302 S 1st St · Kingman, IN 47952

$172,000

3 bd · 1.5 ba · 2,044 sqft · SingleFamily public records · 242 Days on market

Built 1900 1.49 ac lot Est $143k · 20% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +8.4/30.0
• Schools +3.3/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.8/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

This home is beatiful, it features wonderful hardwood floors, 3 bedrooms, 1 1/2 baths, dining, living, family room, office, kitchen with disposal. Fireplace with gas log. Gas forced Air furnace & central Air. Sump pump in basement 40 gal hotwater heater

Key facts

• 24x12 storage barn
• Play set
• Fenced-in backyard

Tags

• FENCED-IN BACKYARD
• 24X12 STORAGE BARN
• PLAY SET
• HARDWOOD FLOORS
• BASEMENT STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (32.3% below list).
• Recommended offer: $116k (32.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 54/100 on livability (#639 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime D, amenities F, commute F.
• Southeast Fountain School Corporation (rural): math 34% / reading 43% proficiency, ranked #163 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southeast Fountain Elementary (math 39% / reading 39%, grade F, #530 of 994 statewide, top 54%, 473 students, 56% FRL); Fountain Central High School (math 27% / reading 50%, grade F, #241 of 369 statewide, top 65%, 506 students, 51% FRL).
• Market conditions: 19 active listings in the ZIP; 19 units permitted in Fountain County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Fountain County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 242 days — a 12% lower offer ($151k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $69k; list at $172k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $116,359 (32.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 242 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.68% ✗
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $143,080
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 S 2nd St	0.06mi	2/1.0 (-1)	2,054 (+0%)	4mo	$86,000	$42	86
101 S 2nd St	0.15mi	3/1.5	1,992 (-2%)	19mo	$95,000	$48	73
101 W State St	0.22mi	4/2.0 (+1)	2,087 (+2%)	17mo	$174,900	$84	65
501 S Odd St	0.14mi	3/2.5	1,867 (-9%)	14mo	$130,000	$70	64
410 S 1st St	0.09mi	2/3.0 (-1)	2,262 (+11%)	7mo	$235,000	$104	61
216 N 2nd St	0.37mi	3/1.0	2,114 (+3%)	20mo	$75,000	$35	59

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: 21.5%
• Equity multiple: 2.74×
• Total profit: $83,798
• Equity at exit: $154,951

10-year hold

• IRR: 19.4%
• Equity multiple: 6.28×
• Total profit: $254,392
• Equity at exit: $334,158

Cash invested: $48,160 (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 47952

• Home prices YoY: 34.4%
• Active inventory: 19
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,164 medium
• Mortgage (P&I): −$902
• Tax from tax record: −$100 /mo · $1,198/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $-154

Break-even live

Break-even rent $1,359

Max offer price $144,751

Occupancy floor —

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-24
   status Pending
2. 2026-03-15
   status Active
3. 2026-03-09
   status Pending
4. 2026-01-28
   price $172,000
5. 2025-10-31
   price $175,000
6. 2025-08-18
   listed $179,000 Active
7. 2005-04-13
   soldstatus $69,000 257-char remark

   Show marketing remark (257 chars)

   This home is beatiful, it features wonderful hardwood floors, 3 bedrooms, 1 1/2 baths, dining, living, family room, office, kitchen with disposal. Fireplace with gas log. Gas forced Air furnace & central Air. Sump pump in basement 40 gal hotwater heater

8. 2003-09-09
   listed $79,900 257-char remark

   Show marketing remark (257 chars)

   This home is beatiful, it features wonderful hardwood floors, 3 bedrooms, 1 1/2 baths, dining, living, family room, office, kitchen with disposal. Fireplace with gas log. Gas forced Air furnace & central Air. Sump pump in basement 40 gal hotwater heater

ⓘ 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: $1,198 · $100/mo
• Projected year-2 tax: $1,330 · $111/mo
• Expected delta: +$132/yr (+$11/mo · 11.0%)

ⓘ 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 ≥104°F today · 18 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: $13,963
• − Mortgage interest: −$9,635
• − Property taxes: −$1,198
• − Insurance: −$860
• − Repairs & maintenance: −$1,117
• − Management: −$1,117
• − Depreciation: −$5,004
• Taxable loss: −$4,967
• Est. tax savings @ 24.0%: +$1,192
• After-tax cash flow: $-659/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: Southeast Fountain School Corporation
• NCES district ID: 1810620
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $44,911
• Composite: 32.73/100
• National rank: #5640
• State rank: #163 of 301 in IN

Livability — Kingman

• Score: 54/100
• State rank: #639
• US rank: #24064

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingman, IN
• Population (ZIP): 2,676

Population outlook (Fountain County) Hauer SSP2

• Today (2025): 15,481 people
• By 2030: 14,841 · -4.1%
• By 2040: 13,505 · -12.8%
• By 2050: 12,149 · -21.5%
• By 2075: 9,214 · -40.5%
• By 2100: 6,463 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fountain

• 2024 margin: Solid R (+60.0) · D 19.1% · R 79.1% · Other 1.8%
• 2008→2024 swing: -45.6pp toward R · 2008: -14.4pp · 2024: -60.0pp
• All cycles: 2024: R+60.0 2020: R+56.7 2016: R+56.0 2012: R+34.2 2008: R+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 58.17%
• Current HPI: 227.38
• 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

+115.3% since first listed

8 events — show timeline

• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-28 Price Changed $172,000 MIBOR as Distributed by MLS Grid
• 2025-10-31 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2025-08-18 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2005-04-13 Sold (MLS) $69,000 MIBOR as Distributed by MLS Grid
• 2003-09-09 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.6%/yr

Latest (2024): $1,198 · -11.7% YoY. Source: county tax records.