195 Morgan Rd · New Amsterdam, IN 40157

$228,000

3 bd · 1.5 ba · 1,600 sqft · Other · 40 Days on market

16 ac lot

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Why this score? — see what drove the D- 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).

• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Schools +3.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• 1% rule +0.4/10.0

Listing remarks MLS

Investor special with potential on 16 acres in the heart of Payneville! Situated on a partially fenced lot, this property offers a great opportunity for those looking for a fixer-upper project or a place to customize. The home will require repairs and updates, making it ideal for cash buyers or renovation loans, as it will likely not qualify for traditional financing. The property does feature internet availability, adding convenience for future use or resale. With some vision and work, this could be transformed into a charming rural retreat! If you're looking for a project with upside and a peaceful setting, this one is worth a look!

Key facts

• Partially fenced lot
• 16 acres
• 16 acre lot

Tags

• 16 ACRES
• PARTIALLY FENCED LOT
• INTERNET AVAILABILITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $228k.

Deal economics

• At list price, monthly cash flow is $-377 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (29.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (46.4% below list).
• Recommended offer: $122k (46.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#275 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime C-, schools D+, amenities F.
• Meade County (rural): math 41% / reading 48% proficiency, ranked #21 of 165 in KY (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 124 units permitted in Meade County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $15k appreciation (6.5% local appreciation)).
• Meade County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $87k; list at $228k implies a 163% gain — meaningful room to come down on a strong offer.

Recommended offer $122,152 (46.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.54% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.09%
• DSCR: 0.68
• GRM: 15.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.76×
• Total profit: $48,584
• Equity at exit: $150,679

10-year hold

• IRR: 11.9%
• Equity multiple: 3.50×
• Total profit: $159,858
• Equity at exit: $279,829

Cash invested: $63,840 (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 40157

• Home prices YoY: 3.8%
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $1,222 medium
• Mortgage (P&I): −$1,196
• Tax from tax record: −$52 /mo · $619/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-377

Break-even live

Break-even rent $1,699

Max offer price $161,356

Occupancy floor —

Sensitivity live

Price	-10% $-248	-5% $-313	+0% $-377	+5% $-442	+10% $-506
Rent	-10% $-474	-5% $-426	+0% $-377	+5% $-329	+10% $-281
Rate	-1.0pp $-262	-0.5pp $-319	base $-377	+0.5pp $-436	+1.0pp $-496

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-14
   price $230,000 644-char remark

   Show marketing remark (644 chars)

   Investor special with potential on 16 acres in the heart of Payneville! Situated on a partially fenced lot, this property offers a great opportunity for those looking for a fixer-upper project or a place to customize. The home will require repairs and updates, making it ideal for cash buyers or renovation loans, as it will likely not qualify for traditional financing. The property does feature internet availability, adding convenience for future use or resale. With some vision and work, this could be transformed into a charming rural retreat! If you're looking for a project with upside and a peaceful setting, this one is worth a look!

2. 2026-05-08
   price $233,000 644-char remark

   Show marketing remark (644 chars)

   Investor special with potential on 16 acres in the heart of Payneville! Situated on a partially fenced lot, this property offers a great opportunity for those looking for a fixer-upper project or a place to customize. The home will require repairs and updates, making it ideal for cash buyers or renovation loans, as it will likely not qualify for traditional financing. The property does feature internet availability, adding convenience for future use or resale. With some vision and work, this could be transformed into a charming rural retreat! If you're looking for a project with upside and a peaceful setting, this one is worth a look!

3. 2026-04-29
   price $236,000 644-char remark

   Show marketing remark (644 chars)

   Investor special with potential on 16 acres in the heart of Payneville! Situated on a partially fenced lot, this property offers a great opportunity for those looking for a fixer-upper project or a place to customize. The home will require repairs and updates, making it ideal for cash buyers or renovation loans, as it will likely not qualify for traditional financing. The property does feature internet availability, adding convenience for future use or resale. With some vision and work, this could be transformed into a charming rural retreat! If you're looking for a project with upside and a peaceful setting, this one is worth a look!

4. 2026-04-16
   listed $238,000 Active 644-char remark

   Show marketing remark (644 chars)

   Investor special with potential on 16 acres in the heart of Payneville! Situated on a partially fenced lot, this property offers a great opportunity for those looking for a fixer-upper project or a place to customize. The home will require repairs and updates, making it ideal for cash buyers or renovation loans, as it will likely not qualify for traditional financing. The property does feature internet availability, adding convenience for future use or resale. With some vision and work, this could be transformed into a charming rural retreat! If you're looking for a project with upside and a peaceful setting, this one is worth a look!

5. 2026-01-30
   soldstatus $86,790

ⓘ 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: $619 · $52/mo
• Projected year-2 tax: $1,279 · $107/mo
• Expected delta: +$659/yr (+$55/mo · 106.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,658
• − Mortgage interest: −$12,772
• − Property taxes: −$619
• − Insurance: −$1,140
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$6,633
• Taxable loss: −$8,851
• Est. tax savings @ 24.0%: +$2,124
• After-tax cash flow: $-2,403/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: Meade County
• NCES district ID: 2104050
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 48% ▼ -12.00%
• Median HH income: $49,628
• Composite: 38.17/100
• National rank: #4265
• State rank: #21 of 165 in KY

Livability — New Amsterdam

• Score: 66/100
• State rank: #275
• US rank: #11483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 845

Population outlook (Meade County) Hauer SSP2

• Today (2025): 26,977 people
• By 2030: 26,162 · -3.0%
• By 2040: 24,029 · -10.9%
• By 2050: 21,658 · -19.7%
• By 2075: 16,994 · -37.0%
• By 2100: 15,586 · -42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Meade

• 2024 margin: Solid R (+52.1) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: -20.9pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+46.4 2016: R+46.1 2012: R+22.8 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.51%
• Current HPI: 178.4721
• 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

+165.0% since first listed

5 events — show timeline

• 2026-05-14 Price Changed $230,000 Metro Search MLS
• 2026-05-08 Price Changed $233,000 Metro Search MLS
• 2026-04-29 Price Changed $236,000 Metro Search MLS
• 2026-04-16 Listed $238,000 Metro Search MLS
• 2026-01-30 Sold (Public Records) $86,790 Public Records

Property tax history

-3.8%/yr

Latest (2025): $619 · -1.1% YoY. Source: county tax records.