216 N 7th St · Summitville, IN 46070

$57,995

4 bd · 1.0 ba · 2,160 sqft · SingleFamily public records · 111 Days on market

Built 1899 0.35 ac lot $27/sqft · 62% below area ↓ 35% since listing

---

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 +3.3/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

Key facts

• Double-parcel lot
• Workshop hobby space
• Extra storage

Tags

• DOUBLE-PARCEL LOT
• MASSIVE 40X24 DETACHED GARAGE
• WORKSHOP HOBBY SPACE
• EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $53k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#310 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools D, crime D.
• Madison-Grant United School Corporation (rural): math 32% / reading 40% proficiency, ranked #180 of 301 in IN (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($401 loan paydown + $6k appreciation (10.0% local appreciation)).
• Madison County population projected at -14% 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 $16k cash investment doubles in ~2 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 111 days — a 9% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $22k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $58k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,775 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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 1899 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 2.12% ✓
• Cap rate: 18.05%
• Cash-on-cash: 42.00%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (median comp): $154,288
• List price: $57,995
• Delta: -62.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 N Main St	0.12mi	3/1.0 (-1)	2,190 (+1%)	23mo	$63,000	$29	68
1521 E 1700 N	0.72mi	3/1.0 (-1)	2,077 (-4%)	2mo	$274,900	$132	53
120 S Howard St	0.34mi	3/1.0 (-1)	2,012 (-7%)	22mo	$182,000	$90	49

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

Projected returns pro-forma

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

5-year hold

• IRR: 56.9%
• Equity multiple: 5.18×
• Total profit: $67,805
• Equity at exit: $52,246

10-year hold

• IRR: 50.4%
• Equity multiple: 11.55×
• Total profit: $171,250
• Equity at exit: $112,672

Cash invested: $16,239 (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 46070

• Home prices YoY: 12.2%
• Active inventory: 12
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$304
• Tax from tax record: −$77 /mo · $921/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $568

Break-even live

Break-even rent $513

Max offer price $57,995

Occupancy floor 49%

Sensitivity live

Price	-10% $601	-5% $585	+0% $568	+5% $552	+10% $536
Rent	-10% $471	-5% $520	+0% $568	+5% $617	+10% $666
Rate	-1.0pp $598	-0.5pp $583	base $568	+0.5pp $553	+1.0pp $538

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: $14,499
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-09
   days on market $57,995 Active 111 DOM
2. 2026-06-08
   days on market $57,995 Active 110 DOM
3. 2026-06-07
   days on market $57,995 Active 109 DOM
4. 2026-06-02
   days on market $57,995 Active 104 DOM
5. 2026-06-01
   days on market $57,995 Active 103 DOM
6. 2026-05-31
   days on market $57,995 Active 102 DOM
7. 2026-05-30
   days on market $57,995 Active 101 DOM
8. 2026-05-11
   price $59,995 809-char remark

   Show marketing remark (809 chars)

   This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

9. 2026-04-23
   price $65,995 809-char remark

   Show marketing remark (809 chars)

   This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

10. 2026-04-09
    price $67,995 809-char remark

    Show marketing remark (809 chars)

    This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

11. 2026-03-27
    price $69,995 809-char remark

    Show marketing remark (809 chars)

    This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

12. 2026-03-10
    price $74,995 809-char remark

    Show marketing remark (809 chars)

    This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

13. 2026-02-18
    listed $79,900 Active 809-char remark

    Show marketing remark (809 chars)

    This 4-bedroom, 1-bath home offers 2,160 sq ft of living space and sits on a rare double-parcel lot, giving you room to dream big. Whether you’re envisioning a spacious family home, a value-add investment, or something uniquely your own, the possibilities here are wide open. The standout feature is the MASSIVE 40x24 detached garage—perfect for a workshop, hobby space, extra storage, or future ideas you’ve been waiting to bring to life. Some updates have already been started, and the home is now ready for someone with vision to finish the story and make it shine again. With its size, lot layout, and incredible garage space, this property offers a chance to create something truly special. Opportunity like this doesn’t come around often—bring your ideas and make it yours.

14. 2010-05-18
    historical 473-char remark

    Show marketing remark (473 chars)

    HUD HOME - NO APPT NECESSARY - PROPERTY SOLD IN AS-IS CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-765917 NOTES: Evidence of Lead Based Paint; Evidence of wood destroying organism damage on basement stair landing; Replace shingles, bricks on chimney, furnace, water heater, light fixtures and interior doors.

15. 2010-04-16
    soldstatus $30,000 473-char remark

    Show marketing remark (473 chars)

    HUD HOME - NO APPT NECESSARY - PROPERTY SOLD IN AS-IS CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-765917 NOTES: Evidence of Lead Based Paint; Evidence of wood destroying organism damage on basement stair landing; Replace shingles, bricks on chimney, furnace, water heater, light fixtures and interior doors.

16. 2009-09-25
    listed $35,000 473-char remark

    Show marketing remark (473 chars)

    HUD HOME - NO APPT NECESSARY - PROPERTY SOLD IN AS-IS CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-765917 NOTES: Evidence of Lead Based Paint; Evidence of wood destroying organism damage on basement stair landing; Replace shingles, bricks on chimney, furnace, water heater, light fixtures and interior doors.

17. 2009-07-16
    soldstatus $92,186

ⓘ 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: $921 · $77/mo
• Projected year-2 tax: $921 · $77/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 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 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: $14,785
• − Mortgage interest: −$3,249
• − Property taxes: −$921
• − Insurance: −$290
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$1,687
• Taxable income: $6,273
• Est. tax owed @ 24.0%: −$1,506
• After-tax cash flow: $5,315/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: Madison-Grant United School Corporation
• NCES district ID: 1806240
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $47,917
• Composite: 30.95/100
• National rank: #6107
• State rank: #180 of 301 in IN

Livability — Summitville

• Score: 66/100
• State rank: #310
• US rank: #12277

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summitville, IN
• Population (ZIP): 2,289

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 3% Iranian 2% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.48%
• Current HPI: 233.4985
• 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

-34.9% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $59,995 IRMLS
• 2026-04-23 Price Changed $65,995 IRMLS
• 2026-04-09 Price Changed $67,995 IRMLS
• 2026-03-27 Price Changed $69,995 IRMLS
• 2026-03-10 Price Changed $74,995 IRMLS
• 2026-02-18 Listed $79,900 IRMLS
• 2010-05-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-04-16 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2009-09-25 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2009-07-16 Sold (Public Records) $92,186 Public Records

Property tax history

+60.7%/yr

Latest (2024): $921 · +15.6% YoY. Source: county tax records.