347 E Main St · Wabash, IN 46992

$69,900

3 bd · 2.0 ba · 1,534 sqft · SingleFamily public records · 86 Days on market

Built 1910 6,970 sqft lot $46/sqft · 28% below area Est $127k · 45% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2014 sq ft home features 4 bedrooms, 2 full baths, deck, patio, partial basement, all on . 16 of an acre. 1 bedroom and full bath on the main level with 3 bedrooms, a loft room and a full bath upstairs. Knotty pine enclosed front porch. Large living room with open staircase. Large kitchen with area for table and chairs, plus a breakfast bar. Most windows are vinyl. Back deck with yard that extends down the hillside to Paradise Springs Historical Park. Plumbing did not hold pressure during winterization.

Key facts

• 6,970 sq ft lot
• Built 1910
• Listed 86 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 4.0% in Wabash — 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 76/100 on livability (#48 in IN, #3,353 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D, commute F.
• Wabash City Schools (town): math 21% / reading 38% proficiency, ranked #249 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 37 active listings in the ZIP; 42 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wabash County population projected at -16% 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 $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $30k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1910 — 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 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?
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: 1.49% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.51%
• DSCR: 2.00
• GRM: 5.6

CMA / ARV

• ARV (median comp): $126,616
• List price: $69,900
• Delta: -44.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 Stitt St	0.61mi	3/1.5	1,553 (+1%)	1mo	$162,000	$104	66
153 Ferry St	0.58mi	3/1.0	1,512 (-1%)	6mo	$129,000	$85	62
290 W Maple St	0.62mi	3/1.5	1,470 (-4%)	2mo	$150,000	$102	61
510 N Miami St	0.63mi	3/1.0	1,460 (-5%)	2mo	$175,000	$120	56
425 N East St	0.37mi	4/1.0 (+1)	1,648 (+7%)	10mo	$122,000	$74	53
291 Elm St	0.27mi	4/1.0 (+1)	1,736 (+13%)	7mo	$158,000	$91	51
470 Washington St	0.41mi	4/1.5 (+1)	1,742 (+14%)	4mo	$195,000	$112	48
170 Stitt St	0.71mi	3/2.0	1,680 (+10%)	8mo	$139,999	$83	44
434 N Allen St	0.43mi	2/1.0 (-1)	1,342 (-12%)	8mo	$152,000	$113	44
334 Ferry St	0.71mi	4/1.0 (+1)	1,444 (-6%)	6mo	$134,900	$93	43
747 N Spring St	0.72mi	3/1.0	1,344 (-12%)	2mo	$187,900	$140	40
41 Noble St	0.67mi	3/1.0	1,732 (+13%)	4mo	$138,000	$80	40

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

Projected returns pro-forma

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

5-year hold

• IRR: 15.3%
• Equity multiple: 1.62×
• Total profit: $12,054
• Equity at exit: $10,422

10-year hold

• IRR: 24.0%
• Equity multiple: 3.07×
• Total profit: $40,598
• Equity at exit: $6,044

Cash invested: $19,572 (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 46992

• Home prices YoY: -21.3%
• Active inventory: 37
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,041 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$59 /mo · $712/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $367

Break-even live

Break-even rent $576

Max offer price $69,900

Occupancy floor 60%

Sensitivity live

Price	-10% $407	-5% $387	+0% $367	+5% $347	+10% $328
Rent	-10% $285	-5% $326	+0% $367	+5% $408	+10% $449
Rate	-1.0pp $402	-0.5pp $385	base $367	+0.5pp $349	+1.0pp $331

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $69,900 Active 86 DOM
2. 2026-06-18
   days on market $69,900 Active 84 DOM
3. 2026-06-17
   days on market $69,900 Active 83 DOM
4. 2026-06-16
   days on market $69,900 Active 82 DOM
5. 2026-06-15
   days on market $69,900 Active 81 DOM
6. 2026-06-13
   days on market $69,900 Active 79 DOM
7. 2026-06-12
   days on market $69,900 Active 78 DOM
8. 2026-06-09
   days on market $69,900 Active 75 DOM
9. 2026-06-08
   days on market $69,900 Active 74 DOM
10. 2026-06-07
    days on market $69,900 Active 73 DOM
11. 2026-06-04
    pricedays on market $69,900 Active 69 DOM
12. 2026-06-02
    days on market $84,900 Active 68 DOM
13. 2026-06-01
    days on market $84,900 Active 67 DOM
14. 2026-05-31
    days on market $84,900 Active 66 DOM
15. 2026-05-31
    days on market $84,900 Active 65 DOM
16. 2026-04-30
    price $84,900 513-char remark

    Show marketing remark (513 chars)

    This 2014 sq ft home features 4 bedrooms, 2 full baths, deck, patio, partial basement, all on . 16 of an acre. 1 bedroom and full bath on the main level with 3 bedrooms, a loft room and a full bath upstairs. Knotty pine enclosed front porch. Large living room with open staircase. Large kitchen with area for table and chairs, plus a breakfast bar. Most windows are vinyl. Back deck with yard that extends down the hillside to Paradise Springs Historical Park. Plumbing did not hold pressure during winterization.

17. 2026-03-25
    listed $99,900 Active 513-char remark

    Show marketing remark (513 chars)

    This 2014 sq ft home features 4 bedrooms, 2 full baths, deck, patio, partial basement, all on . 16 of an acre. 1 bedroom and full bath on the main level with 3 bedrooms, a loft room and a full bath upstairs. Knotty pine enclosed front porch. Large living room with open staircase. Large kitchen with area for table and chairs, plus a breakfast bar. Most windows are vinyl. Back deck with yard that extends down the hillside to Paradise Springs Historical Park. Plumbing did not hold pressure during winterization.

18. 2019-05-17
    soldstatus $66,000 656-char remark

    Show marketing remark (656 chars)

    This large home of 2014 sq feet has 1 bedroom and full bath on the main level with 3 bedrooms, a loft room and a full bath upstairs. Knotty pine enclosed front porch makes a nice entry. Large living room with open stair case. Large kitchen with area for table and chairs, plus a breakfast bar. Back room was used as a formal dining room. Most windows are vinyl replacements. Furnace is a GFA at least 90% efficient. Back deck with yard that extends down the hillside to Paradise Springs. Previous path just needs a little clearing and ready for you to go up and down the hill. Shed is negotiable belongs to family next door Please bring back back up offer

19. 2018-12-03
    listed $64,900 656-char remark

    Show marketing remark (656 chars)

    This large home of 2014 sq feet has 1 bedroom and full bath on the main level with 3 bedrooms, a loft room and a full bath upstairs. Knotty pine enclosed front porch makes a nice entry. Large living room with open stair case. Large kitchen with area for table and chairs, plus a breakfast bar. Back room was used as a formal dining room. Most windows are vinyl replacements. Furnace is a GFA at least 90% efficient. Back deck with yard that extends down the hillside to Paradise Springs. Previous path just needs a little clearing and ready for you to go up and down the hill. Shed is negotiable belongs to family next door Please bring back back up offer

ⓘ 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: $712 · $59/mo
• Projected year-2 tax: $712 · $59/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,489
• − Mortgage interest: −$3,915
• − Property taxes: −$712
• − Insurance: −$350
• − Repairs & maintenance: −$999
• − Management: −$999
• − Depreciation: −$2,033
• Taxable income: $3,480
• Est. tax owed @ 24.0%: −$835
• After-tax cash flow: $3,570/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: Wabash City Schools
• NCES district ID: 1812150
• Math proficiency: 21% ▼ -10.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $38,900
• Composite: 24.66/100
• National rank: #7622
• State rank: #249 of 301 in IN

Livability — Wabash

• Score: 76/100
• State rank: #48
• US rank: #3353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wabash, IN
• City population: 16,475
• Population (ZIP): 16,475

Population outlook (Wabash County) Hauer SSP2

• Today (2025): 30,872 people
• By 2030: 29,933 · -3.0%
• By 2040: 27,877 · -9.7%
• By 2050: 25,887 · -16.1%
• By 2075: 22,404 · -27.4%
• By 2100: 19,461 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Wabash

• 2024 margin: Solid R (+50.8) · D 23.9% · R 74.7% · Other 1.4%
• 2008→2024 swing: -30.7pp toward R · 2008: -20.1pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+49.9 2016: R+50.7 2012: R+36.2 2008: R+20.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.46%
• Current HPI: 220.0458
• 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

+30.8% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $84,900 IRMLS
• 2026-03-25 Listed $99,900 IRMLS
• 2019-05-17 Sold (MLS) $66,000 IRMLS
• 2018-12-03 Listed $64,900 IRMLS

Property tax history

+7.0%/yr

Latest (2024): $712 · +17.6% YoY. Source: county tax records.