4 W Water St · Cloverdale, IN 46120

$77,000

4 bd · 1.0 ba · 2,635 sqft · SingleFamily public records · 82 Days on market

Built 1900 6,403 sqft lot $29/sqft · 56% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.4/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming 5-bedroom home in the heart of Cloverdale, full of character and ready for you to bring it back to it's former glory. 1 bedroom on the main level, with 4 bedrooms at the top of the beautiful curved staircase. Partial basement for extra storage and mechanicals. 2 car attached carport, which could be enclosed to make a garage or workshop. Property could potentially be converted to a multifamily rental as well.

Key facts

• Curved staircase
• Partial basement
• 6,403 sq ft lot

Tags

• CURVED STAIRCASE
• PARTIAL BASEMENT
• 2 CAR ATTACHED CARPORT
• MULTIFAMILY RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• Recommended offer: $72k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 3.7% in Cloverdale — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#156 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Cloverdale Community Schools (rural): math 36% / reading 40% proficiency, ranked #167 of 301 in IN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $532 of loan paydown is wiped out by about $937 of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-1.2% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $72,380 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.88% ✓
• Cap rate: 15.54%
• Cash-on-cash: 33.04%
• DSCR: 2.47
• GRM: 4.4

CMA / ARV

• ARV (median comp): $241,774
• List price: $77,000
• Delta: -68.15%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 N Main St	0.33mi	4/3.0	2,672 (+1%)	14mo	$248,900	$93	63
54 N Grant St	0.23mi	4/2.0	2,900 (+10%)	16mo	$156,875	$54	55
254 S Main St	0.07mi	3/1.5 (-1)	2,304 (-13%)	22mo	$179,900	$78	50
20 U Dr	0.30mi	3/3.5 (-1)	2,380 (-10%)	12mo	$280,000	$118	45
451 North St E	0.57mi	3/1.0 (-1)	2,288 (-13%)	8mo	$185,000	$81	40

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

Projected returns pro-forma

-1.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.6%
• Equity multiple: 2.45×
• Total profit: $31,292
• Equity at exit: $17,784

10-year hold

• IRR: 36.5%
• Equity multiple: 4.78×
• Total profit: $81,574
• Equity at exit: $17,998

Cash invested: $21,560 (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 46120

• Home prices YoY: -0.5%
• Active inventory: 65
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,449 medium
• Mortgage (P&I): −$404
• Tax from tax record: −$115 /mo · $1,380/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $594

Break-even live

Break-even rent $697

Max offer price $77,000

Occupancy floor 54%

Sensitivity live

Price	-10% $637	-5% $615	+0% $594	+5% $572	+10% $550
Rent	-10% $479	-5% $536	+0% $594	+5% $651	+10% $708
Rate	-1.0pp $632	-0.5pp $613	base $594	+0.5pp $574	+1.0pp $553

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: $19,250
• Closing costs: $2,310
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $77,000 Active 82 DOM
2. 2026-06-18
   days on market $77,000 Active 79 DOM
3. 2026-06-17
   days on market $77,000 Active 78 DOM
4. 2026-06-16
   days on market $77,000 Active 77 DOM
5. 2026-06-15
   days on market $77,000 Active 76 DOM
6. 2026-06-13
   days on market $77,000 Active 74 DOM
7. 2026-06-09
   days on market $77,000 Active 70 DOM
8. 2026-06-08
   days on market $77,000 Active 69 DOM
9. 2026-06-07
   days on market $77,000 Active 68 DOM
10. 2026-06-03
    days on market $77,000 Active 64 DOM
11. 2026-06-02
    days on market $77,000 Active 63 DOM
12. 2026-06-01
    days on market $77,000 Active 62 DOM
13. 2026-05-31
    days on market $77,000 Active 61 DOM
14. 2026-03-30
    listed $77,000 Active 420-char remark

    Show marketing remark (420 chars)

    Charming 5-bedroom home in the heart of Cloverdale, full of character and ready for you to bring it back to it's former glory. 1 bedroom on the main level, with 4 bedrooms at the top of the beautiful curved staircase. Partial basement for extra storage and mechanicals. 2 car attached carport, which could be enclosed to make a garage or workshop. Property could potentially be converted to a multifamily rental as well.

ⓘ 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: $1,380 · $115/mo
• Projected year-2 tax: $1,380 · $115/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥102°F today · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,386
• − Mortgage interest: −$4,313
• − Property taxes: −$1,380
• − Insurance: −$385
• − Repairs & maintenance: −$1,391
• − Management: −$1,391
• − Depreciation: −$2,240
• Taxable income: $6,286
• Est. tax owed @ 24.0%: −$1,509
• After-tax cash flow: $5,615/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: Cloverdale Community Schools
• NCES district ID: 1802220
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 40% ▼ -14.00%
• Median HH income: $44,267
• Composite: 32.28/100
• National rank: #5753
• State rank: #167 of 301 in IN

Livability — Cloverdale

• Score: 70/100
• State rank: #156
• US rank: #7715

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cloverdale, IN
• City population: 6,138
• Population (ZIP): 6,138

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 (97%)
• Race & ethnicity: White 97% Two or more races 1% Black 1%
• Common ancestry: Slovak 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

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: ▼ -1.22%
• Current HPI: 235.6828
• 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

• 2026-03-30 Listed $77,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2018): $1,380 · +0.3% YoY. Source: county tax records.