309 N French St · Sullivan, IN 47882

$109,900

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 45 Days on market

Built 1940 7,841 sqft lot $114/sqft · 17% above area Est $94k · 17% over

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Why this score? — see what drove the D- 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 +18.2/30.0
• DSCR +5.7/10.0
• 1% rule +4.1/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Refinished and Refined 2 bedroom/1 bath with laundry on the main level in Sullivan! Just bring your stuff & Step in to new and modern finishings! There are two living areas inside, with a formal dining area that could be used as an office. Basement is great for storage. Fenced-in yard is huge and ready for your BBQ this summer! Contact Broker for a tour today.

Key facts

• Two living areas
• Formal dining area
• Fenced-in yard

Tags

• LAUNDRY ON THE MAIN LEVEL
• TWO LIVING AREAS
• FORMAL DINING AREA
• FENCED-IN YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $99 ($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 $100k (9.5% below list).
• Recommended offer: $100k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.5% in Sullivan — 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 (#167 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Southwest School Corporation (rural): math 40% / reading 42% proficiency, ranked #137 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sullivan Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 663 students, 50% FRL); Sullivan Middle School (math 39% / reading 45%, grade D-, #102 of 330 statewide, top 32%, 298 students, 49% FRL); Sullivan High School (math 32% / reading 52%, grade F, #197 of 369 statewide, top 57%, 499 students, 46% FRL).
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Sullivan 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 45 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $46k; list at $110k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,500 (9.5% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.91% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.86%
• DSCR: 1.17
• GRM: 9.2

CMA / ARV

• ARV (median comp): $93,959
• List price: $109,900
• Delta: 16.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 N Court St	0.52mi	2/1.0	984 (+2%)	3mo	$50,000	$51	69
610 N Broad St	0.61mi	2/1.0	928 (-3%)	3mo	$74,000	$80	63
302 S Court St	0.59mi	3/1.0 (+1)	930 (-3%)	2mo	$35,894	$39	60
602 N Broad St	0.60mi	2/1.0	1,004 (+5%)	6mo	$110,000	$110	59
329 S Court St	0.65mi	2/2.0	1,083 (+13%)	10mo	$107,500	$99	36
608 N State St	0.58mi	3/1.0 (+1)	1,055 (+10%)	23mo	$18,500	$18	32

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: -10.3%
• Equity multiple: 0.63×
• Total profit: $-11,532
• Equity at exit: $16,386

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-2,041
• Equity at exit: $9,502

Cash invested: $30,772 (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 47882

• Home prices YoY: -11.1%
• Active inventory: 79
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$65 /mo · $779/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $99

Break-even live

Break-even rent $870

Max offer price $109,900

Occupancy floor 85%

Sensitivity live

Price	-10% $161	-5% $130	+0% $99	+5% $68	+10% $37
Rent	-10% $20	-5% $60	+0% $99	+5% $138	+10% $178
Rate	-1.0pp $154	-0.5pp $127	base $99	+0.5pp $71	+1.0pp $42

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	16d	1	0.85mi
564 S Court St Sullivan, IN	2.0	1.0	978	$995	$1.02	14d	1	0.85mi

Listing history 5 events

1. 2026-05-07
   status Pending 368-char remark

   Show marketing remark (368 chars)

   Refinished and Refined 2 bedroom/1 bath with laundry on the main level in Sullivan! Just bring your stuff & Step in to new and modern finishings! There are two living areas inside, with a formal dining area that could be used as an office. Basement is great for storage. Fenced-in yard is huge and ready for your BBQ this summer! Contact Broker for a tour today.

2. 2026-05-05
   price $109,900 368-char remark

   Show marketing remark (368 chars)

   Refinished and Refined 2 bedroom/1 bath with laundry on the main level in Sullivan! Just bring your stuff & Step in to new and modern finishings! There are two living areas inside, with a formal dining area that could be used as an office. Basement is great for storage. Fenced-in yard is huge and ready for your BBQ this summer! Contact Broker for a tour today.

3. 2026-03-23
   listed $119,900 Active 368-char remark

   Show marketing remark (368 chars)

   Refinished and Refined 2 bedroom/1 bath with laundry on the main level in Sullivan! Just bring your stuff & Step in to new and modern finishings! There are two living areas inside, with a formal dining area that could be used as an office. Basement is great for storage. Fenced-in yard is huge and ready for your BBQ this summer! Contact Broker for a tour today.

4. 2012-03-13
   soldstatus $46,500
5. 2010-11-29
   soldstatus $7,000

ⓘ 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: $779 · $65/mo
• Projected year-2 tax: $857 · $71/mo
• Expected delta: +$78/yr (+$6/mo · 10.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,940
• − Mortgage interest: −$6,156
• − Property taxes: −$779
• − Insurance: −$550
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$3,197
• Taxable loss: −$652
• Est. tax savings @ 24.0%: +$157
• After-tax cash flow: $1,345/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: Southwest School Corporation
• NCES district ID: 1810860
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $43,624
• Composite: 34.71/100
• National rank: #5136
• State rank: #137 of 301 in IN

Livability — Sullivan

• Score: 70/100
• State rank: #167
• US rank: #7960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IN
• City population: 8,494
• Population (ZIP): 8,494

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Italian 2% Slovak 2% Iranian 2%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.79%
• Current HPI: 190.5334
• 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

+1470.0% since first listed

5 events — show timeline

• 2026-05-07 Pending — THAAR
• 2026-05-05 Price Changed $109,900 THAAR
• 2026-03-23 Listed $119,900 THAAR
• 2012-03-13 Sold (Public Records) $46,500 Public Records
• 2010-11-29 Sold (Public Records) $7,000 Public Records

Property tax history

+9.0%/yr

Latest (2024): $779 · +29.4% YoY. Source: county tax records.