305 E Union St · Waynetown, IN 47990

$140,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 77 Days on market

Built 1976 10,454 sqft lot Est $135k · at est. ↓ 7% since listing

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Why this score? — see what drove the D+ 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 +15.9/30.0
• Appreciation +6.4/10.0
• ARV discount +5.7/15.0
• DSCR +4.9/10.0
• Schools +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This 2-bedroom, 1-bath brick home offers a practical layout and durable exterior features, including a metal roof and low-maintenance brick construction. Inside, you'll find comfortable living space with the opportunity to make it your own. Situated on a 0.24-acre lot, the property is conveniently located near I-74 and US Highway 136, the home offers quick access for commuting and travel. A solid opportunity for buyers seeking a manageable home in an accessible location. Schedule your showing to see the potential firsthand.

Key facts

• Metal roof
• 0.24 acre lot
• Quick access

Tags

• METAL ROOF
• 0.24 ACRE LOT
• QUICK ACCESS

Property features AI

Exterior

• Parking: Detached garage (1-car, ~500 sq ft)
• Utilities: Public water; Municipal sewer; 200+ amp electric service
• Home design: Single family residence; One story
• Construction: Brick construction; Crawl space foundation
• Exterior features: No fence; Approximately 0.24-acre lot

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms on the main level (sizes include 12 x 11 and 9 x 8)
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas heating; No central air
• Interior features: Eat-in kitchen; Living room (17 x 11)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $68 ($811/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (8.9% below list).
• Recommended offer: $128k (8.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#341 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• North Montgomery Community School Corporation (rural): math 47% / reading 53% proficiency, ranked #50 of 301 in IN (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 7 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($968 loan paydown + $4k appreciation (2.8% local appreciation)).
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $127,546 (8.9% below list)

Questions for the listing agent

1. It's been on market 77 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 1976 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.07%
• DSCR: 1.09
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $134,640
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 E Washington St	0.25mi	2/2.0	909 (+11%)	14mo	$150,000	$165	54

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

Projected returns pro-forma

2.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.50×
• Total profit: $19,423
• Equity at exit: $61,091

10-year hold

• IRR: 11.4%
• Equity multiple: 2.67×
• Total profit: $65,331
• Equity at exit: $92,727

Cash invested: $39,200 (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 47990

• Home prices YoY: 1.2%
• Active inventory: 7
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,275 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$148 /mo · $1,770/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $68

Break-even live

Break-even rent $1,190

Max offer price $140,000

Occupancy floor 90%

Sensitivity live

Price	-10% $147	-5% $107	+0% $68	+5% $28	+10% $-12
Rent	-10% $-33	-5% $17	+0% $68	+5% $118	+10% $168
Rate	-1.0pp $138	-0.5pp $103	base $68	+0.5pp $31	+1.0pp $-6

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-25
   status Active
2. 2026-04-08
   status Pending
3. 2026-03-13
   price $140,000
4. 2026-02-21
   listed $149,900 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: $1,770 · $148/mo
• Projected year-2 tax: $1,770 · $148/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,306
• − Mortgage interest: −$7,842
• − Property taxes: −$1,770
• − Insurance: −$700
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$4,073
• Taxable loss: −$1,529
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $1,178/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: North Montgomery Community School Corporation
• NCES district ID: 1807900
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 53% ▲ 3.00%
• Median HH income: $53,844
• Composite: 43.14/100
• National rank: #3076
• State rank: #50 of 301 in IN

Livability — Waynetown

• Score: 65/100
• State rank: #341
• US rank: #13119

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynetown, IN
• Population (ZIP): 1,374

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 8% Slovak 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 6% French/Haitian/Cajun 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.76%
• Current HPI: 231.2375
• 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

-6.6% since first listed

4 events — show timeline

• 2026-04-25 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-13 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2026-02-21 Listed $149,900 MIBOR as Distributed by MLS Grid

Property tax history

+35.8%/yr

Latest (2025): $1,770 · +7.2% YoY. Source: county tax records.