408 W Hobart St · Ashley, IN 46705

$87,000

4 bd · 2.0 ba · 1,801 sqft · SingleFamily public records · 2 Days on market

Built 1960 7,492 sqft lot $48/sqft · 52% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• 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

Take a look at this 4 bedroom 2 bath home with over 1800 sf of living space on large lot. Sold As-is.

Key facts

• 7,492 sq ft lot
• Built 1960
• Listed 2 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $382 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).

Location & tenants

• Location reads 65/100 on livability (#320 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• Dekalb County Ctl United School District (town): math 42% / reading 50% proficiency, ranked #91 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 116 units permitted in DeKalb County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k 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.
• 5 sale attempts since 11y ago 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.

Recommended offer $87,000

Questions for the listing agent

1. Built in 1960 — 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: 1.42% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• GRM: 5.9

CMA / ARV

• ARV (median comp): $179,476
• List price: $87,000
• Delta: -51.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 W Hobart St	0.00mi	4/2.0	1,801 (0%)	1mo	$47,000	$26	99
406 W Lincoln St	0.15mi	3/2.0 (-1)	1,792 (-0%)	1mo	$197,000	$110	86
103 N Grand Ave	0.31mi	3/1.0 (-1)	1,762 (-2%)	1mo	$190,000	$108	72
109 S Gonser Ave	0.35mi	3/2.0 (-1)	1,680 (-7%)	0mo	$219,900	$131	67
404 W State St	0.07mi	3/2.0 (-1)	1,608 (-11%)	14mo	$192,500	$120	62
305 E Wabash St	0.50mi	3/1.0 (-1)	1,680 (-7%)	2mo	$183,000	$109	55
107 E Ashton St	0.38mi	3/2.0 (-1)	1,676 (-7%)	15mo	$281,000	$168	53
201 N Garrison St	0.55mi	3/2.0 (-1)	1,611 (-10%)	1mo	$206,500	$128	51
201 N Gonser Ave	0.38mi	3/2.0 (-1)	1,618 (-10%)	12mo	$195,000	$121	50
304 E Lincoln St	0.46mi	3/1.0 (-1)	1,598 (-11%)	7mo	$160,000	$100	45
211 E Hobart St	0.48mi	3/1.0 (-1)	1,629 (-10%)	10mo	$215,000	$132	44
307 E Lincoln St	0.49mi	3/1.5 (-1)	1,572 (-13%)	15mo	$124,900	$79	36

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: 10.7%
• Equity multiple: 1.42×
• Total profit: $10,266
• Equity at exit: $12,972

10-year hold

• IRR: 19.7%
• Equity multiple: 2.66×
• Total profit: $40,353
• Equity at exit: $7,522

Cash invested: $24,360 (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 46705

• Home prices YoY: -5.2%
• Active inventory: 9
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,237 medium
• Mortgage (P&I): −$456
• Tax from tax record: −$103 /mo · $1,233/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $382

Break-even live

Break-even rent $753

Max offer price $87,000

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-12
   status Pending 101-char remark

   Show marketing remark (101 chars)

   Take a look at this 4 bedroom 2 bath home with over 1800 sf of living space on large lot. Sold As-is.

2. 2026-05-08
   listed $87,000 Active 101-char remark

   Show marketing remark (101 chars)

   Take a look at this 4 bedroom 2 bath home with over 1800 sf of living space on large lot. Sold As-is.

3. 2026-04-07
   price $87,000
4. 2026-03-20
   price $92,000
5. 2026-02-20
   listed $97,000 Active
6. 2018-09-14
   soldstatus $92,000
7. 2018-06-28
   listed $89,000
8. 2016-07-11
   listed $59,800
9. 2015-07-17
   soldstatus $62,000
10. 2015-06-08
    listed $63,900

ⓘ 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: $1,233 · $103/mo
• Projected year-2 tax: $1,233 · $103/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 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: $14,848
• − Mortgage interest: −$4,873
• − Property taxes: −$1,233
• − Insurance: −$435
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$2,531
• Taxable income: $3,401
• Est. tax owed @ 24.0%: −$816
• After-tax cash flow: $3,771/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: Dekalb County Ctl United School District
• NCES district ID: 1801590
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $48,100
• Composite: 39.26/100
• National rank: #4000
• State rank: #91 of 301 in IN

Livability — Ashley

• Score: 65/100
• State rank: #320
• US rank: #12601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashley, IN
• City population: 1,988
• Population (ZIP): 1,988

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 42,875 people
• By 2030: 42,678 · -0.5%
• By 2040: 41,494 · -3.2%
• By 2050: 38,939 · -9.2%
• By 2075: 31,457 · -26.6%
• By 2100: 20,780 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 11% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 1% · South Korea

Political lean MEDSL · DeKalb

• 2024 margin: Solid R (+47.1) · D 25.6% · R 72.7% · Other 1.7%
• 2008→2024 swing: -31.9pp toward R · 2008: -15.2pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.2 2016: R+48.2 2012: R+31.7 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.36%
• Current HPI: 226.0674
• 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

+36.2% since first listed

10 events — show timeline

• 2026-05-12 Pending — IRMLS
• 2026-05-08 Listed $87,000 IRMLS
• 2026-04-07 Price Changed $87,000 IRMLS
• 2026-03-20 Price Changed $92,000 IRMLS
• 2026-02-20 Listed $97,000 IRMLS
• 2018-09-14 Sold (MLS) $92,000 IRMLS
• 2018-06-28 Listed $89,000 IRMLS
• 2016-07-11 Listed $59,800 IRMLS
• 2015-07-17 Sold (MLS) $62,000 IRMLS
• 2015-06-08 Listed $63,900 IRMLS

Property tax history

-1.0%/yr

Latest (2024): $1,233 · -4.8% YoY. Source: county tax records.