230 E Morse St · Markle, IN 46770

$115,000

3 bd · 2.0 ba · 1,582 sqft · SingleFamily public records · 1 Days on market

Built 1900 8,712 sqft lot Est $177k · 35% 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 +22.6/30.0
• ARV discount +15.0/15.0
• Appreciation +7.4/10.0
• DSCR +7.2/10.0
• 1% rule +4.9/10.0
• Livability +3.4/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Check out this 3-bedroom, 2-bathroom home located in the heart of Markle on a 60' X 150' Lot. This property also features a nice 1-1/2 car detached garage and off road parking. The eat in kitchen is very spacious and you will love the large living room area and bedrooms.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; One-story
• Construction: Wood siding construction
• Exterior features: Located on a cul-de-sac; Lot roughly 60' x 150' (0.2 acres)

Interior

• Kitchen: Dishwasher; Electric oven; Electric range
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Dishwasher; Electric oven; Electric range; Washer; Dryer; Unfinished basement
• Laundry & utility: Main-level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $195 ($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 $114k (1.1% below list).
• Recommended offer: $114k (1.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#228 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Huntington County Community School Corporation (rural): math 34% / reading 39% proficiency, ranked #176 of 301 in IN (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salamonie Elementary School (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 286 students, 46% FRL); Riverview School (math 29% / reading 40%, grade F, #167 of 330 statewide, top 52%, 503 students, 54% FRL); Huntington North High School (math 30% / reading 55%, grade F, #195 of 369 statewide, top 53%, 1,424 students, 42% FRL).
• Market conditions: 5 active listings in the ZIP; 79 units permitted in Huntington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($795 loan paydown + $6k appreciation (4.9% local appreciation)).
• Huntington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $113,765 (1.1% 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 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. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 8.33%
• Cash-on-cash: 7.28%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $177,184
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
295 E Morse St	0.04mi	3/1.5	1,579 (-0%)	14mo	$197,500	$125	84
250 W Allen St	0.36mi	3/2.0	1,415 (-11%)	4mo	$260,000	$184	62
235 N Clark St	0.17mi	3/1.5	1,725 (+9%)	22mo	$136,200	$79	57
225 W Logan St	0.39mi	3/1.0	1,632 (+3%)	20mo	$90,000	$55	56
210 N Miller St	0.10mi	2/1.0 (-1)	1,428 (-10%)	19mo	$160,000	$112	55
245 W Logan St	0.39mi	3/1.0	1,415 (-11%)	12mo	$148,500	$105	50

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

Projected returns pro-forma

4.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.18×
• Total profit: $38,051
• Equity at exit: $64,259

10-year hold

• IRR: 18.8%
• Equity multiple: 4.25×
• Total profit: $104,632
• Equity at exit: $110,158

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 46770

• Home prices YoY: 2.2%
• Active inventory: 5
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,138 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$52 /mo · $629/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $195

Break-even live

Break-even rent $890

Max offer price $115,000

Occupancy floor 78%

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 2 events

1. 2026-05-21
   status Pending
2. 2026-05-21
   listed $115,000 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: $629 · $52/mo
• Projected year-2 tax: $803 · $67/mo
• Expected delta: +$174/yr (+$15/mo · 27.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $13,652
• − Mortgage interest: −$6,442
• − Property taxes: −$629
• − Insurance: −$575
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$3,345
• Taxable income: $476
• Est. tax owed @ 24.0%: −$114
• After-tax cash flow: $2,229/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: Huntington County Community School Corporation
• NCES district ID: 1804710
• Math proficiency: 34% ▼ -6.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $47,010
• Composite: 31.29/100
• National rank: #6013
• State rank: #176 of 301 in IN

Livability — Markle

• Score: 68/100
• State rank: #228
• US rank: #9950

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Markle, IN
• Population (ZIP): 2,604

Population outlook (Huntington County) Hauer SSP2

• Today (2025): 35,613 people
• By 2030: 34,759 · -2.4%
• By 2040: 32,682 · -8.2%
• By 2050: 30,495 · -14.4%
• By 2075: 26,298 · -26.2%
• By 2100: 22,653 · -36.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 1%
• Common ancestry: Italian 2% Slovak 2% Scottish 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Huntington

• 2024 margin: Solid R (+48.4) · D 24.9% · R 73.3% · Other 1.8%
• 2008→2024 swing: -21.2pp toward R · 2008: -27.2pp · 2024: -48.4pp
• All cycles: 2024: R+48.4 2020: R+49.9 2016: R+51.0 2012: R+39.8 2008: R+27.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.87%
• Current HPI: 230.2682
• 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

2 events — show timeline

• 2026-05-21 Pending — IRMLS
• 2026-05-21 Listed $115,000 IRMLS

Property tax history

+4.2%/yr

Latest (2024): $629 · +21.1% YoY. Source: county tax records.