265 S Miller Ave · Albany, IN 47320

$34,900

3 bd · 1.0 ba · 1,530 sqft · SingleFamily public records · 147 Days on market

Built 1890 10,000 sqft lot $23/sqft · 70% below area ↓ 24% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Listing remarks MLS

Property needs work which is why it is priced like it is.

Key facts

• 0.23 acre lot
• Garage
• Built 1890

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#253 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Delaware Community School Corporation (rural): math 43% / reading 51% proficiency, ranked #76 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $241 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Delaware County population projected at -11% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $45k (56%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. 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: 3.01% ✓
• Cap rate: 25.51%
• Cash-on-cash: 68.65%
• DSCR: 4.05
• GRM: 2.8

CMA / ARV

• ARV (median comp): $97,228
• List price: $34,900
• Delta: -64.10%
• 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
216 E Cedar St	0.32mi	3/2.0	1,492 (-2%)	3mo	$189,000	$127	74
228 S Mound St	0.48mi	3/1.0	1,566 (+2%)	2mo	$180,000	$115	72
421 E Elm St	0.08mi	3/1.5	1,488 (-3%)	22mo	$174,900	$118	72
225 S Delaware St	0.39mi	3/1.0	1,471 (-4%)	16mo	$105,000	$71	62
233 S Miller Ave	0.03mi	3/1.0	1,311 (-14%)	20mo	$13,000	$10	58
621 W State St	0.51mi	3/1.0	1,384 (-10%)	6mo	$123,000	$89	55
216 N Plum St	0.42mi	3/1.5	1,350 (-12%)	6mo	$119,900	$89	54
460 Gillcrest Dr	0.73mi	3/2.0	1,644 (+8%)	15mo	$199,900	$122	37

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: 68.1%
• Equity multiple: 4.07×
• Total profit: $29,983
• Equity at exit: $5,204

10-year hold

• IRR: 72.3%
• Equity multiple: 8.38×
• Total profit: $72,091
• Equity at exit: $3,018

Cash invested: $9,772 (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 47320

• Home prices YoY: -3.2%
• Active inventory: 30
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,049 medium
• Mortgage (P&I): −$183
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $559

Break-even live

Break-even rent $342

Max offer price $34,900

Occupancy floor 42%

Sensitivity live

Price	-10% $579	-5% $569	+0% $559	+5% $549	+10% $539
Rent	-10% $476	-5% $518	+0% $559	+5% $600	+10% $642
Rate	-1.0pp $577	-0.5pp $568	base $559	+0.5pp $550	+1.0pp $541

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $34,900 Active 147 DOM
2. 2026-06-18
   days on market $34,900 Active 146 DOM
3. 2026-06-17
   days on market $34,900 Active 145 DOM
4. 2026-06-16
   days on market $34,900 Active 144 DOM
5. 2026-06-15
   days on market $34,900 Active 143 DOM
6. 2026-06-14
   days on market $34,900 Active 141 DOM
7. 2026-06-13
   days on market $34,900 Active 140 DOM
8. 2026-06-10
   days on market $34,900 Active 138 DOM
9. 2026-06-09
   days on market $34,900 Active 137 DOM
10. 2026-06-08
    days on market $34,900 Active 136 DOM
11. 2026-06-07
    days on market $34,900 Active 135 DOM
12. 2026-06-02
    days on market $34,900 Active 130 DOM
13. 2026-06-01
    days on market $34,900 Active 129 DOM
14. 2026-05-31
    days on market $34,900 Active 128 DOM
15. 2026-05-30
    days on market $34,900 Active 127 DOM
16. 2026-01-30
    status Active 57-char remark

    Show marketing remark (57 chars)

    Property needs work which is why it is priced like it is.

17. 2026-01-28
    status Active 57-char remark

    Show marketing remark (57 chars)

    Property needs work which is why it is priced like it is.

18. 2026-01-22
    price $34,900 57-char remark

    Show marketing remark (57 chars)

    Property needs work which is why it is priced like it is.

19. 2026-01-22
    listed $79,900 Active 57-char remark

    Show marketing remark (57 chars)

    Property needs work which is why it is priced like it is.

20. 2019-10-10
    historical
21. 2019-08-20
    listed $29,900
22. 2019-06-14
    historical
23. 2018-11-14
    listed $24,900
24. 2018-03-09
    historical
25. 2018-01-26
    listed $34,900
26. 2006-12-29
    historical
27. 2006-08-10
    listed $45,900

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $870 · $72/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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,594
• − Mortgage interest: −$1,955
• − Property taxes: −$870
• − Insurance: −$174
• − Repairs & maintenance: −$1,007
• − Management: −$1,007
• − Depreciation: −$1,015
• Taxable income: $6,564
• Est. tax owed @ 24.0%: −$1,575
• After-tax cash flow: $5,133/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: Delaware Community School Corporation
• NCES district ID: 1802660
• Math proficiency: 43% ▼ -13.00%
• Reading proficiency: 51% ▼ -10.00%
• Median HH income: $54,665
• Composite: 40.72/100
• National rank: #3659
• State rank: #76 of 301 in IN

Livability — Albany

• Score: 67/100
• State rank: #253
• US rank: #10745

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: Albany, IN
• Population (ZIP): 4,486

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 113,036 people
• By 2030: 111,313 · -1.5%
• By 2040: 106,432 · -5.8%
• By 2050: 100,747 · -10.9%
• By 2075: 91,000 · -19.5%
• By 2100: 80,687 · -28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Delaware

• 2024 margin: R (+15.8) · D 41.2% · R 57.0% · Other 1.8%
• 2008→2024 swing: -30.8pp toward R · 2008: 15.0pp · 2024: -15.8pp
• All cycles: 2024: R+15.8 2020: R+13.2 2016: R+13.7 2012: D+3.1 2008: D+15.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.25%
• Current HPI: 222.5278
• 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

-24.0% since first listed

12 events — show timeline

• 2026-01-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-28 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-22 Price Changed $34,900 MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2019-10-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-08-20 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2019-06-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-11-14 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2018-03-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-01-26 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2006-12-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-08-10 Listed $45,900 MIBOR as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2024): $870 · -20.2% YoY. Source: county tax records.