602 W 10th St · Rushville, IN 46173

$165,000

5 bd · 3.0 ba · 2,492 sqft · MultiFamily public records · 63 Days on market

Built 1900 0.30 ac lot $66/sqft · 200% above area Est $185k · 11% 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 +30.0/30.0
• ARV discount +12.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Nestled at 602 W 10th ST, Rushville, IN, this triplex presents an inviting income opportunity, ready for you. The porch offers a welcoming entry, a place to pause and appreciate the residential area surrounding the property. This triplex, constructed in 1900, sits on a generous lot area of 13199 square feet, offering ample space within a residential area. Seize this investment opportunity, ready to move in and house hack or rent out all three units. All units currently occupied. Please allow 24 hour notice for all showings.

Key facts

• 0.3 acre lot
• Built 1900
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 3 × 7-bed/2.7-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $451/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.1% vs local median 4.0% in Rushville — 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 (#184 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety C-, employment D+.
• Rush County Schools (town): math 38% / reading 41% proficiency, ranked #147 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 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.
• Rush County population projected at -22% 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 $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 20y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $165k implies a 560% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.92% ✓
• Cap rate: 16.14%
• Cash-on-cash: 35.16%
• DSCR: 2.56
• GRM: 4.3

CMA / ARV

• ARV (median comp): $184,538
• List price: $165,000
• Delta: -10.59%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 2.29×
• Total profit: $59,519
• Equity at exit: $24,602

10-year hold

• IRR: 37.9%
• Equity multiple: 4.53×
• Total profit: $163,041
• Equity at exit: $14,266

Cash invested: $46,200 (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 46173

• Home prices YoY: -14.3%
• Active inventory: 65
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,165 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$213 /mo · $2,554/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $1,353

Break-even live

Break-even rent $1,452

Max offer price $165,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,447	-5% $1,400	+0% $1,353	+5% $1,307	+10% $1,260
Rent	-10% $1,103	-5% $1,228	+0% $1,353	+5% $1,479	+10% $1,604
Rate	-1.0pp $1,437	-0.5pp $1,395	base $1,353	+0.5pp $1,311	+1.0pp $1,267

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	7	2.7	$3,165
Total (3 units)			$3,165

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $165,000 Active 63 DOM
2. 2026-06-18
   days on market $165,000 Active 60 DOM
3. 2026-06-17
   days on market $165,000 Active 59 DOM
4. 2026-06-16
   days on market $165,000 Active 58 DOM
5. 2026-06-15
   days on market $165,000 Active 57 DOM
6. 2026-06-13
   days on market $165,000 Active 55 DOM
7. 2026-06-13
   days on market $165,000 Active 54 DOM
8. 2026-06-09
   days on market $165,000 Active 51 DOM
9. 2026-06-08
   days on market $165,000 Active 50 DOM
10. 2026-06-07
    days on market $165,000 Active 49 DOM
11. 2026-06-05
    days on market $165,000 Active 46 DOM
12. 2026-06-03
    days on market $165,000 Active 45 DOM
13. 2026-06-02
    days on market $165,000 Active 44 DOM
14. 2026-06-01
    days on market $165,000 Active 43 DOM
15. 2026-05-31
    days on market $165,000 Active 42 DOM
16. 2026-05-14
    price $170,000 530-char remark

    Show marketing remark (530 chars)

    Nestled at 602 W 10th ST, Rushville, IN, this triplex presents an inviting income opportunity, ready for you. The porch offers a welcoming entry, a place to pause and appreciate the residential area surrounding the property. This triplex, constructed in 1900, sits on a generous lot area of 13199 square feet, offering ample space within a residential area. Seize this investment opportunity, ready to move in and house hack or rent out all three units. All units currently occupied. Please allow 24 hour notice for all showings.

17. 2026-04-29
    price $172,500 530-char remark

    Show marketing remark (530 chars)

    Nestled at 602 W 10th ST, Rushville, IN, this triplex presents an inviting income opportunity, ready for you. The porch offers a welcoming entry, a place to pause and appreciate the residential area surrounding the property. This triplex, constructed in 1900, sits on a generous lot area of 13199 square feet, offering ample space within a residential area. Seize this investment opportunity, ready to move in and house hack or rent out all three units. All units currently occupied. Please allow 24 hour notice for all showings.

18. 2026-04-18
    listed $175,000 Active 530-char remark

    Show marketing remark (530 chars)

    Nestled at 602 W 10th ST, Rushville, IN, this triplex presents an inviting income opportunity, ready for you. The porch offers a welcoming entry, a place to pause and appreciate the residential area surrounding the property. This triplex, constructed in 1900, sits on a generous lot area of 13199 square feet, offering ample space within a residential area. Seize this investment opportunity, ready to move in and house hack or rent out all three units. All units currently occupied. Please allow 24 hour notice for all showings.

19. 2026-03-16
    historical
20. 2025-12-21
    price $189,900
21. 2025-11-27
    listed $195,000 Active
22. 2023-12-22
    historical
23. 2023-12-22
    listed $170,000
24. 2022-02-09
    historical
25. 2022-02-09
    listed $750
26. 2021-12-18
    status Active
27. 2021-12-18
    historical
28. 2021-09-15
    status Pending
29. 2021-08-01
    listed $135,000 Active
30. 2017-12-18
    listed $25,000 Active
31. 2017-12-18
    soldstatus $25,000 Sold
32. 2014-06-30
    soldstatus $15,500
33. 2013-11-23
    historical
34. 2013-05-22
    listed $45,000
35. 2012-01-25
    historical
36. 2011-01-24
    listed $45,000
37. 2008-02-28
    historical
38. 2007-09-26
    listed $84,000
39. 2007-03-28
    historical
40. 2006-10-02
    listed $88,000

ⓘ 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: $2,554 · $213/mo
• Projected year-2 tax: $2,554 · $213/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 19 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: $37,980
• − Mortgage interest: −$9,243
• − Property taxes: −$2,554
• − Insurance: −$825
• − Repairs & maintenance: −$3,038
• − Management: −$3,038
• − Depreciation: −$4,800
• Taxable income: $14,482
• Est. tax owed @ 24.0%: −$3,476
• After-tax cash flow: $12,766/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: Rush County Schools
• NCES district ID: 1809750
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $46,237
• Composite: 33.72/100
• National rank: #5377
• State rank: #147 of 301 in IN

Livability — Rushville

• Score: 69/100
• State rank: #184
• US rank: #8476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rushville, IN
• Population (ZIP): 10,544

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2% Black 1%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.42%
• Current HPI: 242.9265
• 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

+93.2% since first listed

25 events — show timeline

• 2026-05-14 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $172,500 MIBOR as Distributed by MLS Grid
• 2026-04-18 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2026-03-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-21 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2025-11-27 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2023-12-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-12-22 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2022-02-09 Listed $750 MIBOR as Distributed by MLS Grid
• 2022-02-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-12-18 Relisted — MIBOR as Distributed by MLS Grid
• 2021-12-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-09-15 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-01 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2017-12-18 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2017-12-18 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2014-06-30 Sold (Public Records) $15,500 Public Records
• 2013-11-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-05-22 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2012-01-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-01-24 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2008-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-09-26 Listed $84,000 MIBOR as Distributed by MLS Grid
• 2007-03-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-02 Listed $88,000 MIBOR as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2024): $2,554 · +6.7% YoY. Source: county tax records.