2197 S Fifth St · Merom, IN 47861

$30,000

1 bd · 1.0 ba · 832 sqft · SingleFamily public records · 191 Days on market

Built 1930 7,300 sqft lot $36/sqft · 30% below area Est $43k · 30% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.8/10.0
• Schools +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investors special! With a little TLC this could be just what your looking for! If you're looking for a charming home with great potential, this property in Merom, Indiana is perfect for you! This two-bedroom, one-bathroom house is up for sale and is waiting for a new owner to come in and make it their own. Located in a great location, this house offers easy access to local amenities, providing convenience and comfort to its residents. Additionally, this property features two lots, giving you enough space to plant a garden, entertain guests, or even build a pool. The house also boasts a front porch where you can relax after a long day at work or enjoy a morning cup of coffee while appreciating the breathtaking views of the surrounding area. Inside, you'll find a spacious living area with plenty of room to entertain guests or relax with your family. The bedrooms are cozy and comfortable, providing a comfortable retreat after a long day. In summary, this charming house has a lot to offer. The location, space, and potential make it an excellent investment to call home. Don't miss out on the opportunity to make this house your own. Schedule your viewing today and get ready to move in!

Key facts

• Two lots
• Front porch
• 7,300 sq ft lot

Tags

• TWO LOTS
• FRONT PORCH
• EASY ACCESS TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($839 rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#559 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $675 of equity ($207 loan paydown + $468 appreciation (1.6% local appreciation)).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 191 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 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 1930 — 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 F-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 2.80% ✓
• Cap rate: 23.98%
• Cash-on-cash: 63.16%
• DSCR: 3.81
• GRM: 3.0

CMA / ARV

• ARV (median comp): $42,598
• List price: $30,000
• Delta: -29.57%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8566 Fourth St	0.27mi	1/1.0	864 (+4%)	6mo	$22,500	$26	76

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

Projected returns pro-forma

1.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.6%
• Equity multiple: 4.52×
• Total profit: $29,573
• Equity at exit: $11,128

10-year hold

• IRR: 67.3%
• Equity multiple: 9.19×
• Total profit: $68,779
• Equity at exit: $15,499

Cash invested: $8,400 (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 47861

• Home prices YoY: 0.9%
• Active inventory: 4
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $839 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$51 /mo · $611/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $442

Break-even live

Break-even rent $279

Max offer price $30,000

Occupancy floor 42%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $30,000 Active 191 DOM
2. 2026-06-17
   days on market $30,000 Active 190 DOM
3. 2026-06-16
   days on market $30,000 Active 189 DOM
4. 2026-06-15
   days on market $30,000 Active 188 DOM
5. 2026-06-13
   days on market $30,000 Active 186 DOM
6. 2026-06-12
   days on market $30,000 Active 185 DOM
7. 2026-06-09
   days on market $30,000 Active 182 DOM
8. 2026-06-08
   days on market $30,000 Active 181 DOM
9. 2026-06-07
   days on market $30,000 Active 180 DOM
10. 2026-06-07
    days on market $30,000 Active 179 DOM
11. 2026-06-04
    days on market $30,000 Active 176 DOM
12. 2026-06-02
    days on market $30,000 Active 175 DOM
13. 2026-06-01
    days on market $30,000 Active 174 DOM
14. 2026-05-31
    days on market $30,000 Active 173 DOM
15. 2026-05-31
    days on market $30,000 Active 172 DOM
16. 2025-12-09
    listed $30,000 Active 1200-char remark

    Show marketing remark (1200 chars)

    Investors special! With a little TLC this could be just what your looking for! If you're looking for a charming home with great potential, this property in Merom, Indiana is perfect for you! This two-bedroom, one-bathroom house is up for sale and is waiting for a new owner to come in and make it their own. Located in a great location, this house offers easy access to local amenities, providing convenience and comfort to its residents. Additionally, this property features two lots, giving you enough space to plant a garden, entertain guests, or even build a pool. The house also boasts a front porch where you can relax after a long day at work or enjoy a morning cup of coffee while appreciating the breathtaking views of the surrounding area. Inside, you'll find a spacious living area with plenty of room to entertain guests or relax with your family. The bedrooms are cozy and comfortable, providing a comfortable retreat after a long day. In summary, this charming house has a lot to offer. The location, space, and potential make it an excellent investment to call home. Don't miss out on the opportunity to make this house your own. Schedule your viewing today and get ready to move in!

17. 2024-09-07
    status Active
18. 2024-09-07
    status Pending
19. 2024-09-06
    listed $15,000 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: $611 · $51/mo
• Projected year-2 tax: $611 · $51/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 8/10 Severe 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,069
• − Mortgage interest: −$1,680
• − Property taxes: −$611
• − Insurance: −$150
• − Repairs & maintenance: −$805
• − Management: −$805
• − Depreciation: −$873
• Taxable income: $5,143
• Est. tax owed @ 24.0%: −$1,234
• After-tax cash flow: $4,071/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Merom

• Score: 59/100
• State rank: #559
• US rank: #20049

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merom, IN
• Population (ZIP): 640

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 6%
• Common ancestry: Lithuanian 12% Serbian 2% Italian 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.56%
• Current HPI: 172.6108
• 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

+100.0% since first listed

4 events — show timeline

• 2025-12-09 Listed $30,000 THAAR
• 2024-09-07 Relisted — THAAR
• 2024-09-07 Pending — THAAR
• 2024-09-06 Listed $15,000 THAAR

Property tax history

+4.1%/yr

Latest (2024): $611 · -2.6% YoY. Source: county tax records.