245 S Franklin St · Orleans, IN 47452

$79,900

2 bd · 1.0 ba · 1,060 sqft · SingleFamily · 56 Days on market

Built 1900 Fair condition 4,356 sqft lot $75/sqft · 51% below area

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Why this score? — see what drove the C+ 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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.2/10.0

Listing remarks MLS

Spacious 2-bedroom, 1-bath home offers a great opportunity for investors or home buyers looking to build equity. Featuring an enclosed front porch providing a welcoming space to relax. Inside, you’ll find new flooring already installed, giving you a head start on updates. Home features living room, dining room and kitchen w/ appliances. Some original hardwood floors and added new flooring giving one a head start on the updates. The home also includes an unfinished basement with mechanical area. Natural gas furnace and central air. Recently installed new metal roof adds long-term value. Outside, the detached one-car garage provides convenient parking and extra storage space. While the property does need some repairs, it presents a great chance to customize and make it your own. Ideally located within walking distance of historic downtown Orleans, you’ll enjoy easy access to the community charm. Whether you’re searching for a full time home or your next investment project, this property is full of potential.

Key facts

• New metal roof
• New flooring
• Unfinished basement

Tags

• ENCLOSED FRONT PORCH
• NEW FLOORING
• UNFINISHED BASEMENT
• NATURAL GAS FURNACE
• CENTRAL AIR
• NEW METAL ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#154 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, amenities F.
• Orleans Community Schools (rural): math 23% / reading 33% proficiency, ranked #256 of 301 in IN (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 20 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Orange County population projected at -14% 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 $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.23% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.88%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $163,406
• List price: $79,900
• Delta: -51.10%
• 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
245 S Franklin St	0.00mi	2/1.0	1,060 (0%)	0mo	$79,000	$75	100
270 SE Roosevelt St	0.10mi	2/1.0	1,016 (-4%)	13mo	$95,000	$94	77
366 N 2nd St	0.36mi	3/1.0 (+1)	1,083 (+2%)	3mo	$195,000	$180	73
502 E Harding St	0.26mi	3/1.0 (+1)	1,104 (+4%)	10mo	$153,000	$139	67
232 Franklin St	0.21mi	2/1.0	916 (-14%)	2mo	$145,000	$158	66
395 S Mathers St	0.16mi	3/1.5 (+1)	988 (-7%)	12mo	$165,000	$167	64
552 N Roosevelt St	0.43mi	2/1.0	1,148 (+8%)	4mo	$167,500	$146	63
420 E Jefferson St	0.14mi	2/1.0	932 (-12%)	18mo	$89,900	$96	58
865 S 2nd St	0.51mi	3/1.0 (+1)	1,008 (-5%)	9mo	$180,000	$179	56
693 E Vincennes St	0.53mi	3/1.0 (+1)	1,008 (-5%)	9mo	$95,000	$94	55
370 N 2nd St	0.37mi	3/2.0 (+1)	1,124 (+6%)	22mo	$59,900	$53	46
601 E Wilson St	0.44mi	3/1.5 (+1)	1,152 (+9%)	22mo	$162,135	$141	40

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,174
• Equity at exit: $11,913

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $19,247
• Equity at exit: $6,908

Cash invested: $22,372 (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 47452

• Home prices YoY: -4.2%
• Active inventory: 20
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $979 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $221

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 72%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   statusdays on market $79,900 Pending 56 DOM
2. 2026-06-02
   days on market $79,900 Active Under Contract 55 DOM
3. 2026-06-01
   days on market $79,900 Active Under Contract 54 DOM
4. 2026-05-31
   days on market $79,900 Active Under Contract 53 DOM
5. 2026-05-31
   days on market $79,900 Active Under Contract 52 DOM
6. 2026-05-05
   historical Active Under Contract 1039-char remark

   Show marketing remark (1039 chars)

   Spacious 2-bedroom, 1-bath home offers a great opportunity for investors or home buyers looking to build equity. Featuring an enclosed front porch providing a welcoming space to relax. Inside, you’ll find new flooring already installed, giving you a head start on updates. Home features living room, dining room and kitchen w/ appliances. Some original hardwood floors and added new flooring giving one a head start on the updates. The home also includes an unfinished basement with mechanical area. Natural gas furnace and central air. Recently installed new metal roof adds long-term value. Outside, the detached one-car garage provides convenient parking and extra storage space. While the property does need some repairs, it presents a great chance to customize and make it your own. Ideally located within walking distance of historic downtown Orleans, you’ll enjoy easy access to the community charm. Whether you’re searching for a full time home or your next investment project, this property is full of potential.

7. 2026-04-08
   listed $79,900 Active 1039-char remark

   Show marketing remark (1039 chars)

   Spacious 2-bedroom, 1-bath home offers a great opportunity for investors or home buyers looking to build equity. Featuring an enclosed front porch providing a welcoming space to relax. Inside, you’ll find new flooring already installed, giving you a head start on updates. Home features living room, dining room and kitchen w/ appliances. Some original hardwood floors and added new flooring giving one a head start on the updates. The home also includes an unfinished basement with mechanical area. Natural gas furnace and central air. Recently installed new metal roof adds long-term value. Outside, the detached one-car garage provides convenient parking and extra storage space. While the property does need some repairs, it presents a great chance to customize and make it your own. Ideally located within walking distance of historic downtown Orleans, you’ll enjoy easy access to the community charm. Whether you’re searching for a full time home or your next investment project, this property is full of potential.

8. 2014-03-14
   listed $39,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $11,752
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,324
• Taxable income: $1,473
• Est. tax owed @ 24.0%: −$354
• After-tax cash flow: $2,304/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and appeal. Key areas for improvement include exterior siding, windows, and kitchen and bathroom updates. Fresh paint and landscaping will significantly enhance its curb appeal and value.

Repairs flagged

• Moderate Exterior siding — Peeling paint and weathered appearance.
• Minor Windows — No visible damage, but may need sealing.
• Minor Kitchen cabinets — Dated design, could be updated for a fresh look.
• Minor Bathroom fixtures — Simple fixtures, could be replaced for a modern look.

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Resale Replace kitchen cabinets — Modern cabinets improve functionality and appeal.
• Resale Update bathroom fixtures — Modern fixtures enhance the bathroom's functionality and appeal.
• Both Landscaping — Landscaping improves curb appeal and adds value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Peeling paint and weathered appearance.	Moderate	$3,000–15,000
Windows · No visible damage, but may need sealing.	Minor	$500–3,000
Kitchen cabinets · Dated design, could be updated for a fresh look.	Minor	$500–3,000
Bathroom fixtures · Simple fixtures, could be replaced for a modern look.	Minor	$500–3,000
Total estimated repair cost · 4 items		$4,500–24,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Resale Replace kitchen cabinets — Modern cabinets improve functionality and appeal. ↑
• Resale Update bathroom fixtures — Modern fixtures enhance the bathroom's functionality and appeal. ↑
• Both Landscaping — Landscaping improves curb appeal and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Orleans Community Schools
• NCES district ID: 1808490
• Math proficiency: 23% ▼ -16.00%
• Reading proficiency: 33% ▼ -17.00%
• Median HH income: $41,936
• Composite: 23.74/100
• National rank: #7821
• State rank: #256 of 301 in IN

Livability — Orleans

• Score: 70/100
• State rank: #154
• US rank: #7666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orleans, IN
• Population (ZIP): 5,118

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Italian 2% Slovak 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2%

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.63%
• Current HPI: 220.915
• 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

+100.3% since first listed

3 events — show timeline

• 2026-05-05 Contingent — IRMLS
• 2026-04-08 Listed $79,900 IRMLS
• 2014-03-14 Listed $39,900 IRMLS