202 Bates Dr · Charlestown, IN 47111

$195,000

5 bd · 2.0 ba · 1,500 sqft · SingleFamily public records · 58 Days on market

Built 1984 0.26 ac lot $130/sqft · 49% below area Est $367k · 47% under

---

Why this score? — see what drove the C 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 +20.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +4.8/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Opportunity in Prime Charlestown Location!!! Located at 202 Bates Drive in the heart of Charlestown, this spacious 5-bedroom, 2-bath home presents an outstanding opportunity for investors or hands-on buyers ready to bring their vision to life. With solid bones and generous square footage, this property is ideal for a flip project or a rewarding DIY renovation. The home features a full fenced backyard, offering privacy and plenty of room for outdoor enjoyment. A functional above-ground pool and an additional storage shed add to the property’s potential. While the home does require TLC, the upside is undeniable for those looking to build instant equity. Positioned right next to a Charlestown city park, the location adds significant appeal for future homeowners, with green space and recreation right next door. Whether you're expanding your investment portfolio or searching for your next project, this property is packed with potential in a desirable and convenient setting. This home is being sold AS-IS, the listing agent has interest in owner company.

Key facts

• Full fenced backyard
• Above-ground pool
• 0.26 acre lot

Tags

• FULL FENCED BACKYARD
• ABOVE-GROUND POOL
• ADDITIONAL STORAGE SHED
• NEXT TO CHARLESTOWN CITY PARK

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (1.7% below list).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 263 active listings in the ZIP; solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $195k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 0.98% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 8.5

CMA / ARV

• ARV (median comp): $367,236
• List price: $195,000
• Delta: -46.90%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-14,705
• Equity at exit: $29,075

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $8,858
• Equity at exit: $16,860

Cash invested: $54,600 (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 47111

• Active inventory: 263
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,916 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $266

Break-even live

Break-even rent $1,580

Max offer price $195,000

Occupancy floor 81%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $195,000 Active 58 DOM
2. 2026-06-17
   days on market $195,000 Active 57 DOM
3. 2026-06-16
   days on market $195,000 Active 56 DOM
4. 2026-06-15
   days on market $195,000 Active 55 DOM
5. 2026-06-13
   days on market $195,000 Active 53 DOM
6. 2026-06-13
   days on market $195,000 Active 52 DOM
7. 2026-06-10
   days on market $195,000 Active 50 DOM
8. 2026-06-09
   days on market $195,000 Active 49 DOM
9. 2026-06-08
   days on market $195,000 Active 48 DOM
10. 2026-06-07
    pricedays on market $195,000 Active 47 DOM
11. 2026-06-03
    days on market $205,000 Active 43 DOM
12. 2026-06-02
    days on market $205,000 Active 42 DOM
13. 2026-06-01
    days on market $205,000 Active 41 DOM
14. 2026-05-31
    days on market $205,000 Active 40 DOM
15. 2026-05-12
    price $205,000 1078-char remark

    Show marketing remark (1078 chars)

    Investor Opportunity in Prime Charlestown Location!!! Located at 202 Bates Drive in the heart of Charlestown, this spacious 5-bedroom, 2-bath home presents an outstanding opportunity for investors or hands-on buyers ready to bring their vision to life. With solid bones and generous square footage, this property is ideal for a flip project or a rewarding DIY renovation. The home features a full fenced backyard, offering privacy and plenty of room for outdoor enjoyment. A functional above-ground pool and an additional storage shed add to the property’s potential. While the home does require TLC, the upside is undeniable for those looking to build instant equity. Positioned right next to a Charlestown city park, the location adds significant appeal for future homeowners, with green space and recreation right next door. Whether you're expanding your investment portfolio or searching for your next project, this property is packed with potential in a desirable and convenient setting. This home is being sold AS-IS, the listing agent has interest in owner company.

16. 2026-04-21
    listed $225,000 Active 1078-char remark

    Show marketing remark (1078 chars)

    Investor Opportunity in Prime Charlestown Location!!! Located at 202 Bates Drive in the heart of Charlestown, this spacious 5-bedroom, 2-bath home presents an outstanding opportunity for investors or hands-on buyers ready to bring their vision to life. With solid bones and generous square footage, this property is ideal for a flip project or a rewarding DIY renovation. The home features a full fenced backyard, offering privacy and plenty of room for outdoor enjoyment. A functional above-ground pool and an additional storage shed add to the property’s potential. While the home does require TLC, the upside is undeniable for those looking to build instant equity. Positioned right next to a Charlestown city park, the location adds significant appeal for future homeowners, with green space and recreation right next door. Whether you're expanding your investment portfolio or searching for your next project, this property is packed with potential in a desirable and convenient setting. This home is being sold AS-IS, the listing agent has interest in owner company.

17. 2017-06-12
    soldstatus $124,900 295-char remark

    Show marketing remark (295 chars)

    This 5 bedroom home is located in a quite neighborhood with a large privacy fenced back yard ready for an above ground pool. Tuff shed with a loft for extra storage.   2 full baths, one on each level, The kitchen has tile floors, all appliances stay, tiled back splash. All sizes are aprox.

18. 2017-05-01
    listed $124,900 295-char remark

    Show marketing remark (295 chars)

    This 5 bedroom home is located in a quite neighborhood with a large privacy fenced back yard ready for an above ground pool. Tuff shed with a loft for extra storage.   2 full baths, one on each level, The kitchen has tile floors, all appliances stay, tiled back splash. All sizes are aprox.

19. 2014-01-22
    soldstatus $110,000
20. 2014-01-15
    soldstatus $110,000
21. 2013-07-26
    listed $114,900

ⓘ 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: $1,728 · $144/mo
• Projected year-2 tax: $1,728 · $144/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 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,991
• − Mortgage interest: −$10,923
• − Property taxes: −$1,728
• − Insurance: −$975
• − Repairs & maintenance: −$1,839
• − Management: −$1,839
• − Depreciation: −$5,673
• Taxable income: $14
• Est. tax owed @ 24.0%: −$3
• After-tax cash flow: $3,186/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: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• 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

+78.4% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $205,000 SIRA
• 2026-04-21 Listed $225,000 SIRA
• 2017-06-12 Sold (MLS) $124,900 SIRA
• 2017-05-01 Listed $124,900 SIRA
• 2014-01-22 Sold (Public Records) $110,000 Public Records
• 2014-01-15 Sold (MLS) $110,000 SIRA
• 2013-07-26 Listed $114,900 SIRA

Property tax history

+7.4%/yr

Latest (2024): $1,728 · +1.9% YoY. Source: county tax records.