829 N Rhodes St · West Baden Springs, IN 47469

$32,000

2 bd · 1.0 ba · 880 sqft · SingleFamily public records · 77 Days on market

Built 1960 4,800 sqft lot Est $44k · 27% 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 +6.6/10.0
• Livability +3.4/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

829 N Rhodes Street, West Baden Springs, Indiana Investor special located across from the historic West Baden Dome Hotel. This 2-bedroom, 1-bathroom home sits on Rhodes Street in a quiet neighborhood with easy access to local attractions. With all city utilities already in place, this fixer-upper offers strong potential as a short-term rental, long-term investment, or renovation project. Immediate possession available. Bring your vision and turn this opportunity into something special. Price at $54,900.

Key facts

• City utilities
• Quiet neighborhood
• 4,800 sq ft lot

Tags

• HISTORIC WEST BADEN DOME HOTEL
• QUIET NEIGHBORHOOD
• CITY UTILITIES

Property features AI

Finance

• Other: Above-grade finished area approximately 880

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Metal siding; Asphalt (roof); Block foundation; Built with traditional site-built construction
• Exterior features: Sloped lot; Lot dimensions approximately 60 x 80

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric forced-air heating; No cooling
• Interior features: Partial basement; Five total rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $467 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($857 rent vs $32k).
• Recommended offer: $30k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#254 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Springs Valley Community School Corporation (rural): math 35% / reading 39% proficiency, ranked #178 of 301 in IN (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Springs Valley Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 383 students, 56% FRL); Springs Valley Comm High School (math 28% / reading 40%, grade F, #285 of 369 statewide, top 78%, 454 students, 46% FRL).
• Market conditions: 27 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($221 loan paydown + $1k appreciation (3.3% local appreciation)).
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $23k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $30,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 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 1960 — 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 F-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: 2.68% ✓
• Cap rate: 23.82%
• Cash-on-cash: 62.59%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $44,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
829 N Rhodes St	0.00mi	2/1.0	880 (0%)	1mo	$27,000	$31	99
7773 W Leffler St	0.54mi	3/2.0 (+1)	924 (+5%)	2mo	$46,000	$50	56

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

Projected returns pro-forma

3.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 67.7%
• Equity multiple: 4.80×
• Total profit: $34,066
• Equity at exit: $14,856

10-year hold

• IRR: 67.0%
• Equity multiple: 9.82×
• Total profit: $79,030
• Equity at exit: $23,266

Cash invested: $8,960 (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 47469

• Home prices YoY: 1.6%
• Active inventory: 27
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $857 medium
• Mortgage (P&I): −$168
• Tax from tax record: −$28 /mo · $339/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $467

Break-even live

Break-even rent $265

Max offer price $32,000

Occupancy floor 40%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending
2. 2026-05-14
   price $32,000
3. 2026-02-27
   listed $54,900 Active
4. 2025-09-25
   price $54,900
5. 2025-07-22
   listed $59,900 Active
6. 2018-07-12
   soldstatus $31,000
7. 2007-08-28
   listed $32,000

ⓘ 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: $339 · $28/mo
• Projected year-2 tax: $339 · $28/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 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,279
• − Mortgage interest: −$1,792
• − Property taxes: −$339
• − Insurance: −$160
• − Repairs & maintenance: −$822
• − Management: −$822
• − Depreciation: −$931
• Taxable income: $5,413
• Est. tax owed @ 24.0%: −$1,299
• After-tax cash flow: $4,309/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: Springs Valley Community School Corporation
• NCES district ID: 1810980
• Math proficiency: 35% ▼ -10.00%
• Reading proficiency: 39% ▼ -15.00%
• Median HH income: $40,473
• Composite: 31.08/100
• National rank: #6076
• State rank: #178 of 301 in IN

Livability — West Baden Springs

• Score: 67/100
• State rank: #254
• US rank: #10760

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Baden Springs, IN
• Population (ZIP): 1,578

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 2% Italian 1% Slovak 1%
• Foreign-born: 1% · China, Canada
• Languages at home: 97% English-only · Spanish 2% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.26%
• Current HPI: 214.1054
• 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

+0.0% since first listed

7 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-14 Price Changed $32,000 IRMLS
• 2026-02-27 Listed $54,900 IRMLS
• 2025-09-25 Price Changed $54,900 IRMLS
• 2025-07-22 Listed $59,900 IRMLS
• 2018-07-12 Sold (Public Records) $31,000 Public Records
• 2007-08-28 Listed $32,000 IRMLS

Property tax history

-5.6%/yr

Latest (2024): $339 · +8.1% YoY. Source: county tax records.