504 Mclean St · Ligonier, IN 46767

$90,000

3 bd · 1.5 ba · 2,248 sqft · SingleFamily public records · 287 Days on market

Built 1866 0.25 ac lot ↓ 10% since listing

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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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Investors don't miss this brick house sold AS IS, with loads of potential its a great opportunity waiting to be seized, and unlock its value.

Key facts

• 0.25 acre lot
• Built 1866
• Listed 287 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#543 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment D-.
• West Noble School Corporation (rural): math 30% / reading 30% proficiency, ranked #237 of 301 in IN (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Noble Primary School (329 students, 59% FRL); West Noble Middle School (math 29% / reading 31%, grade F, #208 of 330 statewide, top 64%, 671 students, 61% FRL); West Noble High School (math 30% / reading 75%, grade C-, #102 of 369 statewide, top 28%, 697 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 14 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($622 loan paydown + $5k appreciation (5.2% local appreciation)).
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 1866 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 287 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 1866 — 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: 1.38% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.04%
• DSCR: 1.67
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $204,568
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1008 S Main St	0.31mi	3/2.0	2,196 (-2%)	10mo	$136,750	$62	71
1002 S Cavin St	0.26mi	3/2.0	2,138 (-5%)	11mo	$155,000	$72	68
503 S Main St	0.12mi	3/2.5	2,040 (-9%)	15mo	$245,000	$120	62
404 Grand Street St	0.31mi	4/2.0 (+1)	2,076 (-8%)	15mo	$215,020	$104	53
305 W College St	0.41mi	4/2.0 (+1)	2,424 (+8%)	23mo	$195,000	$80	41
505 W Union St	0.45mi	4/2.0 (+1)	2,525 (+12%)	13mo	$229,000	$91	40
705 W Union St	0.74mi	4/2.5 (+1)	2,030 (-10%)	15mo	$439,900	$217	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.21% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.3%
• Equity multiple: 2.67×
• Total profit: $41,970
• Equity at exit: $52,130

10-year hold

• IRR: 25.2%
• Equity multiple: 5.33×
• Total profit: $109,105
• Equity at exit: $90,917

Cash invested: $25,200 (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 46767

• Home prices YoY: 1.8%
• Active inventory: 14
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$158 /mo · $1,902/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $316

Break-even live

Break-even rent $846

Max offer price $90,000

Occupancy floor 70%

Sensitivity live

Price	-10% $367	-5% $341	+0% $316	+5% $290	+10% $265
Rent	-10% $217	-5% $267	+0% $316	+5% $365	+10% $414
Rate	-1.0pp $361	-0.5pp $339	base $316	+0.5pp $293	+1.0pp $269

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-07
   status Pending
2. 2026-05-07
   historical
3. 2026-04-10
   status Pending
4. 2025-11-06
   status Active
5. 2025-06-06
   listed $90,000 Active
6. 2024-08-18
   price $89,900
7. 2024-06-16
   price $94,900
8. 2024-06-01
   listed $100,000 Active

ⓘ 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: $1,902 · $158/mo
• Projected year-2 tax: $1,902 · $158/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 3/10 Moderate 7 d/yr ≥99°F today · 16 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: $14,945
• − Mortgage interest: −$5,041
• − Property taxes: −$1,902
• − Insurance: −$450
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$2,618
• Taxable income: $2,542
• Est. tax owed @ 24.0%: −$610
• After-tax cash flow: $3,181/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: West Noble School Corporation
• NCES district ID: 1812900
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 30% ▼ -11.00%
• Median HH income: $46,628
• Composite: 25.89/100
• National rank: #7339
• State rank: #237 of 301 in IN

Livability — Ligonier

• Score: 60/100
• State rank: #543
• US rank: #19465

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ligonier, IN
• Population (ZIP): 8,979

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 35% Two or more races 20%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Italian 8% Lithuanian 2% Polish 2%
• Foreign-born: 13% · Canada, China
• Languages at home: 50% English-only · Spanish 30% German/W. Germanic 19%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.21%
• Current HPI: 296.6917
• 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

-10.0% since first listed

8 events — show timeline

• 2026-05-07 Pending — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-10 Pending — IRMLS
• 2025-11-06 Relisted — IRMLS
• 2025-06-06 Listed $90,000 IRMLS
• 2024-08-18 Price Changed $89,900 IRMLS
• 2024-06-16 Price Changed $94,900 IRMLS
• 2024-06-01 Listed $100,000 IRMLS

Property tax history

-0.4%/yr

Latest (2024): $1,902 · -0.8% YoY. Source: county tax records.