521 S Cherry St · Hartford City, IN 47348

$60,000

2 bd · 1.0 ba · 782 sqft · SingleFamily public records · 21 Days on market

Built 1953 7,013 sqft lot $77/sqft · 26% below area Est $81k · 26% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 1953 bungalow offering 2 bedrooms and 1 bathroom, located just south of town on a quiet Hartford City street. Water Heater 2 years old and HVAC ONLY 1 year old. Set on a nice-sized lot with a huge backyard, this home features an inviting covered front porch with brick pillars that stretches across the entire front-perfect for relaxing on sunny or rainy days. Inside, the home offers a comfortable living room with tall windows that bring in plenty of natural light. The front room can serve as a bedroom or a cozy den. True to its 1953 character, the formal dining room provides flexible use-ideal as an office, extra sitting area, or its original purpose. A second bedroom is located off the dining room and can also serve as an office or flex space. The large kitchen offers room for a table, and the oven/range stays with the home. The bathroom has been updated with laminate flooring, a walk-in shower, and a modern sink. A versatile bonus room at the back of the house includes laundry connections and the water heater and can easily function as a mudroom, plant room, or additional flex space. Outside, you'll find a 1car detached garage and storage shed, with an empty lot next door enhancing the peaceful setting. This home is being sold as-is. The seller has never lived in the property, and all disclosures have been completed to the best of their knowledge. Whether you're looking for a move-in ready home with a low mortgage or an investment opportunity to remodel and profit, this bungalow offers great potential. Room sizes are approximate.

Key facts

• Covered front porch
• Tall windows
• Huge backyard

Tags

• COVERED FRONT PORCH
• HUGE BACKYARD
• TALL WINDOWS
• UPDATED BATHROOM
• VERSATILE BONUS ROOM
• DETACHED GARAGE

Property features AI

Finance

• Other: Lot roughly 0.16 acres (< 1/4 acre)

Exterior

• Parking: Detached garage (1 car); Gravel driveway/parking; Additional storage in parking area
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service; Electricity, natural gas, sewer, and water connected
• Home design: Single-family residence; One story; West-facing; Property listed as fixer condition
• Construction: Brick and other exterior materials; Crawl space foundation; Built on one level
• Exterior features: Covered porch or patio; Mini barn; Additional storage; No fence

Interior

• Kitchen: Electric oven; Eat-in layout
• Bedrooms: 2 bedrooms on the main level (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Woodwork painted; Living room; Dining room; Mud room; Bedroom other on main
• Laundry & utility: Laundry connections available

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 5.1% in Hartford City — 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 66/100 on livability (#303 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackford Jr-Sr High School (math 25% / reading 43%, grade F, #285 of 369 statewide, top 78%, 717 students, 50% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 55 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Blackford County population projected at -27% 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 $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — 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 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?
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: 1.41% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.67%
• DSCR: 1.83
• GRM: 5.9

CMA / ARV

• ARV (median comp): $81,076
• List price: $60,000
• Delta: -26.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 S Richmond St	0.06mi	2/1.0	816 (+4%)	7mo	$116,000	$142	84
816 W Chestnut St	0.40mi	2/1.0	759 (-3%)	2mo	$92,900	$122	75
514 W Grant St	0.57mi	2/1.0	768 (-2%)	7mo	$28,000	$36	64
916 W Harrison St	0.41mi	2/1.0	854 (+9%)	6mo	$108,000	$126	60
620 W Fulton St	0.21mi	2/1.0	729 (-7%)	23mo	$80,000	$110	60
809 E Main St	0.73mi	2/1.0	758 (-3%)	2mo	$30,000	$40	59
812 W Franklin St	0.54mi	2/1.0	803 (+3%)	15mo	$8,000	$10	58
229 W 7th St	0.64mi	2/1.0	832 (+6%)	9mo	$114,000	$137	52

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: 10.4%
• Equity multiple: 1.41×
• Total profit: $6,931
• Equity at exit: $8,946

10-year hold

• IRR: 19.5%
• Equity multiple: 2.64×
• Total profit: $27,501
• Equity at exit: $5,188

Cash invested: $16,800 (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 47348

• Home prices YoY: -17.5%
• Active inventory: 55
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $845 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $261

Break-even live

Break-even rent $514

Max offer price $60,000

Occupancy floor 64%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-03
   status $60,000 Pending 21 DOM
2. 2026-06-02
   days on market $60,000 Active 21 DOM
3. 2026-06-01
   days on market $60,000 Active 20 DOM

   Show marketing remark (1565 chars)

   Charming 1953 bungalow offering 2 bedrooms and 1 bathroom, located just south of town on a quiet Hartford City street. Water Heater 2 years old and HVAC ONLY 1 year old. Set on a nice-sized lot with a huge backyard, this home features an inviting covered front porch with brick pillars that stretches across the entire front-perfect for relaxing on sunny or rainy days. Inside, the home offers a comfortable living room with tall windows that bring in plenty of natural light. The front room can serve as a bedroom or a cozy den. True to its 1953 character, the formal dining room provides flexible use-ideal as an office, extra sitting area, or its original purpose. A second bedroom is located off the dining room and can also serve as an office or flex space. The large kitchen offers room for a table, and the oven/range stays with the home. The bathroom has been updated with laminate flooring, a walk-in shower, and a modern sink. A versatile bonus room at the back of the house includes laundry connections and the water heater and can easily function as a mudroom, plant room, or additional flex space. Outside, you'll find a 1car detached garage and storage shed, with an empty lot next door enhancing the peaceful setting. This home is being sold as-is. The seller has never lived in the property, and all disclosures have been completed to the best of their knowledge. Whether you're looking for a move-in ready home with a low mortgage or an investment opportunity to remodel and profit, this bungalow offers great potential. Room sizes are approximate.

4. 2026-05-31
   days on market $60,000 Active 19 DOM
5. 2026-05-30
   days on market $60,000 Active 18 DOM
6. 2026-05-12
   listed $60,000 Active 1565-char remark

   Show marketing remark (1565 chars)

   Charming 1953 bungalow offering 2 bedrooms and 1 bathroom, located just south of town on a quiet Hartford City street. Water Heater 2 years old and HVAC ONLY 1 year old. Set on a nice-sized lot with a huge backyard, this home features an inviting covered front porch with brick pillars that stretches across the entire front-perfect for relaxing on sunny or rainy days. Inside, the home offers a comfortable living room with tall windows that bring in plenty of natural light. The front room can serve as a bedroom or a cozy den. True to its 1953 character, the formal dining room provides flexible use-ideal as an office, extra sitting area, or its original purpose. A second bedroom is located off the dining room and can also serve as an office or flex space. The large kitchen offers room for a table, and the oven/range stays with the home. The bathroom has been updated with laminate flooring, a walk-in shower, and a modern sink. A versatile bonus room at the back of the house includes laundry connections and the water heater and can easily function as a mudroom, plant room, or additional flex space. Outside, you'll find a 1car detached garage and storage shed, with an empty lot next door enhancing the peaceful setting. This home is being sold as-is. The seller has never lived in the property, and all disclosures have been completed to the best of their knowledge. Whether you're looking for a move-in ready home with a low mortgage or an investment opportunity to remodel and profit, this bungalow offers great potential. Room sizes are approximate.

7. 2026-05-12
   listed $60,000 Active 1565-char remark

   Show marketing remark (1565 chars)

   Charming 1953 bungalow offering 2 bedrooms and 1 bathroom, located just south of town on a quiet Hartford City street. Water Heater 2 years old and HVAC ONLY 1 year old. Set on a nice-sized lot with a huge backyard, this home features an inviting covered front porch with brick pillars that stretches across the entire front-perfect for relaxing on sunny or rainy days. Inside, the home offers a comfortable living room with tall windows that bring in plenty of natural light. The front room can serve as a bedroom or a cozy den. True to its 1953 character, the formal dining room provides flexible use-ideal as an office, extra sitting area, or its original purpose. A second bedroom is located off the dining room and can also serve as an office or flex space. The large kitchen offers room for a table, and the oven/range stays with the home. The bathroom has been updated with laminate flooring, a walk-in shower, and a modern sink. A versatile bonus room at the back of the house includes laundry connections and the water heater and can easily function as a mudroom, plant room, or additional flex space. Outside, you'll find a 1car detached garage and storage shed, with an empty lot next door enhancing the peaceful setting. This home is being sold as-is. The seller has never lived in the property, and all disclosures have been completed to the best of their knowledge. Whether you're looking for a move-in ready home with a low mortgage or an investment opportunity to remodel and profit, this bungalow offers great potential. Room sizes are approximate.

ⓘ 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: $796 · $66/mo
• Projected year-2 tax: $796 · $66/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $10,137
• − Mortgage interest: −$3,361
• − Property taxes: −$796
• − Insurance: −$300
• − Repairs & maintenance: −$811
• − Management: −$811
• − Depreciation: −$1,745
• Taxable income: $2,313
• Est. tax owed @ 24.0%: −$555
• After-tax cash flow: $2,581/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Hartford City

• Score: 66/100
• State rank: #303
• US rank: #12079

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hartford City, IN
• Population (ZIP): 8,986

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 3% Scotch-Irish 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.19%
• Current HPI: 223.0485
• 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

+0.0% since first listed

4 events — show timeline

• 2026-06-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-01 Pending — IRMLS
• 2026-05-12 Listed $60,000 IRMLS
• 2026-05-12 Listed $60,000 MIBOR as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2025): $796 · +0.0% YoY. Source: county tax records.