465 E 500 N · Peru, IN 46970

$139,000

3 bd · 1.0 ba · 1,490 sqft · SingleFamily public records · 37 Days on market

Built 1910 0.60 ac lot $93/sqft · 8% below area Est $152k · 8% under

---

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 +19.1/30.0
• ARV discount +11.3/15.0
• DSCR +6.0/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 3 bed 1 bath is set on a large . 6 acre lot just outside of town. With a large 2 car garage as well as additional outbuildings, this property offers plenty of room for all your outdoor activities. The features one bedroom on the main level and two large bedrooms upstairs. The deck at the rear of the house leads to the back yard with a small fenced in area for livestock. Schedule your showing today and enjoy the peace and quiet of country living at an affordable price!

Key facts

• Fenced in area
• Deck at rear
• Large garage

Tags

• LARGE ACRE LOT
• LARGE GARAGE
• ADDITIONAL OUTBUILDINGS
• DECK AT REAR
• FENCED IN AREA

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Level lot; Lot dimensions approximately 200 x 100

Interior

• Kitchen: Gas cooktop; Refrigerator
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Window cooling units
• Interior features: Refrigerator; Gas cooktop
• Laundry & utility: Laundry in basement; Partial basement with sump pump

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 $148 ($2k/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 $125k (10.2% below list).
• Recommended offer: $125k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 6.1% in Peru — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+, commute F, employment F.
• North Miami Community Schools (rural): math 26% / reading 42% proficiency, ranked #197 of 301 in IN (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Miami Elementary School (math 36% / reading 37%, grade F, #571 of 994 statewide, top 58%, 369 students, 52% FRL); North Miami Middle/High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 400 students, 42% FRL) — zoned schools average 47% FRL vs 26% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 $961 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,768 (10.2% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 10% 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. 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: 0.90% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 9.3

CMA / ARV

• ARV (median comp): $151,692
• List price: $139,000
• Delta: -8.37%
• Verdict: FAIR
• Comps: 7 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-13,143
• Equity at exit: $20,725

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $476
• Equity at exit: $12,018

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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,248 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$51 /mo · $608/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $148

Break-even live

Break-even rent $1,060

Max offer price $139,000

Occupancy floor 83%

Sensitivity live

Price	-10% $227	-5% $188	+0% $148	+5% $109	+10% $69
Rent	-10% $50	-5% $99	+0% $148	+5% $197	+10% $247
Rate	-1.0pp $218	-0.5pp $184	base $148	+0.5pp $112	+1.0pp $76

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 18 events

1. 2026-06-21
   days on market $139,000 Active 37 DOM
2. 2026-06-19
   days on market $139,000 Active 35 DOM
3. 2026-06-18
   days on market $139,000 Active 34 DOM
4. 2026-06-17
   days on market $139,000 Active 33 DOM
5. 2026-06-16
   days on market $139,000 Active 32 DOM
6. 2026-06-15
   days on market $139,000 Active 31 DOM
7. 2026-06-14
   days on market $139,000 Active 29 DOM
8. 2026-06-12
   days on market $139,000 Active 28 DOM
9. 2026-06-09
   days on market $139,000 Active 25 DOM
10. 2026-06-08
    days on market $139,000 Active 24 DOM
11. 2026-06-07
    days on market $139,000 Active 23 DOM
12. 2026-06-07
    days on market $139,000 Active 22 DOM
13. 2026-06-03
    days on market $139,000 Active 19 DOM
14. 2026-06-02
    days on market $139,000 Active 18 DOM
15. 2026-06-01
    days on market $139,000 Active 17 DOM
16. 2026-05-31
    days on market $139,000 Active 16 DOM
17. 2026-05-31
    days on market $139,000 Active 15 DOM
18. 2026-05-14
    listed $139,000 Active 477-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: $608 · $51/mo
• Projected year-2 tax: $895 · $75/mo
• Expected delta: +$287/yr (+$24/mo · 47.2%)

ⓘ 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 ≥102°F today · 16 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,972
• − Mortgage interest: −$7,786
• − Property taxes: −$608
• − Insurance: −$695
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$4,044
• Taxable loss: −$556
• Est. tax savings @ 24.0%: +$133
• After-tax cash flow: $1,912/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: North Miami Community Schools
• NCES district ID: 1807890
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 42% ▼ -3.00%
• Median HH income: $49,863
• Composite: 29.45/100
• National rank: #6513
• State rank: #197 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

• 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

• 2026-05-14 Listed $139,000 IRMLS

Property tax history

+6.0%/yr

Latest (2024): $608 · +7.8% YoY. Source: county tax records.