1003 S Shelby St · Shelbyville, IN 46176

$145,900

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 4 Days on market

Built 1925 5,600 sqft lot $190/sqft · 72% above area Est $169k · 14% under ↓ 2% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +13.7/15.0
• Cash flow +7.3/30.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Key facts

• 5,600 sq ft lot
• 2 garage spots
• Built 1925

Property features AI

Exterior

• Parking: Detached 2-car garage (576 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Fenced yard

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Covered patio/porch; Basement present
• Laundry & utility: Washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $146k.

Deal economics

• At list price, monthly cash flow is $-197 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (23.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (33.4% below list).
• Recommended offer: $97k (33.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).
• This rent is only 18% of the median local income ($65k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,198 (33.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1925 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.67% ✗
• Cap rate: 4.67%
• Cash-on-cash: -5.79%
• DSCR: 0.74
• GRM: 12.5

CMA / ARV

• ARV (median comp): $169,272
• List price: $145,900
• Delta: -13.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
825 Moriseni St	0.28mi	2/1.0	768 (0%)	1mo	$50,000	$65	86
1222 Lincoln St	0.29mi	2/1.0	750 (-2%)	1mo	$154,900	$207	81
625 9th St	0.49mi	2/1.0	768 (0%)	20mo	$159,900	$208	61
315 W South St	0.40mi	2/1.0	856 (+12%)	4mo	$163,000	$190	58
110 Goodrich Ave	0.63mi	2/1.0	700 (-9%)	1mo	$137,000	$196	55
709 Center St	0.60mi	2/1.0	799 (+4%)	14mo	$159,900	$200	53
219 E Taylor St	0.68mi	2/1.0	728 (-5%)	21mo	$151,500	$208	42
611 Center St	0.65mi	2/1.0	692 (-10%)	16mo	$107,000	$155	40

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: -26.2%
• Equity multiple: 0.11×
• Total profit: $-36,204
• Equity at exit: $21,754

10-year hold

• IRR: -23.3%
• Equity multiple: -0.17×
• Total profit: $-47,734
• Equity at exit: $12,615

Cash invested: $40,852 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $972 high
• Mortgage (P&I): −$765
• Tax from tax record: −$139 /mo · $1,668/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $-197

Break-even live

Break-even rent $1,221

Max offer price $111,092

Occupancy floor —

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 W Hendricks St Shelbyville, IN	1.0	1.0	544	$695	$1.28	23d	1	0.54mi
135 W Hendricks St Unit 2 Shelbyville, IN	1.0	1.0	544	$750	$1.38	10d	1	0.54mi
135 W Hendricks St #4 Shelbyville, IN	1.0	1.0	544	$725	$1.33	19d	1	0.54mi
529 W Washington St Shelbyville, IN	1.0	1.0	878	$695	$0.79	1d	1	0.66mi
316 W Franklin St Shelbyville, IN	1.0	1.0	700	$695	$0.99	1d	1	0.79mi
316 W Franklin St Shelbyville, IN	1.0	1.0	750	$645	$0.86	43d	1	0.79mi
106 E Pennsylvania St Shelbyville, IN	1.0	1.0	563	$545	$0.97	16d	1	0.94mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,614	$1.78	1d	7	1.02mi
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	21d	1	1.13mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	43d	1	1.27mi
645 Main St Unit 3 Shelbyville, IN	1.0	1.0	600	$750	$1.25	43d	1	1.42mi
1825 Wichman Ln Shelbyville, IN	1.0	1.0	684	$990	$1.45	43d	1	1.49mi
1825 Wichman Ln Shelbyville, IN	2.0	2.0	938	$1,190	$1.27	1d	1	1.49mi
1825 Wichman Ln Shelbyville, IN	2.0	2.0	938	$1,190	$1.27	44d	1	1.49mi

Listing history 2 events

1. 2026-05-11
   status Pending 676-char remark
2. 2026-05-05
   listed $145,900 Active 676-char remark

ⓘ 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: $1,668 · $139/mo
• Projected year-2 tax: $1,668 · $139/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 3/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,664
• − Mortgage interest: −$8,173
• − Property taxes: −$1,668
• − Insurance: −$730
• − Repairs & maintenance: −$933
• − Management: −$933
• − Depreciation: −$4,244
• Taxable loss: −$5,017
• Est. tax savings @ 24.0%: +$1,204
• After-tax cash flow: $-1,160/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, 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

-2.0% since first listed

3 events — show timeline

• 2026-06-10 Sold (MLS) $143,000 MIBOR as Distributed by MLS Grid
• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-05 Listed $145,900 MIBOR as Distributed by MLS Grid

Property tax history

+44.6%/yr

Latest (2025): $1,668 · +2.2% YoY. Source: county tax records.