417 N Pierce St · Ridgeville, IN 47380

$53,900

2 bd · 1.0 ba · 676 sqft · SingleFamily public records · 108 Days on market

Built 1890 7,405 sqft lot ↓ 10% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Nice 1 Story home in Ridgeville. Fenced in side yard and detached 2 car garage setting on a corner lot. Home has a laundry room, and a eat in kitchen.

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $54k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($820 rent vs $54k).
• Recommended offer: $49k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#548 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D, health & safety 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.
• Zoned schools: Deerfield Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 154 students, 65% FRL); Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 7 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($373 loan paydown + $5k 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,049 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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: 1.52% ✓
• Cap rate: 13.32%
• Cash-on-cash: 25.11%
• DSCR: 2.12
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 43.2%
• Equity multiple: 4.28×
• Total profit: $49,460
• Equity at exit: $48,557

10-year hold

• IRR: 37.3%
• Equity multiple: 9.60×
• Total profit: $129,806
• Equity at exit: $104,716

Cash invested: $15,092 (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 47380

• Home prices YoY: 4.7%
• Active inventory: 7
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $820 medium
• Mortgage (P&I): −$283
• Tax from tax record: −$27 /mo · $323/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $316

Break-even live

Break-even rent $420

Max offer price $53,900

Occupancy floor 56%

Sensitivity live

Price	-10% $346	-5% $331	+0% $316	+5% $301	+10% $285
Rent	-10% $251	-5% $283	+0% $316	+5% $348	+10% $381
Rate	-1.0pp $343	-0.5pp $330	base $316	+0.5pp $302	+1.0pp $288

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: $13,475
• Closing costs: $1,617
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2023-08-31
   status Pending
2. 2023-08-09
   historical
3. 2023-08-05
   status Pending
4. 2023-06-06
   price $53,900
5. 2023-04-17
   listed $60,000 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: $323 · $27/mo
• Projected year-2 tax: $391 · $33/mo
• Expected delta: +$67/yr (+$6/mo · 20.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $9,842
• − Mortgage interest: −$3,019
• − Property taxes: −$323
• − Insurance: −$270
• − Repairs & maintenance: −$787
• − Management: −$787
• − Depreciation: −$1,568
• Taxable income: $3,087
• Est. tax owed @ 24.0%: −$741
• After-tax cash flow: $3,049/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 — Ridgeville

• Score: 59/100
• State rank: #548
• US rank: #19629

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

• Census place: Ridgeville, IN
• Population (ZIP): 1,537

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 (97%)
• Race & ethnicity: White 97% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Portuguese 1% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 12.20%
• Current HPI: 269.4161
• 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

-10.2% since first listed

5 events — show timeline

• 2023-08-31 Pending — IRMLS
• 2023-08-09 Delisted — IRMLS
• 2023-08-05 Pending — IRMLS
• 2023-06-06 Price Changed $53,900 IRMLS
• 2023-04-17 Listed $60,000 IRMLS

Property tax history

+2.7%/yr

Latest (2024): $323 · +19.7% YoY. Source: county tax records.