118 Pennsylvania St · Shirley, IN 47384

$134,900

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 47 Days on market

Built 1975 0.26 ac lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Schools +4.3/10.0
• Livability +3.3/5.0
• Appreciation +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

WOW! Glorious! Amazing! Completely renovated home in a quiet community. Great neighborhood location and proximity to everything one needs! Spacious floor plan. Fresh neutral paint inside and outside. Beautiful luxury vinyl flooring throughout,. Stunning kitchen area with updated cabinets and countertops, and stainless-steel appliances with built in microwave. Upgraded bathroom with, new shower, new vanities and toilets. New hardware. LED lightings. Large back yard, Nice patio with porch, front porch, you can sit on to enjoy the nice cool breeze, Perfect for family gatherings or entertaining. Easy access to I-70, downtown, restaurants and shopping- all for an outstanding price! MUST SEE!

Key facts

• 0.26 acre lot
• Built 1975
• Listed 47 days

Property features AI

Finance

• Other: Property sits on approximately 0.26 acres (1/4–1/2 acre)

Exterior

• Parking: Gravel parking; No formal garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; Updated/remodeled condition; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch; Mature trees; Street lights; Storm sewer

Interior

• Kitchen: Dishwasher; Microwave with hood; Electric oven; Refrigerator; Eat-in kitchen layout
• Bedrooms: 2 bedrooms (both on the main level) — approx. 13 x 10 and 14 x 13
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Smoke alarm
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#287 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Eastern Hancock County Community School Corporation (rural): math 48% / reading 50% proficiency, ranked #49 of 301 in IN (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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 $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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: 1.07% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.58%
• DSCR: 1.47
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-707
• Equity at exit: $20,114

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $26,478
• Equity at exit: $11,664

Cash invested: $37,772 (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 47384

• Home prices YoY: -1.7%
• Active inventory: 18
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$49 /mo · $587/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $333

Break-even live

Break-even rent $1,029

Max offer price $134,900

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
226 Walnut St Wilkinson, IN	2.0	1.0	1010	$1,450	$1.44	2d	1	1.39mi

Listing history 30 events

1. 2026-05-12
   status Pending
2. 2026-04-24
   price $134,900
3. 2026-04-10
   price $137,900
4. 2026-03-26
   listed $139,000 Active
5. 2025-08-18
   soldstatus $144,500 Closed 695-char remark

   Show marketing remark (695 chars)

   WOW! Glorious! Amazing! Completely renovated home in a quiet community. Great neighborhood location and proximity to everything one needs! Spacious floor plan. Fresh neutral paint inside and outside. Beautiful luxury vinyl flooring throughout,. Stunning kitchen area with updated cabinets and countertops, and stainless-steel appliances with built in microwave. Upgraded bathroom with, new shower, new vanities and toilets. New hardware. LED lightings. Large back yard, Nice patio with porch, front porch, you can sit on to enjoy the nice cool breeze, Perfect for family gatherings or entertaining. Easy access to I-70, downtown, restaurants and shopping- all for an outstanding price! MUST SEE!

6. 2025-07-19
   status Pending 695-char remark

   Show marketing remark (695 chars)

   WOW! Glorious! Amazing! Completely renovated home in a quiet community. Great neighborhood location and proximity to everything one needs! Spacious floor plan. Fresh neutral paint inside and outside. Beautiful luxury vinyl flooring throughout,. Stunning kitchen area with updated cabinets and countertops, and stainless-steel appliances with built in microwave. Upgraded bathroom with, new shower, new vanities and toilets. New hardware. LED lightings. Large back yard, Nice patio with porch, front porch, you can sit on to enjoy the nice cool breeze, Perfect for family gatherings or entertaining. Easy access to I-70, downtown, restaurants and shopping- all for an outstanding price! MUST SEE!

7. 2025-07-16
   listed $147,700 Active 695-char remark

   Show marketing remark (695 chars)

   WOW! Glorious! Amazing! Completely renovated home in a quiet community. Great neighborhood location and proximity to everything one needs! Spacious floor plan. Fresh neutral paint inside and outside. Beautiful luxury vinyl flooring throughout,. Stunning kitchen area with updated cabinets and countertops, and stainless-steel appliances with built in microwave. Upgraded bathroom with, new shower, new vanities and toilets. New hardware. LED lightings. Large back yard, Nice patio with porch, front porch, you can sit on to enjoy the nice cool breeze, Perfect for family gatherings or entertaining. Easy access to I-70, downtown, restaurants and shopping- all for an outstanding price! MUST SEE!

8. 2025-04-11
   soldstatus $75,000 Closed 510-char remark

   Show marketing remark (510 chars)

   Welcome to this charming 2-bedroom, 1-bath home, perfect for those seeking comfort and convenience. Step inside to discover a cozy living space filled with natural light, creating a warm and inviting atmosphere. The kitchen offers ample cabinet space and a functional layout, making meal prep a breeze. Both bedrooms provide comfortable retreats, while the full bathroom is well-appointed. Outside, you'll find a generous backyard-ideal for entertaining, gardening, or simply relaxing in your own private oasis

9. 2025-03-21
   status Pending 510-char remark

   Show marketing remark (510 chars)

   Welcome to this charming 2-bedroom, 1-bath home, perfect for those seeking comfort and convenience. Step inside to discover a cozy living space filled with natural light, creating a warm and inviting atmosphere. The kitchen offers ample cabinet space and a functional layout, making meal prep a breeze. Both bedrooms provide comfortable retreats, while the full bathroom is well-appointed. Outside, you'll find a generous backyard-ideal for entertaining, gardening, or simply relaxing in your own private oasis

10. 2025-03-06
    listed $82,500 Active 510-char remark

    Show marketing remark (510 chars)

    Welcome to this charming 2-bedroom, 1-bath home, perfect for those seeking comfort and convenience. Step inside to discover a cozy living space filled with natural light, creating a warm and inviting atmosphere. The kitchen offers ample cabinet space and a functional layout, making meal prep a breeze. Both bedrooms provide comfortable retreats, while the full bathroom is well-appointed. Outside, you'll find a generous backyard-ideal for entertaining, gardening, or simply relaxing in your own private oasis

11. 2022-05-06
    soldstatus $70,000 Closed
12. 2022-05-06
    listed $70,000
13. 2022-05-06
    historical
14. 2019-01-04
    historical
15. 2018-11-14
    price $39,900
16. 2018-11-02
    price $43,500
17. 2018-10-06
    price $44,500
18. 2018-08-15
    price $49,500
19. 2018-06-27
    price $55,000
20. 2018-06-25
    price $58,900
21. 2018-06-05
    price $59,900
22. 2018-05-14
    price $64,900
23. 2018-04-16
    listed $69,900 Active
24. 2008-12-11
    soldstatus $19,900
25. 2008-09-03
    listed $19,900
26. 2006-03-07
    historical
27. 2005-10-11
    listed $75,000
28. 2003-05-29
    soldstatus $66,375
29. 2001-02-17
    historical
30. 2000-08-17
    listed $64,900

ⓘ 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: $587 · $49/mo
• Projected year-2 tax: $867 · $72/mo
• Expected delta: +$280/yr (+$23/mo · 47.6%)

ⓘ 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 · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,400
• − Mortgage interest: −$7,556
• − Property taxes: −$587
• − Insurance: −$674
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$3,924
• Taxable income: $1,873
• Est. tax owed @ 24.0%: −$450
• After-tax cash flow: $3,545/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: Eastern Hancock County Community School Corporation
• NCES district ID: 1803120
• Math proficiency: 48% ▼ -15.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $62,582
• Composite: 43.16/100
• National rank: #3071
• State rank: #49 of 301 in IN

Livability — Shirley

• Score: 66/100
• State rank: #287
• US rank: #11700

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: Shirley, IN
• Population (ZIP): 2,038

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Slovak 4% Lithuanian 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.77%
• Current HPI: 220.022
• 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

+107.9% since first listed

30 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2026-04-10 Price Changed $137,900 MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2025-08-18 Sold (MLS) $144,500 MIBOR as Distributed by MLS Grid
• 2025-07-19 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-16 Listed $147,700 MIBOR as Distributed by MLS Grid
• 2025-04-11 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2025-03-21 Pending — MIBOR as Distributed by MLS Grid
• 2025-03-06 Listed $82,500 MIBOR as Distributed by MLS Grid
• 2022-05-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-05-06 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2022-05-06 Sold (MLS) $70,000 MIBOR as Distributed by MLS Grid
• 2019-01-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-11-14 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2018-11-02 Price Changed $43,500 MIBOR as Distributed by MLS Grid
• 2018-10-06 Price Changed $44,500 MIBOR as Distributed by MLS Grid
• 2018-08-15 Price Changed $49,500 MIBOR as Distributed by MLS Grid
• 2018-06-27 Price Changed $55,000 MIBOR as Distributed by MLS Grid
• 2018-06-25 Price Changed $58,900 MIBOR as Distributed by MLS Grid
• 2018-06-05 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2018-05-14 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2018-04-16 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2008-12-11 Sold (MLS) $19,900 MIBOR as Distributed by MLS Grid
• 2008-09-03 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2006-03-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-11 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2003-05-29 Sold (Public Records) $66,375 Public Records
• 2001-02-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-08-17 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2025): $587 · -64.0% YoY. Source: county tax records.