854 E 900 N · Mays, IN 46155

$64,500

4 bd · 1.5 ba · 2,141 sqft · SingleFamily public records · 147 Days on market

Built 1900 9,017 sqft lot $30/sqft · 85% below area

---

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
• Appreciation +5.0/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity awaits in this spacious 4-bedroom, 1.5-bath home built in 1900, full of character and potential. Situated on a corner lot, this property offers generously sized rooms and a layout ready for restoration or renovation to match your vision. The home features a two-car garage and wraparound porch, providing flexibility for future improvements. Located near Mays Academy, a well-regarded elementary school, this property is ideal for investors or buyers looking to bring new life to a classic home. With solid bones and a prime location, this is your chance to create something truly special.

Key facts

• Wraparound porch
• Two-car garage
• Corner lot

Tags

• CORNER LOT
• WRAPAROUND PORCH
• TWO-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $64k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Rush County Schools (town): math 38% / reading 41% proficiency, ranked #147 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($446 loan paydown + $2k appreciation (3.0% local appreciation)).
• Rush County population projected at -22% 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $64k implies a 342% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 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 1900 — 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. 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: 2.79% ✓
• Cap rate: 25.18%
• Cash-on-cash: 67.47%
• DSCR: 4.00
• GRM: 3.0

CMA / ARV

• ARV (median comp): $425,954
• List price: $64,500
• Delta: -84.86%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 72.2%
• Equity multiple: 5.01×
• Total profit: $72,442
• Equity at exit: $29,002

10-year hold

• IRR: 71.7%
• Equity multiple: 10.26×
• Total profit: $167,270
• Equity at exit: $44,696

Cash invested: $18,060 (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 46155

• Active inventory: 3
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$338
• Tax from tax record: −$42 /mo · $498/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $1,015

Break-even live

Break-even rent $515

Max offer price $64,500

Occupancy floor 39%

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10201 N 150 E Lewisville, IN	3.0	2.0	2160	$1,800	$0.83	3d	1	1.20mi

Listing history 20 events

1. 2026-06-18
   days on market $64,500 Active 147 DOM
2. 2026-06-17
   days on market $64,500 Active 146 DOM
3. 2026-06-16
   days on market $64,500 Active 145 DOM
4. 2026-06-15
   days on market $64,500 Active 144 DOM
5. 2026-06-13
   days on market $64,500 Active 142 DOM
6. 2026-06-13
   days on market $64,500 Active 141 DOM
7. 2026-06-09
   days on market $64,500 Active 138 DOM
8. 2026-06-08
   days on market $64,500 Active 137 DOM
9. 2026-06-07
   days on market $64,500 Active 136 DOM
10. 2026-06-05
    days on market $64,500 Active 133 DOM
11. 2026-06-03
    days on market $64,500 Active 132 DOM
12. 2026-06-02
    days on market $64,500 Active 131 DOM
13. 2026-06-02
    remarks 651-char remark
14. 2026-06-01
    days on market $64,500 Active 130 DOM
15. 2026-05-31
    days on market $64,500 Active 129 DOM
16. 2026-04-13
    price $64,500 601-char remark

    Show marketing remark (601 chars)

    Opportunity awaits in this spacious 4-bedroom, 1.5-bath home built in 1900, full of character and potential. Situated on a corner lot, this property offers generously sized rooms and a layout ready for restoration or renovation to match your vision. The home features a two-car garage and wraparound porch, providing flexibility for future improvements. Located near Mays Academy, a well-regarded elementary school, this property is ideal for investors or buyers looking to bring new life to a classic home. With solid bones and a prime location, this is your chance to create something truly special.

17. 2026-01-22
    listed $69,500 Active 601-char remark

    Show marketing remark (601 chars)

    Opportunity awaits in this spacious 4-bedroom, 1.5-bath home built in 1900, full of character and potential. Situated on a corner lot, this property offers generously sized rooms and a layout ready for restoration or renovation to match your vision. The home features a two-car garage and wraparound porch, providing flexibility for future improvements. Located near Mays Academy, a well-regarded elementary school, this property is ideal for investors or buyers looking to bring new life to a classic home. With solid bones and a prime location, this is your chance to create something truly special.

18. 2011-05-05
    soldstatus $14,600
19. 2010-12-09
    historical
20. 2009-09-09
    listed $25,000

ⓘ 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: $498 · $42/mo
• Projected year-2 tax: $523 · $44/mo
• Expected delta: +$25/yr (+$2/mo · 5.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $21,600
• − Mortgage interest: −$3,613
• − Property taxes: −$498
• − Insurance: −$322
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$1,876
• Taxable income: $11,834
• Est. tax owed @ 24.0%: −$2,840
• After-tax cash flow: $9,344/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: Rush County Schools
• NCES district ID: 1809750
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 41% ▼ -14.00%
• Median HH income: $46,237
• Composite: 33.72/100
• National rank: #5377
• State rank: #147 of 301 in IN

Livability — Mays

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

Census & demographics

• Census place: Mays, IN
• City population: 71
• Population (ZIP): 71

Population outlook (Rush County) Hauer SSP2

• Today (2025): 15,654 people
• By 2030: 15,036 · -3.9%
• By 2040: 13,674 · -12.6%
• By 2050: 12,239 · -21.8%
• By 2075: 9,466 · -39.5%
• By 2100: 7,104 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 15%

Political lean MEDSL · Rush

• 2024 margin: Solid R (+54.0) · D 21.9% · R 75.9% · Other 2.2%
• 2008→2024 swing: -40.4pp toward R · 2008: -13.7pp · 2024: -54.0pp
• All cycles: 2024: R+54.0 2020: R+54.0 2016: R+52.2 2012: R+34.3 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+158.0% since first listed

5 events — show timeline

• 2026-04-13 Price Changed $64,500 MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $69,500 MIBOR as Distributed by MLS Grid
• 2011-05-05 Sold (Public Records) $14,600 Public Records
• 2010-12-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-09-09 Listed $25,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2024): $498 · -1.7% YoY. Source: county tax records.