5415 E High School Rd · Butlerville, IN 47223

$49,900

2 bd · 1.0 ba · 1,710 sqft · SingleFamily public records · 52 Days on market

Built 1900 2,178 sqft lot $29/sqft · 73% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Handyman Special! Here is your opportunity for an investment property. Three bedrooms, one -bath home with a two-car detached garage, metal roof. Cash only!

Key facts

• 2,178 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage (garage approx. 858 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; One and one half stories
• Construction: Vinyl siding; Slab foundation
• Exterior features: Less than 1/4 acre lot (approximately 0.05 acres)

Interior

• Kitchen: Microwave; Electric oven
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level (upper bedrooms approx. 10 x 12 each)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Other heating; No central cooling
• Interior features: Microwave; Electric oven; Living room (Main level, approx. 16 x 11.8); Kitchen (Main level, approx. 19 x 11)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 49/100 on livability (#656 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: health & safety D, amenities F, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brush Creek Elementary School (math 32% / reading 34%, grade F, #639 of 994 statewide, top 65%, 312 students, 66% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL).
• Market conditions: 12 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $4k appreciation (8.9% local appreciation)).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, 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 52 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.11% ✓
• Cap rate: 18.00%
• Cash-on-cash: 41.83%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

• ARV (median comp): $183,345
• List price: $49,900
• Delta: -72.78%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3300 Main St	0.05mi	3/2.0 (+1)	1,800 (+5%)	21mo	$220,000	$122	63

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

Projected returns pro-forma

8.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 55.3%
• Equity multiple: 4.90×
• Total profit: $54,524
• Equity at exit: $41,032

10-year hold

• IRR: 49.7%
• Equity multiple: 10.70×
• Total profit: $135,475
• Equity at exit: $84,621

Cash invested: $13,972 (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 47223

• Home prices YoY: 3.5%
• Active inventory: 12
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,054 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$63 /mo · $755/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $487

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 49%

Sensitivity live

Price	-10% $515	-5% $501	+0% $487	+5% $473	+10% $459
Rent	-10% $404	-5% $445	+0% $487	+5% $529	+10% $570
Rate	-1.0pp $512	-0.5pp $500	base $487	+0.5pp $474	+1.0pp $461

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $49,900 Active 52 DOM
2. 2026-06-18
   days on market $49,900 Active 51 DOM
3. 2026-06-17
   days on market $49,900 Active 50 DOM
4. 2026-06-16
   days on market $49,900 Active 49 DOM
5. 2026-06-15
   days on market $49,900 Active 48 DOM
6. 2026-06-14
   days on market $49,900 Active 46 DOM
7. 2026-06-12
   days on market $49,900 Active 45 DOM
8. 2026-06-09
   days on market $49,900 Active 42 DOM
9. 2026-06-08
   days on market $49,900 Active 41 DOM
10. 2026-06-07
    days on market $49,900 Active 40 DOM
11. 2026-06-02
    days on market $49,900 Active 35 DOM
12. 2026-06-01
    days on market $49,900 Active 34 DOM
13. 2026-05-31
    days on market $49,900 Active 33 DOM
14. 2026-05-30
    days on market $49,900 Active 32 DOM
15. 2026-04-28
    listed $49,900 Active 159-char remark

ⓘ 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: $755 · $63/mo
• Projected year-2 tax: $755 · $63/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,644
• − Mortgage interest: −$2,795
• − Property taxes: −$755
• − Insurance: −$250
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$1,452
• Taxable income: $5,370
• Est. tax owed @ 24.0%: −$1,289
• After-tax cash flow: $4,555/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Butlerville

• Score: 49/100
• State rank: #656
• US rank: #25946

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: Butlerville, IN
• Population (ZIP): 1,190

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 9%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.90%
• Current HPI: 264.6536
• 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

1 event — show timeline

• 2026-04-28 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.4%/yr

Latest (2024): $755 · +7.0% YoY. Source: county tax records.