958 E Short St · Winchester, IN 47394

$114,900

2 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 22 Days on market

Built 1930 0.50 ac lot Est $160k · 28% under

---

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 +17.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Property located just outside of Winchester with 3 bedrooms, 1 bathroom.

Key facts

• Metal roof
• New flooring
• New paint

Tags

• METAL ROOF
• NEW FLOORING
• NEW PAINT
• NEW KITCHEN CABINETS
• LARGE LAUNDRY ROOM
• STORAGE SHED

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Stucco exterior
• Exterior features: River/creek frontage; Waterfront lot; Shed(s)

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Crawl space basement; Total of 6 rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $12 ($141/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 $110k (3.9% below list).
• Recommended offer: $110k (3.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, amenities F, commute F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($794 loan paydown + $11k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 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 $35k; list at $115k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,410 (3.9% below list)

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 0.96% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.92%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $160,480
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
958 E Short St	0.00mi	3/1.0 (+1)	1,200 (-12%)	3mo	$35,000	$29	73
501 Maple St	0.72mi	3/2.0 (+1)	1,200 (-12%)	1mo	$195,000	$163	37
1392 E Washington St	0.59mi	3/1.5 (+1)	1,548 (+14%)	9mo	$182,000	$118	35
420 E Short St	0.72mi	3/1.0 (+1)	1,448 (+6%)	24mo	$69,900	$48	31

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: 24.6%
• Equity multiple: 2.97×
• Total profit: $63,383
• Equity at exit: $103,511

10-year hold

• IRR: 21.8%
• Equity multiple: 6.79×
• Total profit: $186,178
• Equity at exit: $223,225

Cash invested: $32,172 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,104 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $12

Break-even live

Break-even rent $1,089

Max offer price $114,900

Occupancy floor 94%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $114,900 Active 22 DOM
2. 2026-06-17
   days on market $114,900 Active 21 DOM
3. 2026-06-16
   days on market $114,900 Active 20 DOM
4. 2026-06-15
   days on market $114,900 Active 19 DOM
5. 2026-06-13
   days on market $114,900 Active 17 DOM
6. 2026-06-12
   days on market $114,900 Active 16 DOM
7. 2026-06-09
   days on market $114,900 Active 13 DOM
8. 2026-06-08
   days on market $114,900 Active 12 DOM
9. 2026-06-07
   days on market $114,900 Active 11 DOM
10. 2026-06-04
    days on market $114,900 Active 7 DOM
11. 2026-06-02
    days on market $114,900 Active 6 DOM
12. 2026-06-01
    days on market $114,900 Active 5 DOM
13. 2026-05-31
    days on market $114,900 Active 4 DOM
14. 2026-05-31
    days on market $114,900 Active 3 DOM
15. 2026-05-27
    listed $114,900 Active
16. 2026-03-31
    soldstatus $35,000 Closed 72-char remark

    Show marketing remark (72 chars)

    Property located just outside of Winchester with 3 bedrooms, 1 bathroom.

17. 2026-03-02
    status Pending 72-char remark

    Show marketing remark (72 chars)

    Property located just outside of Winchester with 3 bedrooms, 1 bathroom.

18. 2026-02-26
    listed $44,900 Active 72-char remark

    Show marketing remark (72 chars)

    Property located just outside of Winchester with 3 bedrooms, 1 bathroom.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,249
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$1,372
• − Repairs & maintenance: −$1,060
• − Management: −$1,060
• − Depreciation: −$3,343
• Taxable loss: −$1,745
• Est. tax savings @ 24.0%: +$419
• After-tax cash flow: $560/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

+155.9% since first listed

4 events — show timeline

• 2026-05-27 Listed $114,900 IRMLS
• 2026-03-31 Sold (MLS) $35,000 IRMLS
• 2026-03-02 Pending — IRMLS
• 2026-02-26 Listed $44,900 IRMLS

Property tax history

-13.7%/yr

Latest (2024): $44 · -28.3% YoY. Source: county tax records.