2820 E County Road 800 Rd · Eaton, IN 47338

$74,900

2 bd · 1.0 ba · 1,952 sqft · SingleFamily public records · 107 Days on market

Built 1860 0.69 ac lot $38/sqft · 52% below area ↓ 6% since listing

---

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 +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in the quiet countryside of Eaton! This 2-bedroom, 1-bath home is full of potential. Offering a functional layout and generous outdoor space, this property is ideal for investors, renovators, or anyone looking to create their own vision from the ground up. The home needs TLC, making it a great project for those ready to add value and bring new life to the property. Enjoy the peaceful rural setting.

Key facts

• 0.69 acre lot
• Built 1860
• Listed 106 days

Tags

• GENEROUS OUTDOOR SPACE
• PEACEFUL RURAL SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#132 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities 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.
• Market conditions: 10 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 $518 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 $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.40% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $157,452
• List price: $74,900
• Delta: -52.43%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.5%
• Equity multiple: 1.37×
• Total profit: $7,827
• Equity at exit: $11,168

10-year hold

• IRR: 18.6%
• Equity multiple: 2.55×
• Total profit: $32,567
• 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 47338

• Home prices YoY: -5.3%
• Active inventory: 10
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,052 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $313

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 65%

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 16 events

1. 2026-06-19
   days on market $74,900 Active 107 DOM
2. 2026-06-18
   days on market $74,900 Active 106 DOM
3. 2026-06-17
   days on market $74,900 Active 105 DOM
4. 2026-06-16
   days on market $74,900 Active 104 DOM
5. 2026-06-15
   days on market $74,900 Active 103 DOM
6. 2026-06-14
   days on market $74,900 Active 101 DOM
7. 2026-06-13
   days on market $74,900 Active 100 DOM
8. 2026-06-10
   days on market $74,900 Active 98 DOM
9. 2026-06-09
   days on market $74,900 Active 97 DOM
10. 2026-06-08
    days on market $74,900 Active 96 DOM
11. 2026-06-07
    days on market $74,900 Active 95 DOM
12. 2026-06-02
    days on market $74,900 Active 90 DOM
13. 2026-06-01
    days on market $74,900 Active 89 DOM
14. 2026-06-01
    statusdays on market $74,900 Active 88 DOM
15. 2026-04-01
    price $74,900
16. 2026-02-10
    listed $79,900 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 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,620
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,010
• − Management: −$1,010
• − Depreciation: −$2,179
• Taxable income: $2,728
• Est. tax owed @ 24.0%: −$655
• After-tax cash flow: $3,104/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 — Eaton

• Score: 71/100
• State rank: #132
• US rank: #6844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eaton, IN
• County: Delaware · 2,378 people
• Metro: Muncie, IN
• Population (ZIP): 2,378
• Household income: $62,064
• Rent vs Own: 18.7% rent · 81.3% own
• Severe rent burden: 5.6

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 (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Italian 2% Slovak 1% Scottish 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

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: ▼ -12.59%
• Current HPI: 226.7114
• 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

-6.3% since first listed

2 events — show timeline

• 2026-04-01 Price Changed $74,900 IRMLS
• 2026-02-10 Listed $79,900 IRMLS

Property tax history

-16.2%/yr

Latest (2024): $10 · +0.0% YoY. Source: county tax records.