401 George St · Winchester, IN 47394

$69,900

2 bd · 1.0 ba · 681 sqft · SingleFamily public records · 79 Days on market

Built 1939 4,792 sqft lot $103/sqft · 12% below area Est $80k · 12% under

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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).

• ARV discount +13.0/15.0
• Cash flow +12.4/30.0
• Appreciation +10.0/10.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Cozy 2BR/1BA home with covered porch featuring 681 sq ft of easy, low-maintenance living. Check it out!

Key facts

• 4,792 sq ft lot
• Built 1939
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $-11 ($-132/yr) — negative.
• To cash-flow at today's rent, offer at most $68k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $60k (14.2% below list).
• Recommended offer: $60k (14.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, schools D-, amenities F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,000 (14.2% 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 79 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.86% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (median comp): $79,593
• List price: $69,900
• Delta: -12.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
540 N Main St	0.72mi	2/1.0	720 (+6%)	4mo	$79,000	$110	53
118 W Third St	0.63mi	2/1.0	748 (+10%)	10mo	$89,000	$119	46

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: 23.8%
• Equity multiple: 2.91×
• Total profit: $37,380
• Equity at exit: $62,971

10-year hold

• IRR: 21.1%
• Equity multiple: 6.65×
• Total profit: $110,649
• Equity at exit: $135,800

Cash invested: $19,572 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $600 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$89 /mo · $1,072/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$126
• Net cashflow: $-11

Break-even live

Break-even rent $614

Max offer price $67,960

Occupancy floor 97%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1526 S Old Highway 27 Winchester, IN	2.0	1.0	600	$600	$1.00	43d	1	1.15mi

Listing history 14 events

1. 2026-06-12
   statusdays on market $69,900 Pending 79 DOM
2. 2026-06-09
   days on market $69,900 Active 77 DOM
3. 2026-06-08
   days on market $69,900 Active 76 DOM
4. 2026-06-07
   days on market $69,900 Active 75 DOM
5. 2026-06-04
   days on market $69,900 Active 71 DOM
6. 2026-06-02
   days on market $69,900 Active 70 DOM
7. 2026-06-01
   days on market $69,900 Active 69 DOM
8. 2026-05-31
   days on market $69,900 Active 68 DOM
9. 2026-05-31
   days on market $69,900 Active 67 DOM
10. 2026-03-25
    status Active 103-char remark

    Show marketing remark (103 chars)

    Cozy 2BR/1BA home with covered porch featuring 681 sq ft of easy, low-maintenance living. Check it out!

11. 2026-03-12
    status Pending 103-char remark

    Show marketing remark (103 chars)

    Cozy 2BR/1BA home with covered porch featuring 681 sq ft of easy, low-maintenance living. Check it out!

12. 2026-03-11
    listed $69,900 Active 103-char remark

    Show marketing remark (103 chars)

    Cozy 2BR/1BA home with covered porch featuring 681 sq ft of easy, low-maintenance living. Check it out!

13. 2022-11-11
    status Pending
14. 2022-11-01
    listed $44,900 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: $1,072 · $89/mo
• Projected year-2 tax: $1,072 · $89/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $7,200
• − Mortgage interest: −$3,915
• − Property taxes: −$1,072
• − Insurance: −$350
• − Repairs & maintenance: −$576
• − Management: −$576
• − Depreciation: −$2,033
• Taxable loss: −$1,322
• Est. tax savings @ 24.0%: +$317
• After-tax cash flow: $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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

+55.7% since first listed

5 events — show timeline

• 2026-03-25 Relisted — IRMLS
• 2026-03-12 Pending — IRMLS
• 2026-03-11 Listed $69,900 IRMLS
• 2022-11-11 Pending — IRMLS
• 2022-11-01 Listed $44,900 IRMLS

Property tax history

+6.0%/yr

Latest (2024): $1,072 · -1.9% YoY. Source: county tax records.