148 Morning Dr · Austin, IN 47102

$64,999

2 bd · 1.0 ba · 1,540 sqft · SingleFamily public records · 23 Days on market

Built 1940 7,405 sqft lot $42/sqft · 63% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Home centrally located in Austin. Great location. Home in disrepair. Not livable. Sold As is. Side lot not included.

Key facts

• 7,405 sq ft lot
• Built 1940
• Listed 23 days

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water connected; Septic tank sewer
• Home design: Single-story home; 1,540 above-grade finished area
• Construction: Assessor-listed lot size of 0.17 acres; Property classified as residential
• Exterior features: Paved road access; Residential zoning

Interior

• Bathrooms: 1 full bathroom
• Interior features: Resale condition

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($928 rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 4.2% in Austin — 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 60/100 on livability (#523 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety D, schools F, amenities F.
• Scott County School District 1 (town): math 16% / reading 26% proficiency, ranked #274 of 301 in IN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 73 units permitted in Scott County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Scott County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,024 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.43% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.22%
• DSCR: 1.81
• GRM: 5.8

CMA / ARV

• ARV (median comp): $176,141
• List price: $64,999
• Delta: -63.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
255 Church St	0.09mi	3/2.0 (+1)	1,483 (-4%)	5mo	$167,000	$113	76
232 E Main St	0.15mi	3/2.0 (+1)	1,431 (-7%)	4mo	$209,900	$147	69
41 Rural St	0.72mi	2/1.0	1,608 (+4%)	2mo	$130,000	$81	57
92 W Stoneybrook Rd	0.30mi	3/2.0 (+1)	1,347 (-12%)	1mo	$269,000	$200	55
377 S Second St	0.65mi	3/2.0 (+1)	1,475 (-4%)	2mo	$160,000	$108	52
264 Audrey (lot 61) Ln	0.26mi	3/2.0 (+1)	1,310 (-15%)	6mo	$210,000	$160	49
746 Goodin Dr	0.36mi	3/2.0 (+1)	1,343 (-13%)	5mo	$180,000	$134	49
1154 Clay St	0.67mi	3/2.0 (+1)	1,456 (-6%)	4mo	$90,000	$62	48
748 Goodin Dr	0.38mi	3/2.0 (+1)	1,343 (-13%)	6mo	$164,000	$122	47
982 N Third St	0.57mi	3/2.0 (+1)	1,340 (-13%)	1mo	$184,900	$138	42
161 S Fifth St	0.61mi	3/2.0 (+1)	1,350 (-12%)	1mo	$201,900	$150	41
521 W Maple St	0.54mi	3/2.0 (+1)	1,320 (-14%)	4mo	$219,000	$166	39

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

Projected returns pro-forma

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

5-year hold

• IRR: 4.1%
• Equity multiple: 1.16×
• Total profit: $2,898
• Equity at exit: $9,692

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $19,983
• Equity at exit: $5,620

Cash invested: $18,200 (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 47102

• Home prices YoY: -8.9%
• Active inventory: 54
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $928 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$88 /mo · $1,061/yr
• Insurance: −$27
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $210

Break-even live

Break-even rent $662

Max offer price $64,999

Occupancy floor 72%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Red Oak Way Austin, IN	2.0	2.0	1080	$929	$0.86	43d	1	0.33mi
527 W Cherry St Austin, IN	2.0	1.0	1080	$925	$0.86	43d	1	0.61mi

Listing history 19 events

1. 2026-06-18
   days on market $64,999 Active 23 DOM
2. 2026-06-17
   days on market $64,999 Active 22 DOM
3. 2026-06-16
   days on market $64,999 Active 21 DOM
4. 2026-06-15
   days on market $64,999 Active 20 DOM
5. 2026-06-13
   days on market $64,999 Active 18 DOM
6. 2026-06-12
   days on market $64,999 Active 17 DOM
7. 2026-06-09
   days on market $64,999 Active 14 DOM
8. 2026-06-08
   days on market $64,999 Active 13 DOM
9. 2026-06-07
   days on market $64,999 Active 12 DOM
10. 2026-06-05
    days on market $64,999 Active 10 DOM
11. 2026-06-04
    days on market $64,999 Active 8 DOM
12. 2026-06-02
    days on market $64,999 Active 7 DOM
13. 2026-06-01
    days on market $64,999 Active 6 DOM
14. 2026-05-31
    days on market $64,999 Active 5 DOM
15. 2026-05-31
    days on market $64,999 Active 4 DOM
16. 2026-05-11
    status Active 116-char remark
17. 2026-04-21
    historical 116-char remark
18. 2026-03-31
    listed $64,999 Active 116-char remark
19. 2012-07-26
    soldstatus $62,000

ⓘ 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: $1,061 · $88/mo
• Projected year-2 tax: $1,061 · $88/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,131
• − Mortgage interest: −$3,641
• − Property taxes: −$1,061
• − Insurance: −$1,122
• − Repairs & maintenance: −$890
• − Management: −$890
• − Depreciation: −$1,891
• Taxable income: $1,634
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $2,127/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: Scott County School District 1
• NCES district ID: 1809990
• Math proficiency: 16% ▼ -21.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $36,972
• Composite: 17.46/100
• National rank: #9062
• State rank: #274 of 301 in IN

Livability — Austin

• Score: 60/100
• State rank: #523
• US rank: #18774

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: Austin, IN
• City population: 6,647
• Population (ZIP): 6,647

Population outlook (Scott County) Hauer SSP2

• Today (2025): 22,525 people
• By 2030: 21,609 · -4.1%
• By 2040: 19,536 · -13.3%
• By 2050: 17,370 · -22.9%
• By 2075: 12,862 · -42.9%
• By 2100: 9,340 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Scott

• 2024 margin: Solid R (+51.5) · D 23.4% · R 74.9% · Other 1.6%
• 2008→2024 swing: -49.5pp toward R · 2008: -2.0pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+45.6 2016: R+37.9 2012: R+6.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.77%
• Current HPI: 263.604
• 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

+4.8% since first listed

2 events — show timeline

• 2026-05-26 Listed $64,999 SIRA
• 2012-07-26 Sold (Public Records) $62,000 Public Records

Property tax history

+48.2%/yr

Latest (2024): $1,061 · -8.8% YoY. Source: county tax records.