1409 Pearl St · Columbus, IN 47201

$185,000

4 bd · 2.0 ba · 1,358 sqft · SingleFamily public records · 55 Days on market

Built 1910 6,150 sqft lot Est $196k · 5% under

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Why this score? — see what drove the C- 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 +17.3/30.0
• ARV discount +9.9/15.0
• DSCR +5.4/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Potential Investment! 4 bed 2 bath home convenient to city park. New kitchen, carpet & laminate throughout, new furnace, updated baths. Lg. formal dining and det. 1 car garage.

Key facts

• Brick foundation
• Mainfloor sunroom
• Central air

Tags

• PRIVACY FENCED BACKYARD
• DETACHED GARAGE
• MAINFLOOR KITCHEN UPDATED
• MAINFLOOR SUNROOM
• CENTRAL AIR
• BRICK FOUNDATION

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer; Natural gas connected
• Home design: Single-family residence; Two levels (main and upper); Less than 1/4 acre lot
• Construction: Vinyl siding; Block and brick foundation
• Exterior features: Covered porch/patio; Full privacy fence; Curbs and sidewalks

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level; Bedroom sizes include 11x11 and 10x11 on the upper level
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Finished living areas on main and upper levels; Sun room; Bonus room; Cellar (unfinished basement)
• Laundry & utility: Basement laundry room (13x10)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/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 $172k (7.0% below list).
• Recommended offer: $172k (7.0% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.5% in Columbus — 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 79/100 on livability (#24 in IN, #1,978 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Bartholomew Consolidated School Corporation (urban): math 38% / reading 45% proficiency, ranked #119 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lillian Schmitt Elementary School (math 24% / reading 29%, grade F, #755 of 994 statewide, top 76%, 677 students, 74% FRL); Northside Middle School (math 32% / reading 49%, grade F, #117 of 330 statewide, top 36%, 904 students, 49% FRL); Columbus North High School (math 40% / reading 65%, grade C-, #102 of 369 statewide, top 28%, 2,224 students, 39% FRL) — zoned schools average 54% FRL vs 38% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 345 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 195 units permitted in Bartholomew 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 $6k of value loss. Plan a longer hold.
• Bartholomew County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $91k; list at $185k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,100 (7.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 7.17%
• Cash-on-cash: 3.11%
• DSCR: 1.14
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $195,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1327 Union St	0.27mi	3/2.0 (-1)	1,308 (-4%)	8mo	$251,500	$192	70
1630 California St	0.27mi	3/1.0 (-1)	1,432 (+5%)	5mo	$180,000	$126	66
1113 Union St	0.32mi	3/1.0 (-1)	1,264 (-7%)	7mo	$164,000	$130	58
1503 Franklin St	0.16mi	3/1.0 (-1)	1,537 (+13%)	8mo	$154,550	$101	54
2206 Union St	0.61mi	3/1.0 (-1)	1,344 (-1%)	9mo	$218,000	$162	54
1920 Elm St	0.67mi	4/2.5	1,456 (+7%)	3mo	$220,000	$151	52
813 Cottage Ave	0.71mi	3/2.0 (-1)	1,418 (+4%)	5mo	$177,000	$125	50
1718 Gilmore St	0.50mi	3/1.0 (-1)	1,316 (-3%)	15mo	$228,900	$174	50
1814 Cottage Ave	0.71mi	3/1.5 (-1)	1,302 (-4%)	6mo	$187,000	$144	48
1730 Union St	0.37mi	3/2.0 (-1)	1,200 (-12%)	15mo	$240,000	$200	46
2000 N Cherry St	0.71mi	3/1.0 (-1)	1,296 (-5%)	5mo	$185,000	$143	46
2028 Gilmore St	0.61mi	3/1.0 (-1)	1,536 (+13%)	11mo	$180,000	$117	32

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 · 3.15% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.59×
• Total profit: $-21,161
• Equity at exit: $27,584

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-6,357
• Equity at exit: $15,995

Cash invested: $51,800 (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 47201

• Rents YoY: 3.1%
• Active inventory: 345
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,721 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $134

Break-even live

Break-even rent $1,551

Max offer price $185,000

Occupancy floor 87%

Sensitivity live

Price	-10% $239	-5% $187	+0% $134	+5% $82	+10% $30
Rent	-10% $-2	-5% $66	+0% $134	+5% $202	+10% $270
Rate	-1.0pp $228	-0.5pp $182	base $134	+0.5pp $87	+1.0pp $38

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1560 28th St Columbus, IN	2.0–3.0	1.0	1117	$1,299	$1.16	0d	6	1.29mi
1182 Quail Run Dr Columbus, IN	1.0–3.0	1.0–2.0	967	$1,600	$1.65	45d	16	1.39mi

Listing history 27 events

1. 2026-06-22
   days on market $185,000 Active 55 DOM
2. 2026-06-19
   days on market $185,000 Active 53 DOM
3. 2026-06-18
   days on market $185,000 Active 52 DOM
4. 2026-06-17
   days on market $185,000 Active 51 DOM
5. 2026-06-16
   days on market $185,000 Active 50 DOM
6. 2026-06-15
   days on market $185,000 Active 49 DOM
7. 2026-06-14
   days on market $185,000 Active 47 DOM
8. 2026-06-13
   days on market $185,000 Active 46 DOM
9. 2026-06-10
   days on market $185,000 Active 44 DOM
10. 2026-06-09
    days on market $185,000 Active 43 DOM
11. 2026-06-08
    days on market $185,000 Active 42 DOM
12. 2026-06-07
    days on market $185,000 Active 41 DOM
13. 2026-06-05
    days on market $185,000 Active 38 DOM
14. 2026-06-03
    days on market $185,000 Active 37 DOM
15. 2026-06-02
    days on market $185,000 Active 36 DOM
16. 2026-06-01
    pricedays on market $185,000 Active 35 DOM
17. 2026-05-31
    days on market $192,500 Active 34 DOM
18. 2026-05-30
    days on market $192,500 Active 33 DOM
19. 2026-05-13
    price $192,500
20. 2026-04-27
    listed $199,900 Active
21. 2017-06-16
    soldstatus $91,000 180-char remark

    Show marketing remark (180 chars)

    Potential Investment! 4 bed 2 bath home convenient to city park. New kitchen, carpet & laminate throughout, new furnace, updated baths. Lg. formal dining and det. 1 car garage.

22. 2016-09-26
    listed $93,000 180-char remark

    Show marketing remark (180 chars)

    Potential Investment! 4 bed 2 bath home convenient to city park. New kitchen, carpet & laminate throughout, new furnace, updated baths. Lg. formal dining and det. 1 car garage.

23. 2010-05-10
    listed $88,500
24. 2002-10-24
    soldstatus $82,000
25. 2002-07-18
    listed $85,500
26. 2002-03-03
    listed $85,500
27. 2001-07-10
    listed $85,500

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,135 · $178/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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,652
• − Mortgage interest: −$10,363
• − Property taxes: −$2,135
• − Insurance: −$925
• − Repairs & maintenance: −$1,652
• − Management: −$1,652
• − Depreciation: −$5,382
• Taxable loss: −$1,457
• Est. tax savings @ 24.0%: +$350
• After-tax cash flow: $1,963/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: Bartholomew Consolidated School Corporation
• NCES district ID: 1800360
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $54,685
• Composite: 36.16/100
• National rank: #4736
• State rank: #119 of 301 in IN

Livability — Columbus

• Score: 79/100
• State rank: #24
• US rank: #1978

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, IN
• County: Bartholomew County · 74,100 people
• City population: 74,100
• Metro: Columbus, IN
• Population (ZIP): 47,900
• Household income: $83,958
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1455.0

Population outlook (Bartholomew County) Hauer SSP2

• Today (2025): 90,162 people
• By 2030: 94,432 · +4.7%
• By 2040: 102,659 · +13.9%
• By 2050: 109,794 · +21.8%
• By 2075: 123,419 · +36.9%
• By 2100: 121,047 · +34.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Asian 9% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 83% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

Political lean MEDSL · Bartholomew

• 2024 margin: Strong R (+27.3) · D 35.3% · R 62.7% · Other 2.0%
• 2008→2024 swing: -16.1pp toward R · 2008: -11.3pp · 2024: -27.3pp
• All cycles: 2024: R+27.3 2020: R+26.2 2016: R+33.3 2012: R+25.4 2008: R+11.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.94%
• Current HPI: 150.2246
• Rent YoY: ▲ 3.15%
• Metro: Columbus, IN
• 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

+125.1% since first listed

9 events — show timeline

• 2026-05-13 Price Changed $192,500 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2017-06-16 Sold (MLS) $91,000 MIBOR as Distributed by MLS Grid
• 2016-09-26 Listed $93,000 MIBOR as Distributed by MLS Grid
• 2010-05-10 Listed $88,500 MIBOR as Distributed by MLS Grid
• 2002-10-24 Sold (MLS) $82,000 MIBOR as Distributed by MLS Grid
• 2002-07-18 Listed $85,500 MIBOR as Distributed by MLS Grid
• 2002-03-03 Listed $85,500 MIBOR as Distributed by MLS Grid
• 2001-07-10 Listed $85,500 MIBOR as Distributed by MLS Grid

Property tax history

-0.4%/yr

Latest (2024): $2,135 · +3.2% YoY. Source: county tax records.