402 E Marion St · Converse, IN 46919

$65,000

2 bd · 1.0 ba · 1,853 sqft · SingleFamily public records · 38 Days on market

Built 1930

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Appreciation +4.1/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

4 bedroom Craftsman Home. Needs some TLC. Wood patio deck. Living room features brick faced, wood burning fireplace. Some natural woodwork. Partial privacy fenced backyard. Storage shed. 22x28 concrete slab for oversized two car garage.

Key facts

• Replaced ac
• Renovated bathroom
• Bonus room

Tags

• BONUS ROOM
• RENOVATED BATHROOM
• RENOVATED BEDROOM
• REPLACED FURNACE
• REPLACED AC

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($933 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#289 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Oak Hill United School Corporation (rural): math 40% / reading 50% proficiency, ranked #96 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $449 of loan paydown is wiped out by about $1k 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 (-1.8% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago 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.
• Current owner paid $19k; list at $65k implies a 242% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1930 — 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. 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: 1.43% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $196,418
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 Howard St	0.11mi	3/2.5 (+1)	1,849 (-0%)	8mo	$341,977	$185	77
107 N Eward	0.12mi	2/1.0	1,990 (+7%)	8mo	$59,900	$30	76
40 Howard St	0.11mi	3/2.0 (+1)	1,717 (-7%)	0mo	$346,898	$202	73
213 W Water St	0.38mi	2/1.5	1,764 (-5%)	3mo	$85,000	$48	70
103 E 2nd St	0.39mi	3/1.5 (+1)	1,902 (+3%)	3mo	$94,000	$49	68
36 Howard St	0.11mi	3/2.0 (+1)	1,697 (-8%)	6mo	$354,110	$209	67
28 Grant Ct	0.11mi	3/2.5 (+1)	1,898 (+2%)	22mo	$348,562	$184	62
112 N Madison St	0.20mi	3/2.0 (+1)	1,688 (-9%)	13mo	$178,500	$106	56
9933 W Delphi Pike	0.36mi	3/1.5 (+1)	1,836 (-1%)	23mo	$117,500	$64	56
1005 N Jefferson St	0.72mi	3/2.0 (+1)	1,920 (+4%)	10mo	$340,000	$177	43
13087 S Elm St	0.52mi	3/2.0 (+1)	1,672 (-10%)	9mo	$121,000	$72	43
9918 W Delphi Pike	0.37mi	3/1.5 (+1)	2,124 (+15%)	15mo	$90,000	$42	39

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

Projected returns pro-forma

-1.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.69×
• Total profit: $12,624
• Equity at exit: $13,348

10-year hold

• IRR: 22.8%
• Equity multiple: 3.17×
• Total profit: $39,491
• Equity at exit: $12,105

Cash invested: $18,200 (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 46919

• Home prices YoY: -0.8%
• Active inventory: 12
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $933 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$59 /mo · $710/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $310

Break-even live

Break-even rent $541

Max offer price $65,000

Occupancy floor 62%

Sensitivity live

Price	-10% $346	-5% $328	+0% $310	+5% $291	+10% $273
Rent	-10% $236	-5% $273	+0% $310	+5% $346	+10% $383
Rate	-1.0pp $342	-0.5pp $326	base $310	+0.5pp $293	+1.0pp $276

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $65,000 Active 38 DOM
2. 2026-06-18
   days on market $65,000 Active 37 DOM
3. 2026-06-17
   days on market $65,000 Active 36 DOM
4. 2026-06-16
   days on market $65,000 Active 35 DOM
5. 2026-06-15
   days on market $65,000 Active 34 DOM
6. 2026-06-14
   days on market $65,000 Active 32 DOM
7. 2026-06-12
   days on market $65,000 Active 31 DOM
8. 2026-06-09
   days on market $65,000 Active 28 DOM
9. 2026-06-08
   days on market $65,000 Active 27 DOM
10. 2026-06-07
    days on market $65,000 Active 26 DOM
11. 2026-06-05
    days on market $65,000 Active 23 DOM
12. 2026-06-03
    days on market $65,000 Active 22 DOM
13. 2026-06-02
    days on market $65,000 Active 21 DOM
14. 2026-06-01
    days on market $65,000 Active 20 DOM
15. 2026-05-31
    days on market $65,000 Active 19 DOM
16. 2026-05-30
    days on market $65,000 Active 18 DOM
17. 2026-05-12
    listed $65,000 Active 511-char remark
18. 2022-04-20
    soldstatus $19,000 236-char remark

    Show marketing remark (236 chars)

    4 bedroom Craftsman Home. Needs some TLC. Wood patio deck. Living room features brick faced, wood burning fireplace. Some natural woodwork. Partial privacy fenced backyard. Storage shed. 22x28 concrete slab for oversized two car garage.

19. 2022-04-20
    soldstatus $19,000

    Show marketing remark (236 chars)

    4 bedroom Craftsman Home. Needs some TLC. Wood patio deck. Living room features brick faced, wood burning fireplace. Some natural woodwork. Partial privacy fenced backyard. Storage shed. 22x28 concrete slab for oversized two car garage.

20. 2022-03-10
    listed $24,900

    Show marketing remark (236 chars)

    4 bedroom Craftsman Home. Needs some TLC. Wood patio deck. Living room features brick faced, wood burning fireplace. Some natural woodwork. Partial privacy fenced backyard. Storage shed. 22x28 concrete slab for oversized two car garage.

21. 2022-03-10
    listed $24,900 236-char remark

    Show marketing remark (236 chars)

    4 bedroom Craftsman Home. Needs some TLC. Wood patio deck. Living room features brick faced, wood burning fireplace. Some natural woodwork. Partial privacy fenced backyard. Storage shed. 22x28 concrete slab for oversized two car garage.

22. 2021-12-08
    historical
23. 2021-08-24
    listed $29,900
24. 2021-08-24
    listed $29,900

ⓘ 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: $710 · $59/mo
• Projected year-2 tax: $710 · $59/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 ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,191
• − Mortgage interest: −$3,641
• − Property taxes: −$710
• − Insurance: −$325
• − Repairs & maintenance: −$895
• − Management: −$895
• − Depreciation: −$1,891
• Taxable income: $2,833
• Est. tax owed @ 24.0%: −$680
• After-tax cash flow: $3,035/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: Oak Hill United School Corporation
• NCES district ID: 1808340
• Math proficiency: 40% ▼ -1.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $52,442
• Composite: 38.84/100
• National rank: #4105
• State rank: #96 of 301 in IN

Livability — Converse

• Score: 66/100
• State rank: #289
• US rank: #11781

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Converse, IN
• Population (ZIP): 1,792

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 (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Scandinavian 2% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · South Korea
• Languages at home: 98% English-only · Spanish 1%

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: ▼ -1.76%
• Current HPI: 214.1898
• 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

+117.4% since first listed

8 events — show timeline

• 2026-05-12 Listed $65,000 FSBO.com
• 2022-04-20 Sold (MLS) $19,000 MIBOR as Distributed by MLS Grid
• 2022-04-20 Sold (MLS) $19,000 IRMLS
• 2022-03-10 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2022-03-10 Listed $24,900 IRMLS
• 2021-12-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-08-24 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2021-08-24 Listed $29,900 IRMLS

Property tax history

-11.6%/yr

Latest (2024): $710 · -4.5% YoY. Source: county tax records.