2232 W 1650 S · Hanna, IN 46340

$259,900

3 bd · 1.5 ba · 1,260 sqft · SingleFamily public records · 4 Days on market

Built 1945 2.00 ac lot Est $255k · at est.

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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 +15.1/30.0
• Appreciation +10.0/10.0
• ARV discount +6.5/15.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• 1% rule +2.9/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming and updated 2 bedroom, 1 bath home set on 2 peaceful acres in the country. This well-maintained property features a durable metal roof and offers a comfortable layout with modern updates throughout, making it move-in ready. Located in the desirable South Central School district and featuring low taxes, this home is as practical as it is inviting. Outside, you'll find a nice outbuilding along with a chicken coop, perfect for hobby farming or extra storage. Enjoy the privacy and open space of country living while still having room to grow and make it your own.

Key facts

• Metal roof
• Outbuilding
• Chicken coop

Tags

• METAL ROOF
• OUTBUILDING
• CHICKEN COOP
• SOUTH CENTRAL SCHOOL DISTRICT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $88 ($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 $204k (21.5% below list).
• Recommended offer: $204k (21.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 52/100 on livability (#650 in IN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools D+, amenities F, commute F.
• Market conditions: 8 active listings in the ZIP; 216 units permitted in LaPorte County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• LaPorte County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $57k; list at $260k implies a 358% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $204,060 (21.5% below list)

Questions for the listing agent

1. Built in 1945 — 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: 0.79% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $254,520
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 W 1650 S	0.00mi	2/1.0 (-1)	1,260 (0%)	0mo	$255,000	$202	93

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 3.02×
• Total profit: $147,009
• Equity at exit: $234,139

10-year hold

• IRR: 22.3%
• Equity multiple: 6.88×
• Total profit: $428,244
• Equity at exit: $504,929

Cash invested: $72,772 (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 46340

• Home prices YoY: 8.7%
• Active inventory: 8
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,041 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$53 /mo · $636/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $88

Break-even live

Break-even rent $1,929

Max offer price $259,900

Occupancy floor 91%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-04
   status Pending 573-char remark

   Show marketing remark (573 chars)

   Charming and updated 2 bedroom, 1 bath home set on 2 peaceful acres in the country. This well-maintained property features a durable metal roof and offers a comfortable layout with modern updates throughout, making it move-in ready. Located in the desirable South Central School district and featuring low taxes, this home is as practical as it is inviting. Outside, you'll find a nice outbuilding along with a chicken coop, perfect for hobby farming or extra storage. Enjoy the privacy and open space of country living while still having room to grow and make it your own.

2. 2026-04-30
   listed $259,900 Active 573-char remark

   Show marketing remark (573 chars)

   Charming and updated 2 bedroom, 1 bath home set on 2 peaceful acres in the country. This well-maintained property features a durable metal roof and offers a comfortable layout with modern updates throughout, making it move-in ready. Located in the desirable South Central School district and featuring low taxes, this home is as practical as it is inviting. Outside, you'll find a nice outbuilding along with a chicken coop, perfect for hobby farming or extra storage. Enjoy the privacy and open space of country living while still having room to grow and make it your own.

3. 2004-07-08
   soldstatus $56,750
4. 2004-05-03
   listed $59,900
5. 2004-05-03
   listed $59,900

ⓘ 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: $636 · $53/mo
• Projected year-2 tax: $1,422 · $119/mo
• Expected delta: +$787/yr (+$66/mo · 123.8%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,487
• − Mortgage interest: −$14,558
• − Property taxes: −$636
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − Depreciation: −$7,561
• Taxable loss: −$3,485
• Est. tax savings @ 24.0%: +$836
• After-tax cash flow: $1,891/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)

No district data.

Livability — Hanna

• Score: 52/100
• State rank: #650
• US rank: #24903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,531

Population outlook (LaPorte County) Hauer SSP2

• Today (2025): 109,757 people
• By 2030: 108,288 · -1.3%
• By 2040: 105,070 · -4.3%
• By 2050: 102,330 · -6.8%
• By 2075: 97,009 · -11.6%
• By 2100: 86,459 · -21.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Puerto Rican 9%
• Common ancestry: Lithuanian 10% Romanian 10% Scotch-Irish 3%

Political lean MEDSL · LaPorte

• 2024 margin: R (+14.1) · D 42.1% · R 56.2% · Other 1.7%
• 2008→2024 swing: -19.1pp toward R · 2008: 5.0pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+7.2 2016: R+6.4 2012: D+12.6 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.83%
• Current HPI: 234.7752
• 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

+333.9% since first listed

5 events — show timeline

• 2026-05-04 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-04-30 Listed $259,900 NIRA MLS as Distributed by MLS Grid
• 2004-07-08 Sold (Public Records) $56,750 Public Records
• 2004-05-03 Listed $59,900 NIRA MLS as Distributed by MLS Grid
• 2004-05-03 Listed $59,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2024): $636 · -10.7% YoY. Source: county tax records.