280 W Main St #12 · Nashville, IN 47448

$219,000

2 bd · 2.0 ba · 991 sqft · Condo · 53 Days on market

Built 1991 Good condition $190/mo HOA · 8% of rent ↓ 3% since listing

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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 +20.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• DSCR +6.4/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This upper-level Edge O Town Condo, recently refreshed, offers a corner unit with beautiful outdoor views from the kitchen and ultimate convenience with in-town living. Open concept living features new windows, carpet, paint, lighting, fans, counter top and more! Enjoy the very convenient location within walking distance to several restaurants, parks, and local attractions. Don't miss this rare opportunity to own a highly sought-after condo in the heart of Brown County

Key facts

• Open concept living
• Corner unit
• Outdoor views

Tags

• CORNER UNIT
• OUTDOOR VIEWS
• OPEN CONCEPT LIVING
• CONVENIENT LOCATION
• WALKING DISTANCE TO PARKS

Property features AI

Finance

• Other: GPS-friendly directions
• HOA & community: HOA with monthly fee of $190; Mandatory fee ownership

Exterior

• Parking: Assigned parking
• Utilities: Public water; Municipal sewer
• Home design: Condominium (Co-op); One story; Upper level unit; Assigned parking
• Construction: Wood siding exterior; Slab foundation
• Exterior features: Attached property; End unit with one common wall; Lot smaller than 1/4 acre

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Walk-in closets; Upper-level condo unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $219k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $212k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.9% in Nashville — 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 80/100 on livability (#20 in IN, #1,893 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Brown County School Corporation (rural): math 37% / reading 48% proficiency, ranked #113 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brown County High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 509 students, 48% FRL).
• Market conditions: 90 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 76 units permitted in Brown County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Brown County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Recommended offer $212,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.14% ✓
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-18,038
• Equity at exit: $32,654

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $7,190
• Equity at exit: $18,935

Cash invested: $61,320 (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 47448

• Home prices YoY: -25.5%
• Active inventory: 90
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$190
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $272

Break-even live

Break-even rent $2,156

Max offer price $219,000

Occupancy floor 84%

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 N Van Buren St Nashville, IN	1.0	1.0	600	$2,500	$4.17	20d	1	0.22mi

HOA detail condo

• Monthly dues: $190 · $2,280/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-05
   price $219,000
2. 2026-04-03
   listed $224,900 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 4/10 Moderate 7 d/yr ≥103°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,000
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$2,280
• − Depreciation: −$6,371
• Taxable loss: −$98
• Est. tax savings @ 24.0%: +$24
• After-tax cash flow: $3,282/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 · 13 photos

Good 75/100 Cosmetic rehab

This upper-level Edge O Town Condo is in good condition with recent updates, making it a highly sought-after property in the heart of Brown County.

Value-add opportunities

• Both new flooring — new carpet improves both resale and rental value
• Both new paint — new paint improves both resale and rental value
• Both new windows — new windows improve both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both new flooring — new carpet improves both resale and rental value ↑
• Both new paint — new paint improves both resale and rental value ↑
• Both new windows — new windows improve both resale and rental 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: Brown County School Corporation
• NCES district ID: 1800960
• Math proficiency: 37% ▼ -15.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $53,070
• Composite: 36.82/100
• National rank: #4563
• State rank: #113 of 301 in IN

Livability — Nashville

• Score: 80/100
• State rank: #20
• US rank: #1893

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nashville, IN
• Population (ZIP): 7,719

Population outlook (Brown County) Hauer SSP2

• Today (2025): 14,677 people
• By 2030: 14,458 · -1.5%
• By 2040: 13,727 · -6.5%
• By 2050: 12,841 · -12.5%
• By 2075: 11,232 · -23.5%
• By 2100: 9,129 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1% Black 1%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 2% · Philippines
• Languages at home: 98% English-only · Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+32.6) · D 32.8% · R 65.5% · Other 1.7%
• 2008→2024 swing: -30.1pp toward R · 2008: -2.5pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+30.5 2016: R+31.6 2012: R+16.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 228.3895
• 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

-2.6% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $219,000 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $224,900 MIBOR as Distributed by MLS Grid