108 N Nichols Ave · Petersburg, IN 47567

$35,900

2 bd · 1.0 ba · 972 sqft · SingleFamily public records · 49 Days on market

Built 1976 0.30 ac lot $37/sqft · 70% below area ↓ 27% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots of possibilities with the 2 Bedroom bungalow style home on 2 parcels. Yes work is needed but it could be a great home or add to a rental portfolio. Living Room, kitchen, 1 car attached garage. Utility Room, partially chain link fenced yard. Driveway is shared.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1976

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#231 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Pike County School Corporation (rural): math 29% / reading 39% proficiency, ranked #203 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 7 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $248 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pike County population projected at -20% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,823 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 3.33% ✓
• Cap rate: 29.56%
• Cash-on-cash: 83.10%
• DSCR: 4.70
• GRM: 2.5

CMA / ARV

• ARV (median comp): $118,289
• List price: $35,900
• Delta: -69.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 S 5th St	0.61mi	2/2.0	1,086 (+12%)	17mo	$181,500	$167	34
410 S 5th St	0.63mi	2/2.0	1,086 (+12%)	18mo	$175,000	$161	32

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: 83.4%
• Equity multiple: 4.83×
• Total profit: $38,536
• Equity at exit: $5,353

10-year hold

• IRR: 86.7%
• Equity multiple: 10.03×
• Total profit: $90,719
• Equity at exit: $3,104

Cash invested: $10,052 (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 47567

• Home prices YoY: -5.7%
• Active inventory: 28
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$188
• Tax est. 1.5%: −$45 /mo · $538/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $696

Break-even live

Break-even rent $314

Max offer price $35,900

Occupancy floor 37%

Sensitivity live

Price	-10% $721	-5% $709	+0% $696	+5% $684	+10% $671
Rent	-10% $602	-5% $649	+0% $696	+5% $743	+10% $791
Rate	-1.0pp $714	-0.5pp $705	base $696	+0.5pp $687	+1.0pp $677

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: $8,975
• Closing costs: $1,077
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-01
   status $35,900 Pending 49 DOM
2. 2026-06-01
   days on market $35,900 Active 49 DOM
3. 2026-05-31
   days on market $35,900 Active 48 DOM
4. 2026-05-31
   days on market $35,900 Active 47 DOM
5. 2026-05-12
   price $35,900 265-char remark

   Show marketing remark (265 chars)

   Lots of possibilities with the 2 Bedroom bungalow style home on 2 parcels. Yes work is needed but it could be a great home or add to a rental portfolio. Living Room, kitchen, 1 car attached garage. Utility Room, partially chain link fenced yard. Driveway is shared.

6. 2026-04-13
   listed $49,000 Active 265-char remark

   Show marketing remark (265 chars)

   Lots of possibilities with the 2 Bedroom bungalow style home on 2 parcels. Yes work is needed but it could be a great home or add to a rental portfolio. Living Room, kitchen, 1 car attached garage. Utility Room, partially chain link fenced yard. Driveway is shared.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,342
• − Mortgage interest: −$2,011
• − Property taxes: −$538
• − Insurance: −$180
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$1,044
• Taxable income: $8,274
• Est. tax owed @ 24.0%: −$1,986
• After-tax cash flow: $6,368/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: Pike County School Corporation
• NCES district ID: 1808900
• Math proficiency: 29% ▼ -6.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $43,646
• Composite: 28.88/100
• National rank: #6642
• State rank: #203 of 301 in IN

Livability — Petersburg

• Score: 68/100
• State rank: #231
• US rank: #9979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, IN
• Population (ZIP): 6,187

Population outlook (Pike County) Hauer SSP2

• Today (2025): 11,816 people
• By 2030: 11,348 · -4.0%
• By 2040: 10,351 · -12.4%
• By 2050: 9,410 · -20.4%
• By 2075: 7,638 · -35.4%
• By 2100: 6,118 · -48.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Native American 2% Two or more races 1%
• Common ancestry: Slovak 3% Portuguese 2% Serbian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Pike

• 2024 margin: Solid R (+54.9) · D 21.9% · R 76.7% · Other 1.4%
• 2008→2024 swing: -46.2pp toward R · 2008: -8.6pp · 2024: -54.9pp
• All cycles: 2024: R+54.9 2020: R+52.7 2016: R+51.9 2012: R+25.4 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.97%
• Current HPI: 216.028
• 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

-26.7% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $35,900 IRMLS
• 2026-04-13 Listed $49,000 IRMLS

Property tax history

+3.4%/yr

Latest (2023): $14 · +0.0% YoY. Source: county tax records.