9455 9457 Huggin Hollow Rd · Waverly, IN 46151

$229,999

4 bd · 3.0 ba · 2,700 sqft · MultiFamily · 13 Days on market

Built 1986 Good condition 0.30 ac lot Est $216k · 6% over

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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 +23.8/30.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• ARV discount +4.6/15.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investment Opportunity! Nestled in the charming community of Martinsville, this duplex is a rare chance to own an investment property in this area. One unit was recently vacated, and the other is completely rehabbed & move-in ready. Offering potential to lease both units or live in one side and lease the other side for additional income and offset your expenses. Each of the two units offers 900 square feet of thoughtfully designed living space with 1.5 baths, combining comfort, functionality, and versatile occupancy. Situated on an expansive 14,280-square-foot lot, this property provides abundant outdoor space for personal enjoyment, or future enhancements. Beyond the property itself,

Key facts

• Strong rental demand
• 0.3 acre lot
• Built 1986

Tags

• WELL MAINTAINED DUPLEX
• REHABBED AND MOVE IN READY
• ABUNDANT OUTDOOR SPACE
• STRONG RENTAL DEMAND

Property features AI

Finance

• Other: Property type: Residential Income (Duplex); Conversion: No
• Financial info: Property configured as two units; Gross monthly rental income reported as $2,290; Unit rents: one unit $1,195/month; the other $1,095/month; Reported expenses: $0 (no expense details provided)
• HOA & community: HOA/community details not provided

Exterior

• Parking: Paved and unpaved onsite parking
• Security: Security details not provided
• Utilities: Septic system; Solid waste service available
• Home design: Duplex; Two-story structure; Residential use
• Construction: Brick and vinyl siding exterior
• Exterior features: Approximately 0.3 acre lot; Lot has access

Interior

• Kitchen: Each unit has a 15x15 kitchen
• Bedrooms: Both units are 2-bedroom layouts
• Flooring: Flooring details not provided
• Bathrooms: Bathroom details not provided
• Heating & cooling: Heating and cooling details not provided
• Interior features: Residential income duplex (two units)
• Laundry & utility: Laundry connections in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive. Per door: $221/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 73 active listings in the ZIP; solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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 $229,999

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $216,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9455 9457 Huggin Hollow Rd	0.00mi	4/6.0	2,700 (0%)	0mo	$215,000	$80	88
9460-9470 Huggin Hollow Rd	0.05mi	4/6.0	2,700 (0%)	2mo	$206,000	$76	84

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-9,104
• Equity at exit: $34,294

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $28,448
• Equity at exit: $19,886

Cash invested: $64,400 (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 46151

• Active inventory: 73
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,571 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $442

Break-even live

Break-even rent $2,012

Max offer price $229,999

Occupancy floor 78%

Sensitivity live

Price	-10% $601	-5% $521	+0% $442	+5% $362	+10% $283
Rent	-10% $239	-5% $340	+0% $442	+5% $543	+10% $645
Rate	-1.0pp $557	-0.5pp $500	base $442	+0.5pp $382	+1.0pp $321

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,570
Total (2 units)			$2,571

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-21
   status Pending
2. 2026-04-10
   status Active
3. 2026-03-30
   historical $1,095
4. 2026-03-26
   status Pending
5. 2026-03-23
   listed $229,999 Active
6. 2025-11-12
   price $1,095
7. 2025-10-16
   price $1,125
8. 2025-08-23
   listed $1,175
9. 2007-01-10
   historical
10. 2006-07-10
    listed $99,900
11. 2003-01-23
    historical
12. 2002-07-23
    listed $97,500
13. 2002-07-22
    historical
14. 2002-01-14
    listed $97,500
15. 2000-09-30
    historical
16. 2000-04-05
    listed $109,900

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,852
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,468
• − Management: −$2,468
• − Depreciation: −$6,691
• Taxable income: $1,741
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $4,882/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained duplex is move-in ready with good curb appeal and potential for value-adding updates.

Repairs flagged

• Minor Fencing — The fence is leaning and needs to be straightened or replaced.
• Minor Landscaping — The landscaping could be improved with some trimming and planting.

Value-add opportunities

• Both Update countertops and backsplash in kitchen — Modernizing the kitchen will appeal to both buyers and renters.
• Both Update bathroom fixtures — Freshening up the bathrooms will attract more buyers and renters.
• Both Paint exterior siding — Refreshing the exterior will improve curb appeal and value.
• Both Replace leaning fence — A straight fence will enhance the property's appearance and safety.
• Both Trim and plant landscaping — Improved landscaping will make the property more attractive and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Fencing · The fence is leaning and needs to be straightened or replaced.	Minor	$500–3,000
Landscaping · The landscaping could be improved with some trimming and planting.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Update countertops and backsplash in kitchen — Modernizing the kitchen will appeal to both buyers and renters. ↑
• Both Update bathroom fixtures — Freshening up the bathrooms will attract more buyers and renters. ↑
• Both Paint exterior siding — Refreshing the exterior will improve curb appeal and value. ↑
• Both Replace leaning fence — A straight fence will enhance the property's appearance and safety. ↑
• Both Trim and plant landscaping — Improved landscaping will make the property more attractive and increase its value. ↑

ⓘ 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: Mooresville Consolidated School Corporation
• NCES district ID: 1807140
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $59,316
• Composite: 37.04/100
• National rank: #4511
• State rank: #111 of 301 in IN

Livability — Waverly

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Waverly, IN
• County: Morgan County · 32,446 people
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 32,446
• Household income: $78,812
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 471.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.35%
• Current HPI: 225.7797
• 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

-99.0% since first listed

16 events — show timeline

• 2026-04-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-10 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-30 Rental Removed $1,095 TENANTTURNER2
• 2026-03-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-23 Listed $229,999 MIBOR as Distributed by MLS Grid
• 2025-11-12 Price Changed $1,095 TENANTTURNER2
• 2025-10-16 Price Changed $1,125 TENANTTURNER2
• 2025-08-23 Listed for Rent $1,175 TENANTTURNER2
• 2007-01-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-07-10 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2003-01-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-07-23 Listed $97,500 MIBOR as Distributed by MLS Grid
• 2002-07-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-01-14 Listed $97,500 MIBOR as Distributed by MLS Grid
• 2000-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-04-05 Listed $109,900 MIBOR as Distributed by MLS Grid