408 W Logan St · Brazil, IN 47834

$59,000

3 bd · 1.0 ba · 2,058 sqft · SingleFamily public records · 213 Days on market

Built 1900 7,200 sqft lot $29/sqft · 63% below area

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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 +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

Key facts

• 7,200 sq ft lot
• Built 1900
• Listed 212 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 2.6% in Brazil — 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 66/100 on livability (#308 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Clay Community Schools (rural): math 46% / reading 49% proficiency, ranked #79 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 95 active listings in the ZIP; 70 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clay County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $36k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.76% ✓
• Cap rate: 15.76%
• Cash-on-cash: 33.81%
• DSCR: 2.50
• GRM: 4.7

CMA / ARV

• ARV (median comp): $160,139
• List price: $59,000
• Delta: -63.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Dr Daniel Biggs St	0.28mi	3/1.5	1,992 (-3%)	7mo	$155,000	$78	74
16 W Park St	0.27mi	3/2.0	1,952 (-5%)	5mo	$157,500	$81	70
123 E Logan St	0.32mi	4/3.0 (+1)	2,050 (-0%)	2mo	$152,000	$74	70
921 N Meridian St St	0.25mi	3/2.0	1,923 (-7%)	7mo	$182,000	$95	68
709 W National Ave	0.48mi	3/2.0	2,100 (+2%)	6mo	$128,000	$61	65
524 N Walnut St	0.22mi	4/1.5 (+1)	2,232 (+8%)	5mo	$230,000	$103	64
617 N Meridian St	0.15mi	3/2.5	1,792 (-13%)	2mo	$285,000	$159	63
1403 N Walnut St	0.58mi	3/2.0	1,984 (-4%)	0mo	$270,000	$136	63
320 N Colfax St	0.20mi	4/2.0 (+1)	2,280 (+11%)	4mo	$199,000	$87	61
807 N Alabama Street St	0.66mi	3/2.0	2,010 (-2%)	1mo	$229,900	$114	60
407 E Jackson St	0.58mi	2/1.0 (-1)	2,016 (-2%)	5mo	$120,000	$60	60
1104 W Northwood Dr	0.58mi	4/2.0 (+1)	1,854 (-10%)	7mo	$228,000	$123	42

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: 29.1%
• Equity multiple: 2.21×
• Total profit: $20,065
• Equity at exit: $8,797

10-year hold

• IRR: 36.5%
• Equity multiple: 4.36×
• Total profit: $55,570
• Equity at exit: $5,101

Cash invested: $16,520 (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 47834

• Home prices YoY: -20.8%
• Active inventory: 95
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,036 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$19 /mo · $228/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $465

Break-even live

Break-even rent $447

Max offer price $59,000

Occupancy floor 50%

Sensitivity live

Price	-10% $499	-5% $482	+0% $465	+5% $449	+10% $432
Rent	-10% $384	-5% $425	+0% $465	+5% $506	+10% $547
Rate	-1.0pp $495	-0.5pp $480	base $465	+0.5pp $450	+1.0pp $435

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $59,000 Active 213 DOM
2. 2026-06-18
   days on market $59,000 Active 212 DOM
3. 2026-06-17
   days on market $59,000 Active 211 DOM
4. 2026-06-16
   days on market $59,000 Active 210 DOM
5. 2026-06-15
   days on market $59,000 Active 209 DOM
6. 2026-06-14
   days on market $59,000 Active 207 DOM
7. 2026-06-13
   days on market $59,000 Active 206 DOM
8. 2026-06-10
   days on market $59,000 Active 204 DOM
9. 2026-06-09
   days on market $59,000 Active 203 DOM
10. 2026-06-08
    days on market $59,000 Active 202 DOM
11. 2026-06-07
    days on market $59,000 Active 201 DOM
12. 2026-06-05
    days on market $59,000 Active 198 DOM
13. 2026-06-02
    days on market $59,000 Active 196 DOM
14. 2026-06-01
    days on market $59,000 Active 195 DOM
15. 2026-05-31
    days on market $59,000 Active 194 DOM
16. 2026-05-30
    days on market $59,000 Active 193 DOM
17. 2026-05-15
    status Active 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

18. 2026-05-01
    status Pending 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

19. 2026-03-20
    price $59,000 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

20. 2026-02-24
    price $69,000 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

21. 2026-02-08
    price $75,000 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

22. 2026-01-16
    price $85,000 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

23. 2025-11-05
    listed $95,000 Active 654-char remark

    Show marketing remark (654 chars)

    Discover the potential at 408 W Logan St in Brazil, Indiana! This 2-bedroom, 1-bath home has had a lot of recent work done to it and is ready for someone to finish bringing it to life. Many updates have been started, offering a great head start for investors, flippers, or anyone looking to add their personal touch and make this house a home. With untold potential, a functional layout, and a convenient location close to downtown and local amenities, this property offers a fantastic opportunity to build equity and make it your own. Whether you're looking for your next project or a home to customize exactly how you want it, this one is worth a look!

24. 2024-11-07
    price $39,000
25. 2024-11-07
    status Pending
26. 2024-10-12
    listed $49,000 Active

ⓘ 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: $228 · $19/mo
• Projected year-2 tax: $365 · $30/mo
• Expected delta: +$137/yr (+$11/mo · 60.2%)

ⓘ 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 4/10 Moderate 7 d/yr ≥104°F today · 19 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: $12,431
• − Mortgage interest: −$3,305
• − Property taxes: −$228
• − Insurance: −$295
• − Repairs & maintenance: −$994
• − Management: −$994
• − Depreciation: −$1,716
• Taxable income: $4,898
• Est. tax owed @ 24.0%: −$1,176
• After-tax cash flow: $4,410/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: Clay Community Schools
• NCES district ID: 1800840
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $46,673
• Composite: 40.39/100
• National rank: #3733
• State rank: #79 of 301 in IN

Livability — Brazil

• Score: 66/100
• State rank: #308
• US rank: #12163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brazil, IN
• City population: 18,773
• Population (ZIP): 18,773

Population outlook (Clay County) Hauer SSP2

• Today (2025): 25,820 people
• By 2030: 25,182 · -2.5%
• By 2040: 23,562 · -8.7%
• By 2050: 21,829 · -15.5%
• By 2075: 17,939 · -30.5%
• By 2100: 14,042 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 1% Iranian 1% Italian 1%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+56.9) · D 20.7% · R 77.6% · Other 1.7%
• 2008→2024 swing: -45.4pp toward R · 2008: -11.5pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+56.6 2016: R+55.3 2012: R+31.4 2008: R+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.68%
• Current HPI: 223.6707
• 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

+20.4% since first listed

10 events — show timeline

• 2026-05-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-20 Price Changed $59,000 MIBOR as Distributed by MLS Grid
• 2026-02-24 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2026-02-08 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2026-01-16 Price Changed $85,000 MIBOR as Distributed by MLS Grid
• 2025-11-05 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2024-11-07 Price Changed $39,000 THAAR
• 2024-11-07 Pending — THAAR
• 2024-10-12 Listed $49,000 THAAR

Property tax history

-10.8%/yr

Latest (2024): $228 · -69.9% YoY. Source: county tax records.