6 N Walnut St · Carthage, IN 46115

$99,900

3 bd · 1.0 ba · 2,165 sqft · SingleFamily public records · 83 Days on market

Built 1895 8,712 sqft lot ↓ 17% 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 +17.4/30.0
• Appreciation +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• DSCR +5.4/10.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

3 bedroom, 1 bath older home with many major updates already completed! The home features a new roof, windows, and HVAC, leaving the finishing touches up to you. Enjoy large rooms, some original wood floors and plenty of character throughout. The third story attic with stairway access offers great potential for additional living or binus space. A wonderful opportunity to add your personal style and make it your own.

Key facts

• Third story attic
• New hvac
• Original wood floors

Tags

• NEW ROOF
• NEW WINDOWS
• NEW HVAC
• THIRD STORY ATTIC
• ORIGINAL WOOD FLOORS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); Two-story
• Construction: Aluminum siding; Asphalt roof; Built as a site-built home
• Exterior features: Patio; Level lot; Lot dimensions approximately 66 x 132

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Hardwood; Vinyl; Other
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Fireplace in the dining room; Crawl space basement
• Laundry & utility: Washer; Dryer (laundry on main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $74 ($894/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#518 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime D, amenities F.
• C A Beard Memorial School Corporation (rural): math 29% / reading 33% proficiency, ranked #231 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Knightstown Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 382 students, 49% FRL); Knightstown Intermediate School (math 26% / reading 27%, grade F, #236 of 330 statewide, top 72%, 361 students, 58% FRL); Knightstown High School (math 22% / reading 72%, grade D-, #143 of 369 statewide, top 44%, 325 students, 49% FRL).
• Market conditions: 10 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($691 loan paydown + $5k appreciation (5.5% local appreciation)).
• Rush County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, 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 83 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 1895 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $296,605
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 E 5th St	0.35mi	3/1.5	1,970 (-9%)	24mo	$270,000	$137	47

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

Projected returns pro-forma

5.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 2.10×
• Total profit: $30,691
• Equity at exit: $59,656

10-year hold

• IRR: 16.9%
• Equity multiple: 4.13×
• Total profit: $87,556
• Equity at exit: $105,567

Cash invested: $27,972 (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 46115

• Home prices YoY: 2.6%
• Active inventory: 10
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,061 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$198 /mo · $2,376/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $74

Break-even live

Break-even rent $966

Max offer price $99,900

Occupancy floor 88%

Sensitivity live

Price	-10% $131	-5% $103	+0% $74	+5% $46	+10% $18
Rent	-10% $-9	-5% $33	+0% $74	+5% $116	+10% $158
Rate	-1.0pp $125	-0.5pp $100	base $74	+0.5pp $49	+1.0pp $22

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $99,900 Active 83 DOM
2. 2026-06-18
   days on market $99,900 Active 80 DOM
3. 2026-06-17
   days on market $99,900 Active 79 DOM
4. 2026-06-16
   days on market $99,900 Active 78 DOM
5. 2026-06-15
   days on market $99,900 Active 77 DOM
6. 2026-06-13
   days on market $99,900 Active 75 DOM
7. 2026-06-09
   days on market $99,900 Active 71 DOM
8. 2026-06-08
   days on market $99,900 Active 70 DOM
9. 2026-06-07
   days on market $99,900 Active 69 DOM
10. 2026-06-03
    days on market $99,900 Active 65 DOM
11. 2026-06-02
    days on market $99,900 Active 64 DOM
12. 2026-06-01
    days on market $99,900 Active 63 DOM
13. 2026-05-31
    days on market $99,900 Active 62 DOM
14. 2026-05-04
    price $99,900
15. 2026-03-30
    listed $119,900 Active

ⓘ 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: $2,376 · $198/mo
• Projected year-2 tax: $2,376 · $198/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 ≥100°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: $12,729
• − Mortgage interest: −$5,596
• − Property taxes: −$2,376
• − Insurance: −$500
• − Repairs & maintenance: −$1,018
• − Management: −$1,018
• − Depreciation: −$2,906
• Taxable loss: −$685
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $1,058/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: C A Beard Memorial School Corporation
• NCES district ID: 1801060
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $47,269
• Composite: 26.76/100
• National rank: #7133
• State rank: #231 of 301 in IN

Livability — Carthage

• Score: 60/100
• State rank: #518
• US rank: #18558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, IN
• City population: 1,512
• Population (ZIP): 1,512

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Romanian 2% Serbian 2% Slovak 2%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.50%
• Current HPI: 218.24
• 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

-16.7% since first listed

2 events — show timeline

• 2026-05-04 Price Changed $99,900 IRMLS
• 2026-03-30 Listed $119,900 IRMLS

Property tax history

+1.4%/yr

Latest (2024): $2,376 · +7.0% YoY. Source: county tax records.