387 W 6th St · Peru, IN 46970

$92,000

3 bd · 1.0 ba · 1,160 sqft · SingleFamily public records · 1 Days on market

Built 1930 2,605 sqft lot Est $133k · 31% under

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.6/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and full of charm, this 3-bedroom, 1-bath home offers 1,112 sq. ft. of comfortable living space with a desirable main-level bedroom, spacious living areas, and a functional layout. Enjoy the privacy-fenced backyard perfect for pets, play, or entertaining, complete with a storage shed and covered porch for relaxing outdoors. Conveniently located near schools, parks, and local amenities, this affordable home is an excellent opportunity for first-time buyers, downsizers, or investors seeking a well-maintained property with immediate occupancy potential.

Key facts

• Covered porch
• Main-level bedroom
• Storage shed

Tags

• MAIN-LEVEL BEDROOM
• PRIVACY-FENCED BACKYARD
• STORAGE SHED
• COVERED PORCH

Property features AI

Finance

• Financial info: Annual property tax approximately $844

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding; Built as a site-built home
• Exterior features: Level lot; Lot dimensions approximately 33 x 79

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No cooling
• Interior features: 6 total rooms; Basement present
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Cap rate 9.7% vs local median 6.2% in Peru — 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 77/100 on livability (#35 in IN, #2,834 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Peru Community Schools (town): math 31% / reading 42% proficiency, ranked #192 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blair Pointe Upper Elementary (math 34% / reading 38%, grade F, #577 of 994 statewide, top 59%, 552 students, 63% FRL); Peru Jr/Sr High School (math 27% / reading 57%, grade F, #197 of 369 statewide, top 57%, 883 students, 59% FRL).
• Market conditions: 129 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 35 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Miami 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 $26k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 10y ago 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 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,000

Questions for the listing agent

1. Built in 1930 — 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. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.16% ✓
• Cap rate: 9.65%
• Cash-on-cash: 12.00%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $133,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
360 W 6th St	0.07mi	2/1.0 (-1)	1,177 (+2%)	4mo	$115,000	$98	86
480 W 6th St	0.12mi	3/1.0	1,176 (+1%)	10mo	$134,900	$115	84
357 W 5th St	0.09mi	3/1.0	990 (-15%)	0mo	$83,670	$85	71
251 W 10th St	0.39mi	2/1.0 (-1)	1,136 (-2%)	5mo	$158,000	$139	69
48 N Chestnut St	0.33mi	2/1.5 (-1)	1,152 (-1%)	9mo	$164,000	$142	69
115 N Miami St	0.65mi	3/1.0	1,148 (-1%)	2mo	$135,000	$118	66
114 W 7th St	0.52mi	3/1.0	1,210 (+4%)	4mo	$70,000	$58	66
470 W 5th St	0.11mi	2/1.0 (-1)	1,287 (+11%)	8mo	$152,000	$118	65
512 Oak St	0.45mi	3/1.0	1,080 (-7%)	8mo	$110,000	$102	61
119 W 6th St	0.50mi	3/2.0	1,280 (+10%)	9mo	$133,500	$104	48
425 W 14th St	0.51mi	3/1.5	1,324 (+14%)	10mo	$152,900	$115	42
152 W Boulevard	0.60mi	2/2.0 (-1)	1,008 (-13%)	3mo	$170,000	$169	39

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $1,489
• Equity at exit: $13,717

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $22,374
• Equity at exit: $7,954

Cash invested: $25,760 (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 46970

• Home prices YoY: -8.8%
• Active inventory: 129
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,071 high
• Mortgage (P&I): −$482
• Tax from tax record: −$67 /mo · $809/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $258

Break-even live

Break-even rent $745

Max offer price $92,000

Occupancy floor 71%

Sensitivity live

Price	-10% $310	-5% $284	+0% $258	+5% $232	+10% $206
Rent	-10% $173	-5% $215	+0% $258	+5% $300	+10% $342
Rate	-1.0pp $304	-0.5pp $281	base $258	+0.5pp $234	+1.0pp $210

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
283 W Main St Unit 1 Peru, IN	3.0	1.0	850	$929	$1.09	45d	1	0.23mi
548 Sycamore Trl Peru, IN	1.0–2.0	1.0–2.0	899	$1,345	$1.50	45d	2	0.44mi
130 S Clay St Unit 6 Peru, IN	2.0	1.0	725	$799	$1.10	45d	1	1.02mi
1850 Business 31 Unit 18562-B Peru, IN	2.0	1.0	976	$850	$0.87	45d	1	1.33mi
1850 S Business 31 Peru, IN	2.0	1.0	976	$850	$0.87	45d	1	1.37mi

Listing history 2 events

1. 2026-06-19
   remarks 570-char remark
2. 2026-06-19
   listed $92,000 Active 1 DOM

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $809 · $67/mo
• Projected year-2 tax: $809 · $67/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $12,849
• − Mortgage interest: −$5,153
• − Property taxes: −$809
• − Insurance: −$460
• − Repairs & maintenance: −$1,028
• − Management: −$1,028
• − Depreciation: −$2,676
• Taxable income: $1,694
• Est. tax owed @ 24.0%: −$407
• After-tax cash flow: $2,685/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: Peru Community Schools
• NCES district ID: 1808850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $35,624
• Composite: 30.18/100
• National rank: #6316
• State rank: #192 of 301 in IN

Livability — Peru

• Score: 77/100
• State rank: #35
• US rank: #2834

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peru, IN
• County: Miami County · 23,020 people
• City population: 23,020
• Metro: Peru, IN
• Population (ZIP): 23,020
• Household income: $57,842
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 498.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 34,421 people
• By 2030: 33,571 · -2.5%
• By 2040: 31,919 · -7.3%
• By 2050: 30,313 · -11.9%
• By 2075: 26,202 · -23.9%
• By 2100: 20,856 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+54.5) · D 21.8% · R 76.3% · Other 1.9%
• 2008→2024 swing: -35.1pp toward R · 2008: -19.5pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+53.1 2016: R+53.6 2012: R+30.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.29%
• Current HPI: 252.7166
• Rent YoY: —
• Metro: Peru, 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

+130.6% since first listed

8 events — show timeline

• 2026-06-18 Listed $92,000 IRMLS
• 2023-08-04 Sold (MLS) $90,000 IRMLS
• 2023-07-03 Contingent — IRMLS
• 2023-06-25 Listed $90,000 IRMLS
• 2021-05-27 Sold (MLS) $43,000 IRMLS
• 2021-05-13 Listed $42,900 IRMLS
• 2016-11-18 Listed $29,500 IRMLS
• 2016-01-27 Listed $39,900 IRMLS

Property tax history

+11.9%/yr

Latest (2024): $809 · +54.3% YoY. Source: county tax records.