124 W 2nd St · Lapel, IN 46051

$130,000

2 bd · 1.0 ba · 701 sqft · SingleFamily public records · 41 Days on market

Built 1960 7,000 sqft lot $185/sqft · 13% below area Est $150k · 13% under

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Why this score? — see what drove the C+ 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 +22.2/30.0
• ARV discount +13.4/15.0
• DSCR +7.1/10.0
• 1% rule +5.3/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2BR 1BTH home ready for renovation! Home being sold as-is. Includes two lots. Second located directly south toward cemetary. Lapel features great restaurants, brewery, and award winning schools. Quick access to I69 too!

Key facts

• Close to parks
• Close to schools
• Updated kitchen

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• NEWER VINYL PLANK FLOORING
• QUIET AREA
• CLOSE TO PARKS
• CLOSE TO SCHOOLS

Property features AI

Finance

• Other: Property is listed as having additional parcels; Lot size about 0.16 acre (< 1/4 acre)

Exterior

• Parking: Gravel parking; No garage
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single family residence; Updated/remodeled condition; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch/patio; Corner lot with mature trees; No fenced yard

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Electric water heater
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Electric heating with forced air; Central air conditioning
• Interior features: Painted woodwork; Eat-in kitchen
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#122 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Frankton-Lapel Community Schools (rural): math 39% / reading 41% proficiency, ranked #131 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lapel Elementary School (math 48% / reading 34%, grade F, #486 of 994 statewide, top 49%, 704 students, 34% FRL); Lapel Sr High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 466 students, 28% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 27 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1960 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.03% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (median comp): $149,540
• List price: $130,000
• Delta: -13.07%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 S Ford St	0.11mi	2/1.0	800 (+14%)	8mo	$168,500	$211	64

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-7,641
• Equity at exit: $19,383

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $10,593
• Equity at exit: $11,240

Cash invested: $36,400 (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 46051

• Home prices YoY: -17.2%
• Active inventory: 27
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,334 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$107 /mo · $1,280/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $211

Break-even live

Break-even rent $1,067

Max offer price $130,000

Occupancy floor 79%

Sensitivity live

Price	-10% $285	-5% $248	+0% $211	+5% $174	+10% $137
Rent	-10% $106	-5% $158	+0% $211	+5% $264	+10% $316
Rate	-1.0pp $276	-0.5pp $244	base $211	+0.5pp $177	+1.0pp $143

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Benwarren Way Lapel, IN	1.0–3.0	1.0–2.0	846	$1,398	$1.65	2d	1	0.43mi
1520 N Main St Lapel, IN	1.0–3.0	1.0	760	$1,220	$1.61	2d	1	0.85mi

Listing history 24 events

1. 2026-06-16
   status $130,000 Pending 41 DOM
2. 2026-06-15
   days on market $130,000 Active 41 DOM
3. 2026-06-13
   days on market $130,000 Active 39 DOM
4. 2026-06-13
   days on market $130,000 Active 38 DOM
5. 2026-06-09
   days on market $130,000 Active 35 DOM
6. 2026-06-08
   days on market $130,000 Active 34 DOM
7. 2026-06-07
   pricedays on market $130,000 Active 33 DOM
8. 2026-06-05
   days on market $140,000 Active 30 DOM
9. 2026-06-03
   days on market $140,000 Active 29 DOM
10. 2026-06-02
    days on market $140,000 Active 28 DOM
11. 2026-06-01
    days on market $140,000 Active 27 DOM
12. 2026-05-31
    days on market $140,000 Active 26 DOM
13. 2026-05-04
    listed $140,000 Active 458-char remark
14. 2025-12-05
    soldstatus $450,000
15. 2022-05-05
    status Active
16. 2022-05-05
    price $145,000
17. 2022-05-05
    historical
18. 2022-03-30
    historical
19. 2022-03-23
    status Active
20. 2022-03-17
    status Pending
21. 2022-03-06
    listed $159,900 Active
22. 2021-07-23
    soldstatus $60,000 Closed

    Show marketing remark (219 chars)

    2BR 1BTH home ready for renovation! Home being sold as-is. Includes two lots. Second located directly south toward cemetary. Lapel features great restaurants, brewery, and award winning schools. Quick access to I69 too!

23. 2021-07-09
    status Pending

    Show marketing remark (219 chars)

    2BR 1BTH home ready for renovation! Home being sold as-is. Includes two lots. Second located directly south toward cemetary. Lapel features great restaurants, brewery, and award winning schools. Quick access to I69 too!

24. 2021-07-07
    listed $69,000 Active

    Show marketing remark (219 chars)

    2BR 1BTH home ready for renovation! Home being sold as-is. Includes two lots. Second located directly south toward cemetary. Lapel features great restaurants, brewery, and award winning schools. Quick access to I69 too!

ⓘ 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: $1,280 · $107/mo
• Projected year-2 tax: $1,280 · $107/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 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $16,004
• − Mortgage interest: −$7,282
• − Property taxes: −$1,280
• − Insurance: −$650
• − Repairs & maintenance: −$1,280
• − Management: −$1,280
• − Depreciation: −$3,782
• Taxable income: $449
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $2,424/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: Frankton-Lapel Community Schools
• NCES district ID: 1812880
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $55,218
• Composite: 34.99/100
• National rank: #5050
• State rank: #131 of 301 in IN

Livability — Lapel

• Score: 72/100
• State rank: #122
• US rank: #6478

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lapel, IN
• City population: 2,857
• Population (ZIP): 2,857

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Serbian 2% Hispanic 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.12%
• Current HPI: 246.0051
• 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

+88.4% since first listed

14 events — show timeline

• 2026-06-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-05 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2025-12-05 Sold (Public Records) $450,000 Public Records
• 2022-05-05 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-05 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2022-05-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-03-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-03-23 Relisted — MIBOR as Distributed by MLS Grid
• 2022-03-17 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-06 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2021-07-23 Sold (MLS) $60,000 MIBOR as Distributed by MLS Grid
• 2021-07-09 Pending — MIBOR as Distributed by MLS Grid
• 2021-07-07 Listed $69,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.9%/yr

Latest (2024): $1,280 · +9.2% YoY. Source: county tax records.