204 E Mulberry St · Westport, IN 47283

$29,900

2 bd · 1.0 ba · 971 sqft · SingleFamily public records · 103 Days on market

Built 1900 4,356 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
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

Key facts

• Solid bones
• Convenient area
• Renovation project

Tags

• SOLID BONES
• RENOVATION PROJECT
• LONG TERM RENTAL INVESTMENT
• CONVENIENT AREA

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One-story; Property listed as a fixer
• Construction: Vinyl siding; Foundation includes cellar, crawl space and partial
• Exterior features: Lot under 1/4 acre (approximately 0.1 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: Two bedrooms on the main level (one listed as Bedroom 2, approx. 14 x 12)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Five total main-level rooms; Living room (approx. 14 x 12); Dining room (approx. 15 x 7); Kitchen (approx. 15 x 9); Additional main-level room (approx. 14 x 12)
• Laundry & utility: No specific laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $30k).
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#475 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Decatur County Community Schools (rural): math 39% / reading 48% proficiency, ranked #107 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $5k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $30k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $27,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.09% ✓
• Cap rate: 27.00%
• Cash-on-cash: 73.96%
• DSCR: 4.29
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $201,968
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 N State Road 3	0.22mi	3/1.0 (+1)	962 (-1%)	11mo	$167,500	$174	74
604 N Allen Ln	0.40mi	2/1.0	936 (-4%)	13mo	$209,900	$224	65
606 E Gatewood Dr	0.41mi	2/1.0	864 (-11%)	13mo	$179,900	$208	51

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: 63.6%
• Equity multiple: 3.85×
• Total profit: $23,847
• Equity at exit: $4,458

10-year hold

• IRR: 68.1%
• Equity multiple: 7.91×
• Total profit: $57,877
• Equity at exit: $2,585

Cash invested: $8,372 (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 47283

• Home prices YoY: -11.7%
• Active inventory: 20
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $924 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$45 /mo · $540/yr
• Insurance: −$12
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $450

Break-even live

Break-even rent $355

Max offer price $29,900

Occupancy floor 46%

Sensitivity live

Price	-10% $466	-5% $458	+0% $450	+5% $441	+10% $433
Rent	-10% $377	-5% $413	+0% $450	+5% $486	+10% $523
Rate	-1.0pp $465	-0.5pp $457	base $450	+0.5pp $442	+1.0pp $434

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $29,900 Active 103 DOM
2. 2026-06-18
   days on market $29,900 Active 101 DOM
3. 2026-06-17
   days on market $29,900 Active 100 DOM
4. 2026-06-16
   days on market $29,900 Active 99 DOM
5. 2026-06-15
   days on market $29,900 Active 98 DOM
6. 2026-06-13
   days on market $29,900 Active 96 DOM
7. 2026-06-12
   days on market $29,900 Active 95 DOM
8. 2026-06-09
   days on market $29,900 Active 92 DOM
9. 2026-06-08
   days on market $29,900 Active 91 DOM
10. 2026-06-07
    days on market $29,900 Active 90 DOM
11. 2026-06-07
    days on market $29,900 Active 89 DOM
12. 2026-06-04
    days on market $29,900 Active 86 DOM
13. 2026-06-02
    days on market $29,900 Active 85 DOM
14. 2026-06-01
    days on market $29,900 Active 84 DOM
15. 2026-05-31
    days on market $29,900 Active 83 DOM
16. 2026-05-31
    days on market $29,900 Active 82 DOM
17. 2026-04-09
    price $29,900
18. 2026-03-09
    listed $34,900 Active
19. 2026-02-24
    soldstatus $15,000 Closed 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

20. 2026-02-24
    soldstatus $15,000 Closed 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

21. 2026-02-20
    historical 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

22. 2026-02-20
    status Pending 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

23. 2026-02-17
    listed $24,000 Active 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

24. 2026-02-16
    listed $24,000 Active 291-char remark

    Show marketing remark (291 chars)

    Opportunity awaits you with this 1900-built 2 bedroom, 1 bathroom home full of potential. With the right updates and TLC, this property could be transformed into a charming residence of profitable investment. Ideal for investors or buyers looking to take on a renovation project. Sold AS-IS!

ⓘ 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: $540 · $45/mo
• Projected year-2 tax: $540 · $45/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 20 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,092
• − Mortgage interest: −$1,675
• − Property taxes: −$540
• − Insurance: −$947
• − Repairs & maintenance: −$887
• − Management: −$887
• − Depreciation: −$870
• Taxable income: $5,286
• Est. tax owed @ 24.0%: −$1,269
• After-tax cash flow: $4,126/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: Decatur County Community Schools
• NCES district ID: 1802610
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $50,731
• Composite: 37.43/100
• National rank: #4415
• State rank: #107 of 301 in IN

Livability — Westport

• Score: 62/100
• State rank: #475
• US rank: #16769

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westport, IN
• Population (ZIP): 4,085

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Romanian 7% Slovak 4% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.63%
• Current HPI: 237.9111
• 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

+24.6% since first listed

8 events — show timeline

• 2026-04-09 Price Changed $29,900 MIBOR as Distributed by MLS Grid
• 2026-03-09 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2026-02-24 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2026-02-24 Sold (MLS) $15,000 SIRA
• 2026-02-20 Delisted — SIRA
• 2026-02-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-17 Listed $24,000 SIRA
• 2026-02-16 Listed $24,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2023): $540 · +8.1% YoY. Source: county tax records.