1118 Wade St · Austin, IN 47102

$35,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 4 Days on market

Built 1950 7,405 sqft lot $30/sqft · 76% below area ↓ 50% since listing

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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
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity at 1118 Wade St in Austin, Indiana! This 3 bedroom, 1 bathroom home offers approximately 1,176 square feet and is now VACANT! Built in 1950, the property has had some floor joists replaced by the seller and the home does include an electric HVAC system. This home is being sold AS-IS at closing. Seller is motivated and prefers cash offers. Great opportunity to add to your investment portfolio!

Key facts

• 7,405 sq ft lot
• Built 1950
• Listed 4 days

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One story; Fixer condition
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.17 acre)

Interior

• Kitchen: Kitchen (12 x 10)
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Attic access
• Laundry & utility: Laundry area (other)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($928 rent vs $35k).
• Cap rate 23.2% vs local median 4.2% in Austin — 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 60/100 on livability (#523 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety D, amenities F, commute F.
• Scott County School District 1 (town): math 16% / reading 26% proficiency, ranked #274 of 301 in IN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Austin Elementary School (math 23% / reading 20%, grade F, #803 of 994 statewide, top 81%, 612 students, 64% FRL); Austin Middle School (math 10% / reading 26%, grade F, #279 of 330 statewide, top 86%, 275 students, 56% FRL); Austin High School (math 12% / reading 47%, grade F, #308 of 369 statewide, top 84%, 432 students, 52% FRL).
• Market conditions: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 73 units permitted in Scott County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Scott County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $30k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1950 — 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. 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: 2.65% ✓
• Cap rate: 23.23%
• Cash-on-cash: 60.48%
• DSCR: 3.69
• GRM: 3.1

CMA / ARV

• ARV (median comp): $147,197
• List price: $35,000
• Delta: -66.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1118 Wade St	0.00mi	3/1.0	1,176 (0%)	0mo	$30,000	$26	100
733 Mann Ave	0.28mi	3/1.0	1,176 (0%)	4mo	$105,000	$89	84
639 Mann Ave	0.07mi	3/2.0	1,232 (+5%)	2mo	$164,900	$134	83
880 Mann Ave	0.20mi	3/2.0	1,104 (-6%)	1mo	$159,900	$145	76
1105 Pearl St	0.14mi	3/2.0	1,092 (-7%)	6mo	$179,900	$165	73
147 Paulanna Ave	0.41mi	3/2.0	1,117 (-5%)	1mo	$169,600	$152	68
560 North St	0.13mi	2/1.0 (-1)	1,013 (-14%)	1mo	$29,900	$30	65
139 Factory Dr	0.53mi	3/2.0	1,218 (+4%)	5mo	$185,000	$152	61
37 Rural St	0.53mi	3/2.0	1,115 (-5%)	3mo	$160,000	$143	60
982 N Third St	0.34mi	3/2.0	1,340 (+14%)	1mo	$184,900	$138	56
96 Hill St	0.49mi	3/2.0	1,292 (+10%)	4mo	$174,000	$135	54
746 Goodin Dr	0.32mi	3/2.0	1,343 (+14%)	5mo	$180,000	$134	53

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: 59.3%
• Equity multiple: 3.63×
• Total profit: $25,797
• Equity at exit: $5,219

10-year hold

• IRR: 64.0%
• Equity multiple: 7.43×
• Total profit: $63,018
• Equity at exit: $3,026

Cash invested: $9,800 (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 47102

• Home prices YoY: -8.9%
• Active inventory: 54
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $928 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$41 /mo · $490/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $494

Break-even live

Break-even rent $303

Max offer price $35,000

Occupancy floor 42%

Sensitivity live

Price	-10% $514	-5% $504	+0% $494	+5% $484	+10% $474
Rent	-10% $421	-5% $457	+0% $494	+5% $531	+10% $567
Rate	-1.0pp $512	-0.5pp $503	base $494	+0.5pp $485	+1.0pp $476

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Red Oak Way Austin, IN	2.0	2.0	1080	$929	$0.86	45d	1	0.54mi
527 W Cherry St Austin, IN	2.0	1.0	1080	$925	$0.86	45d	1	1.13mi

Listing history 6 events

1. 2026-06-01
   status $35,000 Pending 4 DOM

   Show marketing remark (418 chars)

   Investment opportunity at 1118 Wade St in Austin, Indiana! This 3 bedroom, 1 bathroom home offers approximately 1,176 square feet and is now VACANT! Built in 1950, the property has had some floor joists replaced by the seller and the home does include an electric HVAC system. This home is being sold AS-IS at closing. Seller is motivated and prefers cash offers. Great opportunity to add to your investment portfolio!

2. 2026-06-01
   days on market $35,000 Active 4 DOM

   Show marketing remark (418 chars)

   Investment opportunity at 1118 Wade St in Austin, Indiana! This 3 bedroom, 1 bathroom home offers approximately 1,176 square feet and is now VACANT! Built in 1950, the property has had some floor joists replaced by the seller and the home does include an electric HVAC system. This home is being sold AS-IS at closing. Seller is motivated and prefers cash offers. Great opportunity to add to your investment portfolio!

3. 2026-05-31
   days on market $35,000 Active 3 DOM
4. 2026-05-31
   days on market $35,000 Active 2 DOM
5. 2026-05-12
   price $49,900 522-char remark

   Show marketing remark (418 chars)

   Investment opportunity at 1118 Wade St in Austin, Indiana! This 3 bedroom, 1 bathroom home offers approximately 1,176 square feet and is now VACANT! Built in 1950, the property has had some floor joists replaced by the seller and the home does include an electric HVAC system. This home is being sold AS-IS at closing. Seller is motivated and prefers cash offers. Great opportunity to add to your investment portfolio!

6. 2026-05-05
   listed $59,900 Active 522-char remark

   Show marketing remark (418 chars)

   Investment opportunity at 1118 Wade St in Austin, Indiana! This 3 bedroom, 1 bathroom home offers approximately 1,176 square feet and is now VACANT! Built in 1950, the property has had some floor joists replaced by the seller and the home does include an electric HVAC system. This home is being sold AS-IS at closing. Seller is motivated and prefers cash offers. Great opportunity to add to your investment portfolio!

ⓘ 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: $490 · $41/mo
• Projected year-2 tax: $490 · $41/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,132
• − Mortgage interest: −$1,961
• − Property taxes: −$490
• − Insurance: −$175
• − Repairs & maintenance: −$891
• − Management: −$891
• − Depreciation: −$1,018
• Taxable income: $5,707
• Est. tax owed @ 24.0%: −$1,370
• After-tax cash flow: $4,557/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: Scott County School District 1
• NCES district ID: 1809990
• Math proficiency: 16% ▼ -21.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $36,972
• Composite: 17.46/100
• National rank: #9062
• State rank: #274 of 301 in IN

Livability — Austin

• Score: 60/100
• State rank: #523
• US rank: #18774

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Austin, IN
• City population: 6,647
• Population (ZIP): 6,647

Population outlook (Scott County) Hauer SSP2

• Today (2025): 22,525 people
• By 2030: 21,609 · -4.1%
• By 2040: 19,536 · -13.3%
• By 2050: 17,370 · -22.9%
• By 2075: 12,862 · -42.9%
• By 2100: 9,340 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Scott

• 2024 margin: Solid R (+51.5) · D 23.4% · R 74.9% · Other 1.6%
• 2008→2024 swing: -49.5pp toward R · 2008: -2.0pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+45.6 2016: R+37.9 2012: R+6.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.77%
• Current HPI: 263.604
• 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

-49.9% since first listed

8 events — show timeline

• 2026-06-09 Sold (MLS) $30,000 SIRA
• 2026-06-09 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2026-06-01 Delisted — SIRA
• 2026-06-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-28 Price Changed $35,000 SIRA
• 2026-05-28 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $49,900 SIRA
• 2026-05-05 Listed $59,900 SIRA

Property tax history

-7.5%/yr

Latest (2024): $490 · -9.1% YoY. Source: county tax records.