4000 E Church St · Hamilton, IN 46742

$179,900

3 bd · 2.0 ba · 1,908 sqft · SingleFamily public records · 16 Days on market

Built 1895 7,841 sqft lot Est $176k · at est.

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Why this score? — see what drove the C- 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 +24.2/30.0
• DSCR +7.8/10.0
• ARV discount +6.4/15.0
• 1% rule +5.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This nicely maintained home has lots of charm and has been owned by the same family for over 70 years. Located in heart of a great community, this 3 bedroom 2 bath home has lots of space. The eat-in kitchen has newer appliances that are included in the sale. The living room walls are knotty pine and has a full wall fireplace with a gas log insert to take the chill off in the evenings. There is a den that could be used as an extra bedroom and it also has it's own bath and kitchen area. Great for an extended family member. The basement/crawl space is accessible from the inside and there is also an outside entrance for easy access. .. and you won't believe the storage! There is a 2 car attached garage with stairs leading up to a full floored attic. The large back yard is surrounded with a unique stone fence! Plenty of room for kids, pets & entertaining. The furnace and central AC are less than 5 years old. The roof is newer and several windows have been replaced. The electrical panel has been updated to a 200 amp service. There is a cute screened-in front porch too!

Key facts

• Large backyard
• Loft storage area
• Private entrance

Tags

• PRIVATE ENTRANCE
• LARGE BACKYARD
• DETACHED GARAGE
• LOFT STORAGE AREA
• PRIME LOCATION

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Wood siding
• Exterior features: Level lot; Lot dimensions approximately 60 x 132

Interior

• Kitchen: Refrigerator; Electric range
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Natural gas forced-air heat; Central air conditioning
• Interior features: Gas log fireplace (1); Partial crawl space basement
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.7% in Hamilton — 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 64/100 on livability (#384 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.
• Hamilton Community Schools (rural): math 20% / reading 25% proficiency, ranked #300 of 324 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Community Elementary Sch (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 166 students, 48% FRL); Hamilton Community High School (math 17% / reading 32%, grade F, #325 of 369 statewide, top 91%, 186 students, 42% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 209 units permitted in Steuben County in 2024 (72 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.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $130k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1895 — 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 F-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: 1.03% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $175,536
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4175 E Bellefontaine Rd	0.17mi	3/1.0	2,166 (+14%)	9mo	$170,000	$78	58
340 Ln 207 Hamilton Lk Ln	0.47mi	4/2.0 (+1)	1,835 (-4%)	10mo	$649,000	$354	58
7790 S Water St	0.07mi	4/2.0 (+1)	1,624 (-15%)	14mo	$148,000	$91	55
4225 E Bellefontaine Rd	0.22mi	4/1.5 (+1)	1,664 (-13%)	12mo	$163,500	$98	52
7378 S Brookside Dr	0.35mi	3/2.5	2,168 (+14%)	20mo	$200,000	$92	42
812 S Wayne St	0.57mi	2/1.0 (-1)	2,100 (+10%)	14mo	$187,500	$89	36
95 Lane 216 Hamilton Lk	0.70mi	3/2.0	2,132 (+12%)	23mo	$565,000	$265	29

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: -3.3%
• Equity multiple: 0.87×
• Total profit: $-6,332
• Equity at exit: $26,824

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $23,707
• Equity at exit: $15,554

Cash invested: $50,372 (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 46742

• Home prices YoY: -31.9%
• Active inventory: 35
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$84 /mo · $1,007/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $359

Break-even live

Break-even rent $1,395

Max offer price $179,900

Occupancy floor 76%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Lane 280 E Hamilton, IN	3.0	1.0	1544	$1,850	$1.20	23d	1	1.30mi

Listing history 13 events

1. 2026-06-19
   days on market $179,900 Active 16 DOM
2. 2026-06-18
   days on market $179,900 Active 15 DOM
3. 2026-06-17
   days on market $179,900 Active 14 DOM
4. 2026-06-16
   days on market $179,900 Active 13 DOM
5. 2026-06-15
   days on market $179,900 Active 12 DOM
6. 2026-06-14
   days on market $179,900 Active 10 DOM
7. 2026-06-12
   days on market $179,900 Active 9 DOM
8. 2026-06-09
   days on market $179,900 Active 6 DOM
9. 2026-06-08
   days on market $179,900 Active 5 DOM
10. 2026-06-07
    days on market $179,900 Active 4 DOM
11. 2026-06-07
    days on market $179,900 Active 3 DOM
12. 2026-06-04
    remarks 532-char remark
13. 2026-06-04
    listed $179,900 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: $1,007 · $84/mo
• Projected year-2 tax: $1,268 · $106/mo
• Expected delta: +$261/yr (+$22/mo · 25.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$10,077
• − Property taxes: −$1,007
• − Insurance: −$900
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$5,233
• Taxable income: $1,431
• Est. tax owed @ 24.0%: −$343
• After-tax cash flow: $3,967/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: Hamilton Community Schools
• NCES district ID: 1804230
• Math proficiency: 20% ▼ -20.00%
• Reading proficiency: 25% ▼ -25.00%
• Median HH income: $54,064
• Composite: 23.5/100
• National rank: #13286
• State rank: #300 of 324 in IN

Livability — Hamilton

• Score: 64/100
• State rank: #384
• US rank: #14236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamilton, IN
• Population (ZIP): 3,126

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 3% Iranian 3% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.36%
• Current HPI: 235.4538
• 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

+38.9% since first listed

3 events — show timeline

• 2026-06-03 Listed $179,900 IRMLS
• 2020-06-08 Sold (MLS) $130,000 IRMLS
• 2020-04-23 Listed $129,500 IRMLS

Property tax history

+63.6%/yr

Latest (2024): $1,007 · +7.2% YoY. Source: county tax records.