4691 E 550 N · Landess, IN 46952

$179,900

3 bd · 1.0 ba · 2,460 sqft · SingleFamily public records · 11 Days on market

Built 1910 6.10 ac lot $73/sqft · 53% below area

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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).

• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Start Showing Date: 5/29/2026. Seller to review any and all offers Wednesday June 3rd, 2026, by 3 PM. Seller reserves the right to accept an extraordinary offer prior to June 3rd. Please do not walk the property without a confirmed appointment with your Real Estate Agent. Small Farm with a world of possibility! This Sears Kit home features 5 Bedrooms, 2 Baths, large living space, roomy kitchen, formal dining room, great covered porch, walk up attic, unfinished basement, and newer metal roof. The fenced portion of the backyard is perfect for pets and the 46X72 Pole Barn has ample space for workshop, hobbies and more. This home needs TLC but has great bones, lovely original woodwork and a bea

Key facts

• 6.1 acre lot
• Built 1910
• Listed 11 days

Property features AI

Finance

• Other: Approximately 6.1 acres (irregular shape)
• Financial info: No investor-specific financial details listed
• HOA & community: No HOA information listed

Exterior

• Parking: Circular driveway; Gravel parking; Concrete parking
• Security: No specific security features listed
• Utilities: Private well water; Well water; Sewer: unknown
• Home design: Single-family residence; Site-built home; Two stories
• Construction: Vinyl siding; Metal roof; Stone foundation; Partial, unfinished crawl space basement
• Exterior features: Covered porch; Porch; Storm doors; Chain link fencing

Interior

• Kitchen: Dishwasher; Electric oven
• Bedrooms: Bedrooms information not specified
• Flooring: Hardwood; Carpet; Vinyl
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Propane forced-air heating; Central air; Ceiling fans
• Interior features: Walk-in closets; Ceiling fans; Laminate countertops; Built-in features; One fireplace (none listed as functional features)
• Laundry & utility: Washer hookup; Electric dryer hookup; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (32.0% below list).
• Recommended offer: $122k (32.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#499 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, employment A; Watch: health & safety C-, amenities F, commute F.
• Eastbrook Community School Corporation (rural): math 42% / reading 46% proficiency, ranked #98 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastbrook North Elementary (math 43% / reading 34%, grade F, #535 of 994 statewide, top 54%, 307 students, 52% FRL); Eastbrook Middle School (math 30% / reading 45%, grade F, #146 of 330 statewide, top 46%, 399 students, 48% FRL); Eastbrook High School (math 52% / reading 72%, grade B-, #41 of 369 statewide, top 12%, 509 students, 38% FRL).
• Market conditions: 127 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Grant County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,372 (32.0% 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.68% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• GRM: 12.3

CMA / ARV

• ARV (median comp): $386,085
• List price: $179,900
• Delta: -53.40%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.2%
• Equity multiple: 0.21×
• Total profit: $-40,041
• Equity at exit: $26,824

10-year hold

• IRR: -17.9%
• Equity multiple: 0.03×
• Total profit: $-49,019
• Equity at exit: $15,554

Cash invested: $50,372 (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 46952

• Home prices YoY: -29.9%
• Active inventory: 127
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,224 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$119 /mo · $1,423/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-170

Break-even live

Break-even rent $1,439

Max offer price $149,826

Occupancy floor —

Sensitivity live

Price	-10% $-68	-5% $-119	+0% $-170	+5% $-221	+10% $-272
Rent	-10% $-267	-5% $-219	+0% $-170	+5% $-122	+10% $-74
Rate	-1.0pp $-80	-0.5pp $-124	base $-170	+0.5pp $-217	+1.0pp $-264

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   statusdays on market $179,900 Pending 11 DOM
2. 2026-06-08
   days on market $179,900 Active 10 DOM
3. 2026-06-07
   days on market $179,900 Active 9 DOM
4. 2026-06-05
   days on market $179,900 Active 6 DOM
5. 2026-06-03
   days on market $179,900 Active 5 DOM
6. 2026-06-02
   days on market $179,900 Active 4 DOM
7. 2026-06-01
   days on market $179,900 Active 3 DOM
8. 2026-05-31
   days on market $179,900 Active 2 DOM
9. 2026-05-13
   historical $179,900 784-char remark

ⓘ 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: $1,423 · $119/mo
• Projected year-2 tax: $1,476 · $123/mo
• Expected delta: +$53/yr (+$4/mo · 3.7%)

ⓘ 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 ≥100°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: $14,685
• − Mortgage interest: −$10,077
• − Property taxes: −$1,423
• − Insurance: −$900
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$5,233
• Taxable loss: −$5,298
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $-771/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: Eastbrook Community School Corporation
• NCES district ID: 1803030
• Math proficiency: 42% ▬ 0.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $55,030
• Composite: 38.28/100
• National rank: #4234
• State rank: #98 of 301 in IN

Livability — Landess

• Score: 61/100
• State rank: #499
• US rank: #17754

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Grant County · 41,561 people
• Metro: Marion, IN
• Population (ZIP): 18,189
• Household income: $52,880
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 662.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 64,394 people
• By 2030: 62,145 · -3.5%
• By 2040: 57,252 · -11.1%
• By 2050: 52,968 · -17.7%
• By 2075: 45,986 · -28.6%
• By 2100: 39,400 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+41.8) · D 28.2% · R 70.0% · Other 1.9%
• 2008→2024 swing: -28.7pp toward R · 2008: -13.1pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.8 2016: R+39.5 2012: R+22.0 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.69%
• Current HPI: 180.1174
• Rent YoY: —
• Metro: Marion, 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

+0.0% since first listed

3 events — show timeline

• 2026-06-09 Pending — IRMLS
• 2026-05-29 Listed $179,900 IRMLS
• 2026-05-13 Coming Soon $179,900 IRMLS

Property tax history

+9.5%/yr

Latest (2025): $1,423 · -0.8% YoY. Source: county tax records.