132 Pennsylvania St · Shirley, IN 47362

$88,999

2 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 53 Days on market

Built 1926 0.39 ac lot Est $163k · 45% 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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.0/10.0
• Schools +4.3/10.0
• Rent growth +3.6/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SELLER FINANCING AVAILABLE! Discover the potential of this unique property in Shirley, Indiana. Set on a spacious 0.39-acre lot, this home offers a large yard, perfect for outdoor activities or creating your own oasis. Built in 1926, this charming home is sold * * as-is * * and requires repairs, making it an excellent opportunity for investors or those seeking a renovation project. Featuring 2 bedrooms, 1 bathroom, and a detached garage for additional storage, this property provides a solid foundation to bring your vision to life. Located in a peaceful neighborhood with convenient access to amenities and major routes, this is your chance to turn possibility into reality. Contact Brian I

Key facts

• Convenient access
• Large yard
• Spacious lot

Tags

• SPACIOUS LOT
• LARGE YARD
• DETACHED GARAGE
• PEACEFUL NEIGHBORHOOD
• CONVENIENT ACCESS

Property features AI

Exterior

• Parking: Detached gravel garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 1 story
• Construction: Vinyl siding
• Exterior features: Chain link fencing; Shingle roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Electric water heater; 6 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#287 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Eastern Hancock County Community School Corporation (rural): math 48% / reading 50% proficiency, ranked #49 of 301 in IN (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastern Hancock Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 533 students, 32% FRL); Eastern Hancock Middle School (math 38% / reading 44%, grade F, #113 of 330 statewide, top 35%, 268 students, 35% FRL); Eastern Hancock High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 378 students, 31% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 217 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y 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 $45k; list at $89k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,329 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1926 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.20% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.90%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $162,792
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 Pennsylvania St	0.07mi	3/1.0 (+1)	1,062 (-0%)	12mo	$163,000	$153	81
206 Pennsylvania St	0.05mi	3/1.0 (+1)	990 (-7%)	3mo	$150,000	$152	79
205 Pennsylvania St	0.06mi	2/2.0	962 (-10%)	17mo	$155,000	$161	63
102 South St	0.37mi	2/1.0	996 (-6%)	14mo	$72,500	$73	61
204 Varner St	0.42mi	3/2.0 (+1)	1,000 (-6%)	1mo	$195,000	$195	61
609 Main St	0.47mi	2/1.0	988 (-7%)	15mo	$90,000	$91	54

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 · 4.59% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.18×
• Total profit: $4,370
• Equity at exit: $13,270

10-year hold

• IRR: 15.3%
• Equity multiple: 2.33×
• Total profit: $33,098
• Equity at exit: $7,695

Cash invested: $24,920 (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 47362

• Home prices YoY: -16.0%
• Rents YoY: 4.6%
• Active inventory: 217
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,067 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$72 /mo · $858/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $268

Break-even live

Break-even rent $728

Max offer price $88,999

Occupancy floor 70%

Sensitivity live

Price	-10% $318	-5% $293	+0% $268	+5% $243	+10% $218
Rent	-10% $184	-5% $226	+0% $268	+5% $310	+10% $352
Rate	-1.0pp $313	-0.5pp $291	base $268	+0.5pp $245	+1.0pp $221

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
226 Walnut St Wilkinson, IN	2.0	1.0	1010	$1,450	$1.44	4d	1	1.39mi

Listing history 23 events

1. 2026-06-21
   days on market $88,999 Active 53 DOM
2. 2026-06-18
   days on market $88,999 Active 50 DOM
3. 2026-06-17
   days on market $88,999 Active 49 DOM
4. 2026-06-16
   days on market $88,999 Active 48 DOM
5. 2026-06-15
   days on market $88,999 Active 47 DOM
6. 2026-06-13
   days on market $88,999 Active 45 DOM
7. 2026-06-13
   days on market $88,999 Active 44 DOM
8. 2026-06-09
   days on market $88,999 Active 41 DOM
9. 2026-06-08
   days on market $88,999 Active 40 DOM
10. 2026-06-07
    days on market $88,999 Active 39 DOM
11. 2026-06-03
    days on market $88,999 Active 35 DOM
12. 2026-06-02
    days on market $88,999 Active 34 DOM
13. 2026-06-01
    days on market $88,999 Active 33 DOM
14. 2026-05-31
    days on market $88,999 Active 32 DOM
15. 2026-04-29
    listed $88,999 Active
16. 2025-11-18
    price $88,999
17. 2014-12-29
    soldstatus $44,900
18. 2002-07-14
    historical
19. 2002-03-29
    historical
20. 2002-02-15
    listed $68,000
21. 2001-09-08
    historical
22. 2001-06-29
    listed $63,900
23. 2001-03-09
    listed $64,900

ⓘ 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: $858 · $72/mo
• Projected year-2 tax: $858 · $72/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 ≥101°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,809
• − Mortgage interest: −$4,985
• − Property taxes: −$858
• − Insurance: −$445
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$2,589
• Taxable income: $1,882
• Est. tax owed @ 24.0%: −$452
• After-tax cash flow: $2,764/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: Eastern Hancock County Community School Corporation
• NCES district ID: 1803120
• Math proficiency: 48% ▼ -15.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $62,582
• Composite: 43.16/100
• National rank: #3071
• State rank: #49 of 301 in IN

Livability — Shirley

• Score: 66/100
• State rank: #287
• US rank: #11700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shirley, IN
• County: Henry County · 29,337 people
• City population: 29,337
• Metro: New Castle, IN
• Population (ZIP): 29,337
• Household income: $60,258
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 545.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 3% Black 3% Hispanic / Latino 3%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.70%
• Current HPI: 228.8885
• Rent YoY: ▲ 4.59%
• Metro: New Castle, IN
• 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

+37.1% since first listed

9 events — show timeline

• 2026-04-29 Listed $88,999 RRELMS
• 2025-11-18 Price Changed $88,999 RRELMS
• 2014-12-29 Sold (Public Records) $44,900 Public Records
• 2002-07-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-03-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-02-15 Listed $68,000 MIBOR as Distributed by MLS Grid
• 2001-09-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-06-29 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2001-03-09 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2025): $858 · -5.6% YoY. Source: county tax records.