687 W Mill St · Middletown, IN 47356

$135,000

2 bd · 1.0 ba · 1,268 sqft · SingleFamily public records · 152 Days on market

Built 1900 0.26 ac lot $106/sqft · at area comps Est $159k · 15% under

---

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 +16.7/30.0
• ARV discount +14.4/15.0
• DSCR +5.2/10.0
• 1% rule +3.6/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the charm of 687 W Mill ST, MIDDLETOWN, IN. This single-family residence, situated in the heart of the USA, presents an exciting opportunity to reimagine a piece of history. With 1268 square feet of living area, the residence offers a comfortable layout that includes two bedrooms. The generous 11108 square foot lot provides ample space for outdoor activities. Imagine creating your own private retreat, surrounded by lush greenery and the tranquility of nature. The residence features a full bathroom designed for both functionality and comfort. Consider the possibilities for creating a relaxing and inviting space to unwind after a long day. Built in 1900, this one-and-a-half story home is ready for its next chapter.

Key facts

• 0.26 acre lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $83 ($994/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 $116k (14.1% below list).
• Recommended offer: $116k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.2% in Middletown — 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 67/100 on livability (#235 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,000 (14.1% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 0.86% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (median comp): $159,395
• List price: $135,000
• Delta: -15.30%
• 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
252 N 6th St	0.38mi	2/2.0	1,260 (-1%)	11mo	$120,000	$95	68
224 N 5th St	0.44mi	3/1.0 (+1)	1,314 (+4%)	3mo	$166,900	$127	66
508 N 5th St	0.25mi	2/1.5	1,405 (+11%)	3mo	$170,000	$121	66
902 Progress St	0.35mi	3/2.0 (+1)	1,195 (-6%)	1mo	$154,000	$129	64
818 Earl Ave	0.38mi	3/2.0 (+1)	1,308 (+3%)	6mo	$276,000	$211	63
512 N 5th St	0.24mi	2/1.5	1,405 (+11%)	9mo	$168,900	$120	61
511 Maple St	0.17mi	3/1.0 (+1)	1,104 (-13%)	6mo	$90,000	$82	60
1213 W Mill St	0.50mi	3/1.0 (+1)	1,107 (-13%)	8mo	$195,000	$176	44
879 Earl Ave	0.61mi	3/2.0 (+1)	1,352 (+7%)	10mo	$190,000	$141	43
510 N 12th St	0.47mi	3/1.5 (+1)	1,131 (-11%)	18mo	$191,500	$169	38
1215 Locust St	0.73mi	3/1.0 (+1)	1,405 (+11%)	15mo	$143,000	$102	30
1306 Cottage Ave	0.73mi	3/1.0 (+1)	1,131 (-11%)	20mo	$152,000	$134	26

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: -12.2%
• Equity multiple: 0.56×
• Total profit: $-16,642
• Equity at exit: $20,129

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-7,873
• Equity at exit: $11,672

Cash invested: $37,800 (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 47356

• Home prices YoY: -18.9%
• Active inventory: 35
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,160 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $83

Break-even live

Break-even rent $1,055

Max offer price $135,000

Occupancy floor 88%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 S Crestwood Dr Middletown, IN	3.0	2.0	1216	$1,160	$0.95	1d	1	0.32mi

Listing history 22 events

1. 2026-06-19
   days on market $135,000 Active 152 DOM
2. 2026-06-18
   days on market $135,000 Active 151 DOM
3. 2026-06-17
   days on market $135,000 Active 150 DOM
4. 2026-06-16
   days on market $135,000 Active 149 DOM
5. 2026-06-15
   days on market $135,000 Active 148 DOM
6. 2026-06-14
   days on market $135,000 Active 146 DOM
7. 2026-06-12
   days on market $135,000 Active 145 DOM
8. 2026-06-09
   days on market $135,000 Active 142 DOM
9. 2026-06-08
   days on market $135,000 Active 141 DOM
10. 2026-06-07
    days on market $135,000 Active 140 DOM
11. 2026-06-05
    days on market $135,000 Active 137 DOM
12. 2026-06-03
    days on market $135,000 Active 136 DOM
13. 2026-06-02
    days on market $135,000 Active 135 DOM
14. 2026-06-01
    days on market $135,000 Active 134 DOM
15. 2026-05-31
    days on market $135,000 Active 133 DOM
16. 2026-05-30
    days on market $135,000 Active 132 DOM
17. 2026-04-17
    status Active 734-char remark

    Show marketing remark (734 chars)

    Discover the charm of 687 W Mill ST, MIDDLETOWN, IN. This single-family residence, situated in the heart of the USA, presents an exciting opportunity to reimagine a piece of history. With 1268 square feet of living area, the residence offers a comfortable layout that includes two bedrooms. The generous 11108 square foot lot provides ample space for outdoor activities. Imagine creating your own private retreat, surrounded by lush greenery and the tranquility of nature. The residence features a full bathroom designed for both functionality and comfort. Consider the possibilities for creating a relaxing and inviting space to unwind after a long day. Built in 1900, this one-and-a-half story home is ready for its next chapter.

18. 2026-03-31
    status Pending 734-char remark

    Show marketing remark (734 chars)

    Discover the charm of 687 W Mill ST, MIDDLETOWN, IN. This single-family residence, situated in the heart of the USA, presents an exciting opportunity to reimagine a piece of history. With 1268 square feet of living area, the residence offers a comfortable layout that includes two bedrooms. The generous 11108 square foot lot provides ample space for outdoor activities. Imagine creating your own private retreat, surrounded by lush greenery and the tranquility of nature. The residence features a full bathroom designed for both functionality and comfort. Consider the possibilities for creating a relaxing and inviting space to unwind after a long day. Built in 1900, this one-and-a-half story home is ready for its next chapter.

19. 2026-03-25
    price $135,000 734-char remark

    Show marketing remark (734 chars)

    Discover the charm of 687 W Mill ST, MIDDLETOWN, IN. This single-family residence, situated in the heart of the USA, presents an exciting opportunity to reimagine a piece of history. With 1268 square feet of living area, the residence offers a comfortable layout that includes two bedrooms. The generous 11108 square foot lot provides ample space for outdoor activities. Imagine creating your own private retreat, surrounded by lush greenery and the tranquility of nature. The residence features a full bathroom designed for both functionality and comfort. Consider the possibilities for creating a relaxing and inviting space to unwind after a long day. Built in 1900, this one-and-a-half story home is ready for its next chapter.

20. 2026-01-07
    historical $1,000
21. 2025-12-31
    listed $140,000 Active 734-char remark

    Show marketing remark (734 chars)

    Discover the charm of 687 W Mill ST, MIDDLETOWN, IN. This single-family residence, situated in the heart of the USA, presents an exciting opportunity to reimagine a piece of history. With 1268 square feet of living area, the residence offers a comfortable layout that includes two bedrooms. The generous 11108 square foot lot provides ample space for outdoor activities. Imagine creating your own private retreat, surrounded by lush greenery and the tranquility of nature. The residence features a full bathroom designed for both functionality and comfort. Consider the possibilities for creating a relaxing and inviting space to unwind after a long day. Built in 1900, this one-and-a-half story home is ready for its next chapter.

22. 2025-12-24
    listed $1,000

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $990 · $82/mo
• Expected delta: +$158/yr (+$13/mo · 19.0%)

ⓘ 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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,920
• − Mortgage interest: −$7,562
• − Property taxes: −$832
• − Insurance: −$675
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$3,927
• Taxable loss: −$1,304
• Est. tax savings @ 24.0%: +$313
• After-tax cash flow: $1,307/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Middletown

• Score: 67/100
• State rank: #235
• US rank: #10188

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

• Census place: Middletown, IN
• Population (ZIP): 5,508

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Iranian 2% Slovak 2%
• Foreign-born: 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.87%
• Current HPI: 240.0691
• 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

+13400.0% since first listed

6 events — show timeline

• 2026-04-17 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-25 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2026-01-07 Rental Removed $1,000 Avail
• 2025-12-31 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2025-12-24 Listed for Rent $1,000 Avail

Property tax history

+0.7%/yr

Latest (2024): $832 · +14.9% YoY. Source: county tax records.