120 Washington St · Vernon, IN 47282

$135,000

2 bd · 1.0 ba · 1,687 sqft · SingleFamily public records · 34 Days on market

Built 1860 8,712 sqft lot Est $261k · 48% 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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• Appreciation +9.9/10.0
• DSCR +4.0/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Presenting an inviting home ready for immediate occupancy. This property offers a unique opportunity to embrace a refined living experience within a historical context. The living room provides a welcoming atmosphere, centered around a charming fireplace that promises warmth and comfort during cooler evenings. Elegant crown molding adorns the space, enhancing its sophisticated character and creating an environment perfect for quiet contemplation or engaging conversation. Within the kitchen, the presence of crown molding elevates the aesthetic, suggesting a space designed for both culinary creativity and enjoyable daily routines. This thoughtful detail contributes to an elevated sense of des

Key facts

• Private deck
• Charming fireplace
• Crown molding

Tags

• CHARMING FIREPLACE
• CROWN MOLDING
• BRIGHT SUNROOM
• PRIVATE DECK

Property features AI

Exterior

• Parking: Attached garage (1 car, approximately 480 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single-family residence; Attached property; One level
• Construction: Vinyl siding; Cellar and crawl space foundation
• Exterior features: Lot under 1/4 acre (approximately 0.2 acre)

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Luxury vinyl plank in kitchen
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Basement present; Two fireplaces (one in family room; gas log and other)
• Laundry & utility: Main-level laundry

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 $-1 ($-8/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (22.1% below list).
• Recommended offer: $105k (22.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#368 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime C-, housing D+, schools F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($933 loan paydown + $13k appreciation (9.9% local appreciation)).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $46k; list at $135k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,108 (22.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.78% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $261,485
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 E Brown St	0.16mi	2/1.5	1,616 (-4%)	6mo	$218,000	$135	78
35 Jackson St	0.10mi	3/2.0 (+1)	1,564 (-7%)	12mo	$242,500	$155	64
420 S State Highway 7	0.65mi	3/2.5 (+1)	1,804 (+7%)	23mo	$295,000	$164	28

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

Projected returns pro-forma

9.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.91×
• Total profit: $72,210
• Equity at exit: $120,318

10-year hold

• IRR: 21.3%
• Equity multiple: 6.62×
• Total profit: $212,264
• Equity at exit: $258,099

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 47282

• Home prices YoY: 4.0%
• Active inventory: 4
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,051 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$67 /mo · $802/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $-1

Break-even live

Break-even rent $1,052

Max offer price $134,875

Occupancy floor 95%

Sensitivity live

Price	-10% $76	-5% $38	+0% $-1	+5% $-39	+10% $-77
Rent	-10% $-84	-5% $-42	+0% $-1	+5% $41	+10% $82
Rate	-1.0pp $67	-0.5pp $34	base $-1	+0.5pp $-36	+1.0pp $-71

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: —

Listing history 5 events

1. 2026-04-30
   status Pending
2. 2026-04-26
   price $135,000
3. 2026-04-07
   price $154,000
4. 2026-03-27
   listed $170,000 Active
5. 2010-07-09
   soldstatus $46,000

ⓘ 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: $802 · $67/mo
• Projected year-2 tax: $975 · $81/mo
• Expected delta: +$173/yr (+$14/mo · 21.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥105°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,613
• − Mortgage interest: −$7,562
• − Property taxes: −$802
• − Insurance: −$675
• − Repairs & maintenance: −$1,009
• − Management: −$1,009
• − Depreciation: −$3,927
• Taxable loss: −$2,372
• Est. tax savings @ 24.0%: +$569
• After-tax cash flow: $561/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Vernon

• Score: 64/100
• State rank: #368
• US rank: #13808

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vernon, IN
• City population: 224
• Population (ZIP): 224

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 6% Two or more races 1%
• Common ancestry: Slovak 7% Iranian 4% Serbian 1%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.87%
• Current HPI: 256.8626
• 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

+193.5% since first listed

5 events — show timeline

• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-26 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2026-04-07 Price Changed $154,000 MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2010-07-09 Sold (Public Records) $46,000 Public Records

Property tax history

+6.7%/yr

Latest (2024): $802 · +24.7% YoY. Source: county tax records.