54721 State Road 13 · Middlebury, IN 46540

$1

2 bd · 1.0 ba · 1,001 sqft · SingleFamily public records · 28 Days on market

Built 1947 0.99 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

AUCTION! This Middlebury property to sell at Live Auction on June 20th at 12:00. The auction to be held at the property. This home is located on 1 acre and has 2 bedrooms and 1 bath. This property has a nice open floor plan and has had many recent updates. The home also has a full partially finished basement, a covered front porch and a attached one car garage. There is also a private backyard and a detached garage/workshop. Auction open houses to be held on May 23 & 30 and June 6 & 13 from 10-12.

Key facts

• Covered front porch
• Open floor plan
• Private backyard

Tags

• OPEN FLOOR PLAN
• PRIVATE BACKYARD
• COVERED FRONT PORCH
• PARTIALLY FINISHED BASEMENT
• DETACHED GARAGE WORKSHOP

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family site-built home; One story
• Construction: Shingle siding and brick exterior
• Exterior features: Level lot; Second garage (additional structure)

Interior

• Kitchen: Refrigerator; Electric oven
• Bedrooms: 3 total rooms (includes living spaces and bedrooms)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Refrigerator; Electric oven; Full basement
• Laundry & utility: Laundry located on the lower level

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $1 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• Cap rate 1518239.0% vs local median 2.9% in Middlebury — 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 80/100 on livability (#22 in IN, #1,938 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Middlebury Community Schools (rural): math 42% / reading 48% proficiency, ranked #84 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: York Elementary School (math 54% / reading 34%, grade F, #379 of 994 statewide, top 41%, 286 students, 38% FRL); Northridge Middle School (math 40% / reading 47%, grade D, #90 of 330 statewide, top 27%, 976 students, 35% FRL); Northridge High School (math 39% / reading 69%, grade C-, #96 of 369 statewide, top 26%, 1,390 students, 30% FRL).
• Market conditions: 48 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. Built in 1947 — 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. 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?
4. 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.
5. 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.
6. 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: 160152.00% ✓
• Cap rate: 1518238.96%
• Cash-on-cash: 5422259.53%
• DSCR: 241261.04
• GRM: 0.0

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: —
• Equity multiple: 287875.54×
• Total profit: $80,605
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 621601.79×
• Total profit: $174,048
• Equity at exit: $0

Cash invested: $0 (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 46540

• Home prices YoY: -25.2%
• Active inventory: 48

Monthly cashflow live

• Estimated rent: $1,602 medium
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $1,265

Break-even live

Break-even rent —

Max offer price $1

Occupancy floor 16%

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $1 Active 28 DOM
2. 2026-06-18
   days on market $1 Active 27 DOM
3. 2026-06-17
   days on market $1 Active 26 DOM
4. 2026-06-16
   days on market $1 Active 25 DOM
5. 2026-06-15
   days on market $1 Active 24 DOM
6. 2026-06-14
   days on market $1 Active 22 DOM
7. 2026-06-13
   days on market $1 Active 21 DOM
8. 2026-06-10
   days on market $1 Active 19 DOM
9. 2026-06-09
   days on market $1 Active 18 DOM
10. 2026-06-08
    days on market $1 Active 17 DOM
11. 2026-06-07
    days on market $1 Active 16 DOM
12. 2026-06-03
    days on market $1 Active 12 DOM
13. 2026-06-02
    days on market $1 Active 11 DOM
14. 2026-06-01
    days on market $1 Active 10 DOM
15. 2026-05-31
    days on market $1 Active 9 DOM
16. 2026-05-30
    days on market $1 Active 8 DOM
17. 2026-05-22
    listed $1 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 2/10 Low 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,218
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,537
• − Management: −$1,537
• − Depreciation: −$0
• Taxable income: $16,143
• Est. tax owed @ 24.0%: −$3,874
• After-tax cash flow: $11,308/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: Middlebury Community Schools
• NCES district ID: 1806600
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $64,392
• Composite: 40.0/100
• National rank: #3829
• State rank: #84 of 301 in IN

Livability — Middlebury

• Score: 80/100
• State rank: #22
• US rank: #1938

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 13,239
• Population (ZIP): 13,239

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Polish 5% Iranian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 61% English-only · German/W. Germanic 35% Spanish 2%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.09%
• Current HPI: 240.6162
• 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

Property tax history

+4.7%/yr

Latest (2025): $1,576 · -3.1% YoY. Source: county tax records.