1926 Ernie Way · Charlestown, IN 47111

$209,900

3 bd · 2.0 ba · 1,000 sqft · SingleFamily · 66 Days on market

Built 2026 Excellent condition 2,613 sqft lot $210/sqft · 8% below area Est $227k · 8% under $50/mo HOA · 3% of rent

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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 +10.9/15.0
• Cash flow +9.8/30.0
• Condition / age +5.0/5.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• DSCR +2.8/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the perfect blend of modern luxury and cozy charm in this stunning new construction cottage located in the heart of Charlestown. This 3-bedroom, 2-bath home features a beautiful stone and siding exterior, opening into an inviting interior with durable LVP flooring throughout! The heart of the home is a bright kitchen equipped with sleek stainless steel appliances, set against high-quality custom cabinets and trim that add a sophisticated, handcrafted touch. Enjoy a low-maintenance lifestyle as the HOA handles all lawn mowing, ground upkeep and mailbox maintenance, leaving you more time to relax. This affordable gem is made even more accessible with an incentive to save you up to $5,000 toward closing costs when using the builder's preferred lender. Home is approximately 60 days or less from completion at the time of listing. Schedule your showing today! Seller is a licensed real estate agent.

Key facts

• Bright kitchen
• Durable lvp flooring
• 2,613 sq ft lot

Tags

• STONE AND SIDING EXTERIOR
• DURABLE LVP FLOORING
• BRIGHT KITCHEN
• STAINLESS STEEL APPLIANCES
• CUSTOM CABINETS AND TRIM
• HOA HANDLES LAWN MOWING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (17.6% below list).
• Recommended offer: $173k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.2% in Charlestown — 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 65/100 on livability (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jonathan Jennings Elementary Sch (math 37% / reading 35%, grade F, #577 of 994 statewide, top 59%, 477 students, 51% FRL); Charlestown Middle School (math 23% / reading 40%, grade F, #197 of 330 statewide, top 60%, 612 students, 44% FRL); Charlestown Senior High School (math 17% / reading 57%, grade F, #247 of 369 statewide, top 70%, 788 students, 40% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 264 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Recommended offer $172,955 (17.6% 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 66 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.82% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.74%
• DSCR: 0.88
• GRM: 10.1

CMA / ARV

• ARV (median comp): $227,004
• List price: $209,900
• Delta: -7.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 Marshall Dr	0.41mi	3/2.0	1,099 (+10%)	3mo	$215,000	$196	62
225 Halcyon Rd	0.49mi	3/2.0	1,065 (+6%)	10mo	$205,000	$192	58
223 Halcyon Rd	0.49mi	3/2.0	1,065 (+6%)	10mo	$199,999	$188	58
217 Halcyon Rd	0.48mi	3/2.0	1,065 (+6%)	11mo	$199,999	$188	58
211 Halcyon Rd	0.48mi	3/2.0	1,065 (+6%)	11mo	$204,999	$192	58
213 Halcyon Rd	0.48mi	3/2.0	1,065 (+6%)	12mo	$200,999	$189	57
215 Halcyon Rd	0.48mi	3/2.0	1,085 (+8%)	12mo	$199,999	$184	54
320 Highland Dr	0.67mi	3/2.0	1,078 (+8%)	12mo	$225,000	$209	46
15 Charles Pl	0.50mi	2/1.0 (-1)	884 (-12%)	7mo	$179,900	$204	42
135 Maple Dr	0.65mi	3/2.0	1,136 (+14%)	11mo	$207,500	$183	38
766 Oak St	0.52mi	2/1.0 (-1)	864 (-14%)	10mo	$163,000	$189	36
127 Locust St	0.71mi	3/1.0	875 (-12%)	11mo	$190,000	$217	33

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: -20.8%
• Equity multiple: 0.28×
• Total profit: $-42,505
• Equity at exit: $31,297

10-year hold

• IRR: -14.1%
• Equity multiple: 0.19×
• Total profit: $-47,790
• Equity at exit: $18,148

Cash invested: $58,772 (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 47111

• Active inventory: 264
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,730 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• HOA: −$50
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-134

Break-even live

Break-even rent $1,899

Max offer price $190,477

Occupancy floor —

Sensitivity live

Price	-10% $11	-5% $-62	+0% $-134	+5% $-207	+10% $-279
Rent	-10% $-271	-5% $-203	+0% $-134	+5% $-66	+10% $2
Rate	-1.0pp $-29	-0.5pp $-81	base $-134	+0.5pp $-189	+1.0pp $-244

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1210 Market St Charlestown, IN	3.0	1.0	1200	$1,749	$1.46	5d	1	0.19mi
213 Lowell Ave Charlestown, IN	3.0	2.0	1416	$1,700	$1.20	45d	1	0.56mi
1155 Indiana 62 Charlestown, IN	1.0–2.0	1.0–2.0	993	$1,550	$1.56	3d	152	0.94mi
1811 Edgewood Dr Charlestown, IN	3.0	1.0	951	$1,350	$1.42	3d	1	1.00mi
2034 Harmony Ln Charlestown, IN	3.0	2.0	1402	$2,200	$1.57	3d	1	1.33mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 16 events

1. 2026-06-21
   days on market $209,900 Active 66 DOM
2. 2026-06-18
   days on market $209,900 Active 63 DOM
3. 2026-06-17
   days on market $209,900 Active 62 DOM
4. 2026-06-16
   days on market $209,900 Active 61 DOM
5. 2026-06-15
   days on market $209,900 Active 60 DOM
6. 2026-06-13
   days on market $209,900 Active 58 DOM
7. 2026-06-13
   days on market $209,900 Active 57 DOM
8. 2026-06-10
   days on market $209,900 Active 55 DOM
9. 2026-06-09
   days on market $209,900 Active 54 DOM
10. 2026-06-08
    days on market $209,900 Active 53 DOM
11. 2026-06-07
    days on market $209,900 Active 52 DOM
12. 2026-06-03
    days on market $209,900 Active 48 DOM
13. 2026-06-02
    days on market $209,900 Active 47 DOM
14. 2026-06-01
    days on market $209,900 Active 46 DOM
15. 2026-05-31
    days on market $209,900 Active 45 DOM
16. 2026-04-16
    listed $214,900 Active 916-char remark

    Show marketing remark (916 chars)

    Experience the perfect blend of modern luxury and cozy charm in this stunning new construction cottage located in the heart of Charlestown. This 3-bedroom, 2-bath home features a beautiful stone and siding exterior, opening into an inviting interior with durable LVP flooring throughout! The heart of the home is a bright kitchen equipped with sleek stainless steel appliances, set against high-quality custom cabinets and trim that add a sophisticated, handcrafted touch. Enjoy a low-maintenance lifestyle as the HOA handles all lawn mowing, ground upkeep and mailbox maintenance, leaving you more time to relax. This affordable gem is made even more accessible with an incentive to save you up to $5,000 toward closing costs when using the builder's preferred lender. Home is approximately 60 days or less from completion at the time of listing. Schedule your showing today! Seller is a licensed real estate agent.

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

Taxation est. · year 1

• Rental income: $20,755
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − HOA: −$600
• − Depreciation: −$6,106
• Taxable loss: −$5,228
• Est. tax savings @ 24.0%: +$1,255
• After-tax cash flow: $-356/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.

Condition & rehab AI · 4 photos

Excellent 100/100 None rehab

This new construction home features a beautiful stone and siding exterior, durable LVP flooring, and high-quality custom cabinets and trim. It is move-in ready and ready for immediate occupancy.

Value-add opportunities

• Resale Kitchen appliances — Sleek stainless steel appliances enhance the home's appeal
• Resale Custom cabinets and trim — High-quality custom cabinets and trim add sophistication
• Both Landscaping and curb appeal — Well-maintained landscaping and curb appeal improve the home's overall appearance

Renovation cost estimate screening

Value-add ROI direction

• Resale Kitchen appliances — Sleek stainless steel appliances enhance the home's appeal ↑
• Resale Custom cabinets and trim — High-quality custom cabinets and trim add sophistication ↑
• Both Landscaping and curb appeal — Well-maintained landscaping and curb appeal improve the home's overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-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

1 event — show timeline

• 2026-04-16 Listed $214,900 SIRA