1515 Canterbury Dr · Shelbyville, IN 46176

$225,000

3 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 78 Days on market

Built 1977 7,072 sqft lot $139/sqft · at area comps Est $291k · 23% under ↓ 2% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +9.6/30.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you are searching for a spacious family home in a quiet neighborhood, this is the home for you. Bring your decorating ideas and imagine the possibilities for this well-built home located in Canterbury Subdivision. This well kept home offers a nice size living room opening into the formal dining area, step saver fully equipped kitchen. The upper level offers three bedrooms, large linen closet and full bath. Lower levels feature a generous size family room perfect for kids, office or could be converted into a 4th bedroom. The lower level also offers a full bath and laundry room with tons of storage space. Two car attached garage, plenty of off street parking, fenced in patio area plus a rear yard big enough for swing sets, storage sheds and a garden. Walking distance to Shelbyville Schools. Just a few cosmetic touches will make this home updated and ready for the wonderful next family. New sump pump, central air / heat pump new in 2010. Siding, windows and roof are older but in good condition.

Key facts

• Large linen closet
• New sump pump
• Formal dining area

Tags

• FORMAL DINING AREA
• FULLY EQUIPPED KITCHEN
• LARGE LINEN CLOSET
• GENEROUS SIZE FAMILY ROOM
• FENCED IN PATIO AREA
• NEW SUMP PUMP

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (32.9% below list).
• Recommended offer: $151k (32.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.0% in Shelbyville — 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 63/100 on livability (#450 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Shelbyville Central Schools (town): math 40% / reading 39% proficiency, ranked #148 of 301 in IN (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas A Hendricks Elementary Sch (math 49% / reading 39%, grade F, #408 of 994 statewide, top 41%, 533 students, 66% FRL); Shelbyville Middle School (math 37% / reading 39%, grade F, #136 of 330 statewide, top 44%, 882 students, 62% FRL); Shelbyville Sr High School (math 31% / reading 60%, grade D-, #164 of 369 statewide, top 45%, 1,101 students, 57% FRL) — zoned schools average 62% FRL vs 46% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 238 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 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.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Recommended offer $151,074 (32.9% 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. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.67% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• GRM: 12.4

CMA / ARV

• ARV (median comp): $290,938
• List price: $225,000
• Delta: -22.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1546 Beckett Dr	0.06mi	3/2.0	1,684 (+4%)	5mo	$270,000	$160	86
2135 S Miller Ave	0.14mi	3/2.0	1,680 (+4%)	6mo	$275,000	$164	82
1440 Aaron Dr W	0.11mi	3/2.5	1,745 (+8%)	8mo	$328,000	$188	73
2207 S Fairview Dr	0.19mi	3/1.0	1,482 (-8%)	1mo	$250,000	$169	72
1034 Fallway Dr	0.60mi	3/2.0	1,644 (+2%)	2mo	$305,000	$186	68
1106 Summer Way Ct	0.45mi	4/2.0 (+1)	1,653 (+2%)	4mo	$295,000	$178	67
2511 Countryside Westview Dr	0.24mi	3/2.0	1,743 (+8%)	13mo	$300,000	$172	65
2233 S Miller Ave	0.10mi	3/1.0	1,416 (-13%)	12mo	$232,500	$164	60
2309 Premier St	0.43mi	3/2.0	1,420 (-12%)	8mo	$267,000	$188	53
1027 Summer Way Dr	0.60mi	3/2.0	1,455 (-10%)	14mo	$267,500	$184	44
1027 Springway Dr	0.58mi	3/2.0	1,387 (-14%)	11mo	$267,500	$193	40
2130 Theobald St	0.63mi	3/1.5	1,804 (+11%)	12mo	$218,000	$121	40

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: -21.2%
• Equity multiple: 0.27×
• Total profit: $-46,214
• Equity at exit: $33,548

10-year hold

• IRR: -14.8%
• Equity multiple: 0.16×
• Total profit: $-53,097
• Equity at exit: $19,454

Cash invested: $63,000 (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 46176

• Home prices YoY: -33.9%
• Active inventory: 238
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,511 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$71 /mo · $855/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-151

Break-even live

Break-even rent $1,702

Max offer price $198,241

Occupancy floor —

Sensitivity live

Price	-10% $-24	-5% $-88	+0% $-151	+5% $-215	+10% $-279
Rent	-10% $-271	-5% $-211	+0% $-151	+5% $-92	+10% $-32
Rate	-1.0pp $-38	-0.5pp $-94	base $-151	+0.5pp $-210	+1.0pp $-269

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $225,000 Active 78 DOM
2. 2026-06-18
   days on market $225,000 Active 75 DOM
3. 2026-06-17
   days on market $225,000 Active 74 DOM
4. 2026-06-16
   days on market $225,000 Active 73 DOM
5. 2026-06-15
   days on market $225,000 Active 72 DOM
6. 2026-06-13
   days on market $225,000 Active 70 DOM
7. 2026-06-13
   days on market $225,000 Active 69 DOM
8. 2026-06-09
   days on market $225,000 Active 66 DOM
9. 2026-06-08
   days on market $225,000 Active 65 DOM
10. 2026-06-07
    days on market $225,000 Active 64 DOM
11. 2026-06-03
    days on market $225,000 Active 60 DOM
12. 2026-06-02
    days on market $225,000 Active 59 DOM
13. 2026-06-01
    days on market $225,000 Active 58 DOM
14. 2026-05-31
    days on market $225,000 Active 57 DOM
15. 2026-04-27
    price $225,000 1010-char remark

    Show marketing remark (1010 chars)

    If you are searching for a spacious family home in a quiet neighborhood, this is the home for you. Bring your decorating ideas and imagine the possibilities for this well-built home located in Canterbury Subdivision. This well kept home offers a nice size living room opening into the formal dining area, step saver fully equipped kitchen. The upper level offers three bedrooms, large linen closet and full bath. Lower levels feature a generous size family room perfect for kids, office or could be converted into a 4th bedroom. The lower level also offers a full bath and laundry room with tons of storage space. Two car attached garage, plenty of off street parking, fenced in patio area plus a rear yard big enough for swing sets, storage sheds and a garden. Walking distance to Shelbyville Schools. Just a few cosmetic touches will make this home updated and ready for the wonderful next family. New sump pump, central air / heat pump new in 2010. Siding, windows and roof are older but in good condition.

16. 2026-04-04
    listed $230,000 Active 1010-char remark

    Show marketing remark (1010 chars)

    If you are searching for a spacious family home in a quiet neighborhood, this is the home for you. Bring your decorating ideas and imagine the possibilities for this well-built home located in Canterbury Subdivision. This well kept home offers a nice size living room opening into the formal dining area, step saver fully equipped kitchen. The upper level offers three bedrooms, large linen closet and full bath. Lower levels feature a generous size family room perfect for kids, office or could be converted into a 4th bedroom. The lower level also offers a full bath and laundry room with tons of storage space. Two car attached garage, plenty of off street parking, fenced in patio area plus a rear yard big enough for swing sets, storage sheds and a garden. Walking distance to Shelbyville Schools. Just a few cosmetic touches will make this home updated and ready for the wonderful next family. New sump pump, central air / heat pump new in 2010. Siding, windows and roof are older but in good condition.

ⓘ 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: $855 · $71/mo
• Projected year-2 tax: $1,384 · $115/mo
• Expected delta: +$529/yr (+$44/mo · 61.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°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: $18,129
• − Mortgage interest: −$12,603
• − Property taxes: −$855
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − Depreciation: −$6,545
• Taxable loss: −$5,901
• Est. tax savings @ 24.0%: +$1,416
• After-tax cash flow: $-401/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: Shelbyville Central Schools
• NCES district ID: 1810140
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 39% ▼ -9.00%
• Median HH income: $45,199
• Composite: 33.63/100
• National rank: #5402
• State rank: #148 of 301 in IN

Livability — Shelbyville

• Score: 63/100
• State rank: #450
• US rank: #16051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, IN
• County: Shelby County · 28,782 people
• City population: 28,782
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,782
• Household income: $65,182
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 921.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.59%
• Current HPI: 227.6747
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

-2.2% since first listed

2 events — show timeline

• 2026-04-27 Price Changed $225,000 MIBOR as Distributed by MLS Grid
• 2026-04-04 Listed $230,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2025): $855 · +2.0% YoY. Source: county tax records.