320 E Main St · Peru, IN 46970

$64,995

3 bd · 1.5 ba · 1,485 sqft · SingleFamily public records · 365 Days on market

Built 1900 4,792 sqft lot $44/sqft · 47% below area Est $124k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here's what we know. .. this house has three bedrooms, one bath, detached one car garage, covered porch and it's blue. This is a project opportunity. We will do our best to get you inside the home, but we do not have inside photos at this time as it is tenant occupied and we are respecting the tenant rights by not posting inside photos. All showings will require a 48 hours notice and we will do our best to notify the tenant to get you inside access.

Key facts

• Covered porch
• 4,792 sq ft lot
• Garage

Tags

• COVERED PORCH

🏷️ Possibly a rental listed for sale. The $64,995 price doesn't fit this home's estimated sale value (~$123,662) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 6.1% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, schools D, commute F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 129 active listings in the ZIP; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Miami County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 365 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,195 (12.0% below list)

Questions for the listing agent

1. It's been on market 365 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 1900 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.92% ✓
• Cap rate: 16.20%
• Cash-on-cash: 35.38%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $123,662
• List price: $64,995
• Delta: -47.44%
• 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
374 E Main St	0.10mi	3/1.0	1,540 (+4%)	7mo	$100,000	$65	82
276 E 3rd St	0.11mi	3/1.5	1,584 (+7%)	10mo	$185,000	$117	75
401 E Main St	0.14mi	2/1.0 (-1)	1,594 (+7%)	5mo	$170,000	$107	70
310 Columbia Ave	0.35mi	3/2.0	1,312 (-12%)	0mo	$159,900	$122	62
269 E 8th St	0.20mi	3/2.0	1,306 (-12%)	10mo	$184,900	$142	61
16 S Tippecanoe St	0.25mi	3/1.0	1,295 (-13%)	5mo	$60,000	$46	61
119 Daniel St	0.44mi	3/2.0	1,422 (-4%)	13mo	$157,500	$111	60
565 E 2nd St	0.55mi	3/2.0	1,612 (+9%)	6mo	$195,000	$121	53
126 E 8th St	0.40mi	3/1.0	1,296 (-13%)	8mo	$139,900	$108	51
568 Madison Ave	0.70mi	2/1.5 (-1)	1,510 (+2%)	13mo	$163,000	$108	49
135 E 3rd St	0.34mi	2/1.0 (-1)	1,673 (+13%)	12mo	$83,000	$50	45
63 W 6th St	0.73mi	3/1.5	1,362 (-8%)	10mo	$55,000	$40	44

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: 31.0%
• Equity multiple: 2.30×
• Total profit: $23,657
• Equity at exit: $9,691

10-year hold

• IRR: 38.2%
• Equity multiple: 4.55×
• Total profit: $64,676
• Equity at exit: $5,620

Cash invested: $18,199 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,248 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $537

Break-even live

Break-even rent $569

Max offer price $64,995

Occupancy floor 52%

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: $16,249
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $64,995 Active 365 DOM
2. 2026-06-17
   days on market $64,995 Active 364 DOM
3. 2026-06-16
   days on market $64,995 Active 363 DOM
4. 2026-06-15
   days on market $64,995 Active 362 DOM
5. 2026-06-14
   days on market $64,995 Active 360 DOM
6. 2026-06-12
   days on market $64,995 Active 359 DOM
7. 2026-06-09
   days on market $64,995 Active 356 DOM
8. 2026-06-08
   days on market $64,995 Active 355 DOM
9. 2026-06-07
   days on market $64,995 Active 354 DOM
10. 2026-06-07
    days on market $64,995 Active 353 DOM
11. 2026-06-03
    days on market $64,995 Active 350 DOM
12. 2026-06-02
    days on market $64,995 Active 349 DOM
13. 2026-06-01
    days on market $64,995 Active 348 DOM
14. 2026-05-31
    days on market $64,995 Active 347 DOM
15. 2026-05-31
    days on market $64,995 Active 346 DOM
16. 2025-06-18
    listed $64,995 Active 453-char remark

    Show marketing remark (453 chars)

    Here's what we know. .. this house has three bedrooms, one bath, detached one car garage, covered porch and it's blue. This is a project opportunity. We will do our best to get you inside the home, but we do not have inside photos at this time as it is tenant occupied and we are respecting the tenant rights by not posting inside photos. All showings will require a 48 hours notice and we will do our best to notify the tenant to get you inside access.

ⓘ 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 5/10 Major FEMA zone X (shaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,972
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$1,891
• Taxable income: $5,745
• Est. tax owed @ 24.0%: −$1,379
• After-tax cash flow: $5,059/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

1 event — show timeline

• 2025-06-18 Listed $64,995 IRMLS