504 S Walnut St · Hartford City, IN 47348

$99,000

4 bd · 1.0 ba · 2,424 sqft · SingleFamily public records · 18 Days on market

Built 1953 1,307 sqft lot Est $114k · 13% 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 +13.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 4-bedroom 1-bath home offering plenty of storage throughout! The main level is move-in-ready while the upstairs provides an excellent opportunity to add your finishing touches with drywall and flooring needed. All appliances will remain with the home. Recent updates include a water heater replaced in 2025. Property features Gas forced-air heat, a 2-car detached garage and a 1-car attached garage, both with electric service. Being Sold AS-IS, making it a great opportunity for both homeowners and investors.

Key facts

• 1,307 sq ft lot
• Garage
• Built 1953

Property features AI

Exterior

• Parking: Attached garage (1 car); Additional off-street parking with gravel
• Utilities: Public water; Public sewer; Cable available; Public power
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Vinyl siding; Shingle roof; Built with conventional foundation
• Exterior features: Covered porch; Chain link fencing; Second garage (outbuilding)

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Master on main level
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating with forced air; Ceiling fan(s); No central cooling
• Interior features: Pantry; Ceiling fan(s); Laminate counters; Master bedroom on main level; Sump pump in basement; Partial, unfinished basement
• Laundry & utility: Washer hookup (main level); Electric dryer hookup (main level); Washer included; Dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 5.1% in Hartford City — 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 (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Primary School (352 students, 65% FRL); Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL).
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Blackford County population projected at -27% 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,515 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — 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 D-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: 1.39% ✓
• Cap rate: 11.34%
• Cash-on-cash: 18.02%
• DSCR: 1.80
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $113,928
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 W Sherman St	0.21mi	3/2.0 (-1)	2,376 (-2%)	4mo	$60,000	$25	75
1123 S Jefferson St	0.46mi	3/1.0 (-1)	2,440 (+1%)	1mo	$32,000	$13	72
215 S High St	0.21mi	3/1.5 (-1)	2,667 (+10%)	5mo	$35,000	$13	62
409 E Washington St	0.45mi	3/1.0 (-1)	2,472 (+2%)	13mo	$126,000	$51	60
1510 S Walnut St	0.63mi	5/2.0 (+1)	2,415 (-0%)	5mo	$255,000	$106	56
511/513 N Cherry St	0.54mi	3/2.0 (-1)	2,472 (+2%)	10mo	$115,000	$47	54
218 W North St	0.70mi	4/2.5	2,364 (-2%)	5mo	$225,000	$95	52
620 E Main St	0.58mi	5/2.0 (+1)	2,290 (-6%)	7mo	$35,000	$15	48
207 E Main St	0.43mi	3/2.0 (-1)	2,096 (-14%)	16mo	$8,950	$4	35
819 N Walnut St	0.73mi	5/2.5 (+1)	2,126 (-12%)	6mo	$249,000	$117	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: 9.6%
• Equity multiple: 1.38×
• Total profit: $10,489
• Equity at exit: $14,761

10-year hold

• IRR: 18.8%
• Equity multiple: 2.56×
• Total profit: $43,337
• Equity at exit: $8,560

Cash invested: $27,720 (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 47348

• Home prices YoY: -17.5%
• Active inventory: 55
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,379 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$113 /mo · $1,354/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $416

Break-even live

Break-even rent $852

Max offer price $99,000

Occupancy floor 65%

Sensitivity live

Price	-10% $472	-5% $444	+0% $416	+5% $388	+10% $360
Rent	-10% $307	-5% $362	+0% $416	+5% $471	+10% $525
Rate	-1.0pp $466	-0.5pp $442	base $416	+0.5pp $391	+1.0pp $365

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $99,000 Active 18 DOM
2. 2026-06-18
   days on market $99,000 Active 17 DOM
3. 2026-06-17
   days on market $99,000 Active 16 DOM
4. 2026-06-16
   days on market $99,000 Active 15 DOM
5. 2026-06-16
   price $99,000 Active 14 DOM
6. 2026-06-15
   days on market $104,000 Active 14 DOM
7. 2026-06-14
   days on market $104,000 Active 12 DOM
8. 2026-06-12
   days on market $104,000 Active 11 DOM
9. 2026-06-09
   days on market $104,000 Active 8 DOM
10. 2026-06-08
    days on market $104,000 Active 7 DOM
11. 2026-06-07
    days on market $104,000 Active 6 DOM
12. 2026-06-05
    days on market $104,000 Active 3 DOM
13. 2026-06-03
    days on market $104,000 Active 2 DOM
14. 2026-06-02
    remarks 521-char remark
15. 2026-06-02
    listed $104,000 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: $1,354 · $113/mo
• Projected year-2 tax: $1,354 · $113/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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,551
• − Mortgage interest: −$5,546
• − Property taxes: −$1,354
• − Insurance: −$495
• − Repairs & maintenance: −$1,324
• − Management: −$1,324
• − Depreciation: −$2,880
• Taxable income: $3,628
• Est. tax owed @ 24.0%: −$871
• After-tax cash flow: $4,125/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Hartford City

• Score: 66/100
• State rank: #303
• US rank: #12079

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford City, IN
• Population (ZIP): 8,986

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 3% Scotch-Irish 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.19%
• Current HPI: 223.0485
• 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

1 event — show timeline

• 2026-06-01 Listed $104,000 IRMLS

Property tax history

+2.3%/yr

Latest (2025): $1,354 · +20.1% YoY. Source: county tax records.