215 N Third St · Rockport, IN 47635

$144,000

3 bd · 2.5 ba · 2,368 sqft · SingleFamily public records · 5 Days on market

Built 1875 0.34 ac lot Est $173k · 17% under

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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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.2/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

HUD case #156-575918 Property is offered as-is. Located in Rockport’s Historic District, where history meets breathtaking views, this charming Victorian home built in 1875 proudly overlooks the majestic Ohio River. Upon arrival, you’ll be drawn in by the inviting wrap-around porch. Step through the solid wood front door into a grand foyer showcasing original herringbone hardwood floors and a front staircase. The spacious living room features a wood-burning fireplace. Beyond the living room is a formal dining room highlighted by a bay window with stunning river views and generous built-in storage. A convenient full bathroom is located just off the dining area. The kitchen offers

Key facts

• Bay window
• Wrap-around porch
• Laundry nook

Tags

• WRAP-AROUND PORCH
• WOOD-BURNING FIREPLACE
• BAY WINDOW
• BUILT-IN STORAGE
• LAUNDRY NOOK
• BUILT-IN BAR

Property features AI

Finance

• Other: Located in the Hynes subdivision

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; Two stories
• Construction: Vinyl siding; Block foundation
• Exterior features: Public water; Public sewer; Lot approximately 0.34 acres with dimensions 92 x 132 & 33 x 84; Zoning: B1

Interior

• Bathrooms: Two full bathrooms; One full bathroom on the main level
• Heating & cooling: Central air; Ceiling fan(s); Forced air heating
• Interior features: Ceiling fans; Living room fireplace (1)
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $144k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).

Location & tenants

• Location reads 64/100 on livability (#403 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rockport-Ohio Elementary School (math 52% / reading 52%, grade C-, #237 of 994 statewide, top 26%, 318 students, 61% FRL); South Spencer Middle School (math 39% / reading 52%, grade D+, #79 of 330 statewide, top 24%, 228 students, 56% FRL); South Spencer High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 357 students, 44% FRL).
• Market conditions: 33 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 12y 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 1875 — expect roof / HVAC / electrical / plumbing capex.
• 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 $144,000

Questions for the listing agent

1. Built in 1875 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.12% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $172,864
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 N Third St	0.00mi	3/2.0	2,368 (0%)	0mo	$144,000	$61	98
615 Washington St	0.29mi	4/2.0 (+1)	2,538 (+7%)	1mo	$223,000	$88	67
220 N 4th St	0.10mi	3/2.5	2,048 (-14%)	12mo	$35,000	$17	63
407 Elm St	0.12mi	3/2.0	2,065 (-13%)	10mo	$149,900	$73	63
343 S Third St	0.43mi	3/1.0	2,212 (-7%)	6mo	$160,000	$72	58
535 Seminary St	0.38mi	4/2.5 (+1)	2,214 (-6%)	12mo	$225,000	$102	57
710 Elm St	0.49mi	3/2.0	2,324 (-2%)	22mo	$221,900	$95	54
650 Main St	0.46mi	3/1.5	2,176 (-8%)	9mo	$239,500	$110	53
619 Williamson St	0.37mi	3/1.5	2,098 (-11%)	9mo	$26,000	$12	52
520 Center St	0.66mi	2/1.0 (-1)	2,513 (+6%)	16mo	$50,000	$20	34

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,510
• Equity at exit: $21,471

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $22,483
• Equity at exit: $12,450

Cash invested: $40,320 (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 47635

• Home prices YoY: -2.4%
• Active inventory: 33
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,613 medium
• Mortgage (P&I): −$755
• Tax from tax record: −$148 /mo · $1,778/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $311

Break-even live

Break-even rent $1,219

Max offer price $144,000

Occupancy floor 76%

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-22
   listed $144,000 Active
2. 2026-01-22
   status Pending
3. 2026-01-02
   listed $144,000 Active
4. 2024-07-19
   status Pending
5. 2024-06-05
   price $230,000
6. 2024-05-14
   listed $240,000 Active
7. 2023-01-27
   soldstatus $180,000 Closed
8. 2022-12-15
   status Pending
9. 2022-12-02
   listed $195,000 Active
10. 2021-11-17
    soldstatus $165,000
11. 2021-11-17
    soldstatus $165,000
12. 2021-07-13
    listed $159,000
13. 2021-07-13
    listed $159,000
14. 2014-01-28
    listed $99,900

ⓘ 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: $1,778 · $148/mo
• Projected year-2 tax: $1,778 · $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $19,359
• − Mortgage interest: −$8,066
• − Property taxes: −$1,778
• − Insurance: −$720
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$4,189
• Taxable income: $1,509
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $3,372/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: South Spencer County School Corporation
• NCES district ID: 1810560
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $47,220
• Composite: 42.49/100
• National rank: #3208
• State rank: #58 of 301 in IN

Livability — Rockport

• Score: 64/100
• State rank: #403
• US rank: #14750

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockport, IN
• Population (ZIP): 5,578

Population outlook (Spencer County) Hauer SSP2

• Today (2025): 20,394 people
• By 2030: 19,912 · -2.4%
• By 2040: 18,592 · -8.8%
• By 2050: 17,051 · -16.4%
• By 2075: 14,010 · -31.3%
• By 2100: 10,869 · -46.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 3% Scottish 2% Iranian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Spencer

• 2024 margin: Solid R (+43.3) · D 27.4% · R 70.6% · Other 2.0%
• 2008→2024 swing: -43.6pp toward R · 2008: 0.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+38.5 2016: R+37.3 2012: R+15.3 2008: D+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.91%
• Current HPI: 199.6703
• 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

+44.1% since first listed

14 events — show timeline

• 2026-05-22 Listed $144,000 IRMLS
• 2026-01-22 Pending — IRMLS
• 2026-01-02 Listed $144,000 IRMLS
• 2024-07-19 Pending — IRMLS
• 2024-06-05 Price Changed $230,000 IRMLS
• 2024-05-14 Listed $240,000 IRMLS
• 2023-01-27 Sold (MLS) $180,000 IRMLS
• 2022-12-15 Pending — IRMLS
• 2022-12-02 Listed $195,000 IRMLS
• 2021-11-17 Sold (MLS) $165,000 GORAMLS
• 2021-11-17 Sold (MLS) $165,000 IRMLS
• 2021-07-13 Listed $159,000 GORAMLS
• 2021-07-13 Listed $159,000 IRMLS
• 2014-01-28 Listed $99,900 IRMLS

Property tax history

-4.0%/yr

Latest (2024): $1,778 · +10.4% YoY. Source: county tax records.