you by!

22. 2024-07-31
    price $237,400
23. 2024-06-24
    listed $239,900 Active

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $1,703 · $142/mo
• Expected delta: +$421/yr (+$35/mo · 32.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,881
• − Mortgage interest: −$13,998
• − Property taxes: −$1,282
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − Depreciation: −$7,270
• Taxable loss: −$9,620
• Est. tax savings @ 24.0%: +$2,309
• After-tax cash flow: $-2,613/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

+8.3% since first listed

7 events — show timeline

• 2026-05-06 Price Changed $259,900 IRMLS
• 2026-05-06 Price Changed $259,900 MIBOR as Distributed by MLS Grid
• 2026-04-14 Price Changed $269,900 IRMLS
• 2026-04-14 Listed $269,900 MIBOR as Distributed by MLS Grid
• 2026-04-14 Listed $237,400 IRMLS
• 2024-07-31 Price Changed $237,400 IRMLS
• 2024-06-24 Listed $239,900 IRMLS

Property tax history

+1.5%/yr

Latest (2025): $1,282 · +0.4% YoY. Source: county tax records.