218 N Main St · Topeka, IN 46571

$120,000

1 bd · 1.0 ba · 2,246 sqft · SingleFamily public records · 46 Days on market

Built 1964 9,583 sqft lot ↓ 4% since listing

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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).

• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Cash flow +5.0/30.0
• Schools +4.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

HUD HOME – “ALL properties sold in “AS-IS” condition without any guarantee or warranty by seller. ” CASE NUMBER: 156-455013. NOTES: “EQUAL HOUSING OPPORTUNITY” INSURANCE STATUS:UI, ESCROW AMT: zero, ELIGIBLE FOR 203K:yes; LIST DATE 11/18/25. FOR MORE INFORMATION ON HUD FORMS, EARNEST MONEY AND ON-LINE BIDDING PLEASE SEE www. HUDhomestore.com. OR SPEAK WITH LISTING AGENT FOR FASTER ANSWERS TO YOUR QUESTIONS. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.

Key facts

• 9,583 sq ft lot
• Built 1964
• Listed 46 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-285 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $70k (42.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (29.3% below list).
• Recommended offer: $70k (42.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 65/100 on livability (#329 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Westview School Corporation (rural): math 58% / reading 53% proficiency, ranked #29 of 301 in IN (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Topeka Elementary School (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 267 students, 40% FRL); Westview Jr-Sr High School (math 54% / reading 52%, grade C-, #99 of 369 statewide, top 27%, 743 students, 29% FRL).
• Market conditions: 7 active listings in the ZIP; 134 units permitted in LaGrange County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($830 loan paydown + $6k appreciation (5.3% local appreciation)).
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask is 11900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $90k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $69,608 (42.0% 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 46 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 0.71% ✗
• Cap rate: 3.44%
• Cash-on-cash: -10.19%
• DSCR: 0.55
• GRM: 11.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.34×
• Total profit: $11,498
• Equity at exit: $70,042

10-year hold

• IRR: 7.7%
• Equity multiple: 2.48×
• Total profit: $49,795
• Equity at exit: $122,604

Cash invested: $33,600 (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 46571

• Home prices YoY: 2.3%
• Active inventory: 7
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $849 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$277 /mo · $3,319/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $-285

Break-even live

Break-even rent $1,210

Max offer price $69,608

Occupancy floor —

Sensitivity live

Price	-10% $-217	-5% $-251	+0% $-285	+5% $-319	+10% $-353
Rent	-10% $-352	-5% $-319	+0% $-285	+5% $-252	+10% $-218
Rate	-1.0pp $-225	-0.5pp $-255	base $-285	+0.5pp $-316	+1.0pp $-348

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-07
   status Pending
2. 2026-03-07
   price $120,000
3. 2026-01-20
   listed $1,000 Active
4. 2025-12-23
   soldstatus $90,000 Closed 504-char remark

   Show marketing remark (504 chars)

   HUD HOME – “ALL properties sold in “AS-IS” condition without any guarantee or warranty by seller. ” CASE NUMBER: 156-455013. NOTES: “EQUAL HOUSING OPPORTUNITY” INSURANCE STATUS:UI, ESCROW AMT: zero, ELIGIBLE FOR 203K:yes; LIST DATE 11/18/25. FOR MORE INFORMATION ON HUD FORMS, EARNEST MONEY AND ON-LINE BIDDING PLEASE SEE www. HUDhomestore.com. OR SPEAK WITH LISTING AGENT FOR FASTER ANSWERS TO YOUR QUESTIONS. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.

5. 2025-12-01
   status Pending 504-char remark

   Show marketing remark (504 chars)

   HUD HOME – “ALL properties sold in “AS-IS” condition without any guarantee or warranty by seller. ” CASE NUMBER: 156-455013. NOTES: “EQUAL HOUSING OPPORTUNITY” INSURANCE STATUS:UI, ESCROW AMT: zero, ELIGIBLE FOR 203K:yes; LIST DATE 11/18/25. FOR MORE INFORMATION ON HUD FORMS, EARNEST MONEY AND ON-LINE BIDDING PLEASE SEE www. HUDhomestore.com. OR SPEAK WITH LISTING AGENT FOR FASTER ANSWERS TO YOUR QUESTIONS. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.

6. 2025-11-18
   listed $87,000 Active 504-char remark

   Show marketing remark (504 chars)

   HUD HOME – “ALL properties sold in “AS-IS” condition without any guarantee or warranty by seller. ” CASE NUMBER: 156-455013. NOTES: “EQUAL HOUSING OPPORTUNITY” INSURANCE STATUS:UI, ESCROW AMT: zero, ELIGIBLE FOR 203K:yes; LIST DATE 11/18/25. FOR MORE INFORMATION ON HUD FORMS, EARNEST MONEY AND ON-LINE BIDDING PLEASE SEE www. HUDhomestore.com. OR SPEAK WITH LISTING AGENT FOR FASTER ANSWERS TO YOUR QUESTIONS. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.

7. 2020-04-01
   soldstatus $125,000 182-char remark

   Show marketing remark (182 chars)

   Big wonderful home just north of downtown Topeka. Convenient to shopping. Hardwood floors on main level. 5 Bedrooms and 2 full Bathrooms with fixtures in place to add a 3rd bathroom.

8. 2019-12-11
   listed $125,000 182-char remark

   Show marketing remark (182 chars)

   Big wonderful home just north of downtown Topeka. Convenient to shopping. Hardwood floors on main level. 5 Bedrooms and 2 full Bathrooms with fixtures in place to add a 3rd bathroom.

ⓘ 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: $3,319 · $277/mo
• Projected year-2 tax: $3,319 · $277/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,186
• − Mortgage interest: −$6,722
• − Property taxes: −$3,319
• − Insurance: −$600
• − Repairs & maintenance: −$815
• − Management: −$815
• − Depreciation: −$3,491
• Taxable loss: −$5,575
• Est. tax savings @ 24.0%: +$1,338
• After-tax cash flow: $-2,085/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: Westview School Corporation
• NCES district ID: 1813110
• Math proficiency: 58% ▼ -6.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $53,000
• Composite: 47.66/100
• National rank: #2245
• State rank: #29 of 301 in IN

Livability — Topeka

• Score: 65/100
• State rank: #329
• US rank: #12744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, IN
• Population (ZIP): 6,321

Population outlook (LaGrange County) Hauer SSP2

• Today (2025): 39,718 people
• By 2030: 40,060 · +0.9%
• By 2040: 40,333 · +1.5%
• By 2050: 39,284 · -1.1%
• By 2075: 32,100 · -19.2%
• By 2100: 21,407 · -46.1%

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: Polish 12% Italian 5% Iranian 1%
• Foreign-born: 2%
• Languages at home: 30% English-only · German/W. Germanic 66% Arabic 2% Spanish 1%

Political lean MEDSL · LaGrange

• 2024 margin: Solid R (+56.8) · D 20.8% · R 77.6% · Other 1.7%
• 2008→2024 swing: -35.3pp toward R · 2008: -21.5pp · 2024: -56.8pp
• All cycles: 2024: R+56.8 2020: R+54.1 2016: R+51.8 2012: R+35.8 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.28%
• Current HPI: 234.2755
• 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

-4.0% since first listed

8 events — show timeline

• 2026-03-07 Pending — IRMLS
• 2026-03-07 Price Changed $120,000 IRMLS
• 2026-01-20 Listed $1,000 IRMLS
• 2025-12-23 Sold (MLS) $90,000 IRMLS
• 2025-12-01 Pending — IRMLS
• 2025-11-18 Listed $87,000 IRMLS
• 2020-04-01 Sold (MLS) $125,000 IRMLS
• 2019-12-11 Listed $125,000 IRMLS

Property tax history

+4.4%/yr

Latest (2024): $3,319 · +6.0% YoY. Source: county tax records.