3006 Huntsville Rd · Pendleton, IN 46064

$227,500

2 bd · 2.0 ba · 1,325 sqft · SingleFamily public records · 135 Days on market

Built 1899 1,794 sqft lot Est $273k · 17% under

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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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this affordable Pendleton home with lots of character and charm! Updates include: newer roof, replacement windows, furnace, central air, water heater and automatic awning on back patio. Both bathrooms have been nicely updated. All kitchen appliances included. Two story living room with skylights, vaulted ceilings featuring beautiful staircase leading to loft that overlooks. Loft has full bath and closet. Cute covered front porch (perfect for your rocking chair or porch swing) and an AMAZING 2 car detached garage with over sized garage doors and an upstairs for TONS of storage~ every man's dream! Hurry, this one won't last long!

Key facts

• Covered front porch
• Cathedral ceilings
• Replacement windows

Tags

• COVERED FRONT PORCH
• CATHEDRAL CEILINGS
• REPLACEMENT WINDOWS
• HOBBYIST'S DREAM GARAGE
• COMMERCIALLY ZONED
• SEPARATE ELECTRICAL SERVICE

Property features AI

Exterior

• Parking: Detached 3-car garage
• Utilities: Municipal sewer connected; Well (private water); 200+ amp electric service; Electricity connected; Natural gas connected; Sewer connected
• Home design: Single-family residence; Two levels; Faces west; Has additional parcels
• Construction: Vinyl siding; Cellar foundation
• Exterior features: Covered patio; Patio; Mature trees; Irregular lot

Interior

• Kitchen: Dishwasher; Gas oven; Microwave with hood; Refrigerator; Pantry
• Bedrooms: Two bedrooms (one on the main level and one on the upper level; primary bedroom on upper level)
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level); Primary bath includes a full shower stall
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Vaulted ceilings; Pantry; Cellar (basement)
• Laundry & utility: Main-level laundry closet with full connections; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/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 $220k (3.3% below list).
• Recommended offer: $200k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.3% in Pendleton — 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 73/100 on livability (#86 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.
• South Madison Community School Corporation (rural): math 44% / reading 52% proficiency, ranked #60 of 301 in IN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton Heights High School (math 36% / reading 77%, grade C, #70 of 369 statewide, top 19%, 1,357 students, 31% FRL).
• Market conditions: 232 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago 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 $124k; list at $228k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1899 — 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: 0.97% ✗
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $272,950
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2909 Huntsville Rd	0.08mi	3/2.0 (+1)	1,265 (-4%)	13mo	$280,000	$221	73
32 Park Ct	0.25mi	3/2.5 (+1)	1,415 (+7%)	7mo	$289,900	$205	65
770 Candlewood Dr	0.31mi	3/2.0 (+1)	1,414 (+7%)	10mo	$297,900	$211	61
3000 Market St	0.08mi	3/1.0 (+1)	1,404 (+6%)	23mo	$230,000	$164	58
127 W Central Way	0.58mi	3/1.0 (+1)	1,315 (-1%)	7mo	$265,000	$202	57
2729 W 600 S	0.71mi	2/1.5	1,250 (-6%)	1mo	$258,000	$206	54
400 E Water St	0.67mi	3/2.0 (+1)	1,475 (+11%)	1mo	$355,000	$241	44
300 Falls Park Dr	0.65mi	2/1.0	1,168 (-12%)	6mo	$265,000	$227	41
209 N John St	0.71mi	2/1.0	1,128 (-15%)	10mo	$260,000	$230	30
7209 S Woodrow Dr	0.64mi	3/1.5 (+1)	1,466 (+11%)	19mo	$193,000	$132	29
420 E Water St	0.62mi	2/1.0	1,163 (-12%)	22mo	$189,900	$163	28

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: -6.2%
• Equity multiple: 0.77×
• Total profit: $-14,583
• Equity at exit: $33,921

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $15,768
• Equity at exit: $19,670

Cash invested: $63,700 (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 46064

• Active inventory: 232
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$1,193
• Tax from tax record: −$99 /mo · $1,189/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $351

Break-even live

Break-even rent $1,756

Max offer price $227,500

Occupancy floor 79%

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: $56,875
• Closing costs: $6,825
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 E Water St Pendleton, IN	3.0	1.5	1755	$2,200	$1.25	23d	1	0.71mi

Listing history 15 events

1. 2026-06-09
   days on market $227,500 Active 135 DOM
2. 2026-06-08
   days on market $227,500 Active 134 DOM
3. 2026-06-07
   days on market $227,500 Active 133 DOM
4. 2026-06-05
   days on market $227,500 Active 130 DOM
5. 2026-06-03
   days on market $227,500 Active 129 DOM
6. 2026-06-02
   days on market $227,500 Active 128 DOM
7. 2026-06-01
   days on market $227,500 Active 127 DOM
8. 2026-05-31
   days on market $227,500 Active 126 DOM
9. 2026-05-15
   price $227,500
10. 2026-02-11
    price $233,500
11. 2026-01-25
    listed $236,000 Active
12. 2018-04-13
    soldstatus $124,500 Sold 659-char remark

    Show marketing remark (659 chars)

    Don't miss out on this affordable Pendleton home with lots of character and charm! Updates include: newer roof, replacement windows, furnace, central air, water heater and automatic awning on back patio. Both bathrooms have been nicely updated. All kitchen appliances included. Two story living room with skylights, vaulted ceilings featuring beautiful staircase leading to loft that overlooks. Loft has full bath and closet. Cute covered front porch (perfect for your rocking chair or porch swing) and an AMAZING 2 car detached garage with over sized garage doors and an upstairs for TONS of storage~ every man's dream! Hurry, this one won't last long!

13. 2018-04-08
    status Pending 659-char remark

    Show marketing remark (659 chars)

    Don't miss out on this affordable Pendleton home with lots of character and charm! Updates include: newer roof, replacement windows, furnace, central air, water heater and automatic awning on back patio. Both bathrooms have been nicely updated. All kitchen appliances included. Two story living room with skylights, vaulted ceilings featuring beautiful staircase leading to loft that overlooks. Loft has full bath and closet. Cute covered front porch (perfect for your rocking chair or porch swing) and an AMAZING 2 car detached garage with over sized garage doors and an upstairs for TONS of storage~ every man's dream! Hurry, this one won't last long!

14. 2018-03-13
    historical Active with Contingency 659-char remark

    Show marketing remark (659 chars)

    Don't miss out on this affordable Pendleton home with lots of character and charm! Updates include: newer roof, replacement windows, furnace, central air, water heater and automatic awning on back patio. Both bathrooms have been nicely updated. All kitchen appliances included. Two story living room with skylights, vaulted ceilings featuring beautiful staircase leading to loft that overlooks. Loft has full bath and closet. Cute covered front porch (perfect for your rocking chair or porch swing) and an AMAZING 2 car detached garage with over sized garage doors and an upstairs for TONS of storage~ every man's dream! Hurry, this one won't last long!

15. 2018-03-10
    listed $124,900 Active 659-char remark

    Show marketing remark (659 chars)

    Don't miss out on this affordable Pendleton home with lots of character and charm! Updates include: newer roof, replacement windows, furnace, central air, water heater and automatic awning on back patio. Both bathrooms have been nicely updated. All kitchen appliances included. Two story living room with skylights, vaulted ceilings featuring beautiful staircase leading to loft that overlooks. Loft has full bath and closet. Cute covered front porch (perfect for your rocking chair or porch swing) and an AMAZING 2 car detached garage with over sized garage doors and an upstairs for TONS of storage~ every man's dream! Hurry, this one won't last long!

ⓘ 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: $1,189 · $99/mo
• Projected year-2 tax: $1,561 · $130/mo
• Expected delta: +$372/yr (+$31/mo · 31.3%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$12,744
• − Property taxes: −$1,189
• − Insurance: −$1,138
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$6,618
• Taxable income: $488
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $4,096/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: South Madison Community School Corporation
• NCES district ID: 1810440
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $63,565
• Composite: 42.4/100
• National rank: #3231
• State rank: #60 of 301 in IN

Livability — Pendleton

• Score: 73/100
• State rank: #86
• US rank: #5014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 17,730
• Population (ZIP): 17,730

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 6% Black 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 3% Italian 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.39%
• Current HPI: 227.4921
• 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

+82.1% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $227,500 MIBOR as Distributed by MLS Grid
• 2026-02-11 Price Changed $233,500 MIBOR as Distributed by MLS Grid
• 2026-01-25 Listed $236,000 MIBOR as Distributed by MLS Grid
• 2018-04-13 Sold (MLS) $124,500 MIBOR as Distributed by MLS Grid
• 2018-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2018-03-13 Contingent — MIBOR as Distributed by MLS Grid
• 2018-03-10 Listed $124,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2024): $1,189 · -3.8% YoY. Source: county tax records.