509 E Main St · Peru, IN 46970

$62,000

2 bd · 1.0 ba · 1,112 sqft · SingleFamily public records · 24 Days on market

Built 1890 3,049 sqft lot

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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
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fixer Upper! This 2 bedroom, 1 bath home with garage needs some finishing touches and TLC. A great opportunity for an investment property. Property is being sold "as is", please use an as is addendum with all offers.

Key facts

• 3,049 sq ft lot
• Garage
• Built 1890

Property features AI

Finance

• Other: Located on the east end of town on Main Street

Exterior

• Parking: Detached off-street garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-story, site-built single family residence; Residential property
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Level lot; Lot dimensions approximately 24 x 132

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Window cooling unit(s)
• Interior features: Carpet and vinyl flooring; Crawl space
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 6.1% in Peru — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blair Pointe Upper Elementary (math 34% / reading 38%, grade F, #577 of 994 statewide, top 59%, 552 students, 63% FRL); Peru Jr/Sr High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 883 students, 59% FRL).
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,070 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 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?
4. 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?
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: 1.63% ✓
• Cap rate: 13.66%
• Cash-on-cash: 26.31%
• DSCR: 2.17
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $134,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 Hoover Ave	0.33mi	2/1.0	1,103 (-1%)	7mo	$122,000	$111	77
558 E 2nd St	0.19mi	2/1.0	1,190 (+7%)	6mo	$80,000	$67	75
550 E Main St	0.11mi	2/1.0	1,244 (+12%)	1mo	$125,000	$100	75
329 E 2nd St	0.39mi	2/1.0	1,164 (+5%)	2mo	$84,000	$72	72
357 Monroe Ave	0.58mi	3/1.0 (+1)	1,092 (-2%)	8mo	$147,000	$135	58
492 Madison Ave	0.46mi	3/2.0 (+1)	1,140 (+2%)	10mo	$143,000	$125	58
451 E Washington Ave	0.29mi	3/1.0 (+1)	1,221 (+10%)	10mo	$148,000	$121	57
1533 E Paw Paw Pike	0.49mi	3/1.0 (+1)	1,200 (+8%)	8mo	$141,500	$118	52
733 Monroe Ave	0.52mi	3/1.0 (+1)	1,044 (-6%)	10mo	$100,000	$96	52
501 Monroe Ave	0.47mi	3/1.0 (+1)	984 (-12%)	6mo	$141,000	$143	49
307 Columbia Ave	0.53mi	3/1.0 (+1)	984 (-12%)	10mo	$142,500	$145	43
208 Washington Ave	0.72mi	2/1.0	976 (-12%)	9mo	$135,000	$138	38

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

Projected returns pro-forma

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

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $14,203
• Equity at exit: $9,244

10-year hold

• IRR: 28.3%
• Equity multiple: 3.51×
• Total profit: $43,615
• Equity at exit: $5,361

Cash invested: $17,360 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,010 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$66 /mo · $794/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $381

Break-even live

Break-even rent $528

Max offer price $62,000

Occupancy floor 57%

Sensitivity live

Price	-10% $416	-5% $398	+0% $381	+5% $363	+10% $346
Rent	-10% $301	-5% $341	+0% $381	+5% $420	+10% $460
Rate	-1.0pp $412	-0.5pp $396	base $381	+0.5pp $365	+1.0pp $348

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
130 S Clay St Unit 6 Peru, IN	2.0	1.0	725	$799	$1.10	44d	1	0.75mi

Listing history 17 events

1. 2026-06-19
   days on market $62,000 Active 24 DOM
2. 2026-06-18
   days on market $62,000 Active 23 DOM
3. 2026-06-17
   days on market $62,000 Active 22 DOM
4. 2026-06-16
   days on market $62,000 Active 21 DOM
5. 2026-06-15
   days on market $62,000 Active 20 DOM
6. 2026-06-14
   days on market $62,000 Active 18 DOM
7. 2026-06-12
   days on market $62,000 Active 17 DOM
8. 2026-06-09
   days on market $62,000 Active 14 DOM
9. 2026-06-08
   days on market $62,000 Active 13 DOM
10. 2026-06-07
    days on market $62,000 Active 12 DOM
11. 2026-06-07
    days on market $62,000 Active 11 DOM
12. 2026-06-03
    days on market $62,000 Active 8 DOM
13. 2026-06-02
    days on market $62,000 Active 7 DOM
14. 2026-06-01
    days on market $62,000 Active 6 DOM
15. 2026-05-31
    days on market $62,000 Active 5 DOM
16. 2026-05-31
    days on market $62,000 Active 4 DOM
17. 2026-05-26
    listed $62,000 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: $794 · $66/mo
• Projected year-2 tax: $794 · $66/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 6/10 Major FEMA zone X (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,118
• − Mortgage interest: −$3,473
• − Property taxes: −$794
• − Insurance: −$310
• − Repairs & maintenance: −$969
• − Management: −$969
• − Depreciation: −$1,804
• Taxable income: $3,798
• Est. tax owed @ 24.0%: −$912
• After-tax cash flow: $3,656/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

1 event — show timeline

• 2026-05-26 Listed $62,000 IRMLS

Property tax history

-2.0%/yr

Latest (2024): $794 · +9.4% YoY. Source: county tax records.