448 Dawson St · Bethel Village, IN 47201

$119,900

2 bd · 1.0 ba · 513 sqft · Land public records · 18 Days on market

Built 1990 0.38 ac lot

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Why this score? — see what drove the D 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 +14.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Schools +3.6/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cash only! Investors special.

Key facts

• New well
• New septic system
• New roof

Tags

• NEW ROOF
• NEW HVAC SYSTEM
• NEW SEPTIC SYSTEM
• NEW WELL

Property features AI

Exterior

• Utilities: Private water; Septic system
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Other foundation
• Exterior features: Approximately 0.38-acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Electric oven; Microwave with hood; Refrigerator
• Bedrooms: 3 bedrooms (all on main level): Bedroom 2 approx. 10.5 x 11, Bedroom 3 approx. 8.5 x 11
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Smart thermostat; Dining room; Living room (main level, approx. 22 x 13); Laundry room (main level, approx. 5.5 x 5)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath land listed at $120k.

Deal economics

• At list price, monthly cash flow is $31 ($370/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 $109k (9.3% below list).
• Recommended offer: $109k (9.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Bartholomew Consolidated School Corporation (urban): math 38% / reading 45% proficiency, ranked #119 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.1%/yr); 340 active listings in the ZIP; solid renter incomes; 195 units permitted in Bartholomew County in 2024 (0 in 5+ unit buildings).
• This rent is only 16% of the median local income ($84k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Bartholomew County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $120k implies a 336% gain — meaningful room to come down on a strong offer.

Recommended offer $108,789 (9.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.91% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.15% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.49×
• Total profit: $-17,284
• Equity at exit: $17,877

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-11,779
• Equity at exit: $10,367

Cash invested: $33,572 (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 47201

• Rents YoY: 3.1%
• Active inventory: 340
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,088 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $31

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 92%

Sensitivity live

Price	-10% $114	-5% $72	+0% $31	+5% $-11	+10% $-52
Rent	-10% $-55	-5% $-12	+0% $31	+5% $74	+10% $117
Rate	-1.0pp $91	-0.5pp $61	base $31	+0.5pp $0	+1.0pp $-32

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $119,900 Active 18 DOM
2. 2026-06-18
   price $119,900 Active 17 DOM
3. 2026-06-18
   days on market $129,900 Active 17 DOM
4. 2026-06-17
   days on market $129,900 Active 16 DOM
5. 2026-06-16
   days on market $129,900 Active 15 DOM
6. 2026-06-15
   days on market $129,900 Active 14 DOM
7. 2026-06-14
   days on market $129,900 Active 12 DOM
8. 2026-06-13
   days on market $129,900 Active 11 DOM
9. 2026-06-10
   days on market $129,900 Active 9 DOM
10. 2026-06-09
    days on market $129,900 Active 8 DOM
11. 2026-06-08
    days on market $129,900 Active 7 DOM
12. 2026-06-07
    days on market $129,900 Active 6 DOM
13. 2026-06-05
    days on market $129,900 Active 3 DOM
14. 2026-06-03
    days on market $129,900 Active 2 DOM
15. 2026-06-01
    days on marketlisting id $129,900 Active 1 DOM
16. 2026-04-29
    price $129,900
17. 2026-03-30
    price $139,900
18. 2026-03-20
    listed $150,000 Active
19. 2025-03-17
    soldstatus $27,500 Closed 30-char remark

    Show marketing remark (30 chars)

    Cash only! Investors special.

20. 2025-02-07
    status Pending 30-char remark

    Show marketing remark (30 chars)

    Cash only! Investors special.

21. 2025-02-07
    listed $27,500 Active 30-char remark

    Show marketing remark (30 chars)

    Cash only! Investors special.

22. 2024-06-07
    soldstatus $23,000 Closed 468-char remark

    Show marketing remark (468 chars)

    Own a piece of Columbus history with this 1930 original build sitting on nearly .4 acres. Featuring a patina metal roof. and multicolored metal siding with natural landscaping adorning the back side. Current open configuration allows for lots of natural breeze to flow through the house. Large lot with not much space taken up by the 300 sq ft footprint. Comes with building material that matches the house. Concrete pad in back of yard. Flat lot not in flood zone.

23. 2024-06-05
    status Pending 468-char remark

    Show marketing remark (468 chars)

    Own a piece of Columbus history with this 1930 original build sitting on nearly .4 acres. Featuring a patina metal roof. and multicolored metal siding with natural landscaping adorning the back side. Current open configuration allows for lots of natural breeze to flow through the house. Large lot with not much space taken up by the 300 sq ft footprint. Comes with building material that matches the house. Concrete pad in back of yard. Flat lot not in flood zone.

24. 2024-06-01
    listed $29,000 Active 468-char remark

    Show marketing remark (468 chars)

    Own a piece of Columbus history with this 1930 original build sitting on nearly .4 acres. Featuring a patina metal roof. and multicolored metal siding with natural landscaping adorning the back side. Current open configuration allows for lots of natural breeze to flow through the house. Large lot with not much space taken up by the 300 sq ft footprint. Comes with building material that matches the house. Concrete pad in back of yard. Flat lot not in flood zone.

25. 2014-04-30
    historical
26. 2013-10-29
    historical
27. 2013-05-03
    listed $5,000
28. 2013-05-02
    listed $5,000
29. 1999-10-22
    historical
30. 1999-10-15
    listed $17,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $13,055
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$3,488
• Taxable loss: −$1,636
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $763/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: Bartholomew Consolidated School Corporation
• NCES district ID: 1800360
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $54,685
• Composite: 36.16/100
• National rank: #4736
• State rank: #119 of 301 in IN

Livability — Bethel Village

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Bartholomew County · 74,100 people
• Metro: Columbus, IN
• Population (ZIP): 47,900
• Household income: $83,958
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1455.0

Population outlook (Bartholomew County) Hauer SSP2

• Today (2025): 90,162 people
• By 2030: 94,432 · +4.7%
• By 2040: 102,659 · +13.9%
• By 2050: 109,794 · +21.8%
• By 2075: 123,419 · +36.9%
• By 2100: 121,047 · +34.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Asian 9% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 83% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

Political lean MEDSL · Bartholomew

• 2024 margin: Strong R (+27.3) · D 35.3% · R 62.7% · Other 2.0%
• 2008→2024 swing: -16.1pp toward R · 2008: -11.3pp · 2024: -27.3pp
• All cycles: 2024: R+27.3 2020: R+26.2 2016: R+33.3 2012: R+25.4 2008: R+11.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.94%
• Current HPI: 150.2246
• Rent YoY: ▲ 3.15%
• Metro: Columbus, 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

+664.1% since first listed

15 events — show timeline

• 2026-04-29 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-03-30 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-03-20 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2025-03-17 Sold (MLS) $27,500 MIBOR as Distributed by MLS Grid
• 2025-02-07 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-07 Listed $27,500 MIBOR as Distributed by MLS Grid
• 2024-06-07 Sold (MLS) $23,000 MIBOR as Distributed by MLS Grid
• 2024-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2024-06-01 Listed $29,000 MIBOR as Distributed by MLS Grid
• 2014-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-10-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-05-03 Listed $5,000 MIBOR as Distributed by MLS Grid
• 2013-05-02 Listed $5,000 MIBOR as Distributed by MLS Grid
• 1999-10-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 1999-10-15 Listed $17,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2024): $108 · -1.8% YoY. Source: county tax records.