4837 Covered Bridge Rd · Helmsburg, IN 47448

$230,000

3 bd · 2.0 ba · 1,725 sqft · SingleFamily public records · 87 Days on market

Built 1948 2.06 ac lot Est $352k · 35% under ↓ 31% since listing

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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 +16.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Schools +3.7/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming limestone and wood ranch nestled in the heart of Bean Blossom, just a short drive from Nashville, Brown County State Park, and all the recreation, shopping, and dining that Brown County is known for. Situated on just over 2 acres at the corner of State Road 135 North and Covered Bridge Road, this property offers space, functionality, and a scenic setting. Outdoor features include a detached three-car garage and a large 20x40 tool shed—perfect for hobbies, storage, or workshop needs. Step onto the wide covered front porch and into a welcoming family room with vaulted ceilings that create an open, airy feel. The home is full of character with hardwood paneling, built-in cabinetry, and original hardwood floors beneath the carpet in most rooms, offering great potential for restoration. Recent updates include a newer roof and furnace, both installed within the past three years. This property presents a great opportunity for buyers looking to add their own touch. The home is being sold as-is and is priced accordingly to reflect needed updates, including septic replacement and basement water intrusion. If you’re looking for a property with charm, acreage, and potential in a highly desirable location, this could be the one—schedule your showing today! Sellers are offering a $15,000 credit at closing towards septic installation.

Key facts

• Large tool shed
• Hardwood paneling
• Vaulted ceilings

Tags

• LIMESTONE AND WOOD RANCH
• DETACHED THREE CAR GARAGE
• LARGE TOOL SHED
• WIDE COVERED FRONT PORCH
• VAULTED CEILINGS
• HARDWOOD PANELING

Property features AI

Finance

• Other: Property listed as fixer; Approximately 2.06-acre lot (1–3 acres category)

Exterior

• Parking: Detached 3-car garage (864 sq ft)
• Utilities: Public water; Septic system; Propane (leased) fuel
• Home design: Single-family residence; One level
• Construction: Wood with stone exterior; Block foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Forced air heating (Propane); Central air conditioning
• Interior features: Vaulted ceilings; Hardwood floors; Partial unfinished basement; Living room fireplace
• Laundry & utility: Propane (leased) heating fuel noted for utilities

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/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 $186k (18.9% below list).
• Recommended offer: $186k (18.9% 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.
• Brown County School Corporation (rural): math 37% / reading 48% proficiency, ranked #113 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Helmsburg Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 264 students, 47% FRL); Brown County Middle School (math 36% / reading 47%, grade F, #108 of 330 statewide, top 34%, 379 students, 54% FRL); Brown County High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 509 students, 48% FRL).
• Market conditions: 90 active listings in the ZIP; 76 units permitted in Brown County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Brown County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,416 (18.9% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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: 0.81% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $351,900
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4405 Covered Bridge Rd	0.44mi	3/2.0	1,960 (+14%)	22mo	$400,000	$204	39

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

Projected returns pro-forma

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

5-year hold

• IRR: -12.8%
• Equity multiple: 0.54×
• Total profit: $-29,736
• Equity at exit: $34,294

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-16,519
• Equity at exit: $19,886

Cash invested: $64,400 (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 47448

• Home prices YoY: -25.5%
• Active inventory: 90
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,864 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $120

Break-even live

Break-even rent $1,712

Max offer price $230,000

Occupancy floor 89%

Sensitivity live

Price	-10% $250	-5% $185	+0% $120	+5% $55	+10% $-10
Rent	-10% $-27	-5% $46	+0% $120	+5% $194	+10% $267
Rate	-1.0pp $236	-0.5pp $179	base $120	+0.5pp $61	+1.0pp $0

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-15
   status $230,000 Pending 87 DOM
2. 2026-06-15
   days on market $230,000 Active 87 DOM
3. 2026-06-14
   days on market $230,000 Active 85 DOM
4. 2026-06-13
   days on market $230,000 Active 84 DOM
5. 2026-06-10
   days on market $230,000 Active 82 DOM
6. 2026-06-09
   days on market $230,000 Active 81 DOM
7. 2026-06-08
   days on market $230,000 Active 80 DOM
8. 2026-06-07
   days on market $230,000 Active 79 DOM
9. 2026-06-05
   days on market $230,000 Active 76 DOM
10. 2026-06-02
    days on market $230,000 Active 74 DOM
11. 2026-06-01
    days on market $230,000 Active 73 DOM
12. 2026-05-31
    days on market $230,000 Active 72 DOM
13. 2026-05-30
    days on market $230,000 Active 71 DOM
14. 2026-05-01
    price $230,000 1384-char remark

    Show marketing remark (1384 chars)

    Welcome to this charming limestone and wood ranch nestled in the heart of Bean Blossom, just a short drive from Nashville, Brown County State Park, and all the recreation, shopping, and dining that Brown County is known for. Situated on just over 2 acres at the corner of State Road 135 North and Covered Bridge Road, this property offers space, functionality, and a scenic setting. Outdoor features include a detached three-car garage and a large 20x40 tool shed—perfect for hobbies, storage, or workshop needs. Step onto the wide covered front porch and into a welcoming family room with vaulted ceilings that create an open, airy feel. The home is full of character with hardwood paneling, built-in cabinetry, and original hardwood floors beneath the carpet in most rooms, offering great potential for restoration. Recent updates include a newer roof and furnace, both installed within the past three years. This property presents a great opportunity for buyers looking to add their own touch. The home is being sold as-is and is priced accordingly to reflect needed updates, including septic replacement and basement water intrusion. If you’re looking for a property with charm, acreage, and potential in a highly desirable location, this could be the one—schedule your showing today! Sellers are offering a $15,000 credit at closing towards septic installation.

15. 2026-05-01
    price $230,000

    Show marketing remark (1384 chars)

    Welcome to this charming limestone and wood ranch nestled in the heart of Bean Blossom, just a short drive from Nashville, Brown County State Park, and all the recreation, shopping, and dining that Brown County is known for. Situated on just over 2 acres at the corner of State Road 135 North and Covered Bridge Road, this property offers space, functionality, and a scenic setting. Outdoor features include a detached three-car garage and a large 20x40 tool shed—perfect for hobbies, storage, or workshop needs. Step onto the wide covered front porch and into a welcoming family room with vaulted ceilings that create an open, airy feel. The home is full of character with hardwood paneling, built-in cabinetry, and original hardwood floors beneath the carpet in most rooms, offering great potential for restoration. Recent updates include a newer roof and furnace, both installed within the past three years. This property presents a great opportunity for buyers looking to add their own touch. The home is being sold as-is and is priced accordingly to reflect needed updates, including septic replacement and basement water intrusion. If you’re looking for a property with charm, acreage, and potential in a highly desirable location, this could be the one—schedule your showing today! Sellers are offering a $15,000 credit at closing towards septic installation.

16. 2026-03-20
    listed $260,000 Active 1384-char remark

    Show marketing remark (1384 chars)

    Welcome to this charming limestone and wood ranch nestled in the heart of Bean Blossom, just a short drive from Nashville, Brown County State Park, and all the recreation, shopping, and dining that Brown County is known for. Situated on just over 2 acres at the corner of State Road 135 North and Covered Bridge Road, this property offers space, functionality, and a scenic setting. Outdoor features include a detached three-car garage and a large 20x40 tool shed—perfect for hobbies, storage, or workshop needs. Step onto the wide covered front porch and into a welcoming family room with vaulted ceilings that create an open, airy feel. The home is full of character with hardwood paneling, built-in cabinetry, and original hardwood floors beneath the carpet in most rooms, offering great potential for restoration. Recent updates include a newer roof and furnace, both installed within the past three years. This property presents a great opportunity for buyers looking to add their own touch. The home is being sold as-is and is priced accordingly to reflect needed updates, including septic replacement and basement water intrusion. If you’re looking for a property with charm, acreage, and potential in a highly desirable location, this could be the one—schedule your showing today! Sellers are offering a $15,000 credit at closing towards septic installation.

17. 2026-03-20
    listed $260,000 Active

    Show marketing remark (1384 chars)

    Welcome to this charming limestone and wood ranch nestled in the heart of Bean Blossom, just a short drive from Nashville, Brown County State Park, and all the recreation, shopping, and dining that Brown County is known for. Situated on just over 2 acres at the corner of State Road 135 North and Covered Bridge Road, this property offers space, functionality, and a scenic setting. Outdoor features include a detached three-car garage and a large 20x40 tool shed—perfect for hobbies, storage, or workshop needs. Step onto the wide covered front porch and into a welcoming family room with vaulted ceilings that create an open, airy feel. The home is full of character with hardwood paneling, built-in cabinetry, and original hardwood floors beneath the carpet in most rooms, offering great potential for restoration. Recent updates include a newer roof and furnace, both installed within the past three years. This property presents a great opportunity for buyers looking to add their own touch. The home is being sold as-is and is priced accordingly to reflect needed updates, including septic replacement and basement water intrusion. If you’re looking for a property with charm, acreage, and potential in a highly desirable location, this could be the one—schedule your showing today! Sellers are offering a $15,000 credit at closing towards septic installation.

18. 2025-12-31
    historical
19. 2025-11-06
    status Active
20. 2025-11-02
    status Active
21. 2025-10-18
    status Pending
22. 2025-10-18
    status Pending
23. 2025-06-29
    price $285,000
24. 2025-06-29
    price $285,000
25. 2025-05-20
    listed $335,000 Active
26. 2025-05-20
    listed $335,000 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: $607 · $51/mo
• Projected year-2 tax: $1,281 · $107/mo
• Expected delta: +$674/yr (+$56/mo · 111.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,370
• − Mortgage interest: −$12,884
• − Property taxes: −$607
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$6,691
• Taxable loss: −$2,541
• Est. tax savings @ 24.0%: +$610
• After-tax cash flow: $2,051/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: Brown County School Corporation
• NCES district ID: 1800960
• Math proficiency: 37% ▼ -15.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $53,070
• Composite: 36.82/100
• National rank: #4563
• State rank: #113 of 301 in IN

Livability — Helmsburg

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

Census & demographics

• City population: 129
• Population (ZIP): 7,719

Population outlook (Brown County) Hauer SSP2

• Today (2025): 14,677 people
• By 2030: 14,458 · -1.5%
• By 2040: 13,727 · -6.5%
• By 2050: 12,841 · -12.5%
• By 2075: 11,232 · -23.5%
• By 2100: 9,129 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1% Black 1%
• Common ancestry: Lithuanian 3% Slovak 3% Romanian 2%
• Foreign-born: 2% · Philippines
• Languages at home: 98% English-only · Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Brown

• 2024 margin: Solid R (+32.6) · D 32.8% · R 65.5% · Other 1.7%
• 2008→2024 swing: -30.1pp toward R · 2008: -2.5pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+30.5 2016: R+31.6 2012: R+16.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.31%
• Current HPI: 228.3895
• 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

-31.3% since first listed

13 events — show timeline

• 2026-05-01 Price Changed $230,000 IRMLS
• 2026-05-01 Price Changed $230,000 MIBOR as Distributed by MLS Grid
• 2026-03-20 Listed $260,000 MIBOR as Distributed by MLS Grid
• 2026-03-20 Listed $260,000 IRMLS
• 2025-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-06 Relisted — IRMLS
• 2025-11-02 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-18 Pending — IRMLS
• 2025-10-18 Pending — MIBOR as Distributed by MLS Grid
• 2025-06-29 Price Changed $285,000 MIBOR as Distributed by MLS Grid
• 2025-06-29 Price Changed $285,000 IRMLS
• 2025-05-20 Listed $335,000 IRMLS
• 2025-05-20 Listed $335,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $607 · +8.7% YoY. Source: county tax records.