4509 E 400 S · Hemlock, IN 46937

$158,900

3 bd · 1.5 ba · 1,374 sqft · SingleFamily public records · 183 Days on market

Built 1979 8,930 sqft lot Est $168k · 5% under

---

Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +9.8/15.0
• Appreciation +5.0/10.0
• DSCR +4.2/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Don't miss this beautifully updated 3-bedroom, 2-bath home featuring a 2-car garage and upgrades throughout. The entire property has been transformed with new flooring, a brand-new kitchen, new kitchen appliances, updated electrical and plumbing, new garage doors, new roof, and fresh interior and exterior paint. This home offers modern finishes, spacious living areas, and quality craftsmanship from top to bottom. With nothing left to do but move in, this is the perfect opportunity to own a turnkey home that truly stands out.

Key facts

• Updated electrical
• New garage doors
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW KITCHEN APPLIANCES
• UPDATED ELECTRICAL
• UPDATED PLUMBING
• NEW GARAGE DOORS
• NEW ROOF

Property features AI

Exterior

• Parking: Attached 2-car garage with automatic opener
• Utilities: Municipal sewer connected; Private water source
• Home design: Single family residence; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Storage shed; Lot under 1/4 acre (approximately 0.21 acres)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms on the main level (approx. 11 x 11, 11 x 11, 11 x 12)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Living room (approx. 25 x 23)
• Laundry & utility: Water heater; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $17 ($207/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 $121k (23.9% below list).
• Recommended offer: $121k (23.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Taylor Community School Corporation (rural): math 17% / reading 23% proficiency, ranked #272 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Taylor Elementary School (math 19% / reading 19%, grade F, #829 of 994 statewide, top 84%, 513 students, 78% FRL); Taylor Middle School (math 13% / reading 20%, grade F, #287 of 330 statewide, top 88%, 413 students, 76% FRL); Taylor High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 374 students, 67% FRL) — zoned schools average 74% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 2 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Howard 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 $44k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $36k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $159k implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $120,949 (23.9% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $167,628
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4480 E 400 South	0.04mi	3/1.0	1,432 (+4%)	2mo	$175,000	$122	87
3923 E 400 South	0.60mi	3/1.5	1,312 (-4%)	6mo	$225,000	$171	59
4180 S 450 East	0.16mi	4/1.0 (+1)	1,568 (+14%)	11mo	$190,000	$121	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: 7.9%
• Equity multiple: 1.45×
• Total profit: $20,158
• Equity at exit: $71,448

10-year hold

• IRR: 10.5%
• Equity multiple: 2.58×
• Total profit: $70,140
• Equity at exit: $110,110

Cash invested: $44,492 (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 46937

• Active inventory: 2
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,209 medium
• Mortgage (P&I): −$833
• Tax from tax record: −$39 /mo · $465/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $17

Break-even live

Break-even rent $1,188

Max offer price $158,900

Occupancy floor 94%

Sensitivity live

Price	-10% $107	-5% $62	+0% $17	+5% $-28	+10% $-73
Rent	-10% $-78	-5% $-31	+0% $17	+5% $65	+10% $113
Rate	-1.0pp $97	-0.5pp $58	base $17	+0.5pp $-24	+1.0pp $-66

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-14
   statusdays on market $158,900 Pending 183 DOM
2. 2026-06-13
   pricedays on market $158,900 Active 182 DOM
3. 2026-06-10
   days on market $168,900 Active 180 DOM
4. 2026-06-09
   days on market $168,900 Active 179 DOM
5. 2026-06-08
   days on market $168,900 Active 178 DOM
6. 2026-06-07
   days on market $168,900 Active 177 DOM
7. 2026-06-05
   pricedays on market $168,900 Active 174 DOM
8. 2026-06-03
   days on market $179,999 Active 173 DOM
9. 2026-06-02
   days on market $179,999 Active 172 DOM
10. 2026-06-01
    days on market $179,999 Active 171 DOM
11. 2026-05-31
    days on market $179,999 Active 170 DOM
12. 2026-05-30
    days on market $179,999 Active 169 DOM
13. 2026-05-28
    status Active
14. 2026-05-28
    price $179,999
15. 2026-05-14
    status Active
16. 2026-04-17
    price $175,999
17. 2026-04-01
    price $180,999
18. 2026-03-10
    price $185,999
19. 2026-01-15
    price $190,999
20. 2025-12-11
    price $193,000
21. 2025-11-14
    listed $195,000 Active
22. 2000-11-16
    soldstatus $69,500

ⓘ 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: $465 · $39/mo
• Projected year-2 tax: $908 · $76/mo
• Expected delta: +$443/yr (+$37/mo · 95.1%)

ⓘ 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 ≥101°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,514
• − Mortgage interest: −$8,901
• − Property taxes: −$465
• − Insurance: −$794
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$4,623
• Taxable loss: −$2,592
• Est. tax savings @ 24.0%: +$622
• After-tax cash flow: $829/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: Taylor Community School Corporation
• NCES district ID: 1811250
• Math proficiency: 17% ▼ -10.00%
• Reading proficiency: 23% ▼ -9.00%
• Median HH income: $52,382
• Composite: 18.12/100
• National rank: #8969
• State rank: #272 of 301 in IN

Livability — Hemlock

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Hemlock, IN
• Population (ZIP): 19

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (100%)
• Race & ethnicity: Black 100%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+159.0% since first listed

10 events — show timeline

• 2026-05-28 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-28 Price Changed $179,999 MIBOR as Distributed by MLS Grid
• 2026-05-14 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $175,999 MIBOR as Distributed by MLS Grid
• 2026-04-01 Price Changed $180,999 MIBOR as Distributed by MLS Grid
• 2026-03-10 Price Changed $185,999 MIBOR as Distributed by MLS Grid
• 2026-01-15 Price Changed $190,999 MIBOR as Distributed by MLS Grid
• 2025-12-11 Price Changed $193,000 MIBOR as Distributed by MLS Grid
• 2025-11-14 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2000-11-16 Sold (Public Records) $69,500 Public Records

Property tax history

+7.5%/yr

Latest (2024): $465 · +5.0% YoY. Source: county tax records.