101-103 W Grant St · Waldron, IN 46182

$74,900

4 bd · 8.0 ba · 2,000 sqft · MultiFamily · 12 Days on market

Built 1900 Poor condition 6,600 sqft lot $37/sqft · 15% above area Est $65k · 15% over ↓ 56% 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).

• Cash flow +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Unlock the potential at 101-103 W Grant St in Waldron! This duplex offers a prime opportunity for investors looking to expand their portfolio or maximize returns. With the possibility to convert into additional units, this property is a true value-add play. Whether you're considering a multi-unit expansion, long-term rentals, or a strategic renovation, the upside here is substantial. The property does require TLC and is being positioned as an investor special, but with the right vision, it can be transformed into a high-performing asset. Located in a growing area with strong rental potential, this is your chance to capitalize on a great opportunity. Don't miss out on this versatile property

Key facts

• 6,600 sq ft lot
• Built 1900
• Listed 12 days

Property features AI

Finance

• Financial info: Gross income: $1,000 per month; Reported expenses: $0

Exterior

• Utilities: Solid waste service available
• Home design: Duplex residential income property; Two-story building
• Exterior features: Residential use lot under 1/4 acre; Road frontage on county road and frontage road

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Two 2-bedroom units (each unit listed as 2 bedrooms)
• Bathrooms: Two bathrooms across the property (multi-unit total: 2)
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/4.0-bath units multifamily listed at $75k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $75k).

Location & tenants

• Location reads 63/100 on livability (#433 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: amenities F, commute F, health & safety F.
• Shelby Eastern Schools (rural): math 43% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morristown Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 307 students, 47% FRL) — zoned schools average 47% FRL vs 27% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 10 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.
• Current owner paid $65k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 5.10% ✓
• Cap rate: 46.34%
• Cash-on-cash: 143.01%
• DSCR: 7.36
• GRM: 1.6

CMA / ARV

• ARV (median comp): $65,000
• List price: $74,900
• Delta: 15.23%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.01×
• Total profit: $147,108
• Equity at exit: $11,168

10-year hold

• IRR: —
• Equity multiple: 16.89×
• Total profit: $333,313
• Equity at exit: $6,476

Cash invested: $20,972 (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 46182

• Home prices YoY: -4.0%
• Active inventory: 10
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $3,819 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$802
• Net cashflow: $2,499

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 30%

Sensitivity live

Price	-10% $2,551	-5% $2,525	+0% $2,499	+5% $2,474	+10% $2,448
Rent	-10% $2,198	-5% $2,349	+0% $2,499	+5% $2,650	+10% $2,801
Rate	-1.0pp $2,537	-0.5pp $2,518	base $2,499	+0.5pp $2,480	+1.0pp $2,460

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	4	$3,818
Total (2 units)			$3,819

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-16
   status Pending 751-char remark
2. 2026-05-04
   listed $74,900 Active 751-char remark
3. 2026-03-28
   status Pending
4. 2026-03-28
   historical
5. 2026-03-13
   price $74,999
6. 2026-03-03
   price $79,900
7. 2026-02-24
   status Active
8. 2026-02-24
   price $89,900
9. 2026-02-11
   status Pending
10. 2026-02-04
    price $99,999
11. 2026-01-27
    price $109,000
12. 2026-01-06
    price $119,999
13. 2026-01-06
    price $199,999
14. 2025-12-27
    price $145,900
15. 2025-12-04
    listed $149,000 Active

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

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 ≥101°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,828
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$3,666
• − Management: −$3,666
• − Depreciation: −$2,179
• Taxable income: $30,623
• Est. tax owed @ 24.0%: −$7,350
• After-tax cash flow: $22,643/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 · 12 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to bring it up to market standards. Major repairs and updates are needed to improve the property's condition and increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely outdated and in poor condition
• Major bathroom fixtures — outdated and in poor condition
• Major roof — visible wear and tear
• Major exterior siding — worn and in need of repair
• Major flooring — damaged tiles
• Major HVAC/mechanicals — visible signs of wear and tear
• Major interior walls/paint — paint peeling and walls in need of repair

Value-add opportunities

• Both extensive interior and exterior renovation — major repairs and updates needed to bring the property up to market standards
• Both HVAC system replacement — major repairs needed to improve comfort and energy efficiency
• Both landscaping and curb appeal improvements — improving the property's appearance and increasing its market value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and in poor condition	Major	$15,000–50,000
roof · visible wear and tear	Major	$15,000–50,000
exterior siding · worn and in need of repair	Major	$15,000–50,000
flooring · damaged tiles	Major	$15,000–50,000
HVAC/mechanicals · visible signs of wear and tear	Major	$15,000–50,000
interior walls/paint · paint peeling and walls in need of repair	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both extensive interior and exterior renovation — major repairs and updates needed to bring the property up to market standards ↑
• Both HVAC system replacement — major repairs needed to improve comfort and energy efficiency ↑
• Both landscaping and curb appeal improvements — improving the property's appearance and increasing its market value ↑

ⓘ 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: Shelby Eastern Schools
• NCES district ID: 1803210
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $60,076
• Composite: 40.0/100
• National rank: #3828
• State rank: #84 of 301 in IN

Livability — Waldron

• Score: 63/100
• State rank: #433
• US rank: #15572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waldron, IN
• City population: 1,670
• Population (ZIP): 1,670

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 10% Iranian 1% Romanian 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.07%
• Current HPI: 241.2392
• 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

-56.4% since first listed

16 events — show timeline

• 2026-05-25 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2026-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2026-03-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-13 Price Changed $74,999 MIBOR as Distributed by MLS Grid
• 2026-03-03 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2026-02-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-24 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-02-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-04 Price Changed $99,999 MIBOR as Distributed by MLS Grid
• 2026-01-27 Price Changed $109,000 MIBOR as Distributed by MLS Grid
• 2026-01-06 Price Changed $119,999 MIBOR as Distributed by MLS Grid
• 2026-01-06 Price Changed $199,999 MIBOR as Distributed by MLS Grid
• 2025-12-27 Price Changed $145,900 MIBOR as Distributed by MLS Grid
• 2025-12-04 Listed $149,000 MIBOR as Distributed by MLS Grid