900 E Cherry St · Petersburg, IN 47567

$249,900

4 bd · 3.0 ba · 2,316 sqft · MultiFamily public records · 58 Days on market

Built 1920 0.25 ac lot $108/sqft · 199% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Strong income-producing triplex with great tenants in Petersburg! This fully occupied property features three units, including two 2-bedroom units and one 1-bedroom unit, all supported by a consistent rental history and expenses kept to a minimum. All units include appliances, updated kitchen cabinets, and have solid hardwood floors, giving a more resiliant option compared to other flooring types. Off-street parking adds additional tenant benefit and the storage area works out great for the property manager or owner to store equipment. This is a stabilized asset ideal for investors seeking reliable cash flow, low vacancy risk, and a solid addition to a growing portfolio. Don't miss this opp

Key facts

• 0.25 acre lot
• 4 parking spots
• Built 1920

Property features AI

Finance

• Other: Allows pets; Green/energy efficient appliances, HVAC, and water heater
• Financial info: Property listed as residential income (triplex)

Exterior

• Parking: 4 open parking spaces; Gravel off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex); 2 stories
• Construction: Vinyl siding; Asphalt roof; Crawl space foundation; Built as a triplex
• Exterior features: Covered porch; Corner lot; Sloped lot

Interior

• Kitchen: Microwave; Range; Refrigerator; Kitchen island
• Flooring: Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air; Window units; Multiple cooling units
• Interior features: Bar; Eat-in kitchen; Entrance foyer; Kitchen island
• Laundry & utility: Washer hookup; Dryer; Washer

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#231 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Pike County School Corporation (rural): math 29% / reading 39% proficiency, ranked #203 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Petersburg Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 458 students, 57% FRL); Pike Central Middle School (math 20% / reading 33%, grade F, #236 of 330 statewide, top 72%, 366 students, 49% FRL); Pike Central High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 475 students, 44% FRL) — zoned schools average 50% FRL vs 33% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 7 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Pike County population projected at -20% 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 $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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.
• Current owner paid $163k; list at $250k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.54%
• DSCR: 1.87
• GRM: 5.9

CMA / ARV

• ARV (median comp): $83,556
• List price: $249,900
• Delta: 199.08%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.6%
• Equity multiple: 1.46×
• Total profit: $32,052
• Equity at exit: $37,261

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $121,307
• Equity at exit: $21,607

Cash invested: $69,972 (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 47567

• Home prices YoY: -5.7%
• Active inventory: 28
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $3,505 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$215 /mo · $2,582/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $1,139

Break-even live

Break-even rent $2,063

Max offer price $249,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,281	-5% $1,210	+0% $1,139	+5% $1,068	+10% $998
Rent	-10% $862	-5% $1,001	+0% $1,139	+5% $1,278	+10% $1,416
Rate	-1.0pp $1,265	-0.5pp $1,203	base $1,139	+0.5pp $1,074	+1.0pp $1,009

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,304
1× unit	1	1	$1,201
Total (3 units)			$3,505

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $249,900 Active 58 DOM
2. 2026-06-19
   days on market $249,900 Active 56 DOM
3. 2026-06-18
   days on market $249,900 Active 55 DOM
4. 2026-06-17
   days on market $249,900 Active 54 DOM
5. 2026-06-16
   days on market $249,900 Active 53 DOM
6. 2026-06-15
   days on market $249,900 Active 52 DOM
7. 2026-06-14
   days on market $249,900 Active 50 DOM
8. 2026-06-12
   days on market $249,900 Active 49 DOM
9. 2026-06-09
   days on market $249,900 Active 46 DOM
10. 2026-06-08
    days on market $249,900 Active 45 DOM
11. 2026-06-07
    days on market $249,900 Active 44 DOM
12. 2026-06-07
    days on market $249,900 Active 43 DOM
13. 2026-06-04
    days on market $249,900 Active 40 DOM
14. 2026-06-02
    days on market $249,900 Active 39 DOM
15. 2026-06-01
    days on market $249,900 Active 38 DOM
16. 2026-05-31
    days on market $249,900 Active 37 DOM
17. 2026-05-31
    days on market $249,900 Active 36 DOM
18. 2026-04-23
    listed $249,900 Active 838-char remark
19. 2026-03-13
    price $265,000
20. 2025-10-03
    listed $275,000 Active
21. 2014-09-02
    listed $99,500
22. 2012-10-15
    soldstatus $163,000

ⓘ 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: $2,582 · $215/mo
• Projected year-2 tax: $2,582 · $215/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 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,060
• − Mortgage interest: −$13,998
• − Property taxes: −$2,582
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,365
• − Management: −$3,365
• − Depreciation: −$7,270
• Taxable income: $10,231
• Est. tax owed @ 24.0%: −$2,455
• After-tax cash flow: $11,214/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: Pike County School Corporation
• NCES district ID: 1808900
• Math proficiency: 29% ▼ -6.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $43,646
• Composite: 28.88/100
• National rank: #6642
• State rank: #203 of 301 in IN

Livability — Petersburg

• Score: 68/100
• State rank: #231
• US rank: #9979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, IN
• Population (ZIP): 6,187

Population outlook (Pike County) Hauer SSP2

• Today (2025): 11,816 people
• By 2030: 11,348 · -4.0%
• By 2040: 10,351 · -12.4%
• By 2050: 9,410 · -20.4%
• By 2075: 7,638 · -35.4%
• By 2100: 6,118 · -48.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Native American 2% Two or more races 1%
• Common ancestry: Slovak 3% Portuguese 2% Serbian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Pike

• 2024 margin: Solid R (+54.9) · D 21.9% · R 76.7% · Other 1.4%
• 2008→2024 swing: -46.2pp toward R · 2008: -8.6pp · 2024: -54.9pp
• All cycles: 2024: R+54.9 2020: R+52.7 2016: R+51.9 2012: R+25.4 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.97%
• Current HPI: 216.028
• 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

+53.3% since first listed

5 events — show timeline

• 2026-04-23 Listed $249,900 IRMLS
• 2026-03-13 Price Changed $265,000 IRMLS
• 2025-10-03 Listed $275,000 IRMLS
• 2014-09-02 Listed $99,500 IRMLS
• 2012-10-15 Sold (Public Records) $163,000 Public Records

Property tax history

+0.1%/yr

Latest (2024): $2,582 · +4.6% YoY. Source: county tax records.