228 N Meridian St · Dunkirk, IN 47336

$77,900

2 bd · 1.0 ba · 884 sqft · SingleFamily public records · 329 Days on market

Built 1940 0.41 ac lot $88/sqft · 69% above area Est $92k · 15% 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 +23.1/30.0
• ARV discount +14.4/15.0
• DSCR +7.4/10.0
• Appreciation +6.8/10.0
• 1% rule +6.0/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

*This property is part of a potential 11 property package. Please see the attached document for details.* This property features 2 beds and 1 bath. It's currently rented for $675 a month, lease ends 4-30-27, tenants pay all utilities. It also has a 1 car detached garage, enclosed front porch, covered back porch, and a spacious basement.

Key facts

• 0.41 acre lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($860 rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#404 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, health & safety D, amenities F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 34 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($539 loan paydown + $3k appreciation (3.6% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 329 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $41k; list at $78k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 329 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.10% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (median comp): $91,973
• List price: $77,900
• Delta: -14.21%
• 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
355 E North St	0.37mi	2/1.0	872 (-1%)	0mo	$40,000	$46	80
120 W Sam St	0.36mi	2/1.0	896 (+1%)	2mo	$60,000	$67	79
210 W Center St	0.07mi	1/0.5 (-1)	913 (+3%)	7mo	$10,000	$11	79
224 W Center St	0.04mi	2/1.0	892 (+1%)	24mo	$91,000	$102	77
709 N Main St	0.37mi	3/1.0 (+1)	918 (+4%)	7mo	$65,000	$71	66
651 N Hickory St	0.29mi	2/1.0	966 (+9%)	11mo	$15,000	$16	61
710 N Elm Street St	0.31mi	3/1.0 (+1)	912 (+3%)	17mo	$114,500	$126	61
356 W Jay St	0.34mi	2/1.0	822 (-7%)	17mo	$8,900	$11	58
223 Mount Auburn St	0.28mi	2/1.0	986 (+12%)	17mo	$37,000	$38	54
156 E Grand St	0.39mi	2/1.0	980 (+11%)	14mo	$72,500	$74	52
309 E High St	0.28mi	2/1.0	991 (+12%)	24mo	$50,000	$50	47
702 S Franklin St	0.46mi	2/2.0	1,010 (+14%)	11mo	$135,000	$134	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 1.96×
• Total profit: $20,978
• Equity at exit: $37,868

10-year hold

• IRR: 17.4%
• Equity multiple: 3.71×
• Total profit: $59,006
• Equity at exit: $60,671

Cash invested: $21,812 (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 47336

• Home prices YoY: 1.6%
• Active inventory: 34
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $860 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$99 /mo · $1,183/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $140

Break-even live

Break-even rent $683

Max offer price $77,900

Occupancy floor 79%

Sensitivity live

Price	-10% $184	-5% $162	+0% $140	+5% $118	+10% $96
Rent	-10% $72	-5% $106	+0% $140	+5% $174	+10% $208
Rate	-1.0pp $179	-0.5pp $160	base $140	+0.5pp $120	+1.0pp $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: $19,475
• Closing costs: $2,337
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-21
   days on market $77,900 Active 329 DOM
2. 2026-06-18
   days on market $77,900 Active 327 DOM
3. 2026-06-17
   price $77,900 Active 326 DOM
4. 2026-06-17
   days on market $78,900 Active 326 DOM
5. 2026-06-16
   days on market $78,900 Active 325 DOM
6. 2026-06-15
   days on market $78,900 Active 324 DOM
7. 2026-06-13
   days on market $78,900 Active 322 DOM
8. 2026-06-12
   days on market $78,900 Active 321 DOM
9. 2026-06-09
   days on market $78,900 Active 318 DOM
10. 2026-06-08
    days on market $78,900 Active 317 DOM
11. 2026-06-07
    days on market $78,900 Active 316 DOM
12. 2026-06-05
    days on market $78,900 Active 314 DOM
13. 2026-06-04
    days on market $78,900 Active 312 DOM
14. 2026-06-02
    days on market $78,900 Active 311 DOM
15. 2026-06-01
    days on market $78,900 Active 310 DOM
16. 2026-05-31
    days on market $78,900 Active 309 DOM
17. 2026-05-31
    days on market $78,900 Active 308 DOM
18. 2025-09-07
    price $78,900 338-char remark

    Show marketing remark (341 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds and 1 bath. It's currently rented for $675 a month, lease ends 4-30-27, tenants pay all utilities. It also has a 1 car detached garage, enclosed front porch, covered back porch, and a spacious basement.

19. 2025-09-07
    price $78,900 341-char remark

    Show marketing remark (341 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds and 1 bath. It's currently rented for $675 a month, lease ends 4-30-27, tenants pay all utilities. It also has a 1 car detached garage, enclosed front porch, covered back porch, and a spacious basement.

20. 2025-07-25
    listed $79,900 Active 338-char remark

    Show marketing remark (341 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds and 1 bath. It's currently rented for $675 a month, lease ends 4-30-27, tenants pay all utilities. It also has a 1 car detached garage, enclosed front porch, covered back porch, and a spacious basement.

21. 2025-07-25
    listed $79,900 Active 341-char remark

    Show marketing remark (341 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds and 1 bath. It's currently rented for $675 a month, lease ends 4-30-27, tenants pay all utilities. It also has a 1 car detached garage, enclosed front porch, covered back porch, and a spacious basement.

22. 2024-02-28
    soldstatus $40,715 Closed
23. 2024-02-28
    soldstatus $40,715 Closed
24. 2024-01-08
    status Pending
25. 2024-01-08
    status Pending
26. 2024-01-05
    status Active
27. 2024-01-05
    status Active
28. 2023-12-28
    status Pending
29. 2023-12-28
    status Pending
30. 2023-12-08
    listed $64,900 Active
31. 2023-12-08
    listed $64,900 Active

ⓘ 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: $1,183 · $99/mo
• Projected year-2 tax: $1,183 · $99/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 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,321
• − Mortgage interest: −$4,364
• − Property taxes: −$1,183
• − Insurance: −$390
• − Repairs & maintenance: −$826
• − Management: −$826
• − Depreciation: −$2,266
• Taxable income: $467
• Est. tax owed @ 24.0%: −$112
• After-tax cash flow: $1,567/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Dunkirk

• Score: 64/100
• State rank: #404
• US rank: #14764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, IN
• Population (ZIP): 2,793

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Scotch-Irish 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.64%
• Current HPI: 238.768
• 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

+21.6% since first listed

14 events — show timeline

• 2025-09-07 Price Changed $78,900 MIBOR as Distributed by MLS Grid
• 2025-09-07 Price Changed $78,900 IRMLS
• 2025-07-25 Listed $79,900 IRMLS
• 2025-07-25 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2024-02-28 Sold (MLS) $40,715 IRMLS
• 2024-02-28 Sold (MLS) $40,715 MIBOR as Distributed by MLS Grid
• 2024-01-08 Pending — IRMLS
• 2024-01-08 Pending — MIBOR as Distributed by MLS Grid
• 2024-01-05 Relisted — IRMLS
• 2024-01-05 Relisted — MIBOR as Distributed by MLS Grid
• 2023-12-28 Pending — IRMLS
• 2023-12-28 Pending — MIBOR as Distributed by MLS Grid
• 2023-12-08 Listed $64,900 IRMLS
• 2023-12-08 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2024): $1,183 · -3.4% YoY. Source: county tax records.