1348 State Road 135 S · Nashville, IN 47448

$139,900

1 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 104 Days on market

Built 1989 1.25 ac lot

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Why this score? — see what drove the C+ 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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to build your dream home or renovate current house. Home located off scenic Brown County road. Oversized detached building/workshop with electric. House is gutted.

Key facts

• New metal roof
• 1.25 acre property
• Zoned commercial

Tags

• 1.25 ACRE PROPERTY
• ZONED COMMERCIAL
• DETACHED GARAGE
• NEW METAL ROOF
• NEW PREWIRED ELECTRICAL

Property features AI

Finance

• Other: Located on approximately 1.25 acres (1–3 acre range)
• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Detached 3-car garage (864 garage sq. ft.)
• Utilities: Public water; Septic system; 200+ amp electrical service; Cable available; Electricity connected; Water connected
• Home design: Residential single-family home; Fixer condition; One story; Property faces east; Entry level is main floor
• Construction: Vinyl siding and other exterior materials; Block foundation
• Exterior features: Covered porch; Deck; Mini barn; Storage shed; Not in a subdivision; Mature trees; Zoned property

Interior

• Kitchen: No appliances listed
• Bedrooms: One main-level bedroom with deck access
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: No heating; No cooling
• Interior features: Open living area; Primary bedroom opens to a deck; Primary bathroom with double sinks; Other interior area noted
• Laundry & utility: No fuel source listed

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.9% in Nashville — 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 (#20 in IN, #1,893 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Brown County School Corporation (rural): math 37% / reading 48% proficiency, ranked #113 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Buren Elementary School (math 47% / reading 47%, grade D-, #325 of 994 statewide, top 36%, 245 students, 43% FRL); Brown County High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 509 students, 48% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 90 active listings in the ZIP; 76 units permitted in Brown County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Brown County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $140k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.15% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.45%
• DSCR: 1.60
• GRM: 7.2

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: 3.5%
• Equity multiple: 1.13×
• Total profit: $5,238
• Equity at exit: $20,860

10-year hold

• IRR: 13.0%
• Equity multiple: 2.03×
• Total profit: $40,335
• Equity at exit: $12,096

Cash invested: $39,172 (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 47448

• Home prices YoY: -25.5%
• Active inventory: 90
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,609 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$40 /mo · $485/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $439

Break-even live

Break-even rent $1,054

Max offer price $139,900

Occupancy floor 68%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-31
   days on market $139,900 Active 104 DOM
2. 2026-05-30
   days on market $139,900 Active 103 DOM
3. 2026-05-13
   price $139,900
4. 2026-02-16
   listed $149,900 Active
5. 2022-03-07
   soldstatus $86,000 Closed 184-char remark

   Show marketing remark (184 chars)

   Great opportunity to build your dream home or renovate current house. Home located off scenic Brown County road. Oversized detached building/workshop with electric. House is gutted.

6. 2022-01-17
   status Pending 184-char remark

   Show marketing remark (184 chars)

   Great opportunity to build your dream home or renovate current house. Home located off scenic Brown County road. Oversized detached building/workshop with electric. House is gutted.

7. 2022-01-05
   price $89,900 184-char remark

   Show marketing remark (184 chars)

   Great opportunity to build your dream home or renovate current house. Home located off scenic Brown County road. Oversized detached building/workshop with electric. House is gutted.

8. 2021-12-04
   listed $95,500 Active 184-char remark

   Show marketing remark (184 chars)

   Great opportunity to build your dream home or renovate current house. Home located off scenic Brown County road. Oversized detached building/workshop with electric. House is gutted.

9. 2021-06-07
   soldstatus $75,500 Closed 392-char remark

   Show marketing remark (392 chars)

   Pretty As A Postcard setting surrounds this over 1200 sqft, 3 bedroom-2 bath home on 1.2 acres. Huge 864 sqft 3-car garage w/concrete floor and 2 storage barns for all of your hobbies. The interior of the home has been completely gutted and is ready to put back together exactly as you want it. Creek behind property. Duke Energy and Brown County water. Septic out back with 5-6 fingers.

10. 2021-05-12
    status Pending 392-char remark

    Show marketing remark (392 chars)

    Pretty As A Postcard setting surrounds this over 1200 sqft, 3 bedroom-2 bath home on 1.2 acres. Huge 864 sqft 3-car garage w/concrete floor and 2 storage barns for all of your hobbies. The interior of the home has been completely gutted and is ready to put back together exactly as you want it. Creek behind property. Duke Energy and Brown County water. Septic out back with 5-6 fingers.

11. 2021-05-07
    listed $80,000 Active 392-char remark

    Show marketing remark (392 chars)

    Pretty As A Postcard setting surrounds this over 1200 sqft, 3 bedroom-2 bath home on 1.2 acres. Huge 864 sqft 3-car garage w/concrete floor and 2 storage barns for all of your hobbies. The interior of the home has been completely gutted and is ready to put back together exactly as you want it. Creek behind property. Duke Energy and Brown County water. Septic out back with 5-6 fingers.

ⓘ 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: $485 · $40/mo
• Projected year-2 tax: $837 · $70/mo
• Expected delta: +$352/yr (+$29/mo · 72.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,314
• − Mortgage interest: −$7,837
• − Property taxes: −$485
• − Insurance: −$700
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$4,070
• Taxable income: $3,132
• Est. tax owed @ 24.0%: −$752
• After-tax cash flow: $4,517/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: Brown County School Corporation
• NCES district ID: 1800960
• Math proficiency: 37% ▼ -15.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $53,070
• Composite: 36.82/100
• National rank: #4563
• State rank: #113 of 301 in IN

Livability — Nashville

• Score: 80/100
• State rank: #20
• US rank: #1893

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,719

Population outlook (Brown County) Hauer SSP2

• Today (2025): 14,677 people
• By 2030: 14,458 · -1.5%
• By 2040: 13,727 · -6.5%
• By 2050: 12,841 · -12.5%
• By 2075: 11,232 · -23.5%
• By 2100: 9,129 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1% Black 1%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 2% · Philippines
• Languages at home: 98% English-only · Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+32.6) · D 32.8% · R 65.5% · Other 1.7%
• 2008→2024 swing: -30.1pp toward R · 2008: -2.5pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+30.5 2016: R+31.6 2012: R+16.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 228.3895
• 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

+74.9% since first listed

9 events — show timeline

• 2026-05-13 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-02-16 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2022-03-07 Sold (MLS) $86,000 MIBOR as Distributed by MLS Grid
• 2022-01-17 Pending — MIBOR as Distributed by MLS Grid
• 2022-01-05 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2021-12-04 Listed $95,500 MIBOR as Distributed by MLS Grid
• 2021-06-07 Sold (MLS) $75,500 MIBOR as Distributed by MLS Grid
• 2021-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2021-05-07 Listed $80,000 MIBOR as Distributed by MLS Grid

Property tax history

-5.4%/yr

Latest (2025): $485 · -0.7% YoY. Source: county tax records.