606 Howard St · Shelbyville, IN 46176

$179,500

3 bd · 1.5 ba · 1,694 sqft · SingleFamily public records · 3 Days on market

Built 1958 10,500 sqft lot Est $246k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.7/30.0
• DSCR +4.5/10.0
• Schools +3.4/10.0
• 1% rule +3.3/10.0
• 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

HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

Key facts

• Galley kitchen
• Full basement
• Covered patio

Tags

• GALLEY KITCHEN
• FULL BASEMENT
• FENCED IN YARD
• COVERED PATIO
• OVERSIZED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $44 ($533/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 $149k (16.8% below list).
• Recommended offer: $149k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 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.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William F Loper Elementary School (math 50% / reading 36%, grade F, #417 of 994 statewide, top 43%, 672 students, 57% FRL); Shelbyville Middle School (math 37% / reading 39%, grade F, #136 of 330 statewide, top 44%, 882 students, 62% FRL); Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL).
• Market conditions: 238 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 285 units permitted in Shelby County in 2024 (147 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 $5k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 20y 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.
• Current owner paid $60k; list at $180k implies a 199% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,291 (16.8% below list)

Questions for the listing agent

1. Built in 1958 — 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. 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?
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: 0.83% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $245,630
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
522 Plowman Dr	0.35mi	3/2.5	1,664 (-2%)	2mo	$241,250	$145	75
606 Howard St	0.00mi	3/2.0	1,944 (+15%)	1mo	$187,000	$96	73
576 Plowman Dr	0.33mi	4/2.5 (+1)	1,716 (+1%)	3mo	$253,500	$148	71
530 Plowman Dr	0.35mi	4/3.0 (+1)	1,716 (+1%)	6mo	$281,900	$164	66
822 Westpointe Dr	0.45mi	3/2.0	1,612 (-5%)	4mo	$240,000	$149	65
915 Oak Park Dr	0.52mi	3/2.0	1,818 (+7%)	0mo	$282,500	$155	61
925 Balto Dr	0.60mi	3/2.5	1,792 (+6%)	0mo	$235,900	$132	58
410 E Mechanic St	0.71mi	3/1.0	1,564 (-8%)	1mo	$185,000	$118	51
913 Oak Park Dr	0.51mi	3/2.0	1,474 (-13%)	6mo	$200,000	$136	48
558 Plowman Dr	0.33mi	4/2.5 (+1)	1,445 (-15%)	5mo	$243,490	$169	47
1019 E Jackson St	0.51mi	4/2.0 (+1)	1,905 (+12%)	7mo	$164,000	$86	43
1008 Balto Dr	0.72mi	3/2.5	1,942 (+15%)	3mo	$240,000	$124	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: -14.6%
• Equity multiple: 0.48×
• Total profit: $-26,300
• Equity at exit: $26,764

10-year hold

• IRR: -6.0%
• Equity multiple: 0.61×
• Total profit: $-19,431
• Equity at exit: $15,520

Cash invested: $50,260 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,493 medium
• Mortgage (P&I): −$941
• Tax from tax record: −$119 /mo · $1,426/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $44

Break-even live

Break-even rent $1,437

Max offer price $179,500

Occupancy floor 92%

Sensitivity live

Price	-10% $146	-5% $95	+0% $44	+5% $-6	+10% $-57
Rent	-10% $-74	-5% $-15	+0% $44	+5% $103	+10% $162
Rate	-1.0pp $135	-0.5pp $90	base $44	+0.5pp $-2	+1.0pp $-49

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: $44,875
• Closing costs: $5,385
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	9d	1	0.31mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	45d	1	0.54mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	12d	1	0.54mi
425 N Harrison St Shelbyville, IN	1.0–3.0	1.0–2.0	987	$1,882	$1.91	0d	5	1.01mi

Listing history 16 events

1. 2026-04-18
   status Pending
2. 2026-04-15
   listed $179,500 Active
3. 2018-04-06
   soldstatus $60,000 Sold 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

4. 2018-03-06
   status Pending 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

5. 2018-03-05
   status Active 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

6. 2018-03-01
   status Pending 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

7. 2018-02-26
   status Active 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

8. 2018-02-22
   status Pending 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

9. 2018-02-16
   status Active 204-char remark

   Show marketing remark (204 chars)

   HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

10. 2018-02-06
    status Pending 204-char remark

    Show marketing remark (204 chars)

    HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

11. 2018-01-31
    listed $66,000 Active 204-char remark

    Show marketing remark (204 chars)

    HUD home selling as-is. This bungalow with hardwood floors, full basement with bath, and large detached garage with workshop and heat has great potential! Must see, and will not last long at this price!

12. 2010-08-28
    historical 426-char remark

    Show marketing remark (426 chars)

    A Beautiful Home Up Dated Nice Area.Large Fenced Yard,Hard Wood Floors Under Carpet,Full Basement Used As Den With Bathroom,Laundry Room. Extra Room In Basement Could Be 4th Bedroom.Comes With Drapes Stove Refrigerator.This Home Needs Nothing In Perfect Condition.Covered Patio Out Back With Grill To Have Cook Outs And Entertain In A Big Beautiful Back Yard.Work Shop In Garage.Has A Must See Finished Basement Used As A Den.

13. 2010-08-27
    soldstatus $85,000 426-char remark

    Show marketing remark (426 chars)

    A Beautiful Home Up Dated Nice Area.Large Fenced Yard,Hard Wood Floors Under Carpet,Full Basement Used As Den With Bathroom,Laundry Room. Extra Room In Basement Could Be 4th Bedroom.Comes With Drapes Stove Refrigerator.This Home Needs Nothing In Perfect Condition.Covered Patio Out Back With Grill To Have Cook Outs And Entertain In A Big Beautiful Back Yard.Work Shop In Garage.Has A Must See Finished Basement Used As A Den.

14. 2010-03-29
    listed $87,000 426-char remark

    Show marketing remark (426 chars)

    A Beautiful Home Up Dated Nice Area.Large Fenced Yard,Hard Wood Floors Under Carpet,Full Basement Used As Den With Bathroom,Laundry Room. Extra Room In Basement Could Be 4th Bedroom.Comes With Drapes Stove Refrigerator.This Home Needs Nothing In Perfect Condition.Covered Patio Out Back With Grill To Have Cook Outs And Entertain In A Big Beautiful Back Yard.Work Shop In Garage.Has A Must See Finished Basement Used As A Den.

15. 2006-05-15
    soldstatus $95,000
16. 2006-03-28
    listed $98,900

ⓘ 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: $1,426 · $119/mo
• Projected year-2 tax: $1,476 · $123/mo
• Expected delta: +$50/yr (+$4/mo · 3.5%)

ⓘ 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 ≥103°F today · 19 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: $17,915
• − Mortgage interest: −$10,055
• − Property taxes: −$1,426
• − Insurance: −$898
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$5,222
• Taxable loss: −$2,552
• Est. tax savings @ 24.0%: +$612
• After-tax cash flow: $1,145/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+81.5% since first listed

16 events — show timeline

• 2026-04-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-15 Listed $179,500 MIBOR as Distributed by MLS Grid
• 2018-04-06 Sold (MLS) $60,000 MIBOR as Distributed by MLS Grid
• 2018-03-06 Pending — MIBOR as Distributed by MLS Grid
• 2018-03-05 Relisted — MIBOR as Distributed by MLS Grid
• 2018-03-01 Pending — MIBOR as Distributed by MLS Grid
• 2018-02-26 Relisted — MIBOR as Distributed by MLS Grid
• 2018-02-22 Pending — MIBOR as Distributed by MLS Grid
• 2018-02-16 Relisted — MIBOR as Distributed by MLS Grid
• 2018-02-06 Pending — MIBOR as Distributed by MLS Grid
• 2018-01-31 Listed $66,000 MIBOR as Distributed by MLS Grid
• 2010-08-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-08-27 Sold (MLS) $85,000 MIBOR as Distributed by MLS Grid
• 2010-03-29 Listed $87,000 MIBOR as Distributed by MLS Grid
• 2006-05-15 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2006-03-28 Listed $98,900 MIBOR as Distributed by MLS Grid

Property tax history

+15.9%/yr

Latest (2025): $1,426 · -7.7% YoY. Source: county tax records.