12573 S State Road 3 · Sardinia, IN 47283

$45,000

2 bd · 1.5 ba · 1,650 sqft · SingleFamily public records · 35 Days on market

Built 1946 0.61 ac lot Est $50k · 9% under ↓ 55% since listing

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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 +11.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for large garage areas? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus.

Key facts

• 0.61 acre lot
• 2 garage spots
• Built 1946

Property features AI

Finance

• Other: Approximately 0.61 acre lot (1/2–1 acre)
• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Attached 2-car garage (840 sq ft garage area)
• Utilities: Private water; Septic system
• Home design: Single family residence; Two levels; Faces east
• Construction: Wood siding construction; Slab foundation
• Exterior features: Balcony; Fence: none

Interior

• Kitchen: No appliances included
• Bedrooms: Two upper bedrooms; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms (one on main level, one on upper level); Primary bathroom with full tub
• Heating & cooling: Forced air heating; Cooling: Other
• Interior features: Attic access
• Laundry & utility: No solid waste service indicated

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Decatur County Community Schools (rural): math 39% / reading 48% proficiency, ranked #107 of 301 in IN (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Decatur Elementary School (math 40% / reading 34%, grade F, #550 of 994 statewide, top 57%, 436 students, 63% FRL); South Decatur Jr-Sr High School (math 20% / reading 44%, grade F, #295 of 369 statewide, top 82%, 387 students, 52% FRL) — zoned schools average 57% FRL vs 36% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 20 active listings in the ZIP; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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. 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: 2.44% ✓
• Cap rate: 21.79%
• Cash-on-cash: 55.33%
• DSCR: 3.46
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $49,500
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12573 S State Road 3	0.00mi	2/2.0	1,650 (0%)	0mo	$45,000	$27	98
12554 S State Road 3	0.08mi	1/1.0 (-1)	1,519 (-8%)	12mo	$45,000	$30	66
12544 S State Road 3	0.05mi	3/1.0 (+1)	1,438 (-13%)	10mo	$169,900	$118	61

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: 53.6%
• Equity multiple: 3.36×
• Total profit: $29,713
• Equity at exit: $6,710

10-year hold

• IRR: 58.8%
• Equity multiple: 6.84×
• Total profit: $73,525
• Equity at exit: $3,891

Cash invested: $12,600 (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 47283

• Home prices YoY: -11.7%
• Active inventory: 20
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,097 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$31 /mo · $373/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $581

Break-even live

Break-even rent $362

Max offer price $45,000

Occupancy floor 42%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-20
   listed $45,000 Active
2. 2024-05-23
   soldstatus $118,000 Closed 266-char remark

   Show marketing remark (266 chars)

   Looking for large garage areas? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus.

3. 2024-04-30
   status Pending 266-char remark

   Show marketing remark (266 chars)

   Looking for large garage areas? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus.

4. 2024-04-29
   listed $115,000 Active 266-char remark

   Show marketing remark (266 chars)

   Looking for large garage areas? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus.

5. 2022-08-05
   soldstatus $89,900 Closed 395-char remark

   Show marketing remark (395 chars)

   Looking for large garage areas? An investment property? Or smaller home for yourself? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus. Being Sold AS-IS. BACK ON MARKET NOT DUE TO ANY BLEMISH ON THE HOME.

6. 2022-07-14
   status Pending 395-char remark

   Show marketing remark (395 chars)

   Looking for large garage areas? An investment property? Or smaller home for yourself? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus. Being Sold AS-IS. BACK ON MARKET NOT DUE TO ANY BLEMISH ON THE HOME.

7. 2022-06-10
   status Active 395-char remark

   Show marketing remark (395 chars)

   Looking for large garage areas? An investment property? Or smaller home for yourself? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus. Being Sold AS-IS. BACK ON MARKET NOT DUE TO ANY BLEMISH ON THE HOME.

8. 2022-05-31
   status Pending 395-char remark

   Show marketing remark (395 chars)

   Looking for large garage areas? An investment property? Or smaller home for yourself? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus. Being Sold AS-IS. BACK ON MARKET NOT DUE TO ANY BLEMISH ON THE HOME.

9. 2022-05-18
   listed $99,500 Active 395-char remark

   Show marketing remark (395 chars)

   Looking for large garage areas? An investment property? Or smaller home for yourself? This 2 Bedroom, 1 1/2 bath, has new Carpeting, and tall ceilings. Water is a well and you have newer septic. There is room in the back for yard activities. Conveniently located to Greensburg, North Vernon, Seymour, Westport, Columbus. Being Sold AS-IS. BACK ON MARKET NOT DUE TO ANY BLEMISH ON THE HOME.

ⓘ 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: $373 · $31/mo
• Projected year-2 tax: $378 · $31/mo
• Expected delta: +$5/yr ($0/mo · 1.3%)

ⓘ 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 ≥102°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: $13,167
• − Mortgage interest: −$2,521
• − Property taxes: −$373
• − Insurance: −$225
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$1,309
• Taxable income: $6,632
• Est. tax owed @ 24.0%: −$1,592
• After-tax cash flow: $5,380/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: Decatur County Community Schools
• NCES district ID: 1802610
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $50,731
• Composite: 37.43/100
• National rank: #4415
• State rank: #107 of 301 in IN

Livability — Sardinia

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Sardinia, IN
• Population (ZIP): 4,085

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Romanian 7% Slovak 4% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.63%
• Current HPI: 237.9111
• 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

-54.8% since first listed

9 events — show timeline

• 2026-04-20 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2024-05-23 Sold (MLS) $118,000 MIBOR as Distributed by MLS Grid
• 2024-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2024-04-29 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2022-08-05 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2022-07-14 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-10 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-31 Pending — MIBOR as Distributed by MLS Grid
• 2022-05-18 Listed $99,500 MIBOR as Distributed by MLS Grid

Property tax history

-5.6%/yr

Latest (2023): $373 · +9.0% YoY. Source: county tax records.