1736 Lincolnway W · Osceola, IN 46561

$179,900

3 bd · 1.5 ba · 1,300 sqft · SingleFamily public records · 45 Days on market

Built 1925 7,841 sqft lot Est $205k · 12% under

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Why this score? — see what drove the D+ 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 +13.5/30.0
• ARV discount +13.1/15.0
• Schools +5.1/10.0
• DSCR +4.1/10.0
• 1% rule +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This move-in ready 3 bedroom 1 ½ bathroom home is conveniently located to all major routes and is in the Penn Harris Madison School District. The main level has beautiful hardwood floors, living room with gas log fireplace, kitchen, dining room, and half bathroom. The second level has 3 spacious bedrooms with hardwood floors and full updated bathroom. The finished basement adds additional living space and boasts a family room and bar area. You will not be short on storage space in this home especially in the over sized 2 stall garage. Enjoy cookouts and entertaining in the large fenced in back yard or just simply relaxing. Request your showing today!

Key facts

• Natural light
• Cozy fireplace
• Convenient location

Tags

• HARDWOOD FLOORS
• NATURAL LIGHT
• COZY FIREPLACE
• ENCLOSED FRONT PORCH
• PARTIALLY FINISHED BASEMENT
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; Site-built home; 2 stories; Above-grade finished area and additional finished space below grade
• Construction: Vinyl siding
• Exterior features: Enclosed porch

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Freezer; Electric range
• Bedrooms: Total rooms: 7
• Flooring: Hardwood; Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Natural gas heating; Forced air heating; Central air conditioning
• Interior features: Window treatments; Living room fireplace; Full basement
• Laundry & utility: Washer included; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $5 ($60/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (11.2% below list).
• Recommended offer: $160k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.4% in Osceola — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#144 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Penn-Harris-Madison School Corporation (suburban): math 54% / reading 64% proficiency, ranked #19 of 301 in IN (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elm Road Elementary School (math 52% / reading 49%, grade D+, #269 of 994 statewide, top 27%, 513 students, 43% FRL); Virgil I Grissom Middle School (math 25% / reading 45%, grade F, #164 of 330 statewide, top 50%, 678 students, 46% FRL); Penn High School (math 53% / reading 83%, grade B, #22 of 369 statewide, top 6%, 3,624 students, 27% FRL) — zoned schools average 39% FRL vs 21% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 112 active listings in the ZIP; 754 units permitted in St. Joseph County in 2024 (460 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $95k; list at $180k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,818 (11.2% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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?
5. 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.
6. 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.
7. 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: 0.89% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.12%
• DSCR: 1.01
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $205,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
57074 Guernsey Ave	0.27mi	3/1.5	1,368 (+5%)	4mo	$215,000	$157	75
11940 3rd St	0.30mi	3/2.0	1,240 (-5%)	4mo	$159,000	$128	73
57047 Greenlawn Ave	0.26mi	3/2.0	1,364 (+5%)	7mo	$215,000	$158	72
11544 Lincolnway Hwy	0.08mi	3/1.0	1,200 (-8%)	12mo	$135,000	$113	71
416 Champery Dr	0.38mi	3/2.0	1,266 (-3%)	11mo	$325,000	$257	67
1502 Wilderness Trl	0.36mi	3/2.0	1,414 (+9%)	1mo	$347,500	$246	66
57005 Southshore Dr	0.25mi	2/1.0 (-1)	1,386 (+7%)	9mo	$180,000	$130	63
57149 Greenlawn Ave	0.22mi	2/1.0 (-1)	1,172 (-10%)	5mo	$172,000	$147	62
500 Sky Valley Ct	0.42mi	3/2.0	1,401 (+8%)	12mo	$395,000	$282	56
11571 Riverview Blvd	0.72mi	2/1.0 (-1)	1,296 (-0%)	7mo	$255,000	$197	53
56660 Crescent Dr	0.61mi	3/1.0	1,196 (-8%)	4mo	$190,000	$159	53
56674 Cedar Rd	0.65mi	3/1.0	1,277 (-2%)	14mo	$179,900	$141	53

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

Projected returns pro-forma

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

5-year hold

• IRR: -16.1%
• Equity multiple: 0.43×
• Total profit: $-28,799
• Equity at exit: $26,824

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-24,532
• Equity at exit: $15,554

Cash invested: $50,372 (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 46561

• Home prices YoY: -27.2%
• Active inventory: 112
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,598 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$239 /mo · $2,870/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $5

Break-even live

Break-even rent $1,592

Max offer price $179,900

Occupancy floor 95%

Sensitivity live

Price	-10% $107	-5% $56	+0% $5	+5% $-46	+10% $-97
Rent	-10% $-121	-5% $-58	+0% $5	+5% $68	+10% $131
Rate	-1.0pp $96	-0.5pp $51	base $5	+0.5pp $-42	+1.0pp $-89

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-07
   statusdays on market $179,900 Pending 45 DOM
2. 2026-06-02
   days on market $179,900 Active Under Contract 42 DOM
3. 2026-06-01
   days on market $179,900 Active Under Contract 41 DOM
4. 2026-05-31
   days on market $179,900 Active Under Contract 40 DOM
5. 2026-05-30
   days on market $179,900 Active Under Contract 39 DOM
6. 2026-05-01
   historical Active Under Contract
7. 2026-04-21
   listed $179,900 Active
8. 2018-06-29
   soldstatus $95,000 665-char remark

   Show marketing remark (665 chars)

   This move-in ready 3 bedroom 1 ½ bathroom home is conveniently located to all major routes and is in the Penn Harris Madison School District. The main level has beautiful hardwood floors, living room with gas log fireplace, kitchen, dining room, and half bathroom. The second level has 3 spacious bedrooms with hardwood floors and full updated bathroom. The finished basement adds additional living space and boasts a family room and bar area. You will not be short on storage space in this home especially in the over sized 2 stall garage. Enjoy cookouts and entertaining in the large fenced in back yard or just simply relaxing. Request your showing today!

9. 2018-02-01
   listed $100,000 665-char remark

   Show marketing remark (665 chars)

   This move-in ready 3 bedroom 1 ½ bathroom home is conveniently located to all major routes and is in the Penn Harris Madison School District. The main level has beautiful hardwood floors, living room with gas log fireplace, kitchen, dining room, and half bathroom. The second level has 3 spacious bedrooms with hardwood floors and full updated bathroom. The finished basement adds additional living space and boasts a family room and bar area. You will not be short on storage space in this home especially in the over sized 2 stall garage. Enjoy cookouts and entertaining in the large fenced in back yard or just simply relaxing. Request your showing today!

ⓘ 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: $2,870 · $239/mo
• Projected year-2 tax: $2,870 · $239/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 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: $19,178
• − Mortgage interest: −$10,077
• − Property taxes: −$2,870
• − Insurance: −$900
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$5,233
• Taxable loss: −$2,970
• Est. tax savings @ 24.0%: +$713
• After-tax cash flow: $773/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: Penn-Harris-Madison School Corporation
• NCES district ID: 1808760
• Math proficiency: 54% ▼ -11.00%
• Reading proficiency: 64% ▼ -6.00%
• Median HH income: $59,421
• Composite: 51.11/100
• National rank: #1764
• State rank: #19 of 301 in IN

Livability — Osceola

• Score: 70/100
• State rank: #144
• US rank: #7375

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Osceola, IN
• City population: 14,499
• Population (ZIP): 14,499

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 273,186 people
• By 2030: 273,594 · +0.1%
• By 2040: 271,641 · -0.6%
• By 2050: 269,187 · -1.5%
• By 2075: 263,136 · -3.7%
• By 2100: 245,659 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 7% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4%
• Common ancestry: Romanian 5% Italian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Arabic 1% Korean 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Toss-up / Even · D 50.0% · R 48.5% · Other 1.5%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.1pp · 2024: 1.5pp
• All cycles: 2024: D+1.5 2020: D+5.8 2016: D+0.2 2012: D+3.5 2008: D+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.38%
• Current HPI: 217.644
• 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

+79.9% since first listed

4 events — show timeline

• 2026-05-01 Contingent — IRMLS
• 2026-04-21 Listed $179,900 IRMLS
• 2018-06-29 Sold (MLS) $95,000 IRMLS
• 2018-02-01 Listed $100,000 IRMLS

Property tax history

+15.8%/yr

Latest (2023): $2,870 · +2.0% YoY. Source: county tax records.