206 N George St · North Judson, IN 46366

$149,000

3 bd · 1.5 ba · 1,202 sqft · SingleFamily public records · 122 Days on market

Built 1926 7,920 sqft lot $124/sqft · at area comps Est $168k · 11% under

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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).

• ARV discount +12.6/15.0
• Cash flow +9.5/30.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bed/2 bath home close to town conveniences and newly updated park in North Judson. Most appliances are included, 10' ceilings in main/great room adds to value and "open-air" concept.

Key facts

• Open-air concept
• 10 ceilings
• 7,920 sq ft lot

Tags

• 10 CEILINGS
• OPEN-AIR CONCEPT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (30.5% below list).
• Recommended offer: $103k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.7% in North Judson — 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 (#423 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools D-, amenities F.
• North Judson-San Pierre School Corporation (rural): math 30% / reading 35% proficiency, ranked #218 of 301 in IN (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 58 units permitted in Starke County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Starke County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,483 (30.5% 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 122 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.95%
• DSCR: 0.87
• GRM: 12.0

CMA / ARV

• ARV (median comp): $168,210
• List price: $149,000
• Delta: -11.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Keller Ave	0.14mi	3/1.0	1,164 (-3%)	6mo	$93,000	$80	81
201 Sheridan Ave	0.13mi	3/2.5	1,274 (+6%)	4mo	$212,400	$167	77
204 E State Rd	0.33mi	3/1.0	1,231 (+2%)	14mo	$195,000	$158	67
305 Garden St	0.45mi	2/1.0 (-1)	1,158 (-4%)	2mo	$167,000	$144	65
408 Sheridan Ave	0.19mi	3/1.0	1,040 (-14%)	12mo	$150,000	$144	56
702 Cherry St	0.24mi	2/2.0 (-1)	1,090 (-9%)	20mo	$190,500	$175	50
706 Laurel St	0.26mi	2/2.0 (-1)	1,344 (+12%)	15mo	$144,900	$108	48
205 Silver St	0.59mi	3/2.0	1,377 (+15%)	6mo	$45,000	$33	41
707 Main St	0.65mi	2/1.0 (-1)	1,040 (-14%)	14mo	$155,000	$149	28

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: -21.3%
• Equity multiple: 0.26×
• Total profit: $-30,736
• Equity at exit: $22,216

10-year hold

• IRR: -14.9%
• Equity multiple: 0.15×
• Total profit: $-35,395
• Equity at exit: $12,883

Cash invested: $41,720 (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 46366

• Home prices YoY: -12.7%
• Active inventory: 38
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,035 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$77 /mo · $921/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $-103

Break-even live

Break-even rent $1,165

Max offer price $130,861

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-61	+0% $-103	+5% $-145	+10% $-187
Rent	-10% $-184	-5% $-144	+0% $-103	+5% $-62	+10% $-21
Rate	-1.0pp $-28	-0.5pp $-65	base $-103	+0.5pp $-141	+1.0pp $-181

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $149,000 Active 122 DOM
2. 2026-06-17
   days on market $149,000 Active 121 DOM
3. 2026-06-16
   days on market $149,000 Active 120 DOM
4. 2026-06-15
   days on market $149,000 Active 119 DOM
5. 2026-06-13
   days on market $149,000 Active 117 DOM
6. 2026-06-12
   days on market $149,000 Active 116 DOM
7. 2026-06-09
   days on market $149,000 Active 113 DOM
8. 2026-06-08
   days on market $149,000 Active 112 DOM
9. 2026-06-07
   days on market $149,000 Active 111 DOM
10. 2026-06-05
    days on market $149,000 Active 109 DOM
11. 2026-06-04
    days on market $149,000 Active 107 DOM
12. 2026-06-02
    days on market $149,000 Active 106 DOM
13. 2026-06-01
    days on market $149,000 Active 105 DOM
14. 2026-05-31
    days on market $149,000 Active 104 DOM
15. 2026-05-31
    days on market $149,000 Active 103 DOM
16. 2026-02-16
    listed $149,000 Active 198-char remark

    Show marketing remark (198 chars)

    Three bed/2 bath home close to town conveniences and newly updated park in North Judson. Most appliances are included, 10' ceilings in main/great room adds to value and "open-air" concept.

17. 2004-08-30
    historical
18. 2004-08-29
    listed $79,900
19. 2004-02-29
    listed $79,900
20. 2004-02-29
    listed $79,900
21. 2004-02-29
    listed $84,900

ⓘ 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: $921 · $77/mo
• Projected year-2 tax: $1,094 · $91/mo
• Expected delta: +$173/yr (+$14/mo · 18.8%)

ⓘ 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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,418
• − Mortgage interest: −$8,346
• − Property taxes: −$921
• − Insurance: −$745
• − Repairs & maintenance: −$993
• − Management: −$993
• − Depreciation: −$4,335
• Taxable loss: −$3,916
• Est. tax savings @ 24.0%: +$940
• After-tax cash flow: $-292/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: North Judson-San Pierre School Corporation
• NCES district ID: 1807800
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 35% ▲ 3.00%
• Median HH income: $42,731
• Composite: 27.57/100
• National rank: #6940
• State rank: #218 of 301 in IN

Livability — North Judson

• Score: 63/100
• State rank: #423
• US rank: #15224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Judson, IN
• City population: 5,672
• Population (ZIP): 5,672

Population outlook (Starke County) Hauer SSP2

• Today (2025): 21,860 people
• By 2030: 21,024 · -3.8%
• By 2040: 19,041 · -12.9%
• By 2050: 16,881 · -22.8%
• By 2075: 11,880 · -45.7%
• By 2100: 7,217 · -67.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Romanian 5% Iranian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Starke

• 2024 margin: Solid R (+52.0) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -55.3pp toward R · 2008: 3.2pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+46.8 2016: R+42.0 2012: R+10.6 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.58%
• Current HPI: 224.7809
• 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

+86.5% since first listed

6 events — show timeline

• 2026-02-16 Listed $149,000 IRMLS
• 2004-08-30 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2004-08-29 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2004-02-29 Listed $84,900 NIRA MLS as Distributed by MLS Grid
• 2004-02-29 Listed $79,900 NIRA MLS as Distributed by MLS Grid
• 2004-02-29 Listed $79,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2024): $921 · +9.3% YoY. Source: county tax records.