10177 N Folsomville Rd · Folsomville, IN 47637

$115,000

5 bd · 1.5 ba · 3,275 sqft · SingleFamily public records · 91 Days on market

Built 1950 0.69 ac lot $35/sqft · 77% below area ↓ 23% since listing

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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 +28.6/30.0
• DSCR +10.0/10.0
• Appreciation +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

Key facts

• 0.69 acre lot
• Built 1950
• Listed 91 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Warrick County School Corporation (suburban): math 54% / reading 59% proficiency, ranked #24 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 249 units permitted in Warrick County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $11k appreciation (9.5% local appreciation)).
• Warrick County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.5% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 10.27%
• Cash-on-cash: 14.20%
• DSCR: 1.63
• GRM: 7.2

CMA / ARV

• ARV (median comp): $498,229
• List price: $115,000
• Delta: -76.92%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

9.53% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.9%
• Equity multiple: 3.58×
• Total profit: $83,188
• Equity at exit: $99,708

10-year hold

• IRR: 29.4%
• Equity multiple: 7.98×
• Total profit: $224,902
• Equity at exit: $211,011

Cash invested: $32,200 (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 47637

• Home prices YoY: 4.5%
• Active inventory: 4
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,339 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$26 /mo · $314/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $381

Break-even live

Break-even rent $857

Max offer price $115,000

Occupancy floor 67%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-29
   price $115,000 866-char remark

   Show marketing remark (866 chars)

   This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

2. 2026-03-18
   price $125,000 866-char remark

   Show marketing remark (866 chars)

   This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

3. 2026-02-26
   listed $140,000 Active 866-char remark

   Show marketing remark (866 chars)

   This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

4. 2026-02-24
   price $140,000 866-char remark

   Show marketing remark (866 chars)

   This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

5. 2026-02-23
   historical $150,000 866-char remark

   Show marketing remark (866 chars)

   This converted former church offers over 3,000 sqft of living space with 5 bed, 2 bath, and the kind of square footage that's nearly impossible to find at this price point. The open concept main level showcases hardwood floors, and an expansive living and dining area. The updated kitchen features granite countertops, stainless steel appliances, white cabinetry, and a large island. Convenient main level laundry keeps daily life simple, while the oversized primary bedroom with walk-in closet completes the main level. Head upstairs to find four additional generously sized bedrooms. Outside enjoy a spacious yard with room to grow, play, or entertain. This property has been thoughtfully converted and is move in ready, with the opportunity to add your personal touches. Whether you're looking for a large family home or an investment property, this one delivers.

ⓘ 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: $314 · $26/mo
• Projected year-2 tax: $646 · $54/mo
• Expected delta: +$332/yr (+$28/mo · 105.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,074
• − Mortgage interest: −$6,442
• − Property taxes: −$314
• − Insurance: −$575
• − Repairs & maintenance: −$1,286
• − Management: −$1,286
• − Depreciation: −$3,345
• Taxable income: $2,826
• Est. tax owed @ 24.0%: −$678
• After-tax cash flow: $3,894/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: Warrick County School Corporation
• NCES district ID: 1812390
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $62,801
• Composite: 49.38/100
• National rank: #2014
• State rank: #24 of 301 in IN

Livability — Folsomville

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,301

Population outlook (Warrick County) Hauer SSP2

• Today (2025): 66,569 people
• By 2030: 68,404 · +2.8%
• By 2040: 71,131 · +6.9%
• By 2050: 72,743 · +9.3%
• By 2075: 76,088 · +14.3%
• By 2100: 72,261 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4%
• Common ancestry: Lithuanian 3% Portuguese 2% Serbian 1%

Political lean MEDSL · Warrick

• 2024 margin: Solid R (+30.2) · D 34.1% · R 64.3% · Other 1.5%
• 2008→2024 swing: -17.4pp toward R · 2008: -12.8pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+27.8 2016: R+33.9 2012: R+26.6 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.53%
• Current HPI: 222.1902
• 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

-23.3% since first listed

5 events — show timeline

• 2026-04-29 Price Changed $115,000 IRMLS
• 2026-03-18 Price Changed $125,000 IRMLS
• 2026-02-26 Listed $140,000 IRMLS
• 2026-02-24 Price Changed $140,000 IRMLS
• 2026-02-23 Coming Soon $150,000 IRMLS

Property tax history

+1.2%/yr

Latest (2024): $314 · +27.1% YoY. Source: county tax records.