5191 W CR 400 S · New Lebanon, IN 47861

$135,900

3 bd · 2.0 ba · 1,296 sqft · SingleFamily public records · 57 Days on market

Built 2005 4.50 ac lot $105/sqft · 23% below area Est $176k · 23% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +11.3/30.0
• Appreciation +5.8/10.0
• Schools +3.5/10.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

Key facts

• Hobby farm
• Pole barn
• Raise animals

Tags

• 4.5 ACRES
• POLE BARN
• ADDITIONAL SHED
• HOBBY FARM
• BUILD A GARDEN
• RAISE ANIMALS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $136k.

Deal economics

• At list price, monthly cash flow is $-50 ($-600/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (17.2% below list).
• Recommended offer: $113k (17.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($940 loan paydown + $2k appreciation (1.6% local appreciation)).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $136k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $112,551 (17.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

• ARV (median comp): $176,170
• List price: $135,900
• Delta: -22.86%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

1.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.08×
• Total profit: $3,146
• Equity at exit: $50,408

10-year hold

• IRR: 5.9%
• Equity multiple: 1.76×
• Total profit: $28,983
• Equity at exit: $70,210

Cash invested: $38,052 (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 47861

• Home prices YoY: 0.9%
• Active inventory: 4
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,126 medium
• Mortgage (P&I): −$713
• Tax est. 1.5%: −$170 /mo · $2,038/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $-50

Break-even live

Break-even rent $1,189

Max offer price $128,662

Occupancy floor 99%

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: $33,975
• Closing costs: $4,077
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-07
   statusdays on market $135,900 Pending 57 DOM
2. 2026-06-07
   days on market $135,900 Active 56 DOM
3. 2026-06-04
   days on market $135,900 Active 53 DOM
4. 2026-06-02
   days on market $135,900 Active 52 DOM
5. 2026-06-01
   days on market $135,900 Active 51 DOM
6. 2026-05-31
   days on market $135,900 Active 50 DOM
7. 2026-05-31
   days on market $135,900 Active 49 DOM
8. 2026-05-12
   price $135,900 1144-char remark

   Show marketing remark (1144 chars)

   Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

9. 2026-05-06
   status Active 1144-char remark

   Show marketing remark (1144 chars)

   Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

10. 2026-03-19
    status Pending 1144-char remark

    Show marketing remark (1144 chars)

    Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

11. 2026-03-04
    price $142,900 1144-char remark

    Show marketing remark (1144 chars)

    Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

12. 2026-02-22
    listed $147,900 Active 1144-char remark

    Show marketing remark (1144 chars)

    Room to Dream. Room to Build. Room to Breathe. If you’ve been searching for land, space, and potential — this could be the opportunity you’ve been waiting for. This 3-bedroom, 2-bath home offers 1,296 square feet sitting on 4.5 beautiful acres in a great location. It’s not perfect — and that’s exactly where the opportunity lies. With 4.5 acres, you have room to: Start a hobby farm Build a garden Raise animals Add a shop or expansion Simply enjoy privacy and open space The property also includes a pole barn and an additional shed, giving you the storage and workspace that’s hard to find. A Home You Can Make Your Own Yes, the house needs a little work. But that means you’re not paying for someone else’s updates — you get to design it your way. With solid square footage and two full bathrooms already in place, this home has the foundation to become something special. Why This Property Works You don’t just need a house. You need space. Flexibility. Opportunity. And properties with acreage, outbuildings, and this kind of location don’t come along every day.

13. 2021-04-05
    soldstatus $75,000 102-char remark

    Show marketing remark (102 chars)

    NICE THREE BEDROOM MANUFACTURED RANCH HOME WITH TWO BATHS, OPEN CONCEPT, SPLIT BEDROOMS. ON 4.50 ACRES

14. 2021-01-23
    listed $85,000 102-char remark

    Show marketing remark (102 chars)

    NICE THREE BEDROOM MANUFACTURED RANCH HOME WITH TWO BATHS, OPEN CONCEPT, SPLIT BEDROOMS. ON 4.50 ACRES

15. 2011-09-14
    soldstatus $62,500
16. 2009-10-01
    soldstatus $74,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,506
• − Mortgage interest: −$7,613
• − Property taxes: −$2,038
• − Insurance: −$680
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$3,953
• Taxable loss: −$2,939
• Est. tax savings @ 24.0%: +$705
• After-tax cash flow: $105/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — New Lebanon

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

Census & demographics

• Population (ZIP): 640

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6%
• Common ancestry: Lithuanian 12% Serbian 2% Italian 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.56%
• Current HPI: 172.6108
• 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

+83.6% since first listed

9 events — show timeline

• 2026-05-12 Price Changed $135,900 THAAR
• 2026-05-06 Relisted — THAAR
• 2026-03-19 Pending — THAAR
• 2026-03-04 Price Changed $142,900 THAAR
• 2026-02-22 Listed $147,900 THAAR
• 2021-04-05 Sold (MLS) $75,000 THAAR
• 2021-01-23 Listed $85,000 THAAR
• 2011-09-14 Sold (Public Records) $62,500 Public Records
• 2009-10-01 Sold (Public Records) $74,000 Public Records

Property tax history

-12.5%/yr

Latest (2024): $183 · -20.3% YoY. Source: county tax records.