2408 N West Shafer Dr · Norway, IN 47960

$100,000

1 bd · 1.0 ba · 352 sqft · SingleFamily public records · 148 Days on market

Built 1940 2,352 sqft lot $284/sqft · 34% below area Est $190k · 47% under ↓ 8% since listing

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Why this score? — see what drove the C+ 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 +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.8/10.0
• Schools +3.6/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cute, cozy, and low-maintenance home with one bedroom plus a loft has been renovated and is ready for you! The property features vaulted ceilings in both the living area and the loft, along with an efficient kitchen equipped with a gas oven range. Recent updates include a new water heater, fresh paint throughout, and a roof that is just two years young. The sunroom offers abundant natural light with the new patio doors, and all other windows have been updated. After your day of fun you can relax and unwind in the bathroom's jetted tub. The kids are going to love the loft, and especially the location right across the street from the Indiana Beach entrance and Lake Shafer. Whether you are looking for a year-round residence or a vacation getaway, this home is worth a look!

Key facts

• Fresh paint
• Updated windows
• Gas oven range

Tags

• VAULTED CEILINGS
• EFFICIENT KITCHEN
• GAS OVEN RANGE
• NEW WATER HEATER
• FRESH PAINT
• UPDATED WINDOWS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/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 $98k (1.6% below list).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.2% in Norway — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 53/100 on livability (#644 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Twin Lakes School Corporation (town): math 39% / reading 46% proficiency, ranked #116 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 220 active listings in the ZIP; 47 units permitted in White County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• White County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 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 1940 — 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. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 8.5

CMA / ARV

• ARV (median comp): $189,889
• List price: $100,000
• Delta: -47.34%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-5,924
• Equity at exit: $14,910

10-year hold

• IRR: 3.9%
• Equity multiple: 1.29×
• Total profit: $7,991
• Equity at exit: $8,646

Cash invested: $28,000 (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 47960

• Home prices YoY: -17.8%
• Active inventory: 220
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $984 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$50 /mo · $595/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $162

Break-even live

Break-even rent $779

Max offer price $100,000

Occupancy floor 79%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $100,000 Active 148 DOM
2. 2026-06-17
   days on market $100,000 Active 147 DOM
3. 2026-06-16
   days on market $100,000 Active 146 DOM
4. 2026-06-15
   days on market $100,000 Active 145 DOM
5. 2026-06-13
   days on market $100,000 Active 143 DOM
6. 2026-06-12
   days on market $100,000 Active 142 DOM
7. 2026-06-09
   days on market $100,000 Active 139 DOM
8. 2026-06-09
   price $100,000 Active 138 DOM
9. 2026-06-08
   days on market $110,000 Active 138 DOM
10. 2026-06-07
    days on market $110,000 Active 137 DOM
11. 2026-06-07
    days on market $110,000 Active 136 DOM
12. 2026-06-04
    days on market $110,000 Active 133 DOM
13. 2026-06-02
    days on market $110,000 Active 132 DOM
14. 2026-06-01
    days on market $110,000 Active 131 DOM
15. 2026-05-31
    days on market $110,000 Active 130 DOM
16. 2026-05-31
    days on market $110,000 Active 129 DOM
17. 2026-03-23
    price $110,000 785-char remark

    Show marketing remark (785 chars)

    This cute, cozy, and low-maintenance home with one bedroom plus a loft has been renovated and is ready for you! The property features vaulted ceilings in both the living area and the loft, along with an efficient kitchen equipped with a gas oven range. Recent updates include a new water heater, fresh paint throughout, and a roof that is just two years young. The sunroom offers abundant natural light with the new patio doors, and all other windows have been updated. After your day of fun you can relax and unwind in the bathroom's jetted tub. The kids are going to love the loft, and especially the location right across the street from the Indiana Beach entrance and Lake Shafer. Whether you are looking for a year-round residence or a vacation getaway, this home is worth a look!

18. 2026-01-20
    listed $119,000 Active 785-char remark

    Show marketing remark (785 chars)

    This cute, cozy, and low-maintenance home with one bedroom plus a loft has been renovated and is ready for you! The property features vaulted ceilings in both the living area and the loft, along with an efficient kitchen equipped with a gas oven range. Recent updates include a new water heater, fresh paint throughout, and a roof that is just two years young. The sunroom offers abundant natural light with the new patio doors, and all other windows have been updated. After your day of fun you can relax and unwind in the bathroom's jetted tub. The kids are going to love the loft, and especially the location right across the street from the Indiana Beach entrance and Lake Shafer. Whether you are looking for a year-round residence or a vacation getaway, this home is worth a look!

ⓘ 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: $595 · $50/mo
• Projected year-2 tax: $722 · $60/mo
• Expected delta: +$128/yr (+$11/mo · 21.5%)

ⓘ 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,811
• − Mortgage interest: −$5,602
• − Property taxes: −$595
• − Insurance: −$500
• − Repairs & maintenance: −$945
• − Management: −$945
• − Depreciation: −$2,909
• Taxable income: $316
• Est. tax owed @ 24.0%: −$76
• After-tax cash flow: $1,867/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: Twin Lakes School Corporation
• NCES district ID: 1811580
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 46% ▼ -5.00%
• Median HH income: $48,963
• Composite: 36.44/100
• National rank: #4666
• State rank: #116 of 301 in IN

Livability — Norway

• Score: 53/100
• State rank: #644
• US rank: #24336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norway, IN
• Population (ZIP): 15,313

Population outlook (White County) Hauer SSP2

• Today (2025): 23,006 people
• By 2030: 22,204 · -3.5%
• By 2040: 20,441 · -11.1%
• By 2050: 18,711 · -18.7%
• By 2075: 14,989 · -34.8%
• By 2100: 10,896 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 4% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · White

• 2024 margin: Solid R (+45.0) · D 26.4% · R 71.4% · Other 2.2%
• 2008→2024 swing: -36.7pp toward R · 2008: -8.3pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+44.1 2016: R+42.9 2012: R+23.6 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.85%
• Current HPI: 243.8468
• 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

-7.6% since first listed

2 events — show timeline

• 2026-03-23 Price Changed $110,000 IRMLS
• 2026-01-20 Listed $119,000 IRMLS

Property tax history

+7.7%/yr

Latest (2024): $595 · +8.9% YoY. Source: county tax records.