510 N Illinois St · Monticello, IN 47960

$129,000

4 bd · 1.0 ba · 1,792 sqft · SingleFamily public records · 24 Days on market

Built 1900 8,276 sqft lot $72/sqft · 38% below area Est $207k · 38% under ↓ 13% since listing

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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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.5/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4-bedroom, 2 bath home offers tons of potential with a flexible layout and unique features. The 4th bedroom upstairs includes a small kitchen area—perfect for separate living space, guest quarters, or can easily be converted back into a traditional bedroom. Ideal for investors, flippers, or buyers ready to add their personal touch. Located near popular attractions like Lake Shafer, Lake Freeman, and Indiana Beach. Many possibilities to make this property shine! Estate Sale Property Sold As Is. Sq. Ft. taken from County records.

Key facts

• Guest quarters
• Lake freeman
• Flexible layout

Tags

• FLEXIBLE LAYOUT
• SEPARATE LIVING SPACE
• GUEST QUARTERS
• LAKE SHAFER
• LAKE FREEMAN

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Recommended offer: $127k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.3% in Monticello — 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 71/100 on livability (#141 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,065 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.15% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.70%
• DSCR: 1.48
• GRM: 7.2

CMA / ARV

• ARV (median comp): $206,766
• List price: $129,000
• Delta: -37.61%
• 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
510 N Illinois St	0.00mi	4/2.0	1,792 (0%)	1mo	$110,000	$61	95
141 E Pierce Cir	0.17mi	4/2.0	1,872 (+4%)	5mo	$220,000	$118	76
415 W Marion St	0.29mi	4/2.0	1,900 (+6%)	12mo	$215,000	$113	62
808 E Pine Ln	0.32mi	5/2.0 (+1)	1,635 (-9%)	3mo	$205,000	$125	59
1004 Calley Dr	0.48mi	3/2.0 (-1)	1,824 (+2%)	10mo	$195,400	$107	57
415 W Jefferson St	0.58mi	4/2.0	1,812 (+1%)	12mo	$180,000	$99	57
212 Miller Mnr	0.53mi	4/2.0	1,758 (-2%)	16mo	$218,000	$124	55
6114 E Hickory Ridge Ct	0.69mi	4/2.0	1,828 (+2%)	8mo	$285,000	$156	54
959 Mitchell Ave	0.60mi	3/2.0 (-1)	1,664 (-7%)	6mo	$123,000	$74	46
1101 Quentin Ave	0.61mi	3/2.5 (-1)	1,648 (-8%)	6mo	$190,000	$115	42
616 W Foster St	0.40mi	3/2.0 (-1)	1,554 (-13%)	12mo	$278,000	$179	40
1120 Bluewater Dr	0.75mi	3/2.0 (-1)	1,616 (-10%)	13mo	$241,000	$149	29

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-393
• Equity at exit: $19,234

10-year hold

• IRR: 9.4%
• Equity multiple: 1.72×
• Total profit: $26,064
• Equity at exit: $11,154

Cash invested: $36,120 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 220
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,487 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$122 /mo · $1,470/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $322

Break-even live

Break-even rent $1,079

Max offer price $129,000

Occupancy floor 73%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-05
   status Pending 544-char remark

   Show marketing remark (544 chars)

   This 4-bedroom, 2 bath home offers tons of potential with a flexible layout and unique features. The 4th bedroom upstairs includes a small kitchen area—perfect for separate living space, guest quarters, or can easily be converted back into a traditional bedroom. Ideal for investors, flippers, or buyers ready to add their personal touch. Located near popular attractions like Lake Shafer, Lake Freeman, and Indiana Beach. Many possibilities to make this property shine! Estate Sale Property Sold As Is. Sq. Ft. taken from County records.

2. 2026-05-01
   price $129,000 544-char remark

   Show marketing remark (544 chars)

   This 4-bedroom, 2 bath home offers tons of potential with a flexible layout and unique features. The 4th bedroom upstairs includes a small kitchen area—perfect for separate living space, guest quarters, or can easily be converted back into a traditional bedroom. Ideal for investors, flippers, or buyers ready to add their personal touch. Located near popular attractions like Lake Shafer, Lake Freeman, and Indiana Beach. Many possibilities to make this property shine! Estate Sale Property Sold As Is. Sq. Ft. taken from County records.

3. 2026-04-11
   listed $149,000 Active 544-char remark

   Show marketing remark (544 chars)

   This 4-bedroom, 2 bath home offers tons of potential with a flexible layout and unique features. The 4th bedroom upstairs includes a small kitchen area—perfect for separate living space, guest quarters, or can easily be converted back into a traditional bedroom. Ideal for investors, flippers, or buyers ready to add their personal touch. Located near popular attractions like Lake Shafer, Lake Freeman, and Indiana Beach. Many possibilities to make this property shine! Estate Sale Property Sold As Is. Sq. Ft. taken from County records.

ⓘ 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: $1,470 · $122/mo
• Projected year-2 tax: $1,470 · $122/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 3/10 Moderate 7 d/yr ≥101°F today · 17 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: $17,844
• − Mortgage interest: −$7,226
• − Property taxes: −$1,470
• − Insurance: −$645
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − Depreciation: −$3,753
• Taxable income: $1,896
• Est. tax owed @ 24.0%: −$455
• After-tax cash flow: $3,410/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: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Monticello

• Score: 71/100
• State rank: #141
• US rank: #7278

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monticello, IN
• Population (ZIP): 15,313

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

-13.4% since first listed

3 events — show timeline

• 2026-05-05 Pending — IRMLS
• 2026-05-01 Price Changed $129,000 IRMLS
• 2026-04-11 Listed $149,000 IRMLS

Property tax history

+6.9%/yr

Latest (2024): $1,470 · +36.5% YoY. Source: county tax records.