257 N Main St · Albany, IN 47320

$139,900

4 bd · 1.0 ba · 1,748 sqft · MultiFamily public records · 4 Days on market

Built 1890 0.30 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Located within the sought-after Delaware Community School Corporation in beautiful Albany, IN. Here you will find your opportunity to own two homes for the price of one! This unique property features a spacious 4-bedroom, 1-bathroom main home along with an additional 1-bedroom, 1-bathroom guest home, making it the perfect setup for multi-generational living, rental income potential, or an investment opportunity. The main dwelling offers 1,748 finished square feet of living space and features a durable metal roof along with numerous recent updates including two newer front doors, updated replacement windows, a gas furnace only 2-years old, central air unit only 2-years old, and a newer showe

Key facts

• Durable metal roof
• Newer front doors
• 0.3 acre lot

Tags

• TWO HOMES FOR THE PRICE OF ONE
• MULTI-GENERATIONAL LIVING
• RENTAL INCOME POTENTIAL
• INVESTMENT OPPORTUNITY
• DURABLE METAL ROOF
• NEWER FRONT DOORS

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding; Shingle roof (not explicitly listed but typical for vinyl-sided homes)
• Exterior features: Corner lot; Lot dimensions approximately 85' x 132'; Lot size about 0.3 acre

Interior

• Kitchen: Electric oven
• Bedrooms: Total rooms: 8
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Electric oven; Gas water heater; Water heater (general); Partial basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).

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.
• Zoned schools: Albany Elementary School (math 42% / reading 42%, grade F, #434 of 994 statewide, top 48%, 299 students, 67% FRL); Delta Middle School (math 28% / reading 45%, grade F, #156 of 330 statewide, top 48%, 633 students, 51% FRL); Delta High School (math 57% / reading 77%, grade B, #24 of 369 statewide, top 7%, 787 students, 43% FRL) — zoned schools average 54% FRL vs 32% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 $967 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $139,900

Questions for the listing agent

1. Built in 1890 — 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 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: 1.23% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.65%
• DSCR: 1.74
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $11,879
• Equity at exit: $20,860

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $54,648
• Equity at exit: $12,096

Cash invested: $39,172 (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: 12.3×

Monthly cashflow live

• Estimated rent: $1,723 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$26 /mo · $309/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $543

Break-even live

Break-even rent $1,035

Max offer price $139,900

Occupancy floor 63%

Sensitivity live

Price	-10% $623	-5% $583	+0% $543	+5% $504	+10% $464
Rent	-10% $407	-5% $475	+0% $543	+5% $612	+10% $680
Rate	-1.0pp $614	-0.5pp $579	base $543	+0.5pp $507	+1.0pp $470

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$948
1× unit	1	1	$775
Total (2 units)			$1,723

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-19
   listed $139,900 Active

ⓘ 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: $309 · $26/mo
• Projected year-2 tax: $749 · $62/mo
• Expected delta: +$440/yr (+$37/mo · 142.4%)

ⓘ 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 0% 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: $20,676
• − Mortgage interest: −$7,837
• − Property taxes: −$309
• − Insurance: −$700
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − Depreciation: −$4,070
• Taxable income: $4,453
• Est. tax owed @ 24.0%: −$1,069
• After-tax cash flow: $5,453/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

2 events — show timeline

• 2026-05-23 Pending — IRMLS
• 2026-05-19 Listed $139,900 IRMLS

Property tax history

-8.2%/yr

Latest (2024): $309 · -43.0% YoY. Source: county tax records.