112 N Merrill St · Fortville, IN 46040

$179,000

4 bd · 1.0 ba · 2,084 sqft · SingleFamily public records · 15 Days on market

Built 1908 7,449 sqft lot Est $317k · 43% 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +8.5/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Old town charm, this home has lots of room to grow. 3 bedrooms with the bonus room being a possible 4th bedroom. Old hardwood floors are ready for you to refinish! Nice sun room, a huge garage and off street parking. Walking distance to the charming downtown area, and an easy commute to Indianapolis. Ready for your paint brush and tools! Rehab financing is available!

Key facts

• Green space
• Spacious floor plan
• Trails recreation

Tags

• DOWNTOWN FORTVILLE OPPORTUNITY
• FORTVILLE MEMORIAL PARK
• TRAILS RECREATION
• GREEN SPACE
• SPACIOUS FLOOR PLAN
• CUSTOMIZATION POTENTIAL

Property features AI

Finance

• HOA & community: Low-maintenance lifestyle: No

Exterior

• Parking: Detached 2-car garage (approximately 480 sq ft)
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected; Cable available
• Home design: Single-family residence; One-and-one-half story
• Construction: Vinyl siding; Brick/mortar foundation
• Exterior features: Sidewalks; Street lights; Lot approximately 0.17 acre

Interior

• Kitchen: Kitchen (10x11); No appliances included
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level; Bedroom sizes include 10x13, 9x10, and an upper room 10x19
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Attic access; Cellar (basement present)
• Laundry & utility: No laundry appliance information provided

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $176k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.2% in Fortville — 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 69/100 on livability (#189 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Mt Vernon Community School Corporation (rural): math 43% / reading 48% proficiency, ranked #70 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Fortville Elementary School (math 50% / reading 46%, grade D, #314 of 994 statewide, top 32%, 719 students, 31% FRL); Mt Vernon High School (math 41% / reading 71%, grade C, #73 of 369 statewide, top 20%, 1,431 students, 27% FRL).
• Market conditions: 303 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $18k; list at $179k implies a 923% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,315 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.35% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.09%
• DSCR: 1.54
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $316,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 E Ohio St	0.25mi	4/2.0	1,968 (-6%)	2mo	$300,000	$152	73
117 N Leland St	0.24mi	3/1.0 (-1)	2,281 (+10%)	9mo	$180,000	$79	61
679 Washington St	0.72mi	4/2.5	2,112 (+1%)	2mo	$345,000	$163	56
414 W Michigan St	0.53mi	4/2.5	2,255 (+8%)	3mo	$340,000	$151	53
455 Lincoln Circle East	0.49mi	4/2.5	2,255 (+8%)	7mo	$342,000	$152	52
481 Lincoln Circle East	0.51mi	4/2.5	2,255 (+8%)	7mo	$345,000	$153	51
512 N Main St	0.29mi	3/3.0 (-1)	2,363 (+13%)	2mo	$320,000	$135	50
217 West Dr	0.74mi	4/2.0	2,268 (+9%)	2mo	$499,900	$220	45
412 W Monroe St	0.46mi	4/3.0	2,329 (+12%)	7mo	$348,000	$149	45
422 W Michigan St	0.53mi	4/3.0	2,329 (+12%)	6mo	$348,000	$149	42
411 W Michigan St	0.53mi	4/3.0	2,329 (+12%)	6mo	$334,995	$144	42
9823 Pica Dr	0.62mi	3/2.0 (-1)	1,856 (-11%)	7mo	$370,000	$199	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: 1.7%
• Equity multiple: 1.07×
• Total profit: $3,300
• Equity at exit: $26,689

10-year hold

• IRR: 11.4%
• Equity multiple: 1.89×
• Total profit: $44,852
• Equity at exit: $15,477

Cash invested: $50,120 (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 46040

• Home prices YoY: -24.4%
• Active inventory: 303
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,412 high
• Mortgage (P&I): −$939
• Tax from tax record: −$387 /mo · $4,646/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $505

Break-even live

Break-even rent $1,773

Max offer price $179,000

Occupancy floor 74%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
412 N Merrill St Fortville, IN	3.0	3.0	2560	$2,250	$0.88	3d	1	0.28mi
405 Thomas Point Dr Fortville, IN	4.0	2.5	2132	$2,995	$1.40	24d	1	0.35mi
650 N Main St Fortville, IN	1.0–3.0	2.0	1189	$1,939	$1.63	2d	4	0.38mi
542 Jefferson St Fortville, IN	4.0	3.0	2329	$2,200	$0.94	2d	1	0.63mi
570 Jefferson St Fortville, IN	4.0	3.5	2255	$2,299	$1.02	3d	1	0.64mi

Listing history 11 events

1. 2026-06-18
   days on market $179,000 Active 15 DOM
2. 2026-06-17
   days on market $179,000 Active 14 DOM
3. 2026-06-16
   days on market $179,000 Active 13 DOM
4. 2026-06-15
   days on market $179,000 Active 12 DOM
5. 2026-06-13
   days on market $179,000 Active 10 DOM
6. 2026-06-13
   days on market $179,000 Active 9 DOM
7. 2026-06-09
   days on market $179,000 Active 6 DOM
8. 2026-06-08
   days on market $179,000 Active 5 DOM
9. 2026-06-07
   days on market $179,000 Active 4 DOM
10. 2026-06-05
    remarks 699-char remark
11. 2026-06-05
    listed $179,000 Active 1 DOM

ⓘ 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: $4,646 · $387/mo
• Projected year-2 tax: $4,646 · $387/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $28,944
• − Mortgage interest: −$10,027
• − Property taxes: −$4,646
• − Insurance: −$895
• − Repairs & maintenance: −$2,316
• − Management: −$2,316
• − Depreciation: −$5,207
• Taxable income: $3,538
• Est. tax owed @ 24.0%: −$849
• After-tax cash flow: $5,212/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: Mt Vernon Community School Corporation
• NCES district ID: 1807260
• Math proficiency: 43% ▼ -12.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $73,671
• Composite: 41.3/100
• National rank: #3514
• State rank: #70 of 301 in IN

Livability — Fortville

• Score: 69/100
• State rank: #189
• US rank: #8710

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fortville, IN
• Population (ZIP): 17,891

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 4% Asian 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 2% Portuguese 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Indo-European 3% Arabic 1% Spanish 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.54%
• Current HPI: 221.8703
• 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

+211.3% since first listed

6 events — show timeline

• 2026-06-03 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2012-08-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-08-02 Sold (MLS) $17,500 MIBOR as Distributed by MLS Grid
• 2012-07-05 Listed $12,000 MIBOR as Distributed by MLS Grid
• 2011-04-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-08-16 Listed $57,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2025): $4,646 · +5.6% YoY. Source: county tax records.