623 W South St · Union City, IN 47390

$24,900

3 bd · 1.0 ba · 880 sqft · SingleFamily public records · 34 Days on market

Built 1900 0.35 ac lot $28/sqft · 74% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks

Bring your toolbox and a vision and make this Union City house shine again! Situated on over a quarter acre lot and located right outside the Union City ball diamonds, this property would make the perfect project and home for the right person. Sitting inside the city limits but with a country feel, this house is loaded with opportunity. Property is selling AS – IS.

Key facts

• 0.35 acre lot
• Built 1900
• Listed 34 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding exterior
• Exterior features: Wooded lot

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Has cooling (type listed as Other)
• Interior features: Seven total rooms; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($841 rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#432 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Randolph Eastern School Corporation (town): math 29% / reading 31% proficiency, ranked #246 of 301 in IN (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Side Elementary School (math 46% / reading 27%, grade F, #571 of 994 statewide, top 58%, 561 students, 72% FRL); Union City Community Jr/Sr High (math 9% / reading 36%, grade F, #337 of 369 statewide, top 92%, 367 students, 67% FRL) — zoned schools average 70% FRL vs 54% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($172 loan paydown + $2k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1900 — 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 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?
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: 3.38% ✓
• Cap rate: 30.35%
• Cash-on-cash: 85.93%
• DSCR: 4.82
• GRM: 2.5

CMA / ARV

• ARV (median comp): $77,557
• List price: $24,900
• Delta: -67.89%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 S Walnut St	0.27mi	3/1.0	989 (+12%)	16mo	$10,000	$10	53
510 Sycamore St	0.64mi	2/1.0 (-1)	825 (-6%)	2mo	$20,000	$24	53
103 S Wintergreen St	0.59mi	3/1.0	962 (+9%)	8mo	$70,000	$73	51
606 Boggs Ave	0.73mi	2/1.0 (-1)	888 (+1%)	14mo	$95,000	$107	48
104 Ila Sue Ct	0.70mi	3/1.0	960 (+9%)	14mo	$116,600	$121	41
113 S Wintergreen St	0.58mi	2/1.0 (-1)	962 (+9%)	20mo	$95,000	$99	35

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 95.3%
• Equity multiple: 7.51×
• Total profit: $45,368
• Equity at exit: $22,432

10-year hold

• IRR: 90.4%
• Equity multiple: 16.58×
• Total profit: $108,613
• Equity at exit: $48,375

Cash invested: $6,972 (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 47390

• Home prices YoY: 9.1%
• Active inventory: 35
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $841 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$24 /mo · $290/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $499

Break-even live

Break-even rent $209

Max offer price $24,900

Occupancy floor 36%

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 N Walnut St Union City, IN	1.0–2.0	1.0	750	$841	$1.12	44d	1	0.47mi

Listing history 17 events

1. 2026-06-18
   days on market $24,900 Active 34 DOM
2. 2026-06-17
   days on market $24,900 Active 33 DOM
3. 2026-06-16
   days on market $24,900 Active 32 DOM
4. 2026-06-15
   days on market $24,900 Active 31 DOM
5. 2026-06-13
   days on market $24,900 Active 29 DOM
6. 2026-06-12
   days on market $24,900 Active 28 DOM
7. 2026-06-09
   days on market $24,900 Active 25 DOM
8. 2026-06-08
   days on market $24,900 Active 24 DOM
9. 2026-06-07
   days on market $24,900 Active 23 DOM
10. 2026-06-05
    pricedays on market $24,900 Active 21 DOM
11. 2026-06-04
    days on market $34,900 Active 19 DOM
12. 2026-06-02
    days on market $34,900 Active 18 DOM
13. 2026-06-01
    days on market $34,900 Active 17 DOM
14. 2026-05-31
    days on market $34,900 Active 16 DOM
15. 2026-05-31
    days on market $34,900 Active 15 DOM
16. 2026-05-15
    price $34,900 373-char remark
17. 2026-05-15
    listed $24,900 Active 373-char remark

ⓘ 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: $290 · $24/mo
• Projected year-2 tax: $290 · $24/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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,092
• − Mortgage interest: −$1,395
• − Property taxes: −$290
• − Insurance: −$124
• − Repairs & maintenance: −$807
• − Management: −$807
• − Depreciation: −$724
• Taxable income: $5,944
• Est. tax owed @ 24.0%: −$1,426
• After-tax cash flow: $4,565/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: Randolph Eastern School Corporation
• NCES district ID: 1803180
• Math proficiency: 29% ▼ -15.00%
• Reading proficiency: 31% ▼ -15.00%
• Median HH income: $36,652
• Composite: 24.92/100
• National rank: #7570
• State rank: #246 of 301 in IN

Livability — Union City

• Score: 63/100
• State rank: #432
• US rank: #15530

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Union City, IN
• Population (ZIP): 5,084

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 15% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Portuguese 2% Italian 1%
• Foreign-born: 6% · Canada, South Korea, Guatemala
• Languages at home: 88% English-only · Spanish 10% Korean 1% Other Indo-European 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.82%
• Current HPI: 273.6736
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-04 Price Changed $24,900 IRMLS
• 2026-05-15 Price Changed $34,900 IRMLS
• 2026-05-15 Listed $24,900 IRMLS

Property tax history

-0.8%/yr

Latest (2024): $290 · -59.8% YoY. Source: county tax records.