808 Washington St · Clay City, IN 47841

$120,000

4 bd · 2.0 ba · 1,713 sqft · SingleFamily public records · 46 Days on market

Built 1900 9,148 sqft lot $70/sqft · 9% below area Est $144k · 17% under ↓ 20% since listing

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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 +20.3/30.0
• ARV discount +15.0/15.0
• Appreciation +8.5/10.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

* Motivated sellers - bring us an offer! * Welcome to this functional 3 bedroom, 1 bath home that offers over 1800 square feet that is ready for your updates. The main floor layout features a living room, formal dining room, kitchen, 2 bedrooms, a full bath, and a large mudroom/laundry area just inside the back door. Upstairs there is another bedroom and a bonus room area. This home also offers a partial unfinished basement for storage space. Outside, enjoy a fully fenced backyard - complete with a large storage shed. A gravel driveway offers off-street parking and there is a 24x24 garage for all of your projects. The covered front porch adds a welcoming touch, perfect for morning coffee o

Key facts

• Mudroom laundry area
• Formal dining room
• Kitchen

Tags

• LIVING ROOM
• FORMAL DINING ROOM
• KITCHEN
• MUDROOM LAUNDRY AREA
• BONUS ROOM AREA
• PARTIAL UNFINISHED BASEMENT

Property features AI

Exterior

• Parking: 2-car garage; Gravel parking
• Utilities: Public sewer
• Home design: Single-family residential; 2 stories
• Construction: Shingle roof
• Exterior features: Covered porch/patio; Shingle roof

Interior

• Kitchen: Electric range; Electric oven; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air; Wall/window AC units
• Interior features: Electric range, electric oven, refrigerator; Partial basement with crawl space

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#257 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.
• Clay Community Schools (rural): math 46% / reading 49% proficiency, ranked #79 of 301 in IN (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clay City Elementary School (math 58% / reading 54%, grade C+, #183 of 994 statewide, top 19%, 377 students, 51% FRL); Clay City Jr-Sr High School (math 32% / reading 47%, grade F, #221 of 369 statewide, top 63%, 365 students, 44% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 6 active listings in the ZIP; 70 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($830 loan paydown + $8k appreciation (7.1% local appreciation)).
• Clay County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.1% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $144,498
• List price: $120,000
• Delta: -16.95%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 Washington St	0.39mi	4/2.0	1,725 (+1%)	22mo	$172,500	$100	63
165 E County Road 750 S	0.28mi	3/2.5 (-1)	1,832 (+7%)	14mo	$175,000	$96	57
207 Main St	0.47mi	3/2.5 (-1)	1,708 (-0%)	21mo	$215,000	$126	53

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

Projected returns pro-forma

7.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.55×
• Total profit: $52,199
• Equity at exit: $83,601

10-year hold

• IRR: 20.7%
• Equity multiple: 5.30×
• Total profit: $144,344
• Equity at exit: $159,208

Cash invested: $33,600 (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 47841

• Home prices YoY: 2.9%
• Active inventory: 6
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,246 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $155

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 83%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $120,000 Active 46 DOM
2. 2026-06-18
   days on market $120,000 Active 45 DOM
3. 2026-06-17
   days on market $120,000 Active 44 DOM
4. 2026-06-16
   days on market $120,000 Active 43 DOM
5. 2026-06-15
   days on market $120,000 Active 42 DOM
6. 2026-06-14
   days on market $120,000 Active 40 DOM
7. 2026-06-13
   days on market $120,000 Active 39 DOM
8. 2026-06-10
   days on market $120,000 Active 37 DOM
9. 2026-06-09
   days on market $120,000 Active 36 DOM
10. 2026-06-08
    days on market $120,000 Active 35 DOM
11. 2026-06-07
    days on market $120,000 Active 34 DOM
12. 2026-06-05
    days on market $120,000 Active 31 DOM
13. 2026-06-02
    days on market $120,000 Active 29 DOM
14. 2026-06-01
    pricedays on market $120,000 Active 28 DOM
15. 2026-05-31
    days on market $130,000 Active 27 DOM
16. 2026-05-30
    days on market $130,000 Active 26 DOM
17. 2026-05-17
    price $130,000 770-char remark
18. 2026-05-04
    listed $150,000 Active 770-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 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: $14,948
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$3,491
• Taxable loss: −$56
• Est. tax savings @ 24.0%: +$13
• After-tax cash flow: $1,871/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: Clay Community Schools
• NCES district ID: 1800840
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $46,673
• Composite: 40.39/100
• National rank: #3733
• State rank: #79 of 301 in IN

Livability — Clay City

• Score: 67/100
• State rank: #257
• US rank: #10872

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clay City, IN
• City population: 2,546
• Population (ZIP): 2,546

Population outlook (Clay County) Hauer SSP2

• Today (2025): 25,820 people
• By 2030: 25,182 · -2.5%
• By 2040: 23,562 · -8.7%
• By 2050: 21,829 · -15.5%
• By 2075: 17,939 · -30.5%
• By 2100: 14,042 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Italian 2% Iranian 1%
• Foreign-born: 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+56.9) · D 20.7% · R 77.6% · Other 1.7%
• 2008→2024 swing: -45.4pp toward R · 2008: -11.5pp · 2024: -56.9pp
• All cycles: 2024: R+56.9 2020: R+56.6 2016: R+55.3 2012: R+31.4 2008: R+11.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.06%
• Current HPI: 250.0742
• 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

-20.0% since first listed

3 events — show timeline

• 2026-06-01 Price Changed $120,000 THAAR
• 2026-05-17 Price Changed $130,000 THAAR
• 2026-05-04 Listed $150,000 THAAR

Property tax history

-3.3%/yr

Latest (2024): $162 · -26.7% YoY. Source: county tax records.