230 W Mill St · Goodland, IN 47948

$65,000

2 bd · 1.0 ba · 752 sqft · SingleFamily public records · 2 Days on market

Built 1890 0.29 ac lot Est $73k · 11% under

---

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
• ARV discount +12.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Appreciation +3.7/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome home to this cozy and inviting 2-bedroom residence offering 752 square feet of comfortable living space. Whether you're searching for the perfect starter home or looking to downsize without sacrificing outdoor space, this property is full of potential. Enjoy peace of mind with a durable metal roof, large laundry room with storage, newer furnace, and newer water heater, providing important updates for years to come. The detached garage offers convenient storage and parking, while the generous yard creates endless possibilities for outdoor enjoyment. There's plenty of room for a swingset, garden, pets, or simply relaxing and entertaining outdoors. Don't miss this opportunity to own an

Key facts

• Metal roof
• Generous yard
• Large laundry room

Tags

• METAL ROOF
• LARGE LAUNDRY ROOM
• DETACHED GARAGE
• GENEROUS YARD

Property features AI

Exterior

• Parking: Off-street parking on a gravel driveway; Detached 1-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; 100 Amp electrical service; Natural gas connected and available; Electricity connected and available; Sewer connected and available; Water connected and available; Cable available
• Home design: One-story property; Built in 1890
• Construction: Vinyl siding; Metal roof; Crawl space foundation
• Exterior features: Aluminum frame windows; Neighborhood view; Garage(s) as an exterior structure; No pool

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Primary bedroom
• Flooring: Laminate; Linoleum
• Heating & cooling: Forced air heating (natural gas); Other cooling
• Interior features: Smoke detector(s); Covered porch
• Laundry & utility: Laundry room with washer hookup and gas dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

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 ($844 rent vs $65k).

Location & tenants

• Location reads 64/100 on livability (#402 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D+, amenities F, commute F.
• South Newton School Corporation (rural): math 29% / reading 35% proficiency, ranked #219 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Newton Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 416 students, 68% FRL); South Newton Middle School (math 22% / reading 32%, grade F, #234 of 330 statewide, top 71%, 204 students, 71% FRL); South Newton Senior High School (math 24% / reading 64%, grade F, #169 of 369 statewide, top 51%, 242 students, 52% FRL).
• Market conditions: 11 active listings in the ZIP; 24 units permitted in Newton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.6%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Newton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.6% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.30% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $72,944
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 N Iroquois St	0.41mi	1/1.0 (-1)	672 (-11%)	16mo	$65,000	$97	44

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

Projected returns pro-forma

-2.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.43×
• Total profit: $7,811
• Equity at exit: $10,809

10-year hold

• IRR: 19.0%
• Equity multiple: 2.64×
• Total profit: $29,920
• Equity at exit: $7,559

Cash invested: $18,200 (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 47948

• Home prices YoY: -1.0%
• Active inventory: 11
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $844 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$27 /mo · $324/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $272

Break-even live

Break-even rent $500

Max offer price $65,000

Occupancy floor 63%

Sensitivity live

Price	-10% $309	-5% $290	+0% $272	+5% $253	+10% $235
Rent	-10% $205	-5% $239	+0% $272	+5% $305	+10% $339
Rate	-1.0pp $305	-0.5pp $288	base $272	+0.5pp $255	+1.0pp $238

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-07
   statusdays on market $65,000 Pending 2 DOM
2. 2026-06-04
   remarks 699-char remark
3. 2026-06-04
   listed $65,000 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: $324 · $27/mo
• Projected year-2 tax: $438 · $37/mo
• Expected delta: +$114/yr (+$10/mo · 35.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 17 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: $10,128
• − Mortgage interest: −$3,641
• − Property taxes: −$324
• − Insurance: −$325
• − Repairs & maintenance: −$810
• − Management: −$810
• − Depreciation: −$1,891
• Taxable income: $2,327
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $2,704/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: South Newton School Corporation
• NCES district ID: 1810470
• Math proficiency: 29% ▼ -18.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $46,624
• Composite: 27.52/100
• National rank: #6952
• State rank: #219 of 301 in IN

Livability — Goodland

• Score: 64/100
• State rank: #402
• US rank: #14749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Goodland, IN
• Population (ZIP): 1,158

Population outlook (Newton County) Hauer SSP2

• Today (2025): 13,726 people
• By 2030: 13,448 · -2.0%
• By 2040: 12,771 · -7.0%
• By 2050: 12,104 · -11.8%
• By 2075: 11,059 · -19.4%
• By 2100: 9,813 · -28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Iranian 5% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Newton

• 2024 margin: Solid R (+57.0) · D 20.8% · R 77.7% · Other 1.5%
• 2008→2024 swing: -45.8pp toward R · 2008: -11.2pp · 2024: -57.0pp
• All cycles: 2024: R+57.0 2020: R+52.1 2016: R+46.1 2012: R+19.1 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.61%
• Current HPI: 256.3507
• 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

+62.5% since first listed

2 events — show timeline

• 2026-06-03 Listed $65,000 NIRA MLS as Distributed by MLS Grid
• 2022-10-25 Sold (Public Records) $40,000 Public Records

Property tax history

-8.9%/yr

Latest (2024): $324 · +12.2% YoY. Source: county tax records.