85 E 91 State Highway 3 · Vernon, IN 47282

$99,900

None bd · 534.0 ba · — sqft · MultiFamily · 423 Days on market

Built 1840 Poor condition 10,692 sqft lot Est $185k · 46% under ↓ 9% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.9/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Own a piece of history with this circa 1830's building. This 3,630 sq. ft. building is currently a duplex. Each unit has been torn down to the studs and made structurally sound. All new windows throughout.

Key facts

• Circa 1830s building
• Structurally sound
• Duplex

Tags

• CIRCA 1830S BUILDING
• DUPLEX
• TORN DOWN TO THE STUDS
• STRUCTURALLY SOUND
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $692 ($8k/yr) — positive. Per door: $346/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#368 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime C-, housing D+, amenities D-.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Vernon Elementary School (math 30% / reading 34%, grade F, #652 of 994 statewide, top 68%, 608 students, 71% FRL); Jennings County Middle School (math 28% / reading 36%, grade F, #190 of 330 statewide, top 59%, 626 students, 62% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL).
• Market conditions: 4 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (9.9% local appreciation)).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 423 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 423 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.75% ✓
• Cap rate: 14.61%
• Cash-on-cash: 29.69%
• DSCR: 2.32
• GRM: 4.8

CMA / ARV

• ARV (median comp): $184,862
• List price: $99,900
• Delta: -45.96%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

9.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.6%
• Equity multiple: 4.49×
• Total profit: $97,611
• Equity at exit: $89,036

10-year hold

• IRR: 40.6%
• Equity multiple: 10.03×
• Total profit: $252,595
• Equity at exit: $190,993

Cash invested: $27,972 (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 47282

• Home prices YoY: 4.0%
• Active inventory: 4
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,750 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $692

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 55%

Sensitivity live

Price	-10% $761	-5% $727	+0% $692	+5% $658	+10% $623
Rent	-10% $554	-5% $623	+0% $692	+5% $761	+10% $830
Rate	-1.0pp $742	-0.5pp $718	base $692	+0.5pp $666	+1.0pp $640

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,750
Total (2 units)			$1,750

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Greensburg St Unit 2 North Vernon, IN	1.0	1.0	638	$875	$1.37	46d	1	1.10mi
450 N Greensburg St North Vernon, IN	2.0	1.0	720	$875	$1.22	46d	1	1.22mi

Listing history 17 events

1. 2026-06-22
   days on market $99,900 Active 423 DOM
2. 2026-06-19
   days on market $99,900 Active 420 DOM
3. 2026-06-18
   days on market $99,900 Active 419 DOM
4. 2026-06-17
   days on market $99,900 Active 418 DOM
5. 2026-06-16
   days on market $99,900 Active 417 DOM
6. 2026-06-15
   days on market $99,900 Active 416 DOM
7. 2026-06-14
   days on market $99,900 Active 414 DOM
8. 2026-06-12
   days on market $99,900 Active 413 DOM
9. 2026-06-09
   days on market $99,900 Active 410 DOM
10. 2026-06-08
    days on market $99,900 Active 409 DOM
11. 2026-06-07
    days on market $99,900 Active 408 DOM
12. 2026-06-02
    days on market $99,900 Active 403 DOM
13. 2026-06-01
    days on market $99,900 Active 402 DOM
14. 2026-05-31
    days on market $99,900 Active 401 DOM
15. 2026-05-30
    days on market $99,900 Active 400 DOM
16. 2025-09-18
    price $99,900 205-char remark

    Show marketing remark (205 chars)

    Own a piece of history with this circa 1830's building. This 3,630 sq. ft. building is currently a duplex. Each unit has been torn down to the studs and made structurally sound. All new windows throughout.

17. 2025-04-25
    listed $109,900 Active 205-char remark

    Show marketing remark (205 chars)

    Own a piece of history with this circa 1830's building. This 3,630 sq. ft. building is currently a duplex. Each unit has been torn down to the studs and made structurally sound. All new windows throughout.

ⓘ 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 4/10 Moderate 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,000
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$2,906
• Taxable income: $7,140
• Est. tax owed @ 24.0%: −$1,714
• After-tax cash flow: $6,592/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.

Condition & rehab AI · 5 photos

Poor 20/100 Extensive rehab

This historic building requires extensive repairs and maintenance to restore its structural integrity and curb appeal, significantly increasing its resale and rental value.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major paint — Significant peeling and discoloration
• Major roof — Aged appearance, potential leaks

Value-add opportunities

• Both New siding and paint — Enhances curb appeal and structural integrity
• Both New roof — Prevents water damage and extends the building's lifespan

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
paint · Significant peeling and discoloration	Major	$15,000–50,000
roof · Aged appearance, potential leaks	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both New siding and paint — Enhances curb appeal and structural integrity ↑
• Both New roof — Prevents water damage and extends the building's lifespan ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Vernon

• Score: 64/100
• State rank: #368
• US rank: #13808

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vernon, IN
• City population: 224
• Population (ZIP): 224

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 6% Two or more races 1%
• Common ancestry: Slovak 7% Iranian 4% Serbian 1%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.87%
• Current HPI: 256.8626
• 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

-9.1% since first listed

2 events — show timeline

• 2025-09-18 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2025-04-25 Listed $109,900 MIBOR as Distributed by MLS Grid