13592 N County Road 275 W · Russellville, IN 46172

$105,000

2 bd · 1.0 ba · 1,610 sqft · SingleFamily public records · 23 Days on market

Built 1900 0.50 ac lot $65/sqft · 31% below area Est $176k · 40% 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 +23.6/30.0
• ARV discount +15.0/15.0
• Appreciation +9.4/10.0
• DSCR +7.6/10.0
• 1% rule +5.4/10.0
• Schools +4.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nice home with great lot and privacy. Walk out basement could be finished for additional room. Lots of potential.

Key facts

• 0.5 acre lot
• 3 garage spots
• Built 1900

Tags

• LARGE DETACHED GARAGE
• LARGE UNFINISHED BASEMENT
• NORTH PUTNAM SCHOOL DISTRICT

Property features AI

Finance

• Other: Approximately 0.5 acre lot; Has additional parcels

Exterior

• Parking: Detached 3-car garage
• Utilities: Private water; Private sewer; No municipal solid waste service listed
• Home design: Single family residence; One level
• Construction: Cement siding; Block foundation
• Exterior features: Covered patio/porch; Mature trees and small trees; Wooded lot; Not in a subdivision

Interior

• Kitchen: Electric oven; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Supplemental storage; Unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#576 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• North Putnam Community Schools (rural): math 47% / reading 48% proficiency, ranked #73 of 301 in IN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Putnam Sr High School (math 52% / reading 67%, grade C+, #49 of 369 statewide, top 16%, 437 students, 43% FRL).
• Zoned-school proficiency averages 60% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the North Putnam Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 14 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($726 loan paydown + $9k appreciation (8.8% local appreciation)).
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y 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 $18k; list at $105k implies a 483% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 F-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.04% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $175,867
• List price: $105,000
• Delta: -40.30%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

8.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 3.09×
• Total profit: $61,306
• Equity at exit: $85,613

10-year hold

• IRR: 24.6%
• Equity multiple: 6.75×
• Total profit: $168,991
• Equity at exit: $175,838

Cash invested: $29,400 (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 46172

• Home prices YoY: 3.5%
• Active inventory: 14
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,092 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$71 /mo · $849/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $198

Break-even live

Break-even rent $842

Max offer price $105,000

Occupancy floor 77%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-13
   status $105,000 Pending 23 DOM
2. 2026-06-12
   days on market $105,000 Active 23 DOM
3. 2026-06-09
   days on market $105,000 Active 20 DOM
4. 2026-06-08
   days on market $105,000 Active 19 DOM
5. 2026-06-07
   pricedays on market $105,000 Active 18 DOM
6. 2026-06-05
   days on market $110,000 Active 16 DOM
7. 2026-06-04
   days on market $110,000 Active 14 DOM
8. 2026-06-02
   days on market $110,000 Active 13 DOM
9. 2026-06-01
   days on market $110,000 Active 12 DOM
10. 2026-05-31
    days on market $110,000 Active 11 DOM
11. 2026-05-31
    days on market $110,000 Active 10 DOM
12. 2026-05-04
    status Pending 443-char remark
13. 2026-05-02
    listed $110,000 Active 443-char remark
14. 2009-10-13
    soldstatus $18,000 113-char remark

    Show marketing remark (113 chars)

    Nice home with great lot and privacy. Walk out basement could be finished for additional room. Lots of potential.

15. 2009-09-17
    listed $20,000 113-char remark

    Show marketing remark (113 chars)

    Nice home with great lot and privacy. Walk out basement could be finished for additional room. Lots of potential.

16. 2009-09-03
    soldstatus $35,915
17. 2008-09-09
    historical
18. 2008-07-01
    listed $52,500
19. 2006-03-13
    soldstatus $29,900
20. 2006-02-06
    listed $29,900
21. 2006-02-01
    historical
22. 2005-10-24
    listed $35,000
23. 2004-12-23
    historical
24. 2004-06-23
    listed $59,900
25. 2003-07-21
    historical
26. 2003-01-21
    listed $65,900

ⓘ 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: $849 · $71/mo
• Projected year-2 tax: $871 · $73/mo
• Expected delta: +$22/yr (+$2/mo · 2.6%)

ⓘ 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 ≥102°F today · 18 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: $13,103
• − Mortgage interest: −$5,882
• − Property taxes: −$849
• − Insurance: −$525
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$3,055
• Taxable income: $697
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $2,203/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: North Putnam Community Schools
• NCES district ID: 1807980
• Math proficiency: 47% ▼ -12.00%
• Reading proficiency: 48% ▼ -8.00%
• Median HH income: $54,825
• Composite: 41.18/100
• National rank: #3549
• State rank: #73 of 301 in IN

Livability — Russellville

• Score: 58/100
• State rank: #576
• US rank: #20650

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,215

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Slovak 4% Italian 1% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.81%
• Current HPI: 263.1969
• 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

+59.3% since first listed

18 events — show timeline

• 2026-06-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-06 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2026-05-22 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-02 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2009-10-13 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2009-09-17 Listed $20,000 MIBOR as Distributed by MLS Grid
• 2009-09-03 Sold (Public Records) $35,915 Public Records
• 2008-09-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-07-01 Listed $52,500 MIBOR as Distributed by MLS Grid
• 2006-03-13 Sold (MLS) $29,900 MIBOR as Distributed by MLS Grid
• 2006-02-06 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2006-02-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-24 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2004-12-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-06-23 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2003-07-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-01-21 Listed $65,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2024): $849 · +2.7% YoY. Source: county tax records.