400 SE 2nd St · Paoli, IN 47454

$139,000

3 bd · 1.0 ba · 1,287 sqft · SingleFamily public records · 131 Days on market

Built 1910 0.26 ac lot $108/sqft · at area comps Est $157k · 12% under

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Why this score? — see what drove the C- 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 +16.4/30.0
• ARV discount +12.8/15.0
• Appreciation +6.2/10.0
• DSCR +5.1/10.0
• 1% rule +3.4/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

Key facts

• Unique character
• Large corner lot
• Bungalow style home

Tags

• BUNGALOW STYLE HOME
• LARGE CORNER LOT
• OUTDOOR OASIS
• UNIQUE CHARACTER
• PIECE OF PAOLI'S HISTORY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $78 ($935/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (15.8% below list).
• Recommended offer: $117k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.1% in Paoli — 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 62/100 on livability (#471 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools D, amenities F.
• Paoli Community School Corporation (town): math 28% / reading 42% proficiency, ranked #200 of 301 in IN (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($961 loan paydown + $3k appreciation (2.4% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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 $91k; list at $139k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,031 (15.8% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 0.84% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.40%
• DSCR: 1.11
• GRM: 9.9

CMA / ARV

• ARV (median comp): $157,444
• List price: $139,000
• Delta: -11.71%
• 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
505 SE 2nd St	0.09mi	3/1.0	1,232 (-4%)	11mo	$168,500	$137	80
409 S Gospel St	0.25mi	2/1.0 (-1)	1,326 (+3%)	4mo	$95,000	$72	75
200 SE 2nd St	0.14mi	4/2.0 (+1)	1,260 (-2%)	12mo	$115,000	$91	71
302 Josephine St	0.48mi	3/2.0	1,354 (+5%)	2mo	$159,000	$117	64
619 N Gospel St	0.74mi	3/1.0	1,300 (+1%)	1mo	$75,000	$58	62
321 S Sycamore St	0.45mi	2/1.0 (-1)	1,383 (+8%)	6mo	$159,000	$115	56
249 Josephine St	0.51mi	3/2.0	1,421 (+10%)	0mo	$177,000	$125	55
1117 SE Main St	0.57mi	4/2.0 (+1)	1,336 (+4%)	7mo	$177,000	$132	52
1026 E Indian Trail Rd	0.55mi	3/2.0	1,400 (+9%)	4mo	$200,000	$143	52
748 E Main St	0.44mi	4/1.5 (+1)	1,400 (+9%)	10mo	$200,000	$143	50
316 Elm St	0.55mi	2/2.0 (-1)	1,131 (-12%)	3mo	$230,000	$203	42
104 Barnard Ave	0.57mi	4/2.0 (+1)	1,440 (+12%)	10mo	$160,000	$111	36

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

Projected returns pro-forma

2.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.44×
• Total profit: $16,989
• Equity at exit: $57,538

10-year hold

• IRR: 10.9%
• Equity multiple: 2.53×
• Total profit: $59,434
• Equity at exit: $84,991

Cash invested: $38,920 (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 47454

• Home prices YoY: 1.1%
• Active inventory: 63
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,170 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$60 /mo · $717/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $78

Break-even live

Break-even rent $1,072

Max offer price $139,000

Occupancy floor 88%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $139,000 Active 131 DOM
2. 2026-06-17
   days on market $139,000 Active 130 DOM
3. 2026-06-16
   days on market $139,000 Active 129 DOM
4. 2026-06-15
   days on market $139,000 Active 128 DOM
5. 2026-06-13
   days on market $139,000 Active 126 DOM
6. 2026-06-12
   days on market $139,000 Active 125 DOM
7. 2026-06-09
   days on market $139,000 Active 122 DOM
8. 2026-06-08
   days on market $139,000 Active 121 DOM
9. 2026-06-07
   days on market $139,000 Active 120 DOM
10. 2026-06-07
    days on market $139,000 Active 119 DOM
11. 2026-06-04
    days on market $139,000 Active 116 DOM
12. 2026-06-02
    days on market $139,000 Active 115 DOM
13. 2026-06-01
    days on market $139,000 Active 114 DOM
14. 2026-05-31
    days on market $139,000 Active 113 DOM
15. 2026-05-31
    days on market $139,000 Active 112 DOM
16. 2026-05-05
    status Pending 661-char remark

    Show marketing remark (658 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

17. 2026-05-05
    status Pending 658-char remark

    Show marketing remark (658 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

18. 2026-05-02
    price $139,000 658-char remark

    Show marketing remark (658 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

19. 2026-05-01
    price $139,000 661-char remark

    Show marketing remark (661 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

20. 2026-03-05
    listed $144,900 Active 658-char remark

    Show marketing remark (658 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

21. 2026-01-21
    listed $144,900 Active 661-char remark

    Show marketing remark (661 chars)

    Discover the charm of this Bungalow style home on a large corner lot, a single-family residence nestled in the heart of Orange County, awaiting your personal touch. Within, the residence offers three bedrooms and one full bathroom, providing a comfortable layout for rest and relaxation. The expansive 11250 square foot lot offers a unique opportunity to create an outdoor oasis, a place for recreation, gardening, or simply enjoying the peace and quiet of the surroundings. Built in 1910, this 1.5 story home holds a unique character. Seize the chance to own a piece of Paoli's history and create lasting memories in this delightful single-family residence.

22. 2018-07-25
    soldstatus $91,400
23. 2018-07-13
    soldstatus $91,400
24. 2018-03-26
    listed $89,990
25. 2016-12-06
    soldstatus $84,000
26. 2016-11-21
    soldstatus $84,000
27. 2016-08-23
    listed $79,900
28. 2016-02-16
    soldstatus $16,000

ⓘ 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: $717 · $60/mo
• Projected year-2 tax: $949 · $79/mo
• Expected delta: +$232/yr (+$19/mo · 32.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,044
• − Mortgage interest: −$7,786
• − Property taxes: −$717
• − Insurance: −$695
• − Repairs & maintenance: −$1,123
• − Management: −$1,123
• − Depreciation: −$4,044
• Taxable loss: −$1,446
• Est. tax savings @ 24.0%: +$347
• After-tax cash flow: $1,282/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: Paoli Community School Corporation
• NCES district ID: 1808640
• Math proficiency: 28% ▼ -14.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $38,333
• Composite: 29.18/100
• National rank: #6571
• State rank: #200 of 301 in IN

Livability — Paoli

• Score: 62/100
• State rank: #471
• US rank: #16678

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paoli, IN
• Population (ZIP): 7,529

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Iranian 1%
• Foreign-born: 0% · Canada

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.36%
• Current HPI: 207.3937
• 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

+768.8% since first listed

13 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-05 Pending — IRMLS
• 2026-05-02 Price Changed $139,000 IRMLS
• 2026-05-01 Price Changed $139,000 MIBOR as Distributed by MLS Grid
• 2026-03-05 Listed $144,900 IRMLS
• 2026-01-21 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2018-07-25 Sold (Public Records) $91,400 Public Records
• 2018-07-13 Sold (MLS) $91,400 SIRA
• 2018-03-26 Listed $89,990 SIRA
• 2016-12-06 Sold (Public Records) $84,000 Public Records
• 2016-11-21 Sold (MLS) $84,000 SIRA
• 2016-08-23 Listed $79,900 SIRA
• 2016-02-16 Sold (Public Records) $16,000 Public Records

Property tax history

-0.0%/yr

Latest (2024): $717 · +14.0% YoY. Source: county tax records.