5390 N Clay St · Butlerville, IN 47223

$109,000

1 bd · 1.0 ba · 960 sqft · SingleFamily · 1 Days on market

Built 1994 0.75 ac lot

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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 +9.7/30.0
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• 1% rule +2.9/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

One Bed One Bath apartment inside a custom pole barn structure. Simple living paired with functionality right off of historic Highway 50 near Nebraska.

Key facts

• 0.75 acre lot
• 2 garage spots
• Built 1994

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $-71 ($-857/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (20.8% below list).
• Recommended offer: $86k (20.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 49/100 on livability (#656 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: health & safety D, amenities F, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brush Creek Elementary School (math 32% / reading 34%, grade F, #639 of 994 statewide, top 65%, 312 students, 66% FRL); Jennings County Middle School (math 28% / reading 36%, grade F, #190 of 330 statewide, top 59%, 626 students, 62% FRL); Jennings County High School (math 26% / reading 62%, grade F, #189 of 369 statewide, top 51%, 1,184 students, 52% FRL).
• Market conditions: 12 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($754 loan paydown + $10k appreciation (8.9% local appreciation)).
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $86,313 (20.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.79% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.88
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 2.53×
• Total profit: $46,777
• Equity at exit: $89,629

10-year hold

• IRR: 18.4%
• Equity multiple: 5.58×
• Total profit: $139,762
• Equity at exit: $184,843

Cash invested: $30,520 (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 47223

• Home prices YoY: 3.5%
• Active inventory: 12
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $863 medium
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $-71

Break-even live

Break-even rent $954

Max offer price $98,668

Occupancy floor —

Sensitivity live

Price	-10% $4	-5% $-34	+0% $-71	+5% $-109	+10% $-147
Rent	-10% $-140	-5% $-105	+0% $-71	+5% $-37	+10% $-3
Rate	-1.0pp $-17	-0.5pp $-44	base $-71	+0.5pp $-100	+1.0pp $-128

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-10
   status Pending
2. 2026-03-08
   listed $109,000 Active

ⓘ 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 4/10 Moderate 7 d/yr ≥103°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: $10,358
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$545
• − Repairs & maintenance: −$829
• − Management: −$829
• − Depreciation: −$3,171
• Taxable loss: −$2,756
• Est. tax savings @ 24.0%: +$662
• After-tax cash flow: $-195/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — Butlerville

• Score: 49/100
• State rank: #656
• US rank: #25946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,190

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 9%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.90%
• Current HPI: 264.6536
• 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

2 events — show timeline

• 2026-03-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-08 Listed $109,000 MIBOR as Distributed by MLS Grid