404 N East St · Hymera, IN 47855

$45,000

2 bd · 1.5 ba · 1,108 sqft · SingleFamily public records · 38 Days on market

Built 1960 $41/sqft · 63% 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
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• Schools +2.7/10.0
• Appreciation +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Fixer Upper!! Needs full interior remodel. Great for a quick flip!

Key facts

• Built 1960
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($881 rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#602 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Sullivan 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1960 — 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. 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?
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: 1.96% ✓
• Cap rate: 16.13%
• Cash-on-cash: 35.15%
• DSCR: 2.56
• GRM: 4.3

CMA / ARV

• ARV (median comp): $121,692
• List price: $45,000
• Delta: -63.02%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 E Jefferson St	0.35mi	2/1.0	960 (-13%)	0mo	$65,000	$68	59
407 N State St	0.54mi	3/1.0 (+1)	1,201 (+8%)	8mo	$115,000	$96	47

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: 30.7%
• Equity multiple: 2.29×
• Total profit: $16,237
• Equity at exit: $6,710

10-year hold

• IRR: 38.0%
• Equity multiple: 4.53×
• Total profit: $44,500
• Equity at exit: $3,891

Cash invested: $12,600 (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 47855

• Home prices YoY: -3.9%
• Active inventory: 5
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $881 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $369

Break-even live

Break-even rent $414

Max offer price $45,000

Occupancy floor 53%

Sensitivity live

Price	-10% $395	-5% $382	+0% $369	+5% $356	+10% $344
Rent	-10% $299	-5% $334	+0% $369	+5% $404	+10% $439
Rate	-1.0pp $392	-0.5pp $381	base $369	+0.5pp $357	+1.0pp $346

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $45,000 Active 38 DOM
2. 2026-06-18
   days on market $45,000 Active 37 DOM
3. 2026-06-17
   days on market $45,000 Active 36 DOM
4. 2026-06-16
   days on market $45,000 Active 35 DOM
5. 2026-06-15
   days on market $45,000 Active 34 DOM
6. 2026-06-14
   days on market $45,000 Active 32 DOM
7. 2026-06-13
   days on market $45,000 Active 31 DOM
8. 2026-06-10
   days on market $45,000 Active 29 DOM
9. 2026-06-09
   days on market $45,000 Active 28 DOM
10. 2026-06-08
    days on market $45,000 Active 27 DOM
11. 2026-06-07
    days on market $45,000 Active 26 DOM
12. 2026-06-05
    days on market $45,000 Active 23 DOM
13. 2026-06-02
    days on market $45,000 Active 21 DOM
14. 2026-06-01
    days on market $45,000 Active 20 DOM
15. 2026-05-31
    days on market $45,000 Active 19 DOM
16. 2026-05-30
    days on market $45,000 Active 18 DOM
17. 2026-05-12
    listed $45,000 Active 66-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: $868 · $72/mo
• Projected year-2 tax: $868 · $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 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 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: $10,574
• − Mortgage interest: −$2,521
• − Property taxes: −$868
• − Insurance: −$225
• − Repairs & maintenance: −$846
• − Management: −$846
• − Depreciation: −$1,309
• Taxable income: $3,959
• Est. tax owed @ 24.0%: −$950
• After-tax cash flow: $3,478/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Hymera

• Score: 57/100
• State rank: #602
• US rank: #21546

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hymera, IN
• City population: 835
• Population (ZIP): 835

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Slovak 6% Lithuanian 4% Serbian 1%
• Languages at home: 99% English-only · Korean 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.86%
• Current HPI: 120.0684
• 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

1 event — show timeline

• 2026-05-12 Listed $45,000 FSBO.com

Property tax history

+4.3%/yr

Latest (2024): $868 · -2.7% YoY. Source: county tax records.