602 Illinois St · Walkerton, IN 46574

$150,000

2 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 92 Days on market

Built 1912 3,049 sqft lot $130/sqft · 14% below area Est $175k · 14% under

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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 +17.6/30.0
• ARV discount +13.9/15.0
• DSCR +5.5/10.0
• Schools +4.1/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

Key facts

• Cozy living room
• Steel roof
• Updated interior

Tags

• NEW AC
• FURNACE
• STEEL ROOF
• UPDATED INTERIOR
• UPDATED KITCHEN
• COZY LIVING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (13.2% below list).
• Recommended offer: $130k (13.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#382 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• John Glenn School Corporation (town): math 44% / reading 51% proficiency, ranked #75 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 64 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,188 (13.2% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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: 0.87% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.6

CMA / ARV

• ARV (median comp): $175,039
• List price: $150,000
• Delta: -11.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Ohio St	0.17mi	2/1.0	1,027 (-11%)	2mo	$95,500	$93	73
606 Indiana St	0.07mi	3/2.0 (+1)	1,104 (-4%)	17mo	$229,900	$208	67
802 Roosevelt Rd	0.20mi	3/2.0 (+1)	1,300 (+13%)	1mo	$213,000	$164	59
123 Clark St	0.24mi	3/1.5 (+1)	1,008 (-12%)	7mo	$170,000	$169	55
1070 Walkerton Trl	0.52mi	2/2.0	1,248 (+8%)	6mo	$210,000	$168	53
701 Monroe St	0.04mi	3/2.0 (+1)	1,280 (+11%)	22mo	$179,900	$141	52
907 Harrison St	0.33mi	3/1.0 (+1)	1,094 (-5%)	23mo	$108,000	$99	52
104 Hickory St	0.42mi	3/2.0 (+1)	1,080 (-6%)	12mo	$160,000	$148	51
301 Virginia St	0.29mi	3/2.0 (+1)	1,296 (+12%)	15mo	$165,000	$127	44
319 Maple St	0.54mi	3/1.0 (+1)	1,008 (-12%)	17mo	$169,900	$169	35

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

Projected returns pro-forma

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

5-year hold

• IRR: -11.0%
• Equity multiple: 0.60×
• Total profit: $-16,858
• Equity at exit: $22,365

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-5,249
• Equity at exit: $12,969

Cash invested: $42,000 (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 46574

• Home prices YoY: -17.2%
• Active inventory: 64
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,302 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$62 /mo · $738/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $118

Break-even live

Break-even rent $1,153

Max offer price $150,000

Occupancy floor 86%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   pricedays on market $150,000 Active 92 DOM
2. 2026-06-18
   days on market $155,000 Active 91 DOM
3. 2026-06-17
   days on market $155,000 Active 90 DOM
4. 2026-06-16
   days on market $155,000 Active 89 DOM
5. 2026-06-15
   days on market $155,000 Active 88 DOM
6. 2026-06-14
   days on market $155,000 Active 86 DOM
7. 2026-06-13
   days on market $155,000 Active 85 DOM
8. 2026-06-10
   days on market $155,000 Active 83 DOM
9. 2026-06-09
   days on market $155,000 Active 82 DOM
10. 2026-06-08
    days on market $155,000 Active 81 DOM
11. 2026-06-07
    days on market $155,000 Active 80 DOM
12. 2026-06-05
    days on market $155,000 Active 77 DOM
13. 2026-06-03
    days on market $155,000 Active 76 DOM
14. 2026-06-03
    price $155,000 Active 75 DOM
15. 2026-06-02
    days on market $160,000 Active 75 DOM
16. 2026-06-01
    days on market $160,000 Active 74 DOM
17. 2026-05-31
    days on market $160,000 Active 73 DOM
18. 2026-05-30
    days on market $160,000 Active 72 DOM
19. 2026-04-24
    price $160,000 384-char remark

    Show marketing remark (384 chars)

    Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

20. 2026-04-17
    status Active 384-char remark

    Show marketing remark (384 chars)

    Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

21. 2026-04-01
    status Pending 384-char remark

    Show marketing remark (384 chars)

    Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

22. 2026-03-27
    price $165,000 384-char remark

    Show marketing remark (384 chars)

    Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

23. 2026-03-02
    listed $170,000 Active 384-char remark

    Show marketing remark (384 chars)

    Highly motivated seller! Great Location in downtown Walkerton. This two bedroom home has seen some major upgrades including a new AC, furnace, steel roof, an updated interior, plus many more! On the main level you'll find a spacious Primary bedroom, updated kitchen, and cozy living room. Head upstairs to find a great sized second bedroom and bonus room! Schedule your showing today!

24. 2021-10-20
    soldstatus $110,000 177-char remark

    Show marketing remark (177 chars)

    Great intown location. This one and half story home features three bedrooms, a breakfast bar, some appliances, large master bedroom. Basement and even a lovely wrap around deck.

25. 2021-08-31
    listed $110,000 177-char remark

    Show marketing remark (177 chars)

    Great intown location. This one and half story home features three bedrooms, a breakfast bar, some appliances, large master bedroom. Basement and even a lovely wrap around deck.

ⓘ 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: $738 · $62/mo
• Projected year-2 tax: $1,007 · $84/mo
• Expected delta: +$268/yr (+$22/mo · 36.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,623
• − Mortgage interest: −$8,402
• − Property taxes: −$738
• − Insurance: −$750
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$4,364
• Taxable loss: −$1,131
• Est. tax savings @ 24.0%: +$271
• After-tax cash flow: $1,686/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: John Glenn School Corporation
• NCES district ID: 1809120
• Math proficiency: 44% ▼ -14.00%
• Reading proficiency: 51% ▼ -8.00%
• Median HH income: $50,407
• Composite: 40.73/100
• National rank: #3657
• State rank: #75 of 301 in IN

Livability — Walkerton

• Score: 64/100
• State rank: #382
• US rank: #14183

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walkerton, IN
• Population (ZIP): 7,414

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 8% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.04%
• Current HPI: 260.7073
• 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

+45.5% since first listed

7 events — show timeline

• 2026-04-24 Price Changed $160,000 NIRA MLS as Distributed by MLS Grid
• 2026-04-17 Relisted — NIRA MLS as Distributed by MLS Grid
• 2026-04-01 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $165,000 NIRA MLS as Distributed by MLS Grid
• 2026-03-02 Listed $170,000 NIRA MLS as Distributed by MLS Grid
• 2021-10-20 Sold (MLS) $110,000 IRMLS
• 2021-08-31 Listed $110,000 IRMLS

Property tax history

-4.2%/yr

Latest (2023): $738 · -4.7% YoY. Source: county tax records.