527 W Grissom Ave · Mitchell, IN 47446

$57,500

2 bd · 1.0 ba · 1,058 sqft · SingleFamily public records · 17 Days on market

Built 1870 6,534 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Attention investors. Lots of potential with this 2 bed 1 bath in Mitchell! Being sold as is.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1870

Property features AI

Finance

• Financial info: Annual tax reported

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Water available; Public water (not currently connected)
• Home design: Single-story frame home; Resale property
• Construction: Frame construction; Built area above grade: 1,058
• Exterior features: Residential zoning; Lot recorded by assessor

Interior

• Bathrooms: 1 full bathroom
• Interior features: Has a crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $649 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $57k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 5.0% in Mitchell — 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 69/100 on livability (#187 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• Mitchell Community Schools (town): math 26% / reading 37% proficiency, ranked #230 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hatfield Elementary School (366 students, 66% FRL); Mitchell Jr High School (math 16% / reading 33%, grade F, #251 of 330 statewide, top 77%, 359 students, 61% FRL); Mitchell High School (math 32% / reading 67%, grade D, #123 of 369 statewide, top 36%, 436 students, 51% FRL).
• Market conditions: 62 active listings in the ZIP; 8 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $752 of equity ($398 loan paydown + $354 appreciation (0.6% local appreciation)).
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,637 (1.5% below list)

Questions for the listing agent

1. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.42% ✓
• Cap rate: 19.84%
• Cash-on-cash: 48.38%
• DSCR: 3.15
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $161,874
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 W Vine St	0.09mi	3/1.0 (+1)	1,111 (+5%)	11mo	$80,000	$72	74
910 W Oak St	0.45mi	2/1.0	1,024 (-3%)	1mo	$149,000	$146	73
1016 Orchard St St	0.38mi	2/2.0	1,068 (+1%)	6mo	$169,000	$158	72
610 W Frank St	0.05mi	2/1.5	1,200 (+13%)	4mo	$174,000	$145	70
818 W Oak St	0.42mi	3/1.0 (+1)	1,065 (+1%)	8mo	$162,900	$153	67
844 W Frank St	0.26mi	2/1.0	908 (-14%)	0mo	$150,000	$165	64
503 College Ave	0.17mi	3/2.0 (+1)	1,200 (+13%)	2mo	$220,000	$183	59
1206 W Brook St	0.62mi	3/1.0 (+1)	1,044 (-1%)	7mo	$90,000	$86	58
507 W Oak St	0.41mi	2/1.0	912 (-14%)	6mo	$121,000	$133	53
625 S 8th St	0.41mi	2/1.0	912 (-14%)	6mo	$145,000	$159	52
104 Rabbitsville Rd	0.70mi	3/1.5 (+1)	1,040 (-2%)	6mo	$163,000	$157	52
714 W Curry St	0.41mi	3/1.0 (+1)	1,164 (+10%)	10mo	$90,000	$77	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.6%
• Equity multiple: 3.57×
• Total profit: $41,396
• Equity at exit: $18,488

10-year hold

• IRR: 52.6%
• Equity multiple: 7.15×
• Total profit: $98,991
• Equity at exit: $23,710

Cash invested: $16,100 (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 47446

• Home prices YoY: 0.2%
• Active inventory: 62
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,389 medium
• Mortgage (P&I): −$302
• Tax from tax record: −$123 /mo · $1,476/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $649

Break-even live

Break-even rent $568

Max offer price $57,500

Occupancy floor 48%

Sensitivity live

Price	-10% $682	-5% $665	+0% $649	+5% $633	+10% $617
Rent	-10% $539	-5% $594	+0% $649	+5% $704	+10% $759
Rate	-1.0pp $678	-0.5pp $664	base $649	+0.5pp $634	+1.0pp $619

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: $14,375
• Closing costs: $1,725
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $57,500 Active 17 DOM
2. 2026-06-19
   days on market $57,500 Active 15 DOM
3. 2026-06-18
   days on market $57,500 Active 14 DOM
4. 2026-06-17
   days on market $57,500 Active 13 DOM
5. 2026-06-16
   days on market $57,500 Active 12 DOM
6. 2026-06-15
   days on market $57,500 Active 11 DOM
7. 2026-06-14
   days on market $57,500 Active 9 DOM
8. 2026-06-12
   days on market $57,500 Active 8 DOM
9. 2026-06-09
   days on market $57,500 Active 5 DOM
10. 2026-06-08
    days on market $57,500 Active 4 DOM
11. 2026-06-07
    days on market $57,500 Active 3 DOM
12. 2026-06-05
    remarks 92-char remark
13. 2026-06-05
    listed $57,500 Active 1 DOM

ⓘ 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: $1,476 · $123/mo
• Projected year-2 tax: $1,476 · $123/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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 20 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: $16,673
• − Mortgage interest: −$3,221
• − Property taxes: −$1,476
• − Insurance: −$288
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$1,673
• Taxable income: $7,348
• Est. tax owed @ 24.0%: −$1,763
• After-tax cash flow: $6,026/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: Mitchell Community Schools
• NCES district ID: 1806900
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $43,994
• Composite: 26.83/100
• National rank: #7113
• State rank: #230 of 301 in IN

Livability — Mitchell

• Score: 69/100
• State rank: #187
• US rank: #8606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, IN
• Population (ZIP): 9,259

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 44,347 people
• By 2030: 43,331 · -2.3%
• By 2040: 40,887 · -7.8%
• By 2050: 38,297 · -13.6%
• By 2075: 32,479 · -26.8%
• By 2100: 26,051 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Asian 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+51.0) · D 23.6% · R 74.6% · Other 1.7%
• 2008→2024 swing: -30.5pp toward R · 2008: -20.6pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+50.6 2016: R+51.5 2012: R+32.8 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.62%
• Current HPI: 248.9604
• 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

1 event — show timeline

• 2026-06-04 Listed $57,500 SIRA

Property tax history

+0.0%/yr

Latest (2025): $1,476 · +6.3% YoY. Source: county tax records.