206 N State St · Sullivan, IN 47882

$129,900

2 bd · 3.0 ba · 1,332 sqft · MultiFamily public records · 19 Days on market

Built 1880 8,580 sqft lot ↓ 7% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

A Rare Opportunity Full of Character, Charm, and Endless Possibilities Some homes simply have a story to tell—and 206 N State St is one of them. Built in 1880, this spacious 4–5 bedroom home is filled with the timeless details you just can’t recreate today. From the beautiful original woodwork and hardwood floors to the elegant pocket doors, formal dining room, and 2 original fireplaces, the character of this home shines through in every room. Sit and relax on the covered porch, enjoy the extra space of the enclosed porch, and appreciate the convenience of the carport, basement, and corner lot location. Yes, it needs a little TLC but for the right buyer, this is the chanc

Key facts

• Covered porch
• Pocket doors
• Formal dining room

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• POCKET DOORS
• FORMAL DINING ROOM
• ORIGINAL FIREPLACES
• COVERED PORCH

Property features AI

Exterior

• Parking: Attached paved garage
• Utilities: Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding; Shingle roof
• Exterior features: Covered porch; Guest house

Interior

• Flooring: Hardwood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Hardwood flooring; Contains fireplace (2 total); Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $-197 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (26.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (23.4% below list).
• Recommended offer: $95k (26.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sullivan Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 663 students, 50% FRL); Sullivan Middle School (math 39% / reading 45%, grade D-, #102 of 330 statewide, top 32%, 298 students, 49% FRL); Sullivan High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 499 students, 46% FRL).
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $65k; list at $130k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,167 (26.7% 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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.77% ✗
• Cap rate: 4.48%
• Cash-on-cash: -6.49%
• DSCR: 0.71
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -27.4%
• Equity multiple: 0.08×
• Total profit: $-33,505
• Equity at exit: $19,369

10-year hold

• IRR: -25.3%
• Equity multiple: -0.24×
• Total profit: $-45,027
• Equity at exit: $11,231

Cash invested: $36,372 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$247 /mo · $2,968/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $-197

Break-even live

Break-even rent $1,244

Max offer price $95,167

Occupancy floor —

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	14d	1	0.71mi
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	12d	1	0.71mi

Listing history 20 events

1. 2026-06-16
   days on market $129,900 Active 19 DOM
2. 2026-06-15
   days on market $129,900 Active 18 DOM
3. 2026-06-13
   days on market $129,900 Active 16 DOM
4. 2026-06-12
   days on market $129,900 Active 15 DOM
5. 2026-06-09
   days on market $129,900 Active 12 DOM
6. 2026-06-08
   days on market $129,900 Active 11 DOM
7. 2026-06-07
   days on market $129,900 Active 10 DOM
8. 2026-06-07
   days on market $129,900 Active 9 DOM
9. 2026-06-04
   days on market $129,900 Active 6 DOM
10. 2026-06-02
    days on market $129,900 Active 5 DOM
11. 2026-06-01
    days on market $129,900 Active 4 DOM
12. 2026-05-31
    days on market $129,900 Active 3 DOM
13. 2026-05-31
    days on market $129,900 Active 2 DOM
14. 2026-05-28
    listed $129,900 Active
15. 2019-04-09
    soldstatus $65,000
16. 2019-04-09
    soldstatus $65,000
17. 2018-11-21
    listed $77,500
18. 2018-10-31
    listed $77,500
19. 2017-08-03
    listed $99,900
20. 2016-10-18
    listed $139,900

ⓘ 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: $2,968 · $247/mo
• Projected year-2 tax: $2,968 · $247/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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: $11,940
• − Mortgage interest: −$7,276
• − Property taxes: −$2,968
• − Insurance: −$650
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$3,779
• Taxable loss: −$4,643
• Est. tax savings @ 24.0%: +$1,114
• After-tax cash flow: $-1,245/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IN
• City population: 8,494
• Population (ZIP): 8,494

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.79%
• Current HPI: 190.5334
• 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

-7.1% since first listed

7 events — show timeline

• 2026-05-28 Listed $129,900 THAAR
• 2019-04-09 Sold (MLS) $65,000 IRMLS
• 2019-04-09 Sold (MLS) $65,000 THAAR
• 2018-11-21 Listed $77,500 IRMLS
• 2018-10-31 Listed $77,500 THAAR
• 2017-08-03 Listed $99,900 IRMLS
• 2016-10-18 Listed $139,900 IRMLS

Property tax history

+3.7%/yr

Latest (2024): $2,968 · +18.7% YoY. Source: county tax records.