4557 S State Road 9 · Shelbyville, IN 46176

$239,900

4 bd · 2.0 ba · 1,876 sqft · SingleFamily public records · 10 Days on market

Built 1955 0.58 ac lot $128/sqft · 19% below area Est $437k · 45% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Located at 4557 S State Road 9 in Shelbyville, this established single-story residence presents an opportunity for country living. Within its generous 1876 square feet of living space, this home offers four bedrooms, two full bathrooms that ensures convenience and comfort for daily routines. There is a living room, family room with fireplace, dining room and kitchen. The room sizes are large and plenty of space to spread out and there is a basement! Beyond the interiors, a flat nice lot, encompassing 25265 square feet or . 58 acre, with abundant possibilities for outdoor pursuits and the serene enjoyment of country living. There is a screened in back patio to enjoy the summer evenings. Thi

Key facts

• Flat nice lot
• Kitchen
• Living room

Tags

• LIVING ROOM
• FAMILY ROOM WITH FIREPLACE
• DINING ROOM
• KITCHEN
• FLAT NICE LOT
• SCREENED IN BACK PATIO

Property features AI

Exterior

• Parking: Attached 2-car garage (approx. 525 sq ft)
• Utilities: Private water; Private sewer
• Home design: Single-family home; One level
• Construction: Brick construction; Block foundation
• Exterior features: Screened porch; No fence; Rural, not part of a subdivision; Approximately 0.58-acre lot (about 1/2–1 acre)

Interior

• Kitchen: Dishwasher; Microwave with hood; Gas oven; Refrigerator
• Bedrooms: 4 bedrooms (all on main level)
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Screened porch

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-147 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (29.4% below list).
• Recommended offer: $169k (29.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 4.3% in Shelbyville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL).
• Market conditions: 229 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,287 (29.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1955 — 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 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.71% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.63%
• DSCR: 0.88
• GRM: 11.8

CMA / ARV

• ARV (median comp): $437,109
• List price: $239,900
• Delta: -45.12%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.7%
• Equity multiple: 0.28×
• Total profit: $-48,324
• Equity at exit: $35,770

10-year hold

• IRR: -14.1%
• Equity multiple: 0.19×
• Total profit: $-54,473
• Equity at exit: $20,742

Cash invested: $67,172 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,693 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$126 /mo · $1,517/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-147

Break-even live

Break-even rent $1,879

Max offer price $213,914

Occupancy floor —

Sensitivity live

Price	-10% $-11	-5% $-79	+0% $-147	+5% $-215	+10% $-283
Rent	-10% $-281	-5% $-214	+0% $-147	+5% $-80	+10% $-13
Rate	-1.0pp $-26	-0.5pp $-86	base $-147	+0.5pp $-209	+1.0pp $-273

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-12
   status Active 850-char remark
2. 2026-04-30
   status Pending 850-char remark
3. 2026-04-28
   listed $239,900 Active 850-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: $1,517 · $126/mo
• Projected year-2 tax: $1,778 · $148/mo
• Expected delta: +$261/yr (+$22/mo · 17.2%)

ⓘ 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 ≥102°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: $20,314
• − Mortgage interest: −$13,438
• − Property taxes: −$1,517
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − Depreciation: −$6,979
• Taxable loss: −$6,070
• Est. tax savings @ 24.0%: +$1,457
• After-tax cash flow: $-308/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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 events — show timeline

• 2026-05-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-28 Listed $239,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2025): $1,517 · -3.8% YoY. Source: county tax records.