316 N Main St St · Churubusco, IN 46723

$99,000

2 bd · 1.0 ba · 6,456 sqft · SingleFamily · 19 Days on market

Built 1871 Good condition 0.66 ac lot

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Why this score? — see what drove the D+ 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 +15.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the heart of downtown Churubusco, this one-of-a-kind historic building at offers an incredible opportunity to transform a true community landmark into a stunning residential home. With over 160 years of history, the property is rich in character and architectural detail—ready for the right buyer with vision and a bit of elbow grease. The main level features a breathtaking amphitheater-style space with soaring 20+ foot ceilings, a stage, and ornate glass windows that flood the interior with natural light—creating the perfect canvas for an open-concept living space, dramatic great room, or custom dream design. Two additional rooms on the main level offer flexibility for

Key facts

• Grand front entry
• Community landmark
• Historic building

Tags

• HISTORIC BUILDING
• COMMUNITY LANDMARK
• AMPHITHEATER-STYLE SPACE
• 20 FOOT CEILINGS
• ORNATE GLASS WINDOWS
• GRAND FRONT ENTRY

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Shingle roof; Full basement
• Exterior features: Corner lot; No fencing

Interior

• Flooring: Hardwood; Carpet; Concrete
• Bathrooms: Two half bathrooms
• Heating & cooling: Central air conditioning; Baseboard heating; Forced air heating
• Interior features: Entrance foyer; Open floor plan; Laminate counters

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $47 ($564/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 $93k (6.5% below list).
• Recommended offer: $93k (6.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#136 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Smith-Green Community Schools (rural): math 35% / reading 43% proficiency, ranked #142 of 301 in IN (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Churubusco Elementary School (math 49% / reading 46%, grade D, #321 of 994 statewide, top 33%, 485 students, 31% FRL); Churubusco Jr-Sr High School (math 27% / reading 42%, grade F, #270 of 369 statewide, top 77%, 647 students, 26% FRL).
• Market conditions: 57 active listings in the ZIP; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 4 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 1871 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,550 (6.5% below list)

Questions for the listing agent

1. Built in 1871 — 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. 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?
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: 0.93% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.1%
• Equity multiple: 0.53×
• Total profit: $-13,036
• Equity at exit: $14,761

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-7,442
• Equity at exit: $8,560

Cash invested: $27,720 (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 46723

• Home prices YoY: -22.8%
• Active inventory: 57
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $926 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $47

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 90%

Sensitivity live

Price	-10% $115	-5% $81	+0% $47	+5% $13	+10% $-21
Rent	-10% $-26	-5% $10	+0% $47	+5% $84	+10% $120
Rate	-1.0pp $97	-0.5pp $72	base $47	+0.5pp $21	+1.0pp $-5

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-04
   listed $99,000 Active 1431-char remark
2. 2025-08-23
   status Active
3. 2025-08-23
   historical
4. 2025-06-23
   status Active
5. 2025-03-10
   listed $250,000 Active

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

Taxation est. · year 1

• Rental income: $11,106
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$888
• − Management: −$888
• − Depreciation: −$2,880
• Taxable loss: −$1,076
• Est. tax savings @ 24.0%: +$258
• After-tax cash flow: $822/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.

Condition & rehab AI · 13 photos

Good 75/100 Extensive rehab

This historic building is in good condition with some minor repairs and maintenance needed. The home has a unique architectural style and a great location in the heart of downtown Churubusco. With some updates, it has the potential to be a stunning residential home with a high resale and rental value.

Repairs flagged

• Minor Stained glass windows — The stained glass windows are intact but may need cleaning or minor repairs.
• Moderate Stairs and railings — The stairs and railings appear to be in good condition but may need some maintenance or minor repairs.
• Minor Exterior landscaping — The exterior landscaping appears to be in good condition but may need some maintenance or minor repairs.

Value-add opportunities

• Resale Painting the exterior siding — Painting the exterior siding will enhance the home's curb appeal and make it more attractive to potential buyers.
• Resale Re-roofing the main roof — Re-roofing the main roof will ensure the home's structural integrity and make it more attractive to potential buyers.
• Rental Re-staining the wooden deck — Re-staining the wooden deck will make it more attractive to potential renters and improve the home's rental value.
• Both Landscaping the exterior — Landscaping the exterior will enhance the home's curb appeal and make it more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Stained glass windows · The stained glass windows are intact but may need cleaning or minor repairs.	Minor	$500–3,000
Stairs and railings · The stairs and railings appear to be in good condition but may need some maintenance or minor repairs.	Moderate	$3,000–15,000
Exterior landscaping · The exterior landscaping appears to be in good condition but may need some maintenance or minor repairs.	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale Painting the exterior siding — Painting the exterior siding will enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Resale Re-roofing the main roof — Re-roofing the main roof will ensure the home's structural integrity and make it more attractive to potential buyers. ↑
• Rental Re-staining the wooden deck — Re-staining the wooden deck will make it more attractive to potential renters and improve the home's rental value. ↑
• Both Landscaping the exterior — Landscaping the exterior will enhance the home's curb appeal and make it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Smith-Green Community Schools
• NCES district ID: 1810230
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $56,107
• Composite: 34.22/100
• National rank: #5263
• State rank: #142 of 301 in IN

Livability — Churubusco

• Score: 71/100
• State rank: #136
• US rank: #7024

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Churubusco, IN
• Population (ZIP): 7,575

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 33,363 people
• By 2030: 32,930 · -1.3%
• By 2040: 31,598 · -5.3%
• By 2050: 29,902 · -10.4%
• By 2075: 25,785 · -22.7%
• By 2100: 20,729 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Italian 9% Lithuanian 4% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 0%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+49.9) · D 24.1% · R 74.0% · Other 1.9%
• 2008→2024 swing: -28.4pp toward R · 2008: -21.5pp · 2024: -49.9pp
• All cycles: 2024: R+49.9 2020: R+49.1 2016: R+51.4 2012: R+38.9 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.50%
• Current HPI: 232.4457
• 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

-60.4% since first listed

6 events — show timeline

• 2026-05-23 Pending — IRMLS
• 2026-05-04 Listed $99,000 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-06-23 Relisted — IRMLS
• 2025-03-10 Listed $250,000 IRMLS