6982 E Michigan Rd · Waldron, IN 46182

$220,000

4 bd · 1.5 ba · 1,666 sqft · SingleFamily public records · 219 Days on market

Built 1940 0.75 ac lot Est $208k · 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 +24.9/30.0
• DSCR +8.1/10.0
• 1% rule +5.3/10.0
• ARV discount +5.0/15.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

Key facts

• Partial fencing
• Fire pit area
• Fruit trees

Tags

• PRIME LOCATION
• PARTIAL FENCING
• FRUIT TREES
• FIRE PIT AREA
• PRIVATE STONE PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#433 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools C-, amenities F, commute F.
• Shelby Eastern Schools (rural): math 43% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 10 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

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.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $220k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 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 1940 — 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: 1.03% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $208,250
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6982 E Michigan Rd	0.00mi	3/2.0 (-1)	1,666 (0%)	1mo	$208,000	$125	92

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-5,534
• Equity at exit: $32,803

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $33,714
• Equity at exit: $19,022

Cash invested: $61,600 (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 46182

• Home prices YoY: -4.0%
• Active inventory: 10
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,272 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$75 /mo · $902/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $474

Break-even live

Break-even rent $1,672

Max offer price $220,000

Occupancy floor 74%

Sensitivity live

Price	-10% $599	-5% $537	+0% $474	+5% $412	+10% $350
Rent	-10% $295	-5% $384	+0% $474	+5% $564	+10% $654
Rate	-1.0pp $585	-0.5pp $530	base $474	+0.5pp $417	+1.0pp $359

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-04-15
   status Pending
2. 2026-04-13
   status Active
3. 2026-04-01
   status Pending
4. 2026-03-16
   price $220,000
5. 2025-12-17
   status Active
6. 2025-12-15
   status Pending
7. 2025-11-12
   price $230,000
8. 2025-09-17
   status Active
9. 2025-09-02
   status Pending
10. 2025-08-11
    status Active
11. 2025-08-03
    listed $235,000 Active
12. 2018-11-30
    soldstatus $115,000 Sold 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

13. 2018-11-01
    status Pending 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

14. 2018-10-19
    price $114,900 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

15. 2018-10-19
    status Active 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

16. 2018-10-09
    status Pending 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

17. 2018-10-05
    listed $124,900 Active 566-char remark

    Show marketing remark (566 chars)

    On almost 1 acre, here is a 4Br 1.5Ba with 2 car detached garage and partially fenced yard and plenty of updates! Out of town, but not too far away, this property is situated nicely between Shelbyville, Greensburg, and Rushville. Enjoy evening breezes on the large covered front porch, hang out with the family in your half acre yard (3 lots included). Recent renovations throughout include dining room, windows, bathroom, roof, & HVAC. Only a couple minutes to the SR244 access to I74, you'll find this home really isn't too far out of the way, but just enough.

ⓘ 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: $902 · $75/mo
• Projected year-2 tax: $1,386 · $115/mo
• Expected delta: +$484/yr (+$40/mo · 53.7%)

ⓘ 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 · 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,262
• − Mortgage interest: −$12,323
• − Property taxes: −$902
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,181
• − Management: −$2,181
• − Depreciation: −$6,400
• Taxable income: $2,175
• Est. tax owed @ 24.0%: −$522
• After-tax cash flow: $5,169/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: Shelby Eastern Schools
• NCES district ID: 1803210
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $60,076
• Composite: 40.0/100
• National rank: #3828
• State rank: #84 of 301 in IN

Livability — Waldron

• Score: 63/100
• State rank: #433
• US rank: #15572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,670
• Population (ZIP): 1,670

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 10% Iranian 1% Romanian 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.07%
• Current HPI: 241.2392
• 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

+76.1% since first listed

17 events — show timeline

• 2026-04-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-16 Price Changed $220,000 MIBOR as Distributed by MLS Grid
• 2025-12-17 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-15 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-12 Price Changed $230,000 MIBOR as Distributed by MLS Grid
• 2025-09-17 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-02 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-11 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-03 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2018-11-30 Sold (MLS) $115,000 MIBOR as Distributed by MLS Grid
• 2018-11-01 Pending — MIBOR as Distributed by MLS Grid
• 2018-10-19 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2018-10-19 Relisted — MIBOR as Distributed by MLS Grid
• 2018-10-09 Pending — MIBOR as Distributed by MLS Grid
• 2018-10-05 Listed $124,900 MIBOR as Distributed by MLS Grid

Property tax history

+13.0%/yr

Latest (2025): $902 · -3.1% YoY. Source: county tax records.