624 West Washington St W · Shelbyville, IN 46176

$200,000

3 bd · 2.0 ba · 1,269 sqft · SingleFamily public records · 24 Days on market

Built 1973 8,400 sqft lot Est $170k · 18% over

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Why this score? — see what drove the F 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 +14.9/30.0
• DSCR +4.6/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This conveniently located and nicely updated 3 BR 2 BA home is move-in ready. Featuring new electrical, plumbing, flooring, furnace, water heater, roof, Amish built vinyl windows, foundation improvements and much more. The all new kitchen includes a stainless 5 burner gas range and dishwasher plus room for table and chairs. The nearby large dining room gives you extra space for entertaining as needed. The Master Ensuite includes washer and dryer hookup in the bath keeping laundry out-of-sight. Bedroom 2 and 3 share the Jack-n-Jill updated main bath. There are large walk-in closets closets in the bedrooms and an extra one in the dining room. There is a large attic that could possibly be turned into living space. The fenced yard will be great for pets and kids to play and there is off-street parking with access. Immediate possession at closing.

Key facts

• Fenced backyard
• 8,400 sq ft lot
• Built 1973

Tags

• HISTORIC DOWNTOWN SHELBYVILLE
• STAINLESS STEEL GAS RANGE
• PRIVATE PRIMARY SUITE
• UPDATED JACK-AND-JILL BATH
• LARGE WALK-IN CLOSETS
• FENCED BACKYARD

Property features AI

Finance

• Other: Lot size approximately 0.19 acres (< 1/4 acre); Has partial, unfinished basement

Exterior

• Parking: Alley access
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas available
• Home design: Single-family residence; Updated/remodeled condition; Accessible approach with ramp; One level
• Construction: Vinyl and wood siding; Block foundation
• Exterior features: Covered patio/porch; Storage shed; Fenced yard

Interior

• Kitchen: Gas cooktop
• Bedrooms: Three bedrooms on the main level (Main)
• Bathrooms: Two full bathrooms (Main)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $60 ($717/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 $160k (19.8% below list).
• Recommended offer: $160k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas A Hendricks Elementary Sch (math 49% / reading 39%, grade F, #408 of 994 statewide, top 41%, 533 students, 66% FRL); Shelbyville Middle School (math 37% / reading 39%, grade F, #136 of 330 statewide, top 44%, 882 students, 62% FRL); Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL) — zoned schools average 62% FRL vs 46% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 238 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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 $165k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $160,393 (19.8% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $170,046
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
637 W Franklin St	0.05mi	3/1.0	1,420 (+12%)	3mo	$63,000	$44	71
421 W Hendricks St	0.22mi	3/2.0	1,200 (-5%)	11mo	$209,000	$174	71
611 W South St	0.28mi	2/2.0 (-1)	1,244 (-2%)	13mo	$199,300	$160	68
435 W Franklin St	0.22mi	2/1.0 (-1)	1,312 (+3%)	9mo	$175,000	$133	67
410 Montgomery St	0.16mi	3/1.0	1,116 (-12%)	9mo	$170,000	$152	61
1117 Hendricks Ave	0.48mi	2/2.0 (-1)	1,232 (-3%)	13mo	$165,000	$134	57
648 W South St	0.22mi	2/1.0 (-1)	1,170 (-8%)	13mo	$149,900	$128	56
833 W Franklin St	0.16mi	3/1.0	1,080 (-15%)	11mo	$160,000	$148	55
411 Montgomery St	0.15mi	2/1.0 (-1)	1,096 (-14%)	10mo	$159,900	$146	53
755 2nd St	0.58mi	4/1.0 (+1)	1,152 (-9%)	7mo	$70,000	$61	43
1206 Lincoln St	0.67mi	2/1.0 (-1)	1,162 (-8%)	12mo	$125,000	$108	36
614 Elm St	0.64mi	3/1.0	1,423 (+12%)	13mo	$167,000	$117	35

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-28,686
• Equity at exit: $29,821

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-20,418
• Equity at exit: $17,292

Cash invested: $56,000 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,604 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$75 /mo · $902/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $60

Break-even live

Break-even rent $1,528

Max offer price $200,000

Occupancy floor 91%

Sensitivity live

Price	-10% $173	-5% $116	+0% $60	+5% $3	+10% $-53
Rent	-10% $-67	-5% $-4	+0% $60	+5% $123	+10% $186
Rate	-1.0pp $160	-0.5pp $111	base $60	+0.5pp $8	+1.0pp $-45

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 N Harrison St Shelbyville, IN	1.0–3.0	1.0–2.0	987	$1,882	$1.91	0d	5	0.71mi
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	23d	1	1.10mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	45d	1	1.36mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	12d	1	1.42mi

Listing history 25 events

1. 2026-06-21
   days on market $200,000 Active 24 DOM
2. 2026-06-18
   days on market $200,000 Active 21 DOM
3. 2026-06-17
   days on market $200,000 Active 20 DOM
4. 2026-06-16
   days on market $200,000 Active 19 DOM
5. 2026-06-16
   price $200,000 Active 18 DOM
6. 2026-06-15
   days on market $205,000 Active 18 DOM
7. 2026-06-13
   days on market $205,000 Active 16 DOM
8. 2026-06-13
   days on market $205,000 Active 15 DOM
9. 2026-06-09
   days on market $205,000 Active 12 DOM
10. 2026-06-08
    days on market $205,000 Active 11 DOM
11. 2026-06-07
    days on market $205,000 Active 10 DOM
12. 2026-06-03
    days on market $205,000 Active 6 DOM
13. 2026-06-02
    days on market $205,000 Active 5 DOM
14. 2026-06-01
    days on market $205,000 Active 4 DOM
15. 2026-05-31
    days on market $205,000 Active 3 DOM
16. 2026-05-28
    listed $205,000 Active
17. 2026-02-24
    status Active
18. 2026-01-07
    status Active
19. 2025-11-12
    price $200,000
20. 2025-11-05
    price $204,000
21. 2025-09-21
    listed $205,000 Active
22. 2023-12-13
    soldstatus $165,000 Closed 860-char remark

    Show marketing remark (860 chars)

    This conveniently located and nicely updated 3 BR 2 BA home is move-in ready. Featuring new electrical, plumbing, flooring, furnace, water heater, roof, Amish built vinyl windows, foundation improvements and much more. The all new kitchen includes a stainless 5 burner gas range and dishwasher plus room for table and chairs. The nearby large dining room gives you extra space for entertaining as needed. The Master Ensuite includes washer and dryer hookup in the bath keeping laundry out-of-sight. Bedroom 2 and 3 share the Jack-n-Jill updated main bath. There are large walk-in closets closets in the bedrooms and an extra one in the dining room. There is a large attic that could possibly be turned into living space. The fenced yard will be great for pets and kids to play and there is off-street parking with access. Immediate possession at closing.

23. 2023-11-11
    status Pending 860-char remark

    Show marketing remark (860 chars)

    This conveniently located and nicely updated 3 BR 2 BA home is move-in ready. Featuring new electrical, plumbing, flooring, furnace, water heater, roof, Amish built vinyl windows, foundation improvements and much more. The all new kitchen includes a stainless 5 burner gas range and dishwasher plus room for table and chairs. The nearby large dining room gives you extra space for entertaining as needed. The Master Ensuite includes washer and dryer hookup in the bath keeping laundry out-of-sight. Bedroom 2 and 3 share the Jack-n-Jill updated main bath. There are large walk-in closets closets in the bedrooms and an extra one in the dining room. There is a large attic that could possibly be turned into living space. The fenced yard will be great for pets and kids to play and there is off-street parking with access. Immediate possession at closing.

24. 2023-11-08
    price $169,500 860-char remark

    Show marketing remark (860 chars)

    This conveniently located and nicely updated 3 BR 2 BA home is move-in ready. Featuring new electrical, plumbing, flooring, furnace, water heater, roof, Amish built vinyl windows, foundation improvements and much more. The all new kitchen includes a stainless 5 burner gas range and dishwasher plus room for table and chairs. The nearby large dining room gives you extra space for entertaining as needed. The Master Ensuite includes washer and dryer hookup in the bath keeping laundry out-of-sight. Bedroom 2 and 3 share the Jack-n-Jill updated main bath. There are large walk-in closets closets in the bedrooms and an extra one in the dining room. There is a large attic that could possibly be turned into living space. The fenced yard will be great for pets and kids to play and there is off-street parking with access. Immediate possession at closing.

25. 2023-10-26
    listed $179,500 Active 860-char remark

    Show marketing remark (860 chars)

    This conveniently located and nicely updated 3 BR 2 BA home is move-in ready. Featuring new electrical, plumbing, flooring, furnace, water heater, roof, Amish built vinyl windows, foundation improvements and much more. The all new kitchen includes a stainless 5 burner gas range and dishwasher plus room for table and chairs. The nearby large dining room gives you extra space for entertaining as needed. The Master Ensuite includes washer and dryer hookup in the bath keeping laundry out-of-sight. Bedroom 2 and 3 share the Jack-n-Jill updated main bath. There are large walk-in closets closets in the bedrooms and an extra one in the dining room. There is a large attic that could possibly be turned into living space. The fenced yard will be great for pets and kids to play and there is off-street parking with access. Immediate possession at closing.

ⓘ 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: $902 · $75/mo
• Projected year-2 tax: $1,301 · $108/mo
• Expected delta: +$399/yr (+$33/mo · 44.2%)

ⓘ 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 ≥102°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: $19,247
• − Mortgage interest: −$11,203
• − Property taxes: −$902
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$5,818
• Taxable loss: −$2,756
• Est. tax savings @ 24.0%: +$661
• After-tax cash flow: $1,378/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+14.2% since first listed

10 events — show timeline

• 2026-05-28 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2026-02-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-07 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-12 Price Changed $200,000 MIBOR as Distributed by MLS Grid
• 2025-11-05 Price Changed $204,000 MIBOR as Distributed by MLS Grid
• 2025-09-21 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2023-12-13 Sold (MLS) $165,000 MIBOR as Distributed by MLS Grid
• 2023-11-11 Pending — MIBOR as Distributed by MLS Grid
• 2023-11-08 Price Changed $169,500 MIBOR as Distributed by MLS Grid
• 2023-10-26 Listed $179,500 MIBOR as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2025): $902 · -2.1% YoY. Source: county tax records.