729 E Washington St · Shelbyville, IN 46176

$114,900

3 bd · 2.0 ba · 1,200 sqft · SingleFamily public records · 48 Days on market

Built 2001 8,160 sqft lot $96/sqft · 35% below area Est $176k · 35% 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

Key facts

• Porch
• Fenced
• Deck

Tags

• FRONT YARD
• FENCED
• DECK
• PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.3% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D+, amenities F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 229 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.21% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.11%
• DSCR: 1.63
• GRM: 6.9

CMA / ARV

• ARV (median comp): $175,757
• List price: $114,900
• Delta: -34.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 Alice St	0.31mi	3/2.0	1,203 (+0%)	4mo	$183,000	$152	82
904 Hemlock St	0.32mi	3/1.5	1,160 (-3%)	0mo	$217,000	$187	77
319 Roosevelt Dr	0.21mi	4/1.0 (+1)	1,296 (+8%)	4mo	$135,000	$104	65
110 N Hamilton St	0.39mi	2/1.0 (-1)	1,172 (-2%)	6mo	$103,000	$88	64
714 Labell Ave	0.20mi	2/2.0 (-1)	1,356 (+13%)	3mo	$160,000	$118	61
729 Berkeley Dr	0.64mi	3/1.0	1,229 (+2%)	2mo	$199,000	$162	60
1073 Fuller Ln	0.53mi	3/2.0	1,294 (+8%)	3mo	$232,000	$179	60
822 Berkeley	0.69mi	3/1.0	1,164 (-3%)	0mo	$127,000	$109	59
529 Eastern Ave	0.53mi	3/1.0	1,260 (+5%)	10mo	$80,000	$63	55
116 E South St	0.71mi	4/2.0 (+1)	1,276 (+6%)	1mo	$169,500	$133	51
513 Willow Dr	0.43mi	3/1.0	1,032 (-14%)	3mo	$179,900	$174	50
609 Willow Dr	0.54mi	4/1.0 (+1)	1,056 (-12%)	8mo	$165,000	$156	39

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,267
• Equity at exit: $17,132

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $26,757
• Equity at exit: $9,934

Cash invested: $32,172 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 229
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,393 high
• Mortgage (P&I): −$603
• Tax from tax record: −$72 /mo · $859/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $312

Break-even live

Break-even rent $998

Max offer price $114,900

Occupancy floor 73%

Sensitivity live

Price	-10% $377	-5% $344	+0% $312	+5% $279	+10% $247
Rent	-10% $202	-5% $257	+0% $312	+5% $367	+10% $422
Rate	-1.0pp $370	-0.5pp $341	base $312	+0.5pp $282	+1.0pp $252

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	44d	1	0.04mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	11d	1	0.06mi
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	22d	1	0.31mi
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	8d	1	0.77mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,882	$2.07	2d	7	0.80mi
216 Progress Rd Shelbyville, IN	2.0	1.0	864	$775	$0.90	2d	1	1.17mi
1825 Wichman Ln Shelbyville, IN	2.0	2.0	938	$1,190	$1.27	2d	1	1.19mi
1825 Wichman Ln Shelbyville, IN	2.0	2.0	938	$1,190	$1.27	45d	1	1.19mi

Listing history 7 events

1. 2026-05-12
   price $119,900 238-char remark

   Show marketing remark (238 chars)

   This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

2. 2026-04-29
   price $129,900 238-char remark

   Show marketing remark (238 chars)

   This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

3. 2026-04-14
   status Active 238-char remark

   Show marketing remark (238 chars)

   This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

4. 2026-03-31
   status Pending 238-char remark

   Show marketing remark (238 chars)

   This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

5. 2026-03-25
   listed $139,900 Active 238-char remark

   Show marketing remark (238 chars)

   This property has tons of potential. No utilities are on - please view during the day only. 2-3 bedrooms, 2 bathrooms, living room, dining room and kitchen, utility room, and attached garage. front yard is fenced w/a deck for the porch.

6. 2003-12-30
   historical
7. 2003-07-01
   listed $17,500

ⓘ 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: $859 · $72/mo
• Projected year-2 tax: $918 · $77/mo
• Expected delta: +$59/yr (+$5/mo · 6.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,716
• − Mortgage interest: −$6,436
• − Property taxes: −$859
• − Insurance: −$1,372
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$3,343
• Taxable income: $2,031
• Est. tax owed @ 24.0%: −$487
• After-tax cash flow: $3,256/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+585.1% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-04-14 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-25 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2003-12-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-01 Listed $17,500 MIBOR as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $859 · -14.4% YoY. Source: county tax records.