207 S Washington St · Montpelier, IN 47359

$119,900

4 bd · 2.0 ba · 2,139 sqft · SingleFamily public records · 101 Days on market

Built 1900 7,492 sqft lot $56/sqft · at area comps Est $139k · 14% 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 +27.3/30.0
• ARV discount +13.8/15.0
• DSCR +9.5/10.0
• Appreciation +8.4/10.0
• 1% rule +6.8/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Step onto the porch and into a piece of history with this charming older home full of character and timeless craftsmanship. From the moment you enter, you’ll notice the beautiful original woodwork and classic fireplaces that reflect the home’s historic charm. Hardwood floors lie beneath the new flooring, offering even more potential to enhance its authentic character. Recent updates bring peace of mind while preserving the home’s vintage appeal. Improvements include a new furnace (2025), new privacy fence (2025), new flooring (2025–2026), new refrigerator (2025), updated kitchen faucet, and a patio with alley parking area. The spacious layout offers room to spread out and make the home your own. The upper level features a full bathroom with tub/shower combination, while the main level bathroom showcases the home’s original clawfoot tub with shower, beautifully maintained and full of historic charm. The privacy-fenced backyard provides a great outdoor space for relaxing or entertaining, with additional parking conveniently located off the alley outside the fence. All appliances remain with the home, including refrigerator, gas range, microwave hood, dishwasher, washer, and dryer, making it easy to move right in and begin enjoying the space immediately. Solid, spacious, and filled with character, this home offers the perfect opportunity to enjoy historic charm today while adding your own personal upgrades over time. If you’re looking for space, charm, and classic architectural details, this could be the perfect place to call home.

Key facts

• New privacy fence
• Classic fireplaces
• Clawfoot tub

Tags

• ORIGINAL WOODWORK
• CLASSIC FIREPLACES
• HARDWOOD FLOORS
• NEW PRIVACY FENCE
• UPDATED KITCHEN FAUCET
• CLAWFOOT TUB

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#230 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools D-, amenities F.
• Blackford County Schools (town): math 37% / reading 41% proficiency, ranked #164 of 301 in IN (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 9 units permitted in Blackford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($829 loan paydown + $8k appreciation (6.7% local appreciation)).
• Blackford County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $109,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.18% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.40%
• DSCR: 1.55
• GRM: 7.0

CMA / ARV

• ARV (median comp): $139,448
• List price: $119,900
• Delta: -14.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 E Water St	0.29mi	5/2.0 (+1)	2,240 (+5%)	6mo	$32,000	$14	69
126 W Windsor St	0.28mi	3/1.5 (-1)	1,991 (-7%)	4mo	$135,000	$68	65
215 E Monroe St	0.14mi	3/2.0 (-1)	1,925 (-10%)	9mo	$100,000	$52	65
320 W Huntington St	0.40mi	3/1.0 (-1)	2,001 (-6%)	1mo	$152,000	$76	61
314 S Jefferson St	0.28mi	4/2.0	1,984 (-7%)	20mo	$138,000	$70	59
205 E High St	0.13mi	3/2.0 (-1)	2,400 (+12%)	15mo	$169,000	$70	56
443 W Green St	0.51mi	5/1.0 (+1)	2,040 (-5%)	9mo	$25,000	$12	52
426 W Green St	0.48mi	3/2.5 (-1)	2,048 (-4%)	21mo	$162,000	$79	46

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

Projected returns pro-forma

6.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.1%
• Equity multiple: 2.84×
• Total profit: $61,898
• Equity at exit: $80,894

10-year hold

• IRR: 25.0%
• Equity multiple: 5.87×
• Total profit: $163,599
• Equity at exit: $151,715

Cash invested: $33,572 (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 47359

• Home prices YoY: 3.0%
• Active inventory: 26
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$96 /mo · $1,148/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $347

Break-even live

Break-even rent $980

Max offer price $119,900

Occupancy floor 71%

Sensitivity live

Price	-10% $415	-5% $381	+0% $347	+5% $313	+10% $279
Rent	-10% $235	-5% $291	+0% $347	+5% $403	+10% $459
Rate	-1.0pp $407	-0.5pp $378	base $347	+0.5pp $316	+1.0pp $284

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $119,900 Active 101 DOM
2. 2026-06-18
   days on market $119,900 Active 100 DOM
3. 2026-06-17
   days on market $119,900 Active 99 DOM
4. 2026-06-16
   days on market $119,900 Active 98 DOM
5. 2026-06-15
   days on market $119,900 Active 97 DOM
6. 2026-06-14
   days on market $119,900 Active 95 DOM
7. 2026-06-12
   days on market $119,900 Active 94 DOM
8. 2026-06-09
   days on market $119,900 Active 91 DOM
9. 2026-06-08
   days on market $119,900 Active 90 DOM
10. 2026-06-07
    days on market $119,900 Active 89 DOM
11. 2026-06-05
    days on market $119,900 Active 86 DOM
12. 2026-06-03
    days on market $119,900 Active 85 DOM
13. 2026-06-02
    days on market $119,900 Active 84 DOM
14. 2026-06-01
    days on market $119,900 Active 83 DOM
15. 2026-05-31
    days on market $119,900 Active 82 DOM
16. 2026-05-30
    days on market $119,900 Active 81 DOM
17. 2026-04-16
    price $119,900

    Show marketing remark (1590 chars)

    Step onto the porch and into a piece of history with this charming older home full of character and timeless craftsmanship. From the moment you enter, you’ll notice the beautiful original woodwork and classic fireplaces that reflect the home’s historic charm. Hardwood floors lie beneath the new flooring, offering even more potential to enhance its authentic character. Recent updates bring peace of mind while preserving the home’s vintage appeal. Improvements include a new furnace (2025), new privacy fence (2025), new flooring (2025–2026), new refrigerator (2025), updated kitchen faucet, and a patio with alley parking area. The spacious layout offers room to spread out and make the home your own. The upper level features a full bathroom with tub/shower combination, while the main level bathroom showcases the home’s original clawfoot tub with shower, beautifully maintained and full of historic charm. The privacy-fenced backyard provides a great outdoor space for relaxing or entertaining, with additional parking conveniently located off the alley outside the fence. All appliances remain with the home, including refrigerator, gas range, microwave hood, dishwasher, washer, and dryer, making it easy to move right in and begin enjoying the space immediately. Solid, spacious, and filled with character, this home offers the perfect opportunity to enjoy historic charm today while adding your own personal upgrades over time. If you’re looking for space, charm, and classic architectural details, this could be the perfect place to call home.

18. 2026-04-16
    price $119,900 1590-char remark

    Show marketing remark (1590 chars)

    Step onto the porch and into a piece of history with this charming older home full of character and timeless craftsmanship. From the moment you enter, you’ll notice the beautiful original woodwork and classic fireplaces that reflect the home’s historic charm. Hardwood floors lie beneath the new flooring, offering even more potential to enhance its authentic character. Recent updates bring peace of mind while preserving the home’s vintage appeal. Improvements include a new furnace (2025), new privacy fence (2025), new flooring (2025–2026), new refrigerator (2025), updated kitchen faucet, and a patio with alley parking area. The spacious layout offers room to spread out and make the home your own. The upper level features a full bathroom with tub/shower combination, while the main level bathroom showcases the home’s original clawfoot tub with shower, beautifully maintained and full of historic charm. The privacy-fenced backyard provides a great outdoor space for relaxing or entertaining, with additional parking conveniently located off the alley outside the fence. All appliances remain with the home, including refrigerator, gas range, microwave hood, dishwasher, washer, and dryer, making it easy to move right in and begin enjoying the space immediately. Solid, spacious, and filled with character, this home offers the perfect opportunity to enjoy historic charm today while adding your own personal upgrades over time. If you’re looking for space, charm, and classic architectural details, this could be the perfect place to call home.

19. 2026-03-10
    listed $129,900 Active 1590-char remark

    Show marketing remark (1590 chars)

    Step onto the porch and into a piece of history with this charming older home full of character and timeless craftsmanship. From the moment you enter, you’ll notice the beautiful original woodwork and classic fireplaces that reflect the home’s historic charm. Hardwood floors lie beneath the new flooring, offering even more potential to enhance its authentic character. Recent updates bring peace of mind while preserving the home’s vintage appeal. Improvements include a new furnace (2025), new privacy fence (2025), new flooring (2025–2026), new refrigerator (2025), updated kitchen faucet, and a patio with alley parking area. The spacious layout offers room to spread out and make the home your own. The upper level features a full bathroom with tub/shower combination, while the main level bathroom showcases the home’s original clawfoot tub with shower, beautifully maintained and full of historic charm. The privacy-fenced backyard provides a great outdoor space for relaxing or entertaining, with additional parking conveniently located off the alley outside the fence. All appliances remain with the home, including refrigerator, gas range, microwave hood, dishwasher, washer, and dryer, making it easy to move right in and begin enjoying the space immediately. Solid, spacious, and filled with character, this home offers the perfect opportunity to enjoy historic charm today while adding your own personal upgrades over time. If you’re looking for space, charm, and classic architectural details, this could be the perfect place to call home.

20. 2026-03-10
    listed $129,900 Active

    Show marketing remark (1590 chars)

    Step onto the porch and into a piece of history with this charming older home full of character and timeless craftsmanship. From the moment you enter, you’ll notice the beautiful original woodwork and classic fireplaces that reflect the home’s historic charm. Hardwood floors lie beneath the new flooring, offering even more potential to enhance its authentic character. Recent updates bring peace of mind while preserving the home’s vintage appeal. Improvements include a new furnace (2025), new privacy fence (2025), new flooring (2025–2026), new refrigerator (2025), updated kitchen faucet, and a patio with alley parking area. The spacious layout offers room to spread out and make the home your own. The upper level features a full bathroom with tub/shower combination, while the main level bathroom showcases the home’s original clawfoot tub with shower, beautifully maintained and full of historic charm. The privacy-fenced backyard provides a great outdoor space for relaxing or entertaining, with additional parking conveniently located off the alley outside the fence. All appliances remain with the home, including refrigerator, gas range, microwave hood, dishwasher, washer, and dryer, making it easy to move right in and begin enjoying the space immediately. Solid, spacious, and filled with character, this home offers the perfect opportunity to enjoy historic charm today while adding your own personal upgrades over time. If you’re looking for space, charm, and classic architectural details, this could be the perfect place to call home.

21. 2024-05-28
    soldstatus $92,000 Closed
22. 2024-04-29
    status Pending
23. 2024-04-22
    price $95,000
24. 2024-04-10
    price $115,000
25. 2024-03-15
    listed $120,000 Active
26. 2017-05-12
    soldstatus $39,900
27. 2015-01-09
    listed $39,900
28. 2014-04-15
    listed $49,900

ⓘ 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: $1,148 · $96/mo
• Projected year-2 tax: $1,148 · $96/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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,034
• − Mortgage interest: −$6,716
• − Property taxes: −$1,148
• − Insurance: −$600
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$3,488
• Taxable income: $2,357
• Est. tax owed @ 24.0%: −$566
• After-tax cash flow: $3,599/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: Blackford County Schools
• NCES district ID: 1800570
• Math proficiency: 37% ▼ -12.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $39,653
• Composite: 32.67/100
• National rank: #5656
• State rank: #164 of 301 in IN

Livability — Montpelier

• Score: 68/100
• State rank: #230
• US rank: #9968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montpelier, IN
• City population: 3,688
• Population (ZIP): 3,688

Population outlook (Blackford County) Hauer SSP2

• Today (2025): 11,183 people
• By 2030: 10,542 · -5.7%
• By 2040: 9,292 · -16.9%
• By 2050: 8,176 · -26.9%
• By 2075: 6,549 · -41.4%
• By 2100: 5,636 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Iranian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 0% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2%

Political lean MEDSL · Blackford

• 2024 margin: Solid R (+50.3) · D 23.9% · R 74.2% · Other 1.9%
• 2008→2024 swing: -50.1pp toward R · 2008: -0.2pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+46.1 2016: R+43.7 2012: R+16.5 2008: R+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.72%
• Current HPI: 231.2009
• 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

+140.3% since first listed

12 events — show timeline

• 2026-04-16 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2026-04-16 Price Changed $119,900 IRMLS
• 2026-03-10 Listed $129,900 IRMLS
• 2026-03-10 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2024-05-28 Sold (MLS) $92,000 IRMLS
• 2024-04-29 Pending — IRMLS
• 2024-04-22 Price Changed $95,000 IRMLS
• 2024-04-10 Price Changed $115,000 IRMLS
• 2024-03-15 Listed $120,000 IRMLS
• 2017-05-12 Sold (MLS) $39,900 IRMLS
• 2015-01-09 Listed $39,900 IRMLS
• 2014-04-15 Listed $49,900 IRMLS

Property tax history

-0.9%/yr

Latest (2025): $1,148 · +1.6% YoY. Source: county tax records.