134 E Carl St · Winchester, IN 47394

$99,900

2 bd · 1.0 ba · 1,085 sqft · SingleFamily public records · 27 Days on market

Built 1900 0.34 ac lot Est $122k · 18% 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 +22.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.3/10.0
• 1% rule +5.1/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Selling as-is! Property has water damage from a flood.

Key facts

• Attached garage
• New flooring
• New paint

Tags

• ATTACHED GARAGE
• CENTRAL AIR
• NEW FLOORING
• NEW PAINT
• NEW COUNTERTOPS

Property features AI

Exterior

• Parking: Attached garage (2 spaces); Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Built as site-built home
• Exterior features: Shingle roof; Lot dimensions approximately 98 x 152

Interior

• Bedrooms: Bedrooms on main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 6 total rooms; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $45 ($544/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, amenities F, commute F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $15k; list at $100k implies a 570% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.01% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $121,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 E Carl St	0.00mi	3/1.0 (+1)	1,085 (0%)	12mo	$14,900	$14	85
230 W South St	0.26mi	2/1.0	1,076 (-1%)	3mo	$63,500	$59	84
424 E South St	0.28mi	2/1.0	1,120 (+3%)	6mo	$125,000	$112	77
216 S West St	0.30mi	2/1.0	1,096 (+1%)	10mo	$141,000	$129	76
315 W Orange St	0.28mi	2/1.0	948 (-13%)	1mo	$85,000	$90	65
114 E Orange St	0.15mi	3/1.0 (+1)	1,224 (+13%)	2mo	$122,000	$100	65
607 W Newton St	0.47mi	2/1.0	1,025 (-6%)	12mo	$133,400	$130	58
712 Wedgewood Dr	0.49mi	3/1.0 (+1)	1,026 (-5%)	6mo	$189,000	$184	58
516 N Union St	0.68mi	2/1.0	1,049 (-3%)	6mo	$78,000	$74	58
709 E Short St	0.68mi	2/1.0	1,088 (+0%)	14mo	$80,900	$74	56
330 Westwood Dr	0.60mi	2/1.0	1,196 (+10%)	14mo	$158,000	$132	43
501 Maple St	0.67mi	3/2.0 (+1)	1,200 (+11%)	1mo	$195,000	$163	42

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.7%
• Equity multiple: 3.05×
• Total profit: $57,347
• Equity at exit: $89,998

10-year hold

• IRR: 22.6%
• Equity multiple: 6.96×
• Total profit: $166,707
• Equity at exit: $194,084

Cash invested: $27,972 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,004 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$42
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $45

Break-even live

Break-even rent $947

Max offer price $99,900

Occupancy floor 90%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $99,900 Active 27 DOM
2. 2026-06-17
   days on market $99,900 Active 26 DOM
3. 2026-06-16
   days on market $99,900 Active 25 DOM
4. 2026-06-15
   days on market $99,900 Active 24 DOM
5. 2026-06-13
   days on market $99,900 Active 22 DOM
6. 2026-06-12
   days on market $99,900 Active 21 DOM
7. 2026-06-09
   days on market $99,900 Active 18 DOM
8. 2026-06-08
   days on market $99,900 Active 17 DOM
9. 2026-06-07
   days on market $99,900 Active 16 DOM
10. 2026-06-04
    days on market $99,900 Active 12 DOM
11. 2026-06-02
    days on market $99,900 Active 11 DOM
12. 2026-06-01
    days on market $99,900 Active 10 DOM
13. 2026-05-31
    days on market $99,900 Active 9 DOM
14. 2026-05-31
    days on market $99,900 Active 8 DOM
15. 2026-05-22
    listed $99,900 Active
16. 2025-07-03
    soldstatus $14,900 Closed 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

17. 2025-07-03
    soldstatus $14,900 Closed 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

18. 2025-06-19
    status Pending 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

19. 2025-06-19
    status Pending 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

20. 2025-06-18
    listed $14,900 Active 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

21. 2025-06-18
    listed $14,900 Active 54-char remark

    Show marketing remark (54 chars)

    Selling as-is! Property has water damage from a flood.

ⓘ 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: $686 · $57/mo
• Projected year-2 tax: $768 · $64/mo
• Expected delta: +$82/yr (+$7/mo · 11.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $12,049
• − Mortgage interest: −$5,596
• − Property taxes: −$686
• − Insurance: −$2,002
• − Repairs & maintenance: −$964
• − Management: −$964
• − Depreciation: −$2,906
• Taxable loss: −$1,069
• Est. tax savings @ 24.0%: +$257
• After-tax cash flow: $801/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

+570.5% since first listed

7 events — show timeline

• 2026-05-22 Listed $99,900 IRMLS
• 2025-07-03 Sold (MLS) $14,900 RRELMS
• 2025-07-03 Sold (MLS) $14,900 IRMLS
• 2025-06-19 Pending — IRMLS
• 2025-06-19 Pending — RRELMS
• 2025-06-18 Listed $14,900 RRELMS
• 2025-06-18 Listed $14,900 IRMLS

Property tax history

+5.0%/yr

Latest (2024): $686 · +13.7% YoY. Source: county tax records.