19052 15th Rd · Culver, IN 46511

$84,900

2 bd · 1.0 ba · 1,038 sqft · SingleFamily · 171 Days on market

Built 1886 Fair condition 1.00 ac lot $82/sqft · 42% below area Est $147k · 42% under ↓ 32% since listing

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.2/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with a new roof, deep well and recently pumped septic. Lots of room to roam. On County Road 15B. Cash or Conventional financing only.

Key facts

• Deep well
• Dry partial basement
• Newer roof

Tags

• NEWER ROOF
• NEW HOT WATER HEATER
• DRY PARTIAL BASEMENT
• DETACHED GARAGE
• DEEP WELL
• RECENTLY PUMPED SEPTIC

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 1.9% in Culver — 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 67/100 on livability (#263 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety B; Watch: amenities F, commute F, employment F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marshall County population projected to shrink 9% 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 $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.22% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.82%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $146,734
• List price: $84,900
• Delta: -42.14%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15201 SR 17 Rd	0.58mi	3/1.0 (+1)	1,177 (+13%)	9mo	$170,000	$144	38

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,168
• Equity at exit: $12,659

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $20,279
• Equity at exit: $7,341

Cash invested: $23,772 (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 46511

• Home prices YoY: -33.2%
• Active inventory: 32
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,039 medium
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $234

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 72%

Sensitivity live

Price	-10% $293	-5% $263	+0% $234	+5% $205	+10% $175
Rent	-10% $152	-5% $193	+0% $234	+5% $275	+10% $316
Rate	-1.0pp $277	-0.5pp $256	base $234	+0.5pp $212	+1.0pp $190

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-07
   listing id $84,900 Pending 171 DOM
2. 2026-05-05
   status Pending 314-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

3. 2026-05-05
   status Pending 329-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

4. 2026-04-17
   price $84,900 329-char remark

   Show marketing remark (314 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with a new roof, deep well and recently pumped septic. Lots of room to roam. On County Road 15B. Cash or Conventional financing only.

5. 2026-04-17
   price $84,900 314-char remark

   Show marketing remark (314 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with a new roof, deep well and recently pumped septic. Lots of room to roam. On County Road 15B. Cash or Conventional financing only.

6. 2026-03-30
   price $87,900 314-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

7. 2026-03-30
   price $87,900 329-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

8. 2026-02-12
   price $92,900 314-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

9. 2026-02-12
   price $92,900 329-char remark

   Show marketing remark (329 chars)

   2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

10. 2026-01-06
    price $99,900 314-char remark

    Show marketing remark (329 chars)

    2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

11. 2026-01-06
    price $99,900 329-char remark

    Show marketing remark (329 chars)

    2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

12. 2025-11-14
    listed $124,900 Active 314-char remark

    Show marketing remark (329 chars)

    2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

13. 2025-11-14
    listed $124,900 Active 329-char remark

    Show marketing remark (329 chars)

    2 BEDROOM FARM HOUSE ON ONE ACRE NORTH OF CULVER - Home has a newer roof, newer hot water heater and dry partial basement. Needs some TLC. Property includes a 2 car detached garage with new roof, deep well and recently pumped septic.  Lots of room to roam. On County Road 15B.  Cash or Conventional financing only.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥101°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: $12,468
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$997
• − Management: −$997
• − Depreciation: −$2,470
• Taxable income: $1,550
• Est. tax owed @ 24.0%: −$372
• After-tax cash flow: $2,437/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and increase its value. The kitchen and bathroom need significant updates, and the flooring and interior walls are in poor condition. Landscaping improvements are also needed to enhance curb appeal.

Repairs flagged

• Major kitchen cabinets — severely worn and outdated
• Major bathroom fixtures — dated and worn
• Major flooring — dated and worn
• Major interior walls — dated paint and paneling
• Major landscaping — bare yard and overgrown areas

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathroom would increase both resale and rental value
• Both flooring replacement — replacing the flooring would improve the overall appearance and increase both resale and rental value
• Both interior paint — updating the interior paint would improve the overall appearance and increase both resale and rental value
• Both landscaping — improving the landscaping would increase curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely worn and outdated	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
flooring · dated and worn	Major	$15,000–50,000
interior walls · dated paint and paneling	Major	$15,000–50,000
landscaping · bare yard and overgrown areas	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathroom would increase both resale and rental value ↑
• Both flooring replacement — replacing the flooring would improve the overall appearance and increase both resale and rental value ↑
• Both interior paint — updating the interior paint would improve the overall appearance and increase both resale and rental value ↑
• Both landscaping — improving the landscaping would increase curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Culver

• Score: 67/100
• State rank: #263
• US rank: #11038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,019

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Italian 4% Danish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.01%
• Current HPI: 293.2371
• 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

-32.0% since first listed

12 events — show timeline

• 2026-05-05 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-05 Pending — IRMLS
• 2026-04-17 Price Changed $84,900 IRMLS
• 2026-04-17 Price Changed $84,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $87,900 NIRA MLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $87,900 IRMLS
• 2026-02-12 Price Changed $92,900 NIRA MLS as Distributed by MLS Grid
• 2026-02-12 Price Changed $92,900 IRMLS
• 2026-01-06 Price Changed $99,900 NIRA MLS as Distributed by MLS Grid
• 2026-01-06 Price Changed $99,900 IRMLS
• 2025-11-14 Listed $124,900 IRMLS
• 2025-11-14 Listed $124,900 NIRA MLS as Distributed by MLS Grid