2340 W Hibbs Rd · Cates, IN 47952

$69,500

3 bd · 1.5 ba · 1,248 sqft · SingleFamily public records · 52 Days on market

Built 1977 2.00 ac lot ↓ 18% 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
• Schools +4.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Brick Ranch Fixer-Upper on 2 Acres - Covington School District This 1,248 sq. ft. brick ranch previously configured as 3 bedrooms and 1.5 baths has been fully gutted to subfloor, some areas of flooring are missing and expose the crawlspace below. There is an exisitng fireplace. The property will require a new roof, plumbing, furnace, A/C, and full interior construction. Enjoy the peaceful setting with a concrete patio area and mature trees. The well and septic condition are unknown. Conveniently located 13 miles from Covington and 6 miles from Kingman in the Covington School Corporation district. A great opportunity for a residential rebuild, recreational retreat, or country getaway in a q

Key facts

• Quiet rural setting
• Concrete patio area
• Mature trees

Tags

• COVINGTON SCHOOL DISTRICT
• CONCRETE PATIO AREA
• MATURE TREES
• QUIET RURAL SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $305 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Covington Community School Corporation (town): math 49% / reading 55% proficiency, ranked #42 of 301 in IN (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Covington Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 414 students, 41% FRL); Covington Community High School (math 47% / reading 77%, grade B-, #41 of 369 statewide, top 12%, 284 students, 40% FRL).
• Market conditions: 19 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($481 loan paydown + $7k appreciation (10.0% local appreciation)).
• Fountain County population projected at -22% 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 $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k 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 ($67k) is reasonable based on typical stale-listing flexibility.

Recommended offer $67,415 (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 1977 — 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. 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: 1.51% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.80%
• DSCR: 1.84
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $38,688
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2340 W Hibbs Rd	0.00mi	3/1.5	1,248 (0%)	0mo	$39,000	$31	100

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: 38.3%
• Equity multiple: 3.95×
• Total profit: $57,310
• Equity at exit: $62,611

10-year hold

• IRR: 33.0%
• Equity multiple: 8.89×
• Total profit: $153,580
• Equity at exit: $135,023

Cash invested: $19,460 (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 47952

• Home prices YoY: 34.4%
• Active inventory: 19
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,046 medium
• Mortgage (P&I): −$364
• Tax from tax record: −$128 /mo · $1,538/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $305

Break-even live

Break-even rent $660

Max offer price $69,500

Occupancy floor 66%

Sensitivity live

Price	-10% $344	-5% $325	+0% $305	+5% $285	+10% $266
Rent	-10% $222	-5% $264	+0% $305	+5% $346	+10% $388
Rate	-1.0pp $340	-0.5pp $323	base $305	+0.5pp $287	+1.0pp $269

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2025-12-27
   status Pending
2. 2025-12-05
   price $69,500
3. 2025-11-04
   listed $85,000 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: $1,538 · $128/mo
• Projected year-2 tax: $1,538 · $128/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 ≥104°F today · 18 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: $12,553
• − Mortgage interest: −$3,893
• − Property taxes: −$1,538
• − Insurance: −$348
• − Repairs & maintenance: −$1,004
• − Management: −$1,004
• − Depreciation: −$2,022
• Taxable income: $2,745
• Est. tax owed @ 24.0%: −$659
• After-tax cash flow: $3,000/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: Covington Community School Corporation
• NCES district ID: 1802430
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $49,860
• Composite: 44.41/100
• National rank: #2812
• State rank: #42 of 301 in IN

Livability — Cates

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,676

Population outlook (Fountain County) Hauer SSP2

• Today (2025): 15,481 people
• By 2030: 14,841 · -4.1%
• By 2040: 13,505 · -12.8%
• By 2050: 12,149 · -21.5%
• By 2075: 9,214 · -40.5%
• By 2100: 6,463 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fountain

• 2024 margin: Solid R (+60.0) · D 19.1% · R 79.1% · Other 1.8%
• 2008→2024 swing: -45.6pp toward R · 2008: -14.4pp · 2024: -60.0pp
• All cycles: 2024: R+60.0 2020: R+56.7 2016: R+56.0 2012: R+34.2 2008: R+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 58.17%
• Current HPI: 227.38
• 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

-18.2% since first listed

3 events — show timeline

• 2025-12-27 Pending — MIBOR as Distributed by MLS Grid
• 2025-12-05 Price Changed $69,500 MIBOR as Distributed by MLS Grid
• 2025-11-04 Listed $85,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.3%/yr

Latest (2024): $1,538 · -2.8% YoY. Source: county tax records.