410 W Main St · Redkey, IN 47373

$56,000

2 bd · 1.0 ba · 1,234 sqft · SingleFamily public records · 15 Days on market

Built 1940 7,231 sqft lot Est $57k · at est. ↓ 7% 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
• Appreciation +8.7/10.0
• ARV discount +8.1/15.0
• Livability +3.3/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Check out this 2 possible 3 bedroom 1 bath home in Redkey! The wrap around front porch is a great space to entertain. If you are looking to build some sweat equity in a property this is for you. This would also make a great addition to a rental portfolio.

Key facts

• 7,231 sq ft lot
• Built 1940
• Listed 14 days

Tags

• WRAP AROUND FRONT PORCH

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Single story
• Construction: Vinyl siding; Metal roof; Built as site-built home
• Exterior features: Level lot; Lot dimensions approximately 50 x 145

Interior

• Kitchen: Electric oven
• Bedrooms: 7 total rooms (includes bedroom spaces)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; No cooling
• Interior features: Electric oven; Electric water heater; Water heater; Hardwood floors; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($912 rent vs $56k).
• Recommended offer: $55k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#290 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Redkey Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 269 students, 56% FRL); Jay County Jr/Sr High School (math 34% / reading 41%, grade F, #245 of 369 statewide, top 67%, 1,242 students, 50% FRL).
• Market conditions: 4 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($387 loan paydown + $4k appreciation (7.5% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,160 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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: 1.63% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.50%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $56,764
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
522 S Meridian St	0.53mi	2/1.5	1,268 (+3%)	14mo	$58,000	$46	57
32 W Main St	0.25mi	1/1.0 (-1)	1,072 (-13%)	6mo	$70,000	$65	57
31 S Union St	0.25mi	1/1.0 (-1)	1,052 (-15%)	3mo	$22,000	$21	56

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

Projected returns pro-forma

7.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 3.71×
• Total profit: $42,512
• Equity at exit: $40,635

10-year hold

• IRR: 35.5%
• Equity multiple: 7.86×
• Total profit: $107,595
• Equity at exit: $78,904

Cash invested: $15,680 (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 47373

• Home prices YoY: 2.6%
• Active inventory: 4
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $912 medium
• Mortgage (P&I): −$294
• Tax est. 1.5%: −$70 /mo · $840/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $333

Break-even live

Break-even rent $490

Max offer price $56,000

Occupancy floor 58%

Sensitivity live

Price	-10% $372	-5% $353	+0% $333	+5% $314	+10% $295
Rent	-10% $261	-5% $297	+0% $333	+5% $369	+10% $405
Rate	-1.0pp $361	-0.5pp $347	base $333	+0.5pp $319	+1.0pp $304

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $56,000 Active 15 DOM
2. 2026-06-21
   days on market $56,000 Active 14 DOM
3. 2026-06-18
   days on market $56,000 Active 12 DOM
4. 2026-06-17
   days on market $56,000 Active 11 DOM
5. 2026-06-16
   days on market $56,000 Active 10 DOM
6. 2026-06-15
   days on market $56,000 Active 9 DOM
7. 2026-06-13
   days on market $56,000 Active 7 DOM
8. 2026-06-12
   days on market $56,000 Active 6 DOM
9. 2026-06-09
   days on market $56,000 Active 3 DOM
10. 2026-06-08
    days on market $56,000 Active 2 DOM
11. 2026-06-07
    remarks 255-char remark
12. 2026-06-07
    listed $56,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,940
• − Mortgage interest: −$3,137
• − Property taxes: −$840
• − Insurance: −$280
• − Repairs & maintenance: −$875
• − Management: −$875
• − Depreciation: −$1,629
• Taxable income: $3,304
• Est. tax owed @ 24.0%: −$793
• After-tax cash flow: $3,206/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Redkey

• Score: 66/100
• State rank: #290
• US rank: #11797

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Redkey, IN
• Population (ZIP): 2,218

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 12% Italian 4% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.49%
• Current HPI: 296.9916
• 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

-6.5% since first listed

8 events — show timeline

• 2026-06-06 Listed $56,000 IRMLS
• 2025-10-26 Price Changed $56,000 RRELMS
• 2025-10-26 Price Changed $56,000 IRMLS
• 2025-10-21 Price Changed $58,500 RRELMS
• 2025-10-21 Price Changed $58,500 IRMLS
• 2025-10-15 Relisted — IRMLS
• 2025-10-11 Pending — IRMLS
• 2025-10-04 Listed $59,900 IRMLS

Property tax history

-48.7%/yr

Latest (2017): $68 · +209.1% YoY. Source: county tax records.