405 SW 3rd St · Loogootee, IN 47553

$105,000

2 bd · 1.5 ba · 1,853 sqft · SingleFamily public records · 89 Days on market

Built 1955 7,405 sqft lot $57/sqft · 48% below area Est $181k · 42% under ↓ 2% since listing

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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 +18.6/30.0
• ARV discount +15.0/15.0
• Appreciation +6.5/10.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in Loogootee, this early 1900s home offers space and potential that’s hard to find at this price point. With solid bones and some TLC, it presents a great opportunity as a fixer-upper or long-term investment. The home features a traditional layout with spacious rooms and additional upstairs space suitable for a bedroom, office, and potential bath, offering flexibility for a variety of uses. Exterior highlights include a concrete driveway, one-car garage, covered back patio, and a functional yard with room for outdoor enjoyment or projects. Metal roof and siding provide a strong starting point for improvements. Conveniently located near local amenities, making this a strong value-add opportunity for rental, flip, or personal use.

Key facts

• Metal roof
• Metal siding
• Covered back patio

Tags

• CONCRETE DRIVEWAY
• COVERED BACK PATIO
• FUNCTIONAL YARD
• METAL ROOF
• METAL SIDING
• UPSTAIRS SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/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 $105k (0.3% below list).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.8% in Loogootee — 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 74/100 on livability (#74 in IN, #4,663 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Loogootee Community School Corporation (rural): math 42% / reading 48% proficiency, ranked #97 of 301 in IN (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP; 2 units permitted in Martin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($726 loan paydown + $3k appreciation (3.0% local appreciation)).
• Martin County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (median comp): $181,333
• List price: $105,000
• Delta: -42.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 SE 1st St	0.39mi	3/2.0 (+1)	1,728 (-7%)	1mo	$280,000	$162	63
403 N Line St	0.40mi	3/2.0 (+1)	1,962 (+6%)	4mo	$264,000	$135	61
211 Poplar St	0.48mi	3/2.0 (+1)	1,913 (+3%)	7mo	$360,000	$188	59
209 Poplar St	0.44mi	3/2.0 (+1)	1,913 (+3%)	24mo	$315,000	$165	47
503 NW 1st St	0.31mi	3/2.0 (+1)	1,708 (-8%)	23mo	$199,000	$117	46
109 Mulberry St	0.45mi	3/1.5 (+1)	1,612 (-13%)	12mo	$160,000	$99	43
229 SE First St	0.47mi	3/2.0 (+1)	1,668 (-10%)	24mo	$227,000	$136	35

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

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.65×
• Total profit: $19,219
• Equity at exit: $47,307

10-year hold

• IRR: 13.6%
• Equity multiple: 3.02×
• Total profit: $59,284
• Equity at exit: $72,978

Cash invested: $29,400 (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 47553

• Home prices YoY: 1.4%
• Active inventory: 63
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $102

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 85%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $105,000 Active 89 DOM
2. 2026-06-18
   days on market $105,000 Active 88 DOM
3. 2026-06-17
   days on market $105,000 Active 87 DOM
4. 2026-06-16
   days on market $105,000 Active 86 DOM
5. 2026-06-15
   days on market $105,000 Active 85 DOM
6. 2026-06-14
   days on market $105,000 Active 83 DOM
7. 2026-06-12
   days on market $105,000 Active 82 DOM
8. 2026-06-09
   days on market $105,000 Active 79 DOM
9. 2026-06-08
   days on market $105,000 Active 78 DOM
10. 2026-06-07
    days on market $105,000 Active 77 DOM
11. 2026-06-07
    days on market $105,000 Active 76 DOM
12. 2026-06-04
    days on market $105,000 Active 73 DOM
13. 2026-06-02
    days on market $105,000 Active 72 DOM
14. 2026-06-01
    days on market $105,000 Active 71 DOM
15. 2026-05-31
    days on market $105,000 Active 70 DOM
16. 2026-05-31
    days on market $105,000 Active 69 DOM
17. 2026-04-13
    price $108,000 752-char remark

    Show marketing remark (752 chars)

    Located in Loogootee, this early 1900s home offers space and potential that’s hard to find at this price point. With solid bones and some TLC, it presents a great opportunity as a fixer-upper or long-term investment. The home features a traditional layout with spacious rooms and additional upstairs space suitable for a bedroom, office, and potential bath, offering flexibility for a variety of uses. Exterior highlights include a concrete driveway, one-car garage, covered back patio, and a functional yard with room for outdoor enjoyment or projects. Metal roof and siding provide a strong starting point for improvements. Conveniently located near local amenities, making this a strong value-add opportunity for rental, flip, or personal use.

18. 2026-03-23
    listed $110,000 Active 752-char remark

    Show marketing remark (752 chars)

    Located in Loogootee, this early 1900s home offers space and potential that’s hard to find at this price point. With solid bones and some TLC, it presents a great opportunity as a fixer-upper or long-term investment. The home features a traditional layout with spacious rooms and additional upstairs space suitable for a bedroom, office, and potential bath, offering flexibility for a variety of uses. Exterior highlights include a concrete driveway, one-car garage, covered back patio, and a functional yard with room for outdoor enjoyment or projects. Metal roof and siding provide a strong starting point for improvements. Conveniently located near local amenities, making this a strong value-add opportunity for rental, flip, or personal use.

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 20 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: $12,564
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$3,055
• Taxable loss: −$482
• Est. tax savings @ 24.0%: +$116
• After-tax cash flow: $1,334/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: Loogootee Community School Corporation
• NCES district ID: 1806060
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $47,513
• Composite: 38.38/100
• National rank: #4209
• State rank: #97 of 301 in IN

Livability — Loogootee

• Score: 74/100
• State rank: #74
• US rank: #4663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Loogootee, IN
• Population (ZIP): 8,613

Population outlook (Martin County) Hauer SSP2

• Today (2025): 9,585 people
• By 2030: 9,198 · -4.0%
• By 2040: 8,365 · -12.7%
• By 2050: 7,518 · -21.6%
• By 2075: 5,674 · -40.8%
• By 2100: 3,916 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Italian 5% Slovak 3% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 89% English-only · German/W. Germanic 10% Spanish 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+60.7) · D 18.7% · R 79.4% · Other 1.9%
• 2008→2024 swing: -31.8pp toward R · 2008: -28.9pp · 2024: -60.7pp
• All cycles: 2024: R+60.7 2020: R+58.7 2016: R+58.5 2012: R+40.3 2008: R+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.02%
• Current HPI: 217.7385
• 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

-1.8% since first listed

2 events — show timeline

• 2026-04-13 Price Changed $108,000 IRMLS
• 2026-03-23 Listed $110,000 IRMLS

Property tax history

-2.1%/yr

Latest (2024): $37 · +2.0% YoY. Source: county tax records.