225 E Pennsylvania St · Shelbyville, IN 46176

$120,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 49 Days on market

Built 1876 6,901 sqft lot $102/sqft · 31% above area Est $182k · 34% 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming 3-bedroom, 1-bath property full of character and opportunity! Step inside to a spacious living room and dining room combo, perfect for everyday living or entertaining guests. You'll love the beautiful built-in cabinets that add both charm and functionality throughout the home. Enjoy relaxing mornings or evenings on the inviting covered front porch. This home offers the perfect chance to move right in while adding your own personal touches over time-ideal for buyers looking to make a space truly their own. The kitchen features a fun and functional built-in chalkboard, adding a unique touch for notes, menus, or family messages. This is a must-see property with endless potential-don't miss your chance to make it yours!

Key facts

• 6,901 sq ft lot
• 2 garage spots
• Built 1876

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 4.3% 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-, schools D+, amenities 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.
• Market conditions: 229 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $830 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1876 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.26% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.09%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $181,622
• List price: $120,000
• Delta: -33.93%
• 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
110 N Hamilton St	0.13mi	2/1.0 (-1)	1,172 (-0%)	6mo	$103,000	$88	83
407 Alice St	0.35mi	3/2.0	1,203 (+2%)	4mo	$183,000	$152	72
238 E Franklin St	0.10mi	2/1.0 (-1)	1,255 (+7%)	15mo	$130,000	$104	66
904 Hemlock St	0.72mi	3/1.5	1,160 (-1%)	0mo	$217,000	$187	62
718 Indiana Ave	0.50mi	3/1.0	1,200 (+2%)	14mo	$169,900	$142	61
619 Fair Ave	0.41mi	4/1.0 (+1)	1,216 (+3%)	11mo	$170,000	$140	61
116 E South St	0.49mi	4/2.0 (+1)	1,276 (+8%)	1mo	$169,500	$133	53
319 Roosevelt Dr	0.57mi	4/1.0 (+1)	1,296 (+10%)	4mo	$135,000	$104	48
450 Howard St	0.68mi	3/1.5	1,152 (-2%)	19mo	$169,900	$147	47
510 Eberhart Dr	0.67mi	3/1.0	1,008 (-14%)	11mo	$199,000	$197	36
404 Howard St	0.65mi	3/1.0	1,307 (+11%)	18mo	$168,500	$129	36
844 Blanchard St	0.73mi	2/1.0 (-1)	1,066 (-9%)	12mo	$189,900	$178	35

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $3,927
• Equity at exit: $17,892

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $33,574
• Equity at exit: $10,375

Cash invested: $33,600 (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: 229
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$629
• Tax from tax record: −$147 /mo · $1,769/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $367

Break-even live

Break-even rent $1,046

Max offer price $120,000

Occupancy floor 71%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
348 E Franklin St Shelbyville, IN	2.0	1.0	934	$1,295	$1.39	22d	1	0.21mi
425 N Harrison St Shelbyville, IN	3.0	1.0–2.0	909	$1,882	$2.07	1d	7	0.28mi
713 Indiana Ave Shelbyville, IN	2.0	1.0	1077	$1,100	$1.02	43d	1	0.51mi
809 Indiana Ave Unit 809 Shelbyville, IN	2.0	2.0	1456	$850	$0.58	10d	1	0.57mi
1021 Amos Rd Shelbyville, IN	3.0	1.5	1476	$1,635	$1.11	7d	1	1.11mi

Listing history 15 events

1. 2026-06-18
   days on market $120,000 Active 49 DOM
2. 2026-06-17
   days on market $120,000 Active 48 DOM
3. 2026-06-16
   days on market $120,000 Active 47 DOM
4. 2026-06-15
   days on market $120,000 Active 46 DOM
5. 2026-06-13
   days on market $120,000 Active 44 DOM
6. 2026-06-13
   days on market $120,000 Active 43 DOM
7. 2026-06-09
   days on market $120,000 Active 40 DOM
8. 2026-06-08
   days on market $120,000 Active 39 DOM
9. 2026-06-07
   days on market $120,000 Active 38 DOM
10. 2026-06-03
    days on market $120,000 Active 34 DOM
11. 2026-06-02
    days on market $120,000 Active 33 DOM
12. 2026-06-01
    days on market $120,000 Active 32 DOM
13. 2026-06-01
    pricestatus $120,000 Active 31 DOM
14. 2026-05-15
    status Pending 758-char remark

    Show marketing remark (758 chars)

    Welcome home to this charming 3-bedroom, 1-bath property full of character and opportunity! Step inside to a spacious living room and dining room combo, perfect for everyday living or entertaining guests. You'll love the beautiful built-in cabinets that add both charm and functionality throughout the home. Enjoy relaxing mornings or evenings on the inviting covered front porch. This home offers the perfect chance to move right in while adding your own personal touches over time-ideal for buyers looking to make a space truly their own. The kitchen features a fun and functional built-in chalkboard, adding a unique touch for notes, menus, or family messages. This is a must-see property with endless potential-don't miss your chance to make it yours!

15. 2026-04-13
    listed $139,900 Active 758-char remark

    Show marketing remark (758 chars)

    Welcome home to this charming 3-bedroom, 1-bath property full of character and opportunity! Step inside to a spacious living room and dining room combo, perfect for everyday living or entertaining guests. You'll love the beautiful built-in cabinets that add both charm and functionality throughout the home. Enjoy relaxing mornings or evenings on the inviting covered front porch. This home offers the perfect chance to move right in while adding your own personal touches over time-ideal for buyers looking to make a space truly their own. The kitchen features a fun and functional built-in chalkboard, adding a unique touch for notes, menus, or family messages. This is a must-see property with endless potential-don't miss your chance to make it yours!

ⓘ 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: $1,769 · $147/mo
• Projected year-2 tax: $1,769 · $147/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 5/10 Major FEMA zone X (unshaded) · 62% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $18,126
• − Mortgage interest: −$6,722
• − Property taxes: −$1,769
• − Insurance: −$600
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − Depreciation: −$3,491
• Taxable income: $2,645
• Est. tax owed @ 24.0%: −$635
• After-tax cash flow: $3,765/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 events — show timeline

• 2026-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-13 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2025): $1,769 · +7.1% YoY. Source: county tax records.