324 W 1st St · Rushville, IN 46173

$134,900

3 bd · 2.0 ba · 744 sqft · SingleFamily public records · 365 Days on market

Built 1984 4,966 sqft lot $181/sqft · 129% above area Est $131k · at est. ↓ 16% since listing

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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).

• Cash flow +10.9/30.0
• ARV discount +6.1/15.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

Key facts

• Private backyard
• Outdoor gatherings
• 4,966 sq ft lot

Tags

• PRIVATE BACKYARD
• OUTDOOR GATHERINGS
• CONVENIENTLY CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-60 ($-722/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (28.7% below list).
• Recommended offer: $96k (28.7% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.0% in Rushville — 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 69/100 on livability (#184 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety C-, employment D+.
• Rush County Schools (town): math 38% / reading 41% proficiency, ranked #147 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 365 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $96,228 (28.7% 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 365 days. Have you received any prior offers? Is the seller open to a 29% 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. 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?
6. 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.
7. 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.
8. 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: 0.71% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.91%
• DSCR: 0.91
• GRM: 11.7

CMA / ARV

• ARV (median comp): $130,889
• List price: $134,900
• Delta: 3.06%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.5%
• Equity multiple: 0.32×
• Total profit: $-25,744
• Equity at exit: $20,114

10-year hold

• IRR: -12.4%
• Equity multiple: 0.27×
• Total profit: $-27,571
• Equity at exit: $11,664

Cash invested: $37,772 (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 46173

• Home prices YoY: -14.3%
• Active inventory: 65
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $962 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$57 /mo · $680/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $-60

Break-even live

Break-even rent $1,038

Max offer price $124,275

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-22	+0% $-60	+5% $-98	+10% $-137
Rent	-10% $-136	-5% $-98	+0% $-60	+5% $-22	+10% $16
Rate	-1.0pp $8	-0.5pp $-26	base $-60	+0.5pp $-95	+1.0pp $-131

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-19
   status Pending 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

2. 2026-04-07
   status Active 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

3. 2026-03-11
   status Pending 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

4. 2026-01-24
   price $134,900 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

5. 2025-12-29
   price $145,000 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

6. 2025-09-10
   price $149,500 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

7. 2025-04-22
   listed $159,900 Active 599-char remark

   Show marketing remark (599 chars)

   Updated 3-bedroom, 2-bathroom bungalow with brand-new carpet, vinyl flooring, and fresh paint throughout. The home offers plenty of living and entertaining space, with a functional layout. The main level includes one bedroom and a full bathroom, while the upper level has two additional bedrooms and another full bath. The private backyard provides a great space for outdoor gatherings. Move-in ready with plenty of upgrades, this home is a comfortable and practical choice. Located conveniently close to parks and restaurants. Schedule a showing today! **Estate sale. Home is being sold AS-IS**

ⓘ 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: $680 · $57/mo
• Projected year-2 tax: $914 · $76/mo
• Expected delta: +$233/yr (+$19/mo · 34.3%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $11,547
• − Mortgage interest: −$7,556
• − Property taxes: −$680
• − Insurance: −$674
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$3,924
• Taxable loss: −$3,136
• Est. tax savings @ 24.0%: +$753
• After-tax cash flow: $31/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: Rush County Schools
• NCES district ID: 1809750
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $46,237
• Composite: 33.72/100
• National rank: #5377
• State rank: #147 of 301 in IN

Livability — Rushville

• Score: 69/100
• State rank: #184
• US rank: #8476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rushville, IN
• Population (ZIP): 10,544

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2% Black 1%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.42%
• Current HPI: 242.9265
• 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

-15.6% since first listed

7 events — show timeline

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-07 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-24 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2025-12-29 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2025-09-10 Price Changed $149,500 MIBOR as Distributed by MLS Grid
• 2025-04-22 Listed $159,900 MIBOR as Distributed by MLS Grid

Property tax history

-7.9%/yr

Latest (2024): $680 · +25.9% YoY. Source: county tax records.