1201 Town St · Kendallville, IN 46755

$124,900

2 bd · 1.0 ba · 956 sqft · SingleFamily public records · 17 Days on market

Built 1945 8,712 sqft lot Est $171k · 27% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.9/10.0
• Livability +3.3/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

GREAT location and room to grow! This updated 3 bed 1 bath home is just waiting for new owners to add finishing touches! Some updates in 2023-2024 include a metal roof, metal siding, new countertops, and flooring. Great lot with space to add a garage and close to everything Bixler Lake has to offer! Shed in the back stays.

Key facts

• Metal roof
• Shed in the back
• Metal siding

Tags

• METAL ROOF
• METAL SIDING
• NEW COUNTERTOPS
• NEW FLOORING
• SPACE TO ADD A GARAGE
• SHED IN THE BACK

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Metal siding; Metal roof
• Exterior features: Level lot; Lot dimensions approximately 70 x 125; Approximately 0.2 acre lot

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: 5 total rooms; Partial crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (1.4% below list).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.6% in Kendallville — 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 (#305 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• East Noble School Corporation (town): math 32% / reading 32% proficiency, ranked #216 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Side Elementary School (math 37% / reading 22%, grade F, #697 of 994 statewide, top 73%, 284 students, 68% FRL); East Noble Middle School (math 27% / reading 29%, grade F, #226 of 330 statewide, top 69%, 796 students, 54% FRL); East Noble High School (math 38% / reading 52%, grade D-, #166 of 369 statewide, top 45%, 1,054 students, 43% FRL) — zoned schools average 55% FRL vs 40% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 102 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $125k implies a 213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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: 0.99% ✗
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $171,124
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Penrose Dr	0.16mi	3/1.0 (+1)	962 (+1%)	2mo	$176,900	$184	85
207 E Lisle St	0.35mi	2/1.0	926 (-3%)	1mo	$138,900	$150	78
215 Penrose Dr	0.21mi	3/1.0 (+1)	962 (+1%)	9mo	$185,000	$192	77
209 Pennsylvania Ave	0.17mi	3/1.0 (+1)	988 (+3%)	9mo	$158,000	$160	74
326 E Lisle St	0.26mi	3/1.0 (+1)	1,008 (+5%)	7mo	$172,000	$171	68
851 S State St	0.29mi	2/1.0	931 (-3%)	18mo	$121,000	$130	67
207 Penrose Dr	0.17mi	3/1.0 (+1)	1,000 (+5%)	14mo	$159,500	$160	67
1406 Town St	0.10mi	3/1.0 (+1)	1,008 (+5%)	18mo	$175,000	$174	66
105 Pennsylvania Ave	0.26mi	3/2.0 (+1)	1,056 (+10%)	3mo	$196,900	$186	59
702 S Oak St	0.34mi	2/1.0	832 (-13%)	6mo	$150,000	$180	57
1414 Town St	0.16mi	3/2.0 (+1)	1,090 (+14%)	13mo	$195,000	$179	50
435 Pleasant St	0.57mi	2/2.0	1,008 (+5%)	17mo	$209,000	$207	46

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-7,566
• Equity at exit: $18,623

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $9,630
• Equity at exit: $10,799

Cash invested: $34,972 (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 46755

• Home prices YoY: -12.8%
• Active inventory: 102
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,232 high
• Mortgage (P&I): −$655
• Tax from tax record: −$67 /mo · $801/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $200

Break-even live

Break-even rent $979

Max offer price $124,900

Occupancy floor 79%

Sensitivity live

Price	-10% $270	-5% $235	+0% $200	+5% $164	+10% $129
Rent	-10% $102	-5% $151	+0% $200	+5% $248	+10% $297
Rate	-1.0pp $262	-0.5pp $231	base $200	+0.5pp $167	+1.0pp $134

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1214 Garden St Kendallville, IN	2.0	1.0	864	$950	$1.10	44d	1	0.02mi
506 Seagraves Ave Kendallville, IN	2.0	1.0	1054	$1,500	$1.42	44d	1	0.11mi
504 Seagraves Ave Kendallville, IN	2.0	1.0	1054	$1,400	$1.33	44d	1	0.11mi
707 Lake Ave Kendallville, IN	2.0	1.0	750	$915	$1.22	44d	1	0.46mi
212 W Mitchell St Unit 4 Kendallville, IN	1.0	1.0	700	$900	$1.29	44d	1	0.95mi
636 Berry Ln Kendallville, IN	2.0	1.0	750	$772	$1.03	22d	3	0.97mi

Listing history 13 events

1. 2026-06-13
   statusdays on market $124,900 Pending 17 DOM
2. 2026-06-12
   days on market $124,900 Active 16 DOM
3. 2026-06-09
   pricedays on market $124,900 Active 13 DOM
4. 2026-06-08
   days on market $134,900 Active 12 DOM
5. 2026-06-07
   days on market $134,900 Active 11 DOM
6. 2026-06-04
   days on market $134,900 Active 7 DOM
7. 2026-06-02
   days on market $134,900 Active 6 DOM
8. 2026-06-01
   days on market $134,900 Active 5 DOM
9. 2026-05-31
   days on market $134,900 Active 4 DOM
10. 2026-05-31
    days on market $134,900 Active 3 DOM
11. 2026-05-27
    listed $134,900 Active
12. 2023-11-27
    listed $109,000 Active
13. 2013-11-15
    soldstatus $39,900

ⓘ 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: $801 · $67/mo
• Projected year-2 tax: $931 · $78/mo
• Expected delta: +$130/yr (+$11/mo · 16.2%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,785
• − Mortgage interest: −$6,996
• − Property taxes: −$801
• − Insurance: −$624
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$3,633
• Taxable income: $364
• Est. tax owed @ 24.0%: −$87
• After-tax cash flow: $2,307/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: East Noble School Corporation
• NCES district ID: 1802970
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $47,954
• Composite: 27.67/100
• National rank: #6916
• State rank: #216 of 301 in IN

Livability — Kendallville

• Score: 66/100
• State rank: #305
• US rank: #12100

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kendallville, IN
• City population: 15,528
• Population (ZIP): 15,528

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 11% Romanian 4% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Arabic 4%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.00%
• Current HPI: 245.3292
• 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

+238.1% since first listed

3 events — show timeline

• 2026-05-27 Listed $134,900 IRMLS
• 2023-11-27 Listed $109,000 IRMLS
• 2013-11-15 Sold (Public Records) $39,900 Public Records

Property tax history

+8.7%/yr

Latest (2024): $801 · +120.8% YoY. Source: county tax records.