7589 W 220 South · New London, IN 46979

$139,900

3 bd · 1.0 ba · 2,132 sqft · SingleFamily public records · 17 Days on market

Built 1944 8,712 sqft lot

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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 +17.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +4.4/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this opportunity-filled property in a peaceful rural setting! Situated on a spacious lot at 7589 W 220 S in Russiaville, this home offers great potential for the right buyer looking to add their personal touch. The property features a solid layout with generous living space, 5 bedrooms, 2 full bathrooms, making it an excellent candidate for renovation or investment. While the home does need some TLC, it provides a strong foundation to create your ideal living space or rental property. Enjoy the quiet surroundings, open skies, and the charm of country living while still being within convenient distance to nearby amenities. Be sure to check out the detached garage (2 car) and the a

Key facts

• Strong foundation
• Spacious lot
• Detached garage

Tags

• SPACIOUS LOT
• STRONG FOUNDATION
• DETACHED GARAGE
• ADDITIONAL DETACHED GARAGE
• CREATE YOUR OWN WORKSHOP

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/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 $120k (14.4% below list).
• Recommended offer: $120k (14.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Western School Corporation (rural): math 48% / reading 52% proficiency, ranked #44 of 301 in IN (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Western Primary School (576 students, 42% FRL); Western Middle School (math 43% / reading 54%, grade C-, #56 of 330 statewide, top 18%, 569 students, 36% FRL); Western High School (math 40% / reading 67%, grade C-, #97 of 369 statewide, top 26%, 824 students, 30% FRL).
• Market conditions: 19 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 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.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,818 (14.4% below list)

Questions for the listing agent

1. Built in 1944 — 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. 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?
4. 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.
5. 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.
6. 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: 0.86% ✗
• Cap rate: 7.10%
• Cash-on-cash: 2.90%
• DSCR: 1.13
• GRM: 9.7

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: -11.8%
• Equity multiple: 0.57×
• Total profit: $-16,695
• Equity at exit: $20,860

10-year hold

• IRR: -2.7%
• Equity multiple: 0.82×
• Total profit: $-6,991
• 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 46979

• Home prices YoY: -23.1%
• Active inventory: 19
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,198 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$60 /mo · $720/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $95

Break-even live

Break-even rent $1,078

Max offer price $139,900

Occupancy floor 87%

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 2 events

1. 2026-04-13
   status Pending
2. 2026-03-27
   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: $720 · $60/mo
• Projected year-2 tax: $955 · $80/mo
• Expected delta: +$235/yr (+$20/mo · 32.6%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $14,378
• − Mortgage interest: −$7,837
• − Property taxes: −$720
• − Insurance: −$700
• − Repairs & maintenance: −$1,150
• − Management: −$1,150
• − Depreciation: −$4,070
• Taxable loss: −$1,248
• Est. tax savings @ 24.0%: +$300
• After-tax cash flow: $1,435/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: Western School Corporation
• NCES district ID: 1804470
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 52% ▼ -8.00%
• Median HH income: $62,856
• Composite: 44.0/100
• National rank: #2891
• State rank: #44 of 301 in IN

Livability — New London

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: New London, IN
• Population (ZIP): 5,026

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.62%
• Current HPI: 217.7998
• 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

• 2026-04-13 Pending — IRMLS
• 2026-03-27 Listed $139,900 IRMLS

Property tax history

+3.3%/yr

Latest (2024): $720 · +14.8% YoY. Source: county tax records.