400 E Race St · Odon, IN 47562

$100,000

3 bd · 1.0 ba · 1,444 sqft · SingleFamily public records · 22 Days on market

Built 1940 Est $170k · 41% under

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• Appreciation +8.0/10.0
• 1% rule +7.3/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Cash on the Barrelhead!! Nice Rental. . Income Producing Asset Located in Odon IN. Property consists of a house that is currently divided into 2 Separate Living Quarters/Units . . Each Unit has a Separate Entrance. Could easily be converted back to a Home if Buyer desired. Seller was renting the Property at $1200.00 per unit for a $2400 Month Gross Rent. Currently Vacant and cleaned out ready for your Family to move into. . All Appliances are Included in the Sale. .

Key facts

• Spec home build
• 2 unit apartment
• Built 1940

Tags

• INCOME PRODUCING ASSET
• 2 UNIT APARTMENT
• ADDITIONAL DUPLEX RENTALS
• SPEC HOME BUILD

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; Single-story
• Construction: Metal and vinyl siding
• Exterior features: Corner, level lot

Interior

• Bedrooms: Bedrooms located on main level
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Crawl space basement; Total of 8 rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#388 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• North Daviess Community Schools (rural): math 32% / reading 46% proficiency, ranked #157 of 301 in IN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Daviess Elementary School (math 37% / reading 44%, grade F, #491 of 994 statewide, top 50%, 637 students, 48% FRL); North Daviess Jr-Sr High School (math 26% / reading 48%, grade F, #247 of 369 statewide, top 70%, 471 students, 49% FRL) — zoned schools average 49% FRL vs 31% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 20 active listings in the ZIP; 71 units permitted in Daviess County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($691 loan paydown + $6k appreciation (6.0% local appreciation)).
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $100k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,500 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.97%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $170,392
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 E Elnora St	0.23mi	3/2.0	1,477 (+2%)	15mo	$175,000	$118	69
218 E Main St	0.20mi	3/1.0	1,563 (+8%)	17mo	$88,000	$56	63
309 S Spring St	0.33mi	3/2.0	1,560 (+8%)	17mo	$245,000	$157	53
505 W Center St	0.62mi	3/1.0	1,386 (-4%)	18mo	$146,500	$106	50
407 W Race St	0.56mi	3/1.0	1,350 (-6%)	23mo	$70,000	$52	44
307 S Grove St	0.42mi	3/2.5	1,566 (+8%)	22mo	$190,000	$121	42

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

Projected returns pro-forma

5.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 2.66×
• Total profit: $46,584
• Equity at exit: $62,762

10-year hold

• IRR: 23.8%
• Equity multiple: 5.40×
• Total profit: $123,155
• Equity at exit: $113,727

Cash invested: $28,000 (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 47562

• Home prices YoY: 2.9%
• Active inventory: 20
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $279

Break-even live

Break-even rent $875

Max offer price $100,000

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-08
   status Pending
2. 2026-04-24
   price $100,000
3. 2026-04-16
   listed $135,000 Active
4. 2025-01-09
   soldstatus $37,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,740
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$2,909
• Taxable income: $1,871
• Est. tax owed @ 24.0%: −$449
• After-tax cash flow: $2,903/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: North Daviess Community Schools
• NCES district ID: 1807710
• Math proficiency: 32% ▼ -17.00%
• Reading proficiency: 46% ▼ -11.00%
• Median HH income: $45,197
• Composite: 33.15/100
• National rank: #5552
• State rank: #157 of 301 in IN

Livability — Odon

• Score: 64/100
• State rank: #388
• US rank: #14371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Odon, IN
• Population (ZIP): 5,332

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 33,940 people
• By 2030: 34,457 · +1.5%
• By 2040: 35,412 · +4.3%
• By 2050: 35,803 · +5.5%
• By 2075: 35,173 · +3.6%
• By 2100: 29,799 · -12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2%
• Common ancestry: Italian 3% Portuguese 2% Russian 2%
• Foreign-born: 0%
• Languages at home: 71% English-only · German/W. Germanic 29%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+64.3) · D 17.1% · R 81.5% · Other 1.4%
• 2008→2024 swing: -29.1pp toward R · 2008: -35.2pp · 2024: -64.3pp
• All cycles: 2024: R+64.3 2020: R+62.0 2016: R+62.8 2012: R+50.8 2008: R+35.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.98%
• Current HPI: 215.7598
• 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

+166.7% since first listed

4 events — show timeline

• 2026-05-08 Pending — IRMLS
• 2026-04-24 Price Changed $100,000 IRMLS
• 2026-04-16 Listed $135,000 IRMLS
• 2025-01-09 Sold (Public Records) $37,500 Public Records