1107 S Opel Ave · Sheridan, IN 46069

$129,900

3 bd · 2.0 ba · 1,494 sqft · SingleFamily public records · 1 Days on market

Built 2002 0.38 ac lot Est $239k · 46% 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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.0/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Listed and pended

Key facts

• 0.38 acre lot
• Built 2002

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Approximately 0.38-acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Kitchen (14 x 10); Microwave with hood
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Other cooling
• Interior features: Breakfast bar; Microwave with hood

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 9.7% vs local median 3.1% in Sheridan — 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 65/100 on livability (#318 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Sheridan Community Schools (town): math 38% / reading 46% proficiency, ranked #117 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 120 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $129,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.20% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.07%
• DSCR: 1.54
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $239,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1107 S Opel Ave	0.00mi	3/2.0	1,494 (0%)	0mo	$115,000	$77	100
1300 Shadetree Ln	0.67mi	3/2.0	1,454 (-3%)	2mo	$265,000	$182	63
413 Shadetree Ct	0.60mi	3/2.0	1,560 (+4%)	4mo	$295,000	$189	61
410 Shadetree Ct	0.60mi	3/2.0	1,410 (-6%)	2mo	$295,000	$209	61
900 S Sheridan Ave	0.53mi	3/1.0	1,436 (-4%)	7mo	$153,000	$107	58
1406 Bigleaf Cir	0.74mi	3/2.0	1,507 (+1%)	10mo	$292,500	$194	56
500 S California St	0.63mi	3/2.0	1,386 (-7%)	6mo	$240,000	$173	54
2320 W 236th St	0.66mi	3/2.0	1,488 (-0%)	19mo	$190,000	$128	52
704 S Ohio St	0.47mi	3/1.5	1,370 (-8%)	13mo	$219,500	$160	52
202 S Linden Ln	0.63mi	3/1.5	1,642 (+10%)	1mo	$260,000	$158	51
206 S Ohio St	0.70mi	3/2.0	1,593 (+7%)	7mo	$249,000	$156	50
1408 Graybark St	0.68mi	3/2.0	1,707 (+14%)	2mo	$260,000	$152	43

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: 1.6%
• Equity multiple: 1.06×
• Total profit: $2,245
• Equity at exit: $19,369

10-year hold

• IRR: 11.2%
• Equity multiple: 1.88×
• Total profit: $31,960
• Equity at exit: $11,231

Cash invested: $36,372 (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 46069

• Home prices YoY: -28.2%
• Active inventory: 120
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$681
• Tax from tax record: −$130 /mo · $1,555/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $366

Break-even live

Break-even rent $1,095

Max offer price $129,900

Occupancy floor 72%

Sensitivity live

Price	-10% $439	-5% $402	+0% $366	+5% $329	+10% $292
Rent	-10% $243	-5% $304	+0% $366	+5% $427	+10% $489
Rate	-1.0pp $431	-0.5pp $399	base $366	+0.5pp $332	+1.0pp $298

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1040 S Malott St Unit A Sheridan, IN	3.0	2.0	1100	$1,700	$1.55	2d	1	0.10mi
1104 S Malott St Unit C Sheridan, IN	2.0	1.0	900	$1,500	$1.67	2d	1	0.12mi
204 E 11th St Unit 1 Sheridan, IN	2.0	1.0	900	$1,400	$1.56	2d	1	0.22mi
304 E 4th St Sheridan, IN	3.0	1.0	1262	$1,431	$1.13	4d	1	0.51mi
1315 Shadetree Ln Sheridan, IN	3.0	2.0	1760	$1,786	$1.01	44d	1	0.66mi
203 1/2 E 1st St Sheridan, IN	2.0	1.0	1492	$900	$0.60	12d	1	0.72mi
102 S California St Unit B Sheridan, IN	3.0	2.0	1216	$1,600	$1.32	2d	1	0.81mi
102 S California St Unit A Sheridan, IN	2.0	1.0	1216	$1,600	$1.32	2d	1	0.81mi
204 N California St Sheridan, IN	2.0	2.0	1100	$975	$0.89	44d	1	0.91mi

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,555 · $130/mo
• Projected year-2 tax: $1,555 · $130/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 18 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: $18,693
• − Mortgage interest: −$7,276
• − Property taxes: −$1,555
• − Insurance: −$650
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$3,779
• Taxable income: $2,442
• Est. tax owed @ 24.0%: −$586
• After-tax cash flow: $3,802/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: Sheridan Community Schools
• NCES district ID: 1806480
• Math proficiency: 38% ▼ -9.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $51,929
• Composite: 36.31/100
• National rank: #4695
• State rank: #117 of 301 in IN

Livability — Sheridan

• Score: 65/100
• State rank: #318
• US rank: #12536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, IN
• City population: 6,924
• Population (ZIP): 6,924

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Slovak 5% Italian 2% Iranian 1%
• Foreign-born: 2% · Canada, Guatemala
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.24%
• Current HPI: 224.338
• 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

2 events — show timeline

• 2026-05-29 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-29 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $1,555 · -0.9% YoY. Source: county tax records.