11131 Locust St · Lakeshore Resort, IN 47012

$71,900

3 bd · 1.0 ba · 994 sqft · SingleFamily public records · 38 Days on market

Built 1978 $72/sqft · 17% below area Est $87k · 17% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Refreshed Vacation Paradise! 1/4 mile from the Brookville Lake causeway. Close to the Causeway boat docks. The extra lot allows for convenient boat storage. New paint and flooring throughout. Also new HVAC & septic holding tank. You'll love relaxing in the large, enclosed porch on those rainy days! This 2-bedroom, 2 bath resort home offers full time comfort for your family and guests. Weekend or longer term lake retreat living at it's finest! * Assoc. Dues are $350 per lot and already paid for 2026. Lake Shore Resort Bylaws, Rules and Covenants can be found at https://lakeshoreresort. us/rules-and-covenants/ ______ Legal desc: Parcel #24-04-20-377-118.000-007 - Parcel #24-05-20-377-119.000-007

Key facts

• Garage
• Built 1978
• Listed 38 days

Property features AI

Exterior

• Parking: Detached garage with 1 parking space; Garage door opener; Concrete and gravel surfaces
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Storm door(s); Shed(s); Rolling slope lot

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Microwave; Range; Refrigerator; Electric water heater; 4 total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Market conditions: 4 active listings in the ZIP; 58 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $497 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Franklin County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $69,743 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1978 — 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: 1.41% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.53%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

• ARV (median comp): $87,072
• List price: $71,900
• Delta: -17.42%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11117 Red Bud Ln	0.06mi	2/1.0 (-1)	938 (-6%)	0mo	$67,000	$71	82
11118 Cedar St	0.11mi	3/1.0	920 (-7%)	7mo	$204,000	$222	76
15047 Wren St	0.65mi	2/2.0 (-1)	1,125 (+13%)	10mo	$95,000	$84	31

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: 12.8%
• Equity multiple: 1.51×
• Total profit: $10,278
• Equity at exit: $10,721

10-year hold

• IRR: 21.7%
• Equity multiple: 2.85×
• Total profit: $37,156
• Equity at exit: $6,217

Cash invested: $20,132 (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 47012

• Home prices YoY: -27.1%
• Active inventory: 4
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,010 medium
• Mortgage (P&I): −$377
• Tax from tax record: −$47 /mo · $562/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $344

Break-even live

Break-even rent $574

Max offer price $71,900

Occupancy floor 61%

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: $17,975
• Closing costs: $2,157
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $71,900 Active 38 DOM
2. 2026-06-17
   days on market $71,900 Active 37 DOM
3. 2026-06-16
   days on market $71,900 Active 36 DOM
4. 2026-06-15
   days on market $71,900 Active 35 DOM
5. 2026-06-13
   days on market $71,900 Active 33 DOM
6. 2026-06-13
   days on market $71,900 Active 32 DOM
7. 2026-06-09
   days on market $71,900 Active 29 DOM
8. 2026-06-08
   days on market $71,900 Active 28 DOM
9. 2026-06-07
   days on market $71,900 Active 27 DOM
10. 2026-06-04
    days on market $71,900 Active 24 DOM
11. 2026-06-03
    days on market $71,900 Active 23 DOM
12. 2026-06-02
    days on market $71,900 Active 22 DOM
13. 2026-06-01
    days on market $71,900 Active 21 DOM
14. 2026-05-31
    days on market $71,900 Active 20 DOM
15. 2026-05-05
    listed $71,900 Active 711-char remark

    Show marketing remark (711 chars)

    Refreshed Vacation Paradise! 1/4 mile from the Brookville Lake causeway. Close to the Causeway boat docks. The extra lot allows for convenient boat storage. New paint and flooring throughout. Also new HVAC & septic holding tank. You'll love relaxing in the large, enclosed porch on those rainy days! This 2-bedroom, 2 bath resort home offers full time comfort for your family and guests. Weekend or longer term lake retreat living at it's finest! * Assoc. Dues are $350 per lot and already paid for 2026. Lake Shore Resort Bylaws, Rules and Covenants can be found at https://lakeshoreresort. us/rules-and-covenants/ ______ Legal desc: Parcel #24-04-20-377-118.000-007 - Parcel #24-05-20-377-119.000-007

16. 2026-05-05
    listed $71,900 Active

    Show marketing remark (711 chars)

    Refreshed Vacation Paradise! 1/4 mile from the Brookville Lake causeway. Close to the Causeway boat docks. The extra lot allows for convenient boat storage. New paint and flooring throughout. Also new HVAC & septic holding tank. You'll love relaxing in the large, enclosed porch on those rainy days! This 2-bedroom, 2 bath resort home offers full time comfort for your family and guests. Weekend or longer term lake retreat living at it's finest! * Assoc. Dues are $350 per lot and already paid for 2026. Lake Shore Resort Bylaws, Rules and Covenants can be found at https://lakeshoreresort. us/rules-and-covenants/ ______ Legal desc: Parcel #24-04-20-377-118.000-007 - Parcel #24-05-20-377-119.000-007

ⓘ 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: $562 · $47/mo
• Projected year-2 tax: $586 · $49/mo
• Expected delta: +$25/yr (+$2/mo · 4.4%)

ⓘ 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 ≥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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,126
• − Mortgage interest: −$4,028
• − Property taxes: −$562
• − Insurance: −$360
• − Repairs & maintenance: −$970
• − Management: −$970
• − Depreciation: −$2,092
• Taxable income: $3,146
• Est. tax owed @ 24.0%: −$755
• After-tax cash flow: $3,379/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)

No district data.

Livability — Lakeshore Resort

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lakeshore Resort, IN
• Population (ZIP): 10,891

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 22,796 people
• By 2030: 22,556 · -1.1%
• By 2040: 21,762 · -4.5%
• By 2050: 20,575 · -9.7%
• By 2075: 17,810 · -21.9%
• By 2100: 13,698 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 96% English-only · Korean 2% Vietnamese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+64.4) · D 17.1% · R 81.5% · Other 1.3%
• 2008→2024 swing: -30.3pp toward R · 2008: -34.1pp · 2024: -64.4pp
• All cycles: 2024: R+64.4 2020: R+63.0 2016: R+60.9 2012: R+42.8 2008: R+34.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.81%
• Current HPI: 223.2183
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-05 Listed $71,900 ECIAOR
• 2026-05-05 Listed $71,900 RRELMS

Property tax history

+7.6%/yr

Latest (2024): $562 · -2.9% YoY. Source: county tax records.