3654 N Harrison St · Needham, IN 46162

$190,000

4 bd · 1.0 ba · 2,645 sqft · SingleFamily public records · 2 Days on market

Built 1930 0.40 ac lot

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Why this score? — see what drove the C- 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 +18.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.3/10.0
• DSCR +5.8/10.0
• 1% rule +4.2/10.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome home, this spacious 4-bedroom with 2 full bathrooms property sitting on a large corner lot in Needham! With room to spread out both inside and out, this home offers the perfect blend of space, functionality, and small-town charm. The oversized garage is a standout feature - ideal for vehicles, storage, hobbies, workshop space, or all the "I'll use this someday" projects we all swear we need to keep. The large yard provides plenty of room for entertaining, pets, gardening, or simply enjoying the outdoors. Inside, you'll find comfortable living spaces with flexibility for growing families, or hosting guests. Conveniently located with easy access to nearby amenities while sti

Key facts

• Large yard
• Corner lot
• Oversized garage

Tags

• CORNER LOT
• OVERSIZED GARAGE
• LARGE YARD
• EASY ACCESS TO AMENITIES

Property features AI

Finance

• Other: Approximately 0.4 acre lot (about 1/4–1/2 acre)

Exterior

• Parking: Attached garage with gravel driveway; 2 garage spaces
• Utilities: Septic system; Private water source; Propane (owned)
• Home design: Single-family residence; Multi/split levels; Residential property; Has additional parcels
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Gas cooktop; Gas oven; Range hood; Dishwasher
• Bedrooms: 4 bedrooms total (2 on the main level, 2 on the upper level); Primary bedroom with walk-in closet
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms total; Primary bathroom with shower stall and tub/shower combination
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Hardwood floors; Walk-in closet(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/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 $175k (7.8% below list).
• Recommended offer: $175k (7.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.6% local appreciation)).
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,145 (7.8% below list)

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. 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.
4. 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.
5. 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: 0.92% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.57×
• Total profit: $30,567
• Equity at exit: $81,190

10-year hold

• IRR: 12.8%
• Equity multiple: 2.83×
• Total profit: $97,415
• Equity at exit: $121,921

Cash invested: $53,200 (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 46162

• Home prices YoY: 1.1%
• Active inventory: 1
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,751 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$124 /mo · $1,491/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $184

Break-even live

Break-even rent $1,519

Max offer price $190,000

Occupancy floor 84%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-31
   status $190,000 Pending 2 DOM
2. 2026-05-28
   listed $190,000 Active

ⓘ 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: $1,491 · $124/mo
• Projected year-2 tax: $1,553 · $129/mo
• Expected delta: +$62/yr (+$5/mo · 4.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°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: $21,017
• − Mortgage interest: −$10,643
• − Property taxes: −$1,491
• − Insurance: −$950
• − Repairs & maintenance: −$1,681
• − Management: −$1,681
• − Depreciation: −$5,527
• Taxable loss: −$957
• Est. tax savings @ 24.0%: +$230
• After-tax cash flow: $2,436/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Needham

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

Census & demographics

• Census place: Needham, IN
• Population (ZIP): 276

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Lithuanian 4% Romanian 4%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.60%
• Current HPI: 251.2432
• 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

1 event — show timeline

• 2026-05-28 Listed $190,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.5%/yr

Latest (2024): $1,491 · -3.0% YoY. Source: county tax records.