523 E Morton St · Oakland City, IN 47660

$89,900

2 bd · 1.0 ba · 1,107 sqft · SingleFamily public records · 19 Days on market

Built 1935 3,840 sqft lot Est $130k · 31% under

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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 +20.7/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.6/10.0
• 1% rule +5.9/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Check out this remodeled 2-bedroom 1 bath house on the east side of town. It features all new paint, flooring, and lighting. The eat in kitchen includes appliances. It has a One and a half car detached garage as well. The backyard is a nice size for children to play or have a pet of your own. A home warranty is included for buyer's peace of mind. Don't miss this very affordable home.

Key facts

• Remodeled
• Eat in kitchen
• Backyard

Tags

• REMODELED
• EAT IN KITCHEN
• DETACHED GARAGE
• BACKYARD

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 48 x 80

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Crawl space basement; 8 total rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($984 rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#349 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• East Gibson School Corporation (town): math 40% / reading 35% proficiency, ranked #171 of 301 in IN (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waldo J Wood Memorial Jhs (math 27% / reading 32%, grade F, #212 of 330 statewide, top 67%, 119 students, 60% FRL); Waldo J Wood Memorial High (math 34% / reading 44%, grade F, #221 of 369 statewide, top 63%, 212 students, 37% FRL).
• Market conditions: 24 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — 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. 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: 1.09% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $129,519
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 E Oak St	0.09mi	2/1.0	1,074 (-3%)	3mo	$116,500	$108	88
334 S Jackson St	0.15mi	2/1.0	988 (-11%)	2mo	$118,400	$120	73
1827 S 1200 E	0.44mi	2/1.0	1,087 (-2%)	9mo	$117,500	$108	69
431 E Washington St	0.17mi	3/2.0 (+1)	1,200 (+8%)	0mo	$215,000	$179	69
114 S Main St	0.30mi	2/1.0	1,008 (-9%)	3mo	$99,000	$98	68
414 W Columbia St	0.46mi	2/1.0	1,124 (+2%)	10mo	$131,900	$117	67
523 W Morton St	0.61mi	2/1.0	1,086 (-2%)	3mo	$64,000	$59	66
231 W Morton St	0.43mi	2/1.5	1,152 (+4%)	12mo	$40,000	$35	61
426 N Lincoln St	0.41mi	3/2.0 (+1)	1,200 (+8%)	9mo	$169,000	$141	51
326 W Vine St	0.62mi	2/1.0	960 (-13%)	2mo	$129,000	$134	47
311 W Columbia St	0.43mi	3/1.0 (+1)	1,270 (+15%)	8mo	$147,450	$116	44
226 E Second St	0.70mi	3/1.5 (+1)	1,239 (+12%)	12mo	$180,000	$145	30

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: 28.5%
• Equity multiple: 3.25×
• Total profit: $56,709
• Equity at exit: $80,989

10-year hold

• IRR: 24.8%
• Equity multiple: 7.40×
• Total profit: $161,007
• Equity at exit: $174,656

Cash invested: $25,172 (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 47660

• Home prices YoY: 7.7%
• Active inventory: 24
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $984 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$147 /mo · $1,764/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $121

Break-even live

Break-even rent $830

Max offer price $89,900

Occupancy floor 83%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   statusdays on market $89,900 Active 19 DOM
2. 2026-06-09
   statusdays on market $89,900 Pending 18 DOM
3. 2026-06-08
   days on market $89,900 Active 17 DOM
4. 2026-06-07
   days on market $89,900 Active 16 DOM
5. 2026-06-07
   days on market $89,900 Active 15 DOM
6. 2026-06-04
   days on market $89,900 Active 12 DOM
7. 2026-06-02
   days on market $89,900 Active 11 DOM
8. 2026-06-01
   days on market $89,900 Active 10 DOM
9. 2026-05-31
   days on market $89,900 Active 9 DOM
10. 2026-05-31
    days on market $89,900 Active 8 DOM
11. 2026-05-22
    listed $89,900 Active
12. 2024-08-07
    price $84,000
13. 2024-07-15
    price $84,900
14. 2024-07-05
    price $89,900
15. 2024-06-02
    price $92,500
16. 2024-05-06
    listed $99,900 Active
17. 2022-01-27
    soldstatus $125,000
18. 2009-09-29
    soldstatus $8,500

ⓘ 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: $1,764 · $147/mo
• Projected year-2 tax: $1,764 · $147/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 (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,802
• − Mortgage interest: −$5,036
• − Property taxes: −$1,764
• − Insurance: −$450
• − Repairs & maintenance: −$944
• − Management: −$944
• − Depreciation: −$2,615
• Taxable income: $49
• Est. tax owed @ 24.0%: −$12
• After-tax cash flow: $1,441/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: East Gibson School Corporation
• NCES district ID: 1802940
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $42,426
• Composite: 31.73/100
• National rank: #5908
• State rank: #171 of 301 in IN

Livability — Oakland City

• Score: 65/100
• State rank: #349
• US rank: #13364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oakland City, IN
• Population (ZIP): 4,819

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Lithuanian 2% Serbian 2% Scottish 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.71%
• Current HPI: 234.1104
• 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

+957.6% since first listed

8 events — show timeline

• 2026-05-22 Listed $89,900 IRMLS
• 2024-08-07 Price Changed $84,000 IRMLS
• 2024-07-15 Price Changed $84,900 IRMLS
• 2024-07-05 Price Changed $89,900 IRMLS
• 2024-06-02 Price Changed $92,500 IRMLS
• 2024-05-06 Listed $99,900 IRMLS
• 2022-01-27 Sold (Public Records) $125,000 Public Records
• 2009-09-29 Sold (Public Records) $8,500 Public Records

Property tax history

+4.8%/yr

Latest (2024): $1,764 · +6.0% YoY. Source: county tax records.