118 North Main St · Chrisney, IN 47611

$75,000

4 bd · 2.0 ba · 1,913 sqft · SingleFamily public records · 160 Days on market

Built 1940 0.47 ac lot $39/sqft · 48% below area Est $145k · 48% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.3/10.0
• Schools +5.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

Key facts

• Insulated windows
• City water
• Uncovered back patio

Tags

• ENCLOSED FRONT PORCH
• INSULATED WINDOWS
• NEW CENTRAL AIR
• UNCOVERED BACK PATIO
• CITY SEWER
• CITY WATER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#178 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Spencer County School Corporation (rural): math 64% / reading 63% proficiency, ranked #12 of 301 in IN (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 13 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($519 loan paydown + $5k appreciation (6.7% local appreciation)).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $55k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.79% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.59%
• DSCR: 2.54
• GRM: 4.7

CMA / ARV

• ARV (median comp): $144,652
• List price: $75,000
• Delta: -48.15%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27 S Church St	0.21mi	3/2.0 (-1)	1,696 (-11%)	13mo	$177,900	$105	55

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

Projected returns pro-forma

6.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 4.01×
• Total profit: $63,293
• Equity at exit: $50,451

10-year hold

• IRR: 42.3%
• Equity multiple: 8.39×
• Total profit: $155,259
• Equity at exit: $94,486

Cash invested: $21,000 (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 47611

• Home prices YoY: 3.2%
• Active inventory: 13
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,341 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$29 /mo · $351/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $605

Break-even live

Break-even rent $574

Max offer price $75,000

Occupancy floor 50%

Sensitivity live

Price	-10% $648	-5% $627	+0% $605	+5% $584	+10% $563
Rent	-10% $499	-5% $552	+0% $605	+5% $658	+10% $711
Rate	-1.0pp $643	-0.5pp $624	base $605	+0.5pp $586	+1.0pp $566

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $75,000 Active 160 DOM
2. 2026-06-17
   days on market $75,000 Active 159 DOM
3. 2026-06-16
   days on market $75,000 Active 158 DOM
4. 2026-06-15
   days on market $75,000 Active 157 DOM
5. 2026-06-13
   days on market $75,000 Active 155 DOM
6. 2026-06-12
   days on market $75,000 Active 154 DOM
7. 2026-06-09
   days on market $75,000 Active 151 DOM
8. 2026-06-08
   days on market $75,000 Active 150 DOM
9. 2026-06-07
   days on market $75,000 Active 149 DOM
10. 2026-06-04
    days on market $75,000 Active 145 DOM
11. 2026-06-02
    days on market $75,000 Active 144 DOM
12. 2026-06-01
    days on market $75,000 Active 143 DOM
13. 2026-05-31
    days on market $75,000 Active 142 DOM
14. 2026-05-31
    days on market $75,000 Active 141 DOM
15. 2026-02-04
    status Active 379-char remark

    Show marketing remark (379 chars)

    This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

16. 2026-01-25
    status Pending 379-char remark

    Show marketing remark (379 chars)

    This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

17. 2026-01-21
    status Active 379-char remark

    Show marketing remark (379 chars)

    This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

18. 2026-01-10
    status Pending 379-char remark

    Show marketing remark (379 chars)

    This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

19. 2025-12-19
    listed $75,000 Active 379-char remark

    Show marketing remark (379 chars)

    This 1940-built bungalow features a 31' enclosed front porch, 4 bedrooms, 1 bath (with space for another in the laundry room), and approximately 1913 SF of living space. It includes insulated windows and doors, ceiling fans, new central air FWA heat 90+, new gutters and an uncovered back patio. Utilities include city sewer and water in the 5-Star North Spencer School District.

20. 2019-04-12
    soldstatus $55,000
21. 2014-06-03
    soldstatus $49,760

ⓘ 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: $351 · $29/mo
• Projected year-2 tax: $494 · $41/mo
• Expected delta: +$143/yr (+$12/mo · 40.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,088
• − Mortgage interest: −$4,201
• − Property taxes: −$351
• − Insurance: −$375
• − Repairs & maintenance: −$1,287
• − Management: −$1,287
• − Depreciation: −$2,182
• Taxable income: $6,405
• Est. tax owed @ 24.0%: −$1,537
• After-tax cash flow: $5,727/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 Spencer County School Corporation
• NCES district ID: 1808010
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $58,055
• Composite: 54.76/100
• National rank: #1318
• State rank: #12 of 301 in IN

Livability — Chrisney

• Score: 69/100
• State rank: #178
• US rank: #8298

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chrisney, IN
• Population (ZIP): 899

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Lithuanian 4% Iranian 2% Slovak 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.69%
• Current HPI: 213.5717
• 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

+50.7% since first listed

7 events — show timeline

• 2026-02-04 Relisted — IRMLS
• 2026-01-25 Pending — IRMLS
• 2026-01-21 Relisted — IRMLS
• 2026-01-10 Pending — IRMLS
• 2025-12-19 Listed $75,000 IRMLS
• 2019-04-12 Sold (Public Records) $55,000 Public Records
• 2014-06-03 Sold (Public Records) $49,760 Public Records

Property tax history

-6.6%/yr

Latest (2024): $351 · +3.3% YoY. Source: county tax records.