0770 S May Dr · Cromwell, IN 46732

$100,000

2 bd · 1.0 ba · 572 sqft · SingleFamily public records · 22 Days on market

Built 1940 4,792 sqft lot Est $86k · 17% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Livability +2.9/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.2/10.0
• ARV discount +0.1/15.0

Listing remarks

(Open House Friday 4/10 from 2-5pm) Welcome to your opportunity on beautiful Knapp Lake! Whether you’re searching for a peaceful retreat, investment property, or your first home, this one checks all the boxes. Inside, enjoy adjustable heat in each room for year-round comfort, along with fresh updates including new paint, new flooring, and a newer water heater for added peace of mind. Outside, the property features an 18x24 outbuilding with a loft—perfect for a workshop, storage, hobby space, or creative studio, offering endless possibilities. Located on Knapp Lake, this home offers not just a place to live, but a lifestyle surrounded by water and tranquility. Don’t miss yo

Key facts

• New flooring
• New paint
• Newer water heater

Tags

• ADJUSTABLE HEAT
• NEW PAINT
• NEW FLOORING
• NEWER WATER HEATER
• OUTBUILDING WITH A LOFT
• LOCATED ON KNAPP LAKE

Property features AI

Finance

• HOA & community: Located in the Knapp Lake subdivision

Exterior

• Utilities: Private water; Private sewer
• Home design: Single-family, site-built home; One story
• Construction: Shingle siding; Asphalt roof
• Exterior features: Corner lot; Lake privileges; Outbuilding

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; No central cooling
• Interior features: Window treatments; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $83k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $74k (25.6% below list).
• Recommended offer: $74k (25.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#606 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• West Noble School Corporation (rural): math 30% / reading 30% proficiency, ranked #237 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Noble Primary School (329 students, 59% FRL); West Noble Middle School (math 29% / reading 31%, grade F, #208 of 330 statewide, top 64%, 671 students, 61% FRL); West Noble High School (math 30% / reading 75%, grade C-, #102 of 369 statewide, top 28%, 697 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 15 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,430 (25.6% 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. Built in 1940 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.74% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $85,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
0770 S May Dr	0.00mi	2/1.0	636 (+11%)	1mo	$95,500	$150	81

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.73×
• Total profit: $48,424
• Equity at exit: $90,088

10-year hold

• IRR: 19.3%
• Equity multiple: 6.26×
• Total profit: $147,366
• Equity at exit: $194,278

Cash invested: $28,000 (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 46732

• Home prices YoY: 7.7%
• Active inventory: 15
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $744 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$117 /mo · $1,402/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$156
• Net cashflow: $-95

Break-even live

Break-even rent $864

Max offer price $83,233

Occupancy floor —

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-24
   status Pending
2. 2026-04-02
   listed $100,000 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: $1,402 · $117/mo
• Projected year-2 tax: $1,402 · $117/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 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,932
• − Mortgage interest: −$5,602
• − Property taxes: −$1,402
• − Insurance: −$500
• − Repairs & maintenance: −$715
• − Management: −$715
• − Depreciation: −$2,909
• Taxable loss: −$2,910
• Est. tax savings @ 24.0%: +$698
• After-tax cash flow: $-441/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: West Noble School Corporation
• NCES district ID: 1812900
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 30% ▼ -11.00%
• Median HH income: $46,628
• Composite: 25.89/100
• National rank: #7339
• State rank: #237 of 301 in IN

Livability — Cromwell

• Score: 57/100
• State rank: #606
• US rank: #21851

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,434

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 21% Two or more races 8%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 9% · Canada
• Languages at home: 82% English-only · Spanish 17%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.84%
• Current HPI: 335.233
• 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

2 events — show timeline

• 2026-04-24 Pending — IRMLS
• 2026-04-02 Listed $100,000 IRMLS

Property tax history

+9.3%/yr

Latest (2024): $1,402 · -0.6% YoY. Source: county tax records.