104 E Hancock Ave · Mitchell, IN 47446

$90,050

3 bd · 1.5 ba · 1,430 sqft · SingleFamily public records · 28 Days on market

Built 1974 0.74 ac lot ↓ 10% since listing

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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
• Appreciation +5.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

WELCOME HOME! NOTHING TO DO BUT MOVE INTO THIS METICULOUSLY MAINTAINED HOME. FEATURES INCLUDE 3 BEDROOMS, 1.5 BATHS, LARGE LIVING ROOM, LARGE KITCHEN WITH CUSTOM CABINETRY, AND A LARGE BACK DECK FOR ENTERTAINING. HOME IS ALL ELECTRIC EXCEPT KITCHEN STOVE AND OVEN. 2 1/2 CAR DETACHED GARAGE WITH AMPLE STORAGE. CONVENIENT LOCATION TO SCHOOLS AND TOWN. CALL TODAY!

Key facts

• 0.74 acre lot
• 2 garage spots
• Built 1974

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding
• Exterior features: Covered porch; Deck; Porch; Level lot

Interior

• Bedrooms: Bedrooms located on the main level
• Bathrooms: One full bathroom; One half bathroom; Two bathrooms on the main level
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Total of 6 rooms; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 5.6% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mitchell Jr High School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 359 students, 61% FRL); Mitchell High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 436 students, 51% FRL).
• Market conditions: 61 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($622 loan paydown + $554 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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.

Recommended offer $88,699 (1.5% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.76%
• DSCR: 1.97
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $193,050
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1254 N Stevens St	0.64mi	3/2.0	1,485 (+4%)	4mo	$215,000	$145	58
202 E Vine St	0.60mi	3/2.0	1,480 (+4%)	11mo	$190,000	$128	55
422 N 7th St	0.43mi	3/1.5	1,298 (-9%)	13mo	$130,000	$100	54
415 W Hancock Ave	0.35mi	3/1.5	1,560 (+9%)	17mo	$210,000	$135	54
817 W Brook St	0.58mi	3/1.5	1,340 (-6%)	12mo	$105,000	$78	53
11 South 1st St	0.68mi	3/2.0	1,380 (-4%)	10mo	$275,000	$199	52
1135 N 9th St	0.62mi	4/1.0 (+1)	1,374 (-4%)	10mo	$194,000	$141	49
401 W Grissom Ave	0.53mi	3/2.0	1,280 (-10%)	24mo	$182,500	$143	36
510 S 6th St	0.74mi	3/2.0	1,318 (-8%)	18mo	$75,000	$57	35
340 S Meridian Rd	0.57mi	3/1.5	1,228 (-14%)	21mo	$33,000	$27	32

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

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 2.16×
• Total profit: $29,158
• Equity at exit: $28,954

10-year hold

• IRR: 26.4%
• Equity multiple: 4.09×
• Total profit: $77,893
• Equity at exit: $37,131

Cash invested: $25,214 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 61
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,389 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$130 /mo · $1,559/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $457

Break-even live

Break-even rent $810

Max offer price $90,050

Occupancy floor 62%

Sensitivity live

Price	-10% $508	-5% $483	+0% $457	+5% $432	+10% $406
Rent	-10% $348	-5% $402	+0% $457	+5% $512	+10% $567
Rate	-1.0pp $503	-0.5pp $480	base $457	+0.5pp $434	+1.0pp $410

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: $22,512
• Closing costs: $2,702
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $90,050 Active 28 DOM
2. 2026-06-18
   days on market $90,050 Active 27 DOM
3. 2026-06-17
   days on market $90,050 Active 26 DOM
4. 2026-06-16
   days on market $90,050 Active 25 DOM
5. 2026-06-15
   days on market $90,050 Active 24 DOM
6. 2026-06-14
   days on market $90,050 Active 22 DOM
7. 2026-06-12
   days on market $90,050 Active 21 DOM
8. 2026-06-09
   days on market $90,050 Active 18 DOM
9. 2026-06-08
   days on market $90,050 Active 17 DOM
10. 2026-06-07
    days on market $90,050 Active 16 DOM
11. 2026-06-05
    days on market $90,050 Active 14 DOM
12. 2026-06-03
    days on market $90,050 Active 12 DOM
13. 2026-06-02
    days on market $90,050 Active 11 DOM
14. 2026-06-01
    days on market $90,050 Active 10 DOM
15. 2026-05-31
    days on market $90,050 Active 9 DOM
16. 2026-05-30
    days on market $90,050 Active 8 DOM
17. 2026-05-22
    listed $90,050 Active
18. 2015-09-25
    soldstatus $94,000 363-char remark

    Show marketing remark (363 chars)

    WELCOME HOME! NOTHING TO DO BUT MOVE INTO THIS METICULOUSLY MAINTAINED HOME. FEATURES INCLUDE 3 BEDROOMS, 1.5 BATHS, LARGE LIVING ROOM, LARGE KITCHEN WITH CUSTOM CABINETRY, AND A LARGE BACK DECK FOR ENTERTAINING. HOME IS ALL ELECTRIC EXCEPT KITCHEN STOVE AND OVEN. 2 1/2 CAR DETACHED GARAGE WITH AMPLE STORAGE. CONVENIENT LOCATION TO SCHOOLS AND TOWN. CALL TODAY!

19. 2015-04-03
    listed $100,000 363-char remark

    Show marketing remark (363 chars)

    WELCOME HOME! NOTHING TO DO BUT MOVE INTO THIS METICULOUSLY MAINTAINED HOME. FEATURES INCLUDE 3 BEDROOMS, 1.5 BATHS, LARGE LIVING ROOM, LARGE KITCHEN WITH CUSTOM CABINETRY, AND A LARGE BACK DECK FOR ENTERTAINING. HOME IS ALL ELECTRIC EXCEPT KITCHEN STOVE AND OVEN. 2 1/2 CAR DETACHED GARAGE WITH AMPLE STORAGE. CONVENIENT LOCATION TO SCHOOLS AND TOWN. CALL TODAY!

ⓘ 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: $1,559 · $130/mo
• Projected year-2 tax: $1,559 · $130/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 FEMA zone X (unshaded) · 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: $16,662
• − Mortgage interest: −$5,044
• − Property taxes: −$1,559
• − Insurance: −$450
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$2,620
• Taxable income: $4,323
• Est. tax owed @ 24.0%: −$1,038
• After-tax cash flow: $4,449/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

-10.0% since first listed

3 events — show timeline

• 2026-05-22 Listed $90,050 IRMLS
• 2015-09-25 Sold (MLS) $94,000 IRMLS
• 2015-04-03 Listed $100,000 IRMLS

Property tax history

+1.8%/yr

Latest (2025): $1,559 · -6.4% YoY. Source: county tax records.