6515 N 550 W · Arlington, IN 46104

$40,000

5 bd · 2.0 ba · 2,432 sqft · SingleFamily public records · 3 Days on market

Built 1905 ↓ 33% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Here's a farmhouse waiting for a family who needs space and has ideas to bring back the country charm. The home has hardwood floors in many rooms, possibility for 5 bedrooms, a separate dining room and almost a full acre with quiet, quiet, quiet! Will need some updates but it has good bones.

Key facts

• Quiet rural setting
• Detached outbuilding
• Open farm views

Tags

• DETACHED OUTBUILDING
• QUIET RURAL SETTING
• OPEN FARM VIEWS
• LOW-TRAFFIC COUNTY ROAD

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).

Location & tenants

• Location reads 73/100 on livability (#90 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• C A Beard Memorial School Corporation (rural): math 29% / reading 33% proficiency, ranked #231 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 59 units permitted in Rush County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($277 loan paydown + $1k appreciation (2.8% 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 (2.8% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y 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 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 3.50% ✓
• Cap rate: 32.08%
• Cash-on-cash: 92.08%
• DSCR: 5.10
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 96.2%
• Equity multiple: 6.28×
• Total profit: $59,099
• Equity at exit: $17,496

10-year hold

• IRR: 95.9%
• Equity multiple: 12.99×
• Total profit: $134,262
• Equity at exit: $26,588

Cash invested: $11,200 (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 46104

• Home prices YoY: 1.4%
• Active inventory: 8
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,402 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$21 /mo · $257/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $859

Break-even live

Break-even rent $314

Max offer price $40,000

Occupancy floor 34%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $40,000 Active 3 DOM
2. 2026-06-17
   days on market $40,000 Active 2 DOM
3. 2026-06-16
   remarks 655-char remark
4. 2026-06-16
   listed $40,000 Active 1 DOM

ⓘ 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: $257 · $21/mo
• Projected year-2 tax: $298 · $25/mo
• Expected delta: +$42/yr (+$3/mo · 16.2%)

ⓘ 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 ≥100°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: $16,819
• − Mortgage interest: −$2,241
• − Property taxes: −$257
• − Insurance: −$200
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$1,164
• Taxable income: $10,267
• Est. tax owed @ 24.0%: −$2,464
• After-tax cash flow: $7,849/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: C A Beard Memorial School Corporation
• NCES district ID: 1801060
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 33% ▼ -10.00%
• Median HH income: $47,269
• Composite: 26.76/100
• National rank: #7133
• State rank: #231 of 301 in IN

Livability — Arlington

• Score: 73/100
• State rank: #90
• US rank: #5137

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,098

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 (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Scottish 2% Serbian 2%
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 2.78%
• Current HPI: 204.0035
• 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

-33.2% since first listed

8 events — show timeline

• 2026-06-16 Listed $40,000 FSBO.com
• 2018-12-06 Sold (Public Records) $38,700 Public Records
• 2014-07-30 Sold (Public Records) $48,900 Public Records
• 2012-03-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-03-27 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2011-12-26 Listed $32,900 MIBOR as Distributed by MLS Grid
• 2011-11-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-02-04 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

-12.6%/yr

Latest (2024): $257 · -1.2% YoY. Source: county tax records.