904 W State St · Albany, IN 47320

$64,900

2 bd · 1.0 ba · 1,104 sqft · SingleFamily public records · 7 Days on market

Built 1937 5,750 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Listing remarks

This is a 2-bedroom home in Albany. Great location for easy access to the grocery, bank, and parks. Newer vinyl windows. The bath has recently been completely updated with plumbing, toilet, vanity, walk-in shower, paint, and faucets. You can sit on your large front porch, watch the traffic go by, and enjoy the day. The backyard has a privacy fence around most of it. There is a 1-car detached garage that has an ample amount of storage area. With a little work and TLC, this could make a very nice home. This House is being SOLD AS-IS.

Key facts

• 5,750 sq ft lot
• Garage
• Built 1937

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($959 rent vs $65k).

Location & tenants

• Location reads 67/100 on livability (#253 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Delaware Community School Corporation (rural): math 43% / reading 51% proficiency, ranked #76 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Albany Elementary School (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 299 students, 67% FRL); Delta Middle School (math 28% / reading 45%, grade F, #156 of 330 statewide, top 48%, 633 students, 51% FRL); Delta High School (math 57% / reading 77%, grade B, #24 of 369 statewide, top 7%, 787 students, 43% FRL) — zoned schools average 54% FRL vs 32% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 30 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1937 — 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. 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.
4. 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.
5. 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: 1.48% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.35%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $135,792
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
904 W State St	0.00mi	2/1.0	1,104 (0%)	1mo	$56,000	$51	100
637 W 1st St	0.17mi	2/1.0	1,138 (+3%)	6mo	$140,000	$123	82
221 N Main St	0.48mi	3/1.0 (+1)	1,092 (-1%)	4mo	$144,000	$132	68
394 Delaware Ct	0.65mi	3/1.5 (+1)	1,112 (+1%)	4mo	$138,500	$125	58
9661 E 700 Rd N	0.54mi	3/1.0 (+1)	1,168 (+6%)	8mo	$80,000	$68	53
128 S Broadway St	0.37mi	2/1.0	1,001 (-9%)	17mo	$67,500	$67	53
210 W Granville Ave	0.61mi	3/1.5 (+1)	1,120 (+1%)	12mo	$154,900	$138	52
156 S Miller Ave	0.64mi	2/1.0	1,207 (+9%)	7mo	$56,520	$47	49
778 N Main St	0.57mi	3/1.0 (+1)	1,040 (-6%)	17mo	$110,000	$106	44
1120 N Water St	0.74mi	3/1.5 (+1)	1,152 (+4%)	22mo	$142,500	$124	33

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: 16.4%
• Equity multiple: 1.66×
• Total profit: $11,990
• Equity at exit: $9,677

10-year hold

• IRR: 25.0%
• Equity multiple: 3.17×
• Total profit: $39,385
• Equity at exit: $5,611

Cash invested: $18,172 (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 47320

• Home prices YoY: -3.2%
• Active inventory: 30
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $959 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$37 /mo · $442/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $354

Break-even live

Break-even rent $512

Max offer price $64,900

Occupancy floor 58%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-14
   status Pending
2. 2026-04-07
   listed $64,900 Active

ⓘ 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: $442 · $37/mo
• Projected year-2 tax: $497 · $41/mo
• Expected delta: +$55/yr (+$5/mo · 12.4%)

ⓘ 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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,511
• − Mortgage interest: −$3,635
• − Property taxes: −$442
• − Insurance: −$324
• − Repairs & maintenance: −$921
• − Management: −$921
• − Depreciation: −$1,888
• Taxable income: $3,379
• Est. tax owed @ 24.0%: −$811
• After-tax cash flow: $3,432/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: Delaware Community School Corporation
• NCES district ID: 1802660
• Math proficiency: 43% ▼ -13.00%
• Reading proficiency: 51% ▼ -10.00%
• Median HH income: $54,665
• Composite: 40.72/100
• National rank: #3659
• State rank: #76 of 301 in IN

Livability — Albany

• Score: 67/100
• State rank: #253
• US rank: #10745

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albany, IN
• Population (ZIP): 4,486

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 113,036 people
• By 2030: 111,313 · -1.5%
• By 2040: 106,432 · -5.8%
• By 2050: 100,747 · -10.9%
• By 2075: 91,000 · -19.5%
• By 2100: 80,687 · -28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Delaware

• 2024 margin: R (+15.8) · D 41.2% · R 57.0% · Other 1.8%
• 2008→2024 swing: -30.8pp toward R · 2008: 15.0pp · 2024: -15.8pp
• All cycles: 2024: R+15.8 2020: R+13.2 2016: R+13.7 2012: D+3.1 2008: D+15.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.25%
• Current HPI: 222.5278
• 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

2 events — show timeline

• 2026-04-14 Pending — IRMLS
• 2026-04-07 Listed $64,900 IRMLS

Property tax history

+2.9%/yr

Latest (2024): $442 · +13.2% YoY. Source: county tax records.