5405 E High School Rd · Butlerville, IN 47223

$32,900

3 bd · 1.0 ba · 1,329 sqft · SingleFamily public records · 60 Days on market

Built 1900 3,960 sqft lot $25/sqft · 82% below area ↓ 6% 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
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investment Opportunity awaits! This 3 bedroom 1 bathroom home in Butlerville is looking for the next owner to show it some love and return it to its former glory. With a lot of sweat and some capital investment this home would be great for a rental property or a residence.

Key facts

• 3,960 sq ft lot
• Built 1900
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $33k.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $33k).
• Recommended offer: $32k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 49/100 on livability (#656 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: health & safety D, schools F, amenities F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($227 loan paydown + $3k appreciation (8.9% local appreciation)).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($32k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,913 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1900 — 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 F-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: 3.68% ✓
• Cap rate: 31.92%
• Cash-on-cash: 91.53%
• DSCR: 5.07
• GRM: 2.3

CMA / ARV

• ARV (median comp): $179,000
• List price: $32,900
• Delta: -81.62%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5265 E North St	0.19mi	3/2.0	1,254 (-6%)	3mo	$153,000	$122	75
3495 N Main St	0.27mi	3/2.0	1,396 (+5%)	2mo	$179,000	$128	73
5310 E Us Highway 50	0.09mi	3/1.0	1,441 (+8%)	19mo	$160,000	$111	66
5130 E County Road 300 N	0.37mi	3/1.0	1,396 (+5%)	12mo	$225,000	$161	64
5710 E County Road 325 N	0.30mi	3/1.0	1,375 (+4%)	19mo	$150,000	$109	64
5255 E Gibson St	0.22mi	3/2.0	1,272 (-4%)	23mo	$180,000	$142	59
2925 N County Road 550 E	0.34mi	3/1.0	1,375 (+4%)	23mo	$219,000	$159	59

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

Projected returns pro-forma

8.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 99.7%
• Equity multiple: 7.54×
• Total profit: $60,276
• Equity at exit: $27,053

10-year hold

• IRR: 95.8%
• Equity multiple: 16.40×
• Total profit: $141,894
• Equity at exit: $55,792

Cash invested: $9,212 (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 47223

• Home prices YoY: 3.5%
• Active inventory: 12
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$173
• Tax from tax record: −$66 /mo · $797/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $703

Break-even live

Break-even rent $320

Max offer price $32,900

Occupancy floor 37%

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: $8,225
• Closing costs: $987
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $32,900 Active 60 DOM
2. 2026-06-18
   days on market $32,900 Active 59 DOM
3. 2026-06-17
   days on market $32,900 Active 58 DOM
4. 2026-06-16
   days on market $32,900 Active 57 DOM
5. 2026-06-15
   days on market $32,900 Active 56 DOM
6. 2026-06-14
   days on market $32,900 Active 54 DOM
7. 2026-06-12
   days on market $32,900 Active 53 DOM
8. 2026-06-09
   days on market $32,900 Active 50 DOM
9. 2026-06-08
   days on market $32,900 Active 49 DOM
10. 2026-06-07
    days on market $32,900 Active 48 DOM
11. 2026-06-02
    days on market $32,900 Active 43 DOM
12. 2026-06-01
    days on market $32,900 Active 42 DOM
13. 2026-05-31
    days on market $32,900 Active 41 DOM
14. 2026-05-30
    days on market $32,900 Active 40 DOM
15. 2026-05-16
    price $32,900 275-char remark

    Show marketing remark (275 chars)

    Investment Opportunity awaits! This 3 bedroom 1 bathroom home in Butlerville is looking for the next owner to show it some love and return it to its former glory. With a lot of sweat and some capital investment this home would be great for a rental property or a residence.

16. 2026-04-20
    listed $34,900 Active 275-char remark

    Show marketing remark (275 chars)

    Investment Opportunity awaits! This 3 bedroom 1 bathroom home in Butlerville is looking for the next owner to show it some love and return it to its former glory. With a lot of sweat and some capital investment this home would be great for a rental property or a residence.

ⓘ 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: $797 · $66/mo
• Projected year-2 tax: $797 · $66/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 4/10 Moderate 7 d/yr ≥104°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: $14,511
• − Mortgage interest: −$1,843
• − Property taxes: −$797
• − Insurance: −$164
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$957
• Taxable income: $8,428
• Est. tax owed @ 24.0%: −$2,023
• After-tax cash flow: $6,409/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Butlerville

• Score: 49/100
• State rank: #656
• US rank: #25946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Butlerville, IN
• Population (ZIP): 1,190

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 9%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.90%
• Current HPI: 264.6536
• 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

-5.7% since first listed

2 events — show timeline

• 2026-05-16 Price Changed $32,900 MIBOR as Distributed by MLS Grid
• 2026-04-20 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2024): $797 · +12.8% YoY. Source: county tax records.