105 W 8th St · Burlington, IN 46915

$185,000

4 bd · 4.0 ba · 3,682 sqft · MultiFamily · 213 Days on market

Built 1939 Fair condition 4,356 sqft lot

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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
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity! This property features four 1-bedroom units, one of which has been beautifully updated. Each unit offers an open floor plan and includes appliances for tenant convenience. One unit also provides washer/dryer hookups. With strong rental potential and solid bones, this property is ideal for investors looking to expand their portfolio.

Key facts

• 4,356 sq ft lot
• 4 parking spots
• Built 1939

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $185k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#448 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools C-, amenities F, commute F.
• Carroll Consolidated School Corporation (rural): math 39% / reading 42% proficiency, ranked #129 of 301 in IN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.2% local appreciation)).
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $52k 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 213 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.87% ✓
• Cap rate: 15.75%
• Cash-on-cash: 33.76%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.9%
• Equity multiple: 3.66×
• Total profit: $137,650
• Equity at exit: $107,117

10-year hold

• IRR: 40.7%
• Equity multiple: 7.47×
• Total profit: $335,029
• Equity at exit: $186,783

Cash invested: $51,800 (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 46915

• Home prices YoY: 2.0%
• Active inventory: 4
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,463 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$727
• Net cashflow: $1,457

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,464
Total (4 units)			$3,463

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $185,000 Active 213 DOM
2. 2026-06-18
   days on market $185,000 Active 212 DOM
3. 2026-06-17
   days on market $185,000 Active 211 DOM
4. 2026-06-16
   days on market $185,000 Active 210 DOM
5. 2026-06-15
   days on market $185,000 Active 209 DOM
6. 2026-06-14
   days on market $185,000 Active 207 DOM
7. 2026-06-13
   days on market $185,000 Active 206 DOM
8. 2026-06-10
   days on market $185,000 Active 204 DOM
9. 2026-06-09
   days on market $185,000 Active 203 DOM
10. 2026-06-08
    days on market $185,000 Active 202 DOM
11. 2026-06-07
    days on market $185,000 Active 201 DOM
12. 2026-06-05
    days on market $185,000 Active 198 DOM
13. 2026-06-03
    days on market $185,000 Active 197 DOM
14. 2026-06-02
    days on market $185,000 Active 196 DOM
15. 2026-06-01
    days on market $185,000 Active 195 DOM
16. 2026-05-31
    days on market $185,000 Active 194 DOM
17. 2026-05-30
    days on market $185,000 Active 193 DOM
18. 2025-11-19
    price $185,000 364-char remark

    Show marketing remark (364 chars)

    Great investment opportunity! This property features four 1-bedroom units, one of which has been beautifully updated. Each unit offers an open floor plan and includes appliances for tenant convenience. One unit also provides washer/dryer hookups. With strong rental potential and solid bones, this property is ideal for investors looking to expand their portfolio.

19. 2025-11-18
    listed $175,000 Active 364-char remark

    Show marketing remark (364 chars)

    Great investment opportunity! This property features four 1-bedroom units, one of which has been beautifully updated. Each unit offers an open floor plan and includes appliances for tenant convenience. One unit also provides washer/dryer hookups. With strong rental potential and solid bones, this property is ideal for investors looking to expand their portfolio.

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,556
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$3,324
• − Management: −$3,324
• − Depreciation: −$5,382
• Taxable income: $15,462
• Est. tax owed @ 24.0%: −$3,711
• After-tax cash flow: $13,776/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 · 9 photos

Fair 45/100 Moderate rehab

This multi-family property has average condition with moderate rehab needs. Upgrades to exterior paint, kitchen cabinets, and bathrooms would significantly enhance its value.

Repairs flagged

• Minor Kitchen cabinets — Some wear
• Minor Bathroom fixtures — Some wear
• Moderate Exterior paint — Some discoloration

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace worn kitchen cabinets — Improves functionality and aesthetics
• Both Replace worn bathroom fixtures — Enhances functionality and aesthetics
• Both Landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some wear	Minor	$500–3,000
Bathroom fixtures · Some wear	Minor	$500–3,000
Exterior paint · Some discoloration	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace worn kitchen cabinets — Improves functionality and aesthetics ↑
• Both Replace worn bathroom fixtures — Enhances functionality and aesthetics ↑
• Both Landscaping — Enhances curb appeal and value ↑

ⓘ 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: Carroll Consolidated School Corporation
• NCES district ID: 1801290
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 42% ▼ -12.00%
• Median HH income: $51,686
• Composite: 35.06/100
• National rank: #5031
• State rank: #129 of 301 in IN

Livability — Burlington

• Score: 63/100
• State rank: #448
• US rank: #15884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burlington, IN
• Population (ZIP): 639

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Lithuanian 5% Portuguese 2% Slovak 2%
• Foreign-born: 0%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.20%
• Current HPI: 269.5796
• 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

+5.7% since first listed

2 events — show timeline

• 2025-11-19 Price Changed $185,000 IRMLS
• 2025-11-18 Listed $175,000 IRMLS