228 E Commerce St · Dunkirk, IN 47336

$119,000

2 bd · 1.5 ba · 1,971 sqft · SingleFamily public records · 15 Days on market

Built 1916 6,534 sqft lot Est $108k · 10% over

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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 +15.7/30.0
• Appreciation +6.8/10.0
• DSCR +4.8/10.0
• 1% rule +3.9/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• ARV discount +3.1/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Huge 1.5 story home with tons of potential. Two bedrooms downstairs and 2 bedrooms upstairs. Large living room and dining room spaces. Updated kitchen. Extra spaces upstairs and down for an office or bonus room. Newer roof and some updated windows and doors. Enclosed front porch. Partial basement and large storage shed.

Key facts

• New furnace
• New pex plumbing
• Major renovation

Tags

• MAJOR RENOVATION
• NEW PEX PLUMBING
• NEW ELECTRIC PANEL
• NEW FURNACE
• NEW A/C
• LARGE WALK-IN CLOSET

Property features AI

Exterior

• Parking: Gravel off-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Block foundation; Asphalt shingle roof; Built above grade finished area of 1,971
• Exterior features: Enclosed porch; Shed(s); Level lot; Asphalt road access

Interior

• Kitchen: Dishwasher; Microwave; Electric range; Laminate counters
• Bedrooms: Total rooms: 6
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Walk-in closet(s); Ceiling fan(s); Laminate countertops; Sump pump in basement
• Laundry & utility: Washer hookup; Electric dryer hookup; Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $52 ($623/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (11.2% below list).
• Recommended offer: $106k (11.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#404 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Jay School Corporation (rural): math 38% / reading 37% proficiency, ranked #175 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Jay Elementary (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 249 students, 75% FRL); Jay County Jr/Sr High School (math 34% / reading 41%, grade F, #245 of 369 statewide, top 67%, 1,242 students, 50% FRL) — zoned schools average 62% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 34 active listings in the ZIP; 19 units permitted in Jay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($823 loan paydown + $4k appreciation (3.6% local appreciation)).
• Jay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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.
• Current owner paid $25k; list at $119k implies a 376% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,691 (11.2% below list)

Questions for the listing agent

1. Built in 1916 — 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. 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?
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: 0.89% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.87%
• DSCR: 1.08
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $108,405
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
267 E Commerce St	0.08mi	3/1.0 (+1)	1,995 (+1%)	2mo	$129,900	$65	86
226 W Washington St	0.24mi	3/1.0 (+1)	1,920 (-3%)	9mo	$5,500	$3	70
140 Arlington Ave	0.27mi	3/2.0 (+1)	1,825 (-7%)	2mo	$200,000	$110	67
215 E Commerce St	0.03mi	3/1.0 (+1)	1,860 (-6%)	20mo	$35,000	$19	65
147 S Broad St	0.13mi	3/2.0 (+1)	1,692 (-14%)	7mo	$30,000	$18	57
116 S Barbier St	0.37mi	3/1.5 (+1)	1,840 (-7%)	12mo	$150,000	$82	57
329 W Washington St	0.31mi	3/2.0 (+1)	2,202 (+12%)	5mo	$121,400	$55	55
352 Lincoln Ave	0.34mi	3/2.0 (+1)	2,084 (+6%)	18mo	$124,000	$60	52
243 Mount Auburn St	0.31mi	2/2.0	1,680 (-15%)	19mo	$35,000	$21	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.65×
• Total profit: $21,715
• Equity at exit: $57,847

10-year hold

• IRR: 12.8%
• Equity multiple: 3.03×
• Total profit: $67,759
• Equity at exit: $92,681

Cash invested: $33,320 (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 47336

• Home prices YoY: 1.6%
• Active inventory: 34
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,057 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $52

Break-even live

Break-even rent $991

Max offer price $119,000

Occupancy floor 90%

Sensitivity live

Price	-10% $119	-5% $86	+0% $52	+5% $18	+10% $-15
Rent	-10% $-32	-5% $10	+0% $52	+5% $94	+10% $135
Rate	-1.0pp $112	-0.5pp $82	base $52	+0.5pp $21	+1.0pp $-10

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $119,000 Active 15 DOM
2. 2026-06-18
   days on market $119,000 Active 13 DOM
3. 2026-06-17
   days on market $119,000 Active 12 DOM
4. 2026-06-16
   days on market $119,000 Active 11 DOM
5. 2026-06-15
   days on market $119,000 Active 10 DOM
6. 2026-06-13
   days on market $119,000 Active 8 DOM
7. 2026-06-12
   statusdays on market $119,000 Active 7 DOM
8. 2026-05-22
   listed $119,000 Active
9. 2019-11-01
   soldstatus $25,000 321-char remark

   Show marketing remark (321 chars)

   Huge 1.5 story home with tons of potential. Two bedrooms downstairs and 2 bedrooms upstairs. Large living room and dining room spaces. Updated kitchen. Extra spaces upstairs and down for an office or bonus room. Newer roof and some updated windows and doors. Enclosed front porch. Partial basement and large storage shed.

10. 2019-11-01
    soldstatus $25,000 321-char remark

    Show marketing remark (321 chars)

    Huge 1.5 story home with tons of potential. Two bedrooms downstairs and 2 bedrooms upstairs. Large living room and dining room spaces. Updated kitchen. Extra spaces upstairs and down for an office or bonus room. Newer roof and some updated windows and doors. Enclosed front porch. Partial basement and large storage shed.

11. 2019-09-19
    listed $29,900 321-char remark

    Show marketing remark (321 chars)

    Huge 1.5 story home with tons of potential. Two bedrooms downstairs and 2 bedrooms upstairs. Large living room and dining room spaces. Updated kitchen. Extra spaces upstairs and down for an office or bonus room. Newer roof and some updated windows and doors. Enclosed front porch. Partial basement and large storage shed.

12. 2019-09-19
    listed $29,900 321-char remark

    Show marketing remark (321 chars)

    Huge 1.5 story home with tons of potential. Two bedrooms downstairs and 2 bedrooms upstairs. Large living room and dining room spaces. Updated kitchen. Extra spaces upstairs and down for an office or bonus room. Newer roof and some updated windows and doors. Enclosed front porch. Partial basement and large storage shed.

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/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) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,683
• − Mortgage interest: −$6,666
• − Property taxes: −$1,312
• − Insurance: −$595
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$3,462
• Taxable loss: −$1,381
• Est. tax savings @ 24.0%: +$332
• After-tax cash flow: $955/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: Jay School Corporation
• NCES district ID: 1804980
• Math proficiency: 38% ▼ -13.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $40,841
• Composite: 31.56/100
• National rank: #5954
• State rank: #175 of 301 in IN

Livability — Dunkirk

• Score: 64/100
• State rank: #404
• US rank: #14764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dunkirk, IN
• Population (ZIP): 2,793

Population outlook (Jay County) Hauer SSP2

• Today (2025): 20,586 people
• By 2030: 20,155 · -2.1%
• By 2040: 19,274 · -6.4%
• By 2050: 18,203 · -11.6%
• By 2075: 15,062 · -26.8%
• By 2100: 10,857 · -47.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 2% Scotch-Irish 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Jay

• 2024 margin: Solid R (+55.2) · D 21.6% · R 76.7% · Other 1.7%
• 2008→2024 swing: -47.3pp toward R · 2008: -7.8pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.4 2016: R+47.8 2012: R+20.0 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.64%
• Current HPI: 238.768
• 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

+298.0% since first listed

5 events — show timeline

• 2026-05-22 Listed $119,000 IRMLS
• 2019-11-01 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2019-11-01 Sold (MLS) $25,000 IRMLS
• 2019-09-19 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2019-09-19 Listed $29,900 IRMLS

Property tax history

+14.5%/yr

Latest (2024): $1,312 · +6.1% YoY. Source: county tax records.