11224 Us Highway 231 S · Romney, IN 47981

$200,000

4 bd · 1.0 ba · 2,512 sqft · SingleFamily public records · 5 Days on market

Built 1914 0.59 ac lot Est $317k · 37% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.4/30.0
• Appreciation +6.2/10.0
• Schools +4.0/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Listing remarks MLS

QUALITY 2100 SF BUNGALOW PROPERTY OFFERING LOTS OF CHARM! 4 LARGE BEDROOMS, ORIGINAL TRIM DETAILS, FRONT PORCH, FULL BASEMENT, 2/3 ACRE LOT, 2 CAR GARAGE PLUS ADDITIONAL ATTIC SPACE THAT CAN BE FINISHED. PROPERTY QUALIFIES FOR 100% USDA FINANCING TO QUALIFIED BUYERS. ESTATE SALE, NO DISCLOSURES.

Key facts

• Peaceful community
• 0.59 acre lot
• 2 garage spots

Tags

• HIGHLY FUNCTIONAL LAYOUT
• SPACIOUS 2-CAR GARAGE
• PEACEFUL COMMUNITY

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal sewer connection; Private water source
• Home design: Single family residence; One-and-a-half story
• Construction: Aluminum siding; Block foundation
• Exterior features: Approximately 0.59-acre lot (about 1/2–1 acre)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Four bedrooms (2 on main level, 2 on upper level); Bedroom sizes include 11x10 (main), 10x11 (upper), 10x11 (upper)
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Finished basement; Total of 9 rooms
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-71 ($-855/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (27.3% below list).
• Recommended offer: $145k (27.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Tippecanoe School Corporation (rural): math 44% / reading 49% proficiency, ranked #80 of 301 in IN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mintonye Elementary School (math 44% / reading 41%, grade F, #425 of 994 statewide, top 44%, 469 students, 28% FRL); Southwestern Middle School (math 27% / reading 30%, grade F, #224 of 330 statewide, top 68%, 496 students, 40% FRL); Mccutcheon High School (math 36% / reading 64%, grade D+, #120 of 369 statewide, top 33%, 1,825 students, 44% FRL).
• Market conditions: 6 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.5% local appreciation)).
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $105k; list at $200k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,446 (27.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1914 — 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. 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?
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: 0.73% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $316,512
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11439 US Hwy 231 S	0.24mi	3/2.5 (-1)	2,436 (-3%)	9mo	$219,000	$90	65
11316 Us Highway 231	0.08mi	3/2.0 (-1)	2,140 (-15%)	5mo	$270,475	$126	59
10704 US 231 Rd S	0.52mi	3/3.0 (-1)	2,884 (+15%)	14mo	$518,000	$180	26

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

Projected returns pro-forma

2.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.25×
• Total profit: $13,749
• Equity at exit: $83,833

10-year hold

• IRR: 7.8%
• Equity multiple: 2.12×
• Total profit: $62,515
• Equity at exit: $124,643

Cash invested: $56,000 (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 47981

• Home prices YoY: 1.2%
• Active inventory: 6
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$88 /mo · $1,057/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $-71

Break-even live

Break-even rent $1,545

Max offer price $187,418

Occupancy floor 100%

Sensitivity live

Price	-10% $42	-5% $-15	+0% $-71	+5% $-128	+10% $-184
Rent	-10% $-186	-5% $-129	+0% $-71	+5% $-14	+10% $44
Rate	-1.0pp $29	-0.5pp $-20	base $-71	+0.5pp $-123	+1.0pp $-176

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-05
   status $200,000 Pending 5 DOM
2. 2026-06-02
   days on market $200,000 Active 5 DOM
3. 2026-06-01
   days on market $200,000 Active 4 DOM
4. 2026-05-31
   days on market $200,000 Active 3 DOM
5. 2026-05-30
   days on market $200,000 Active 2 DOM
6. 2026-05-28
   listed $200,000 Active
7. 2016-05-13
   soldstatus $105,000 296-char remark

   Show marketing remark (296 chars)

   QUALITY 2100 SF BUNGALOW PROPERTY OFFERING LOTS OF CHARM! 4 LARGE BEDROOMS, ORIGINAL TRIM DETAILS, FRONT PORCH, FULL BASEMENT, 2/3 ACRE LOT, 2 CAR GARAGE PLUS ADDITIONAL ATTIC SPACE THAT CAN BE FINISHED. PROPERTY QUALIFIES FOR 100% USDA FINANCING TO QUALIFIED BUYERS. ESTATE SALE, NO DISCLOSURES.

8. 2016-02-18
   listed $109,900 296-char remark

   Show marketing remark (296 chars)

   QUALITY 2100 SF BUNGALOW PROPERTY OFFERING LOTS OF CHARM! 4 LARGE BEDROOMS, ORIGINAL TRIM DETAILS, FRONT PORCH, FULL BASEMENT, 2/3 ACRE LOT, 2 CAR GARAGE PLUS ADDITIONAL ATTIC SPACE THAT CAN BE FINISHED. PROPERTY QUALIFIES FOR 100% USDA FINANCING TO QUALIFIED BUYERS. ESTATE SALE, NO DISCLOSURES.

ⓘ 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: $1,057 · $88/mo
• Projected year-2 tax: $1,379 · $115/mo
• Expected delta: +$321/yr (+$27/mo · 30.4%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,454
• − Mortgage interest: −$11,203
• − Property taxes: −$1,057
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$5,818
• Taxable loss: −$4,417
• Est. tax savings @ 24.0%: +$1,060
• After-tax cash flow: $206/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: Tippecanoe School Corporation
• NCES district ID: 1811340
• Math proficiency: 44% ▼ -6.00%
• Reading proficiency: 49% ▼ -5.00%
• Median HH income: $55,087
• Composite: 40.36/100
• National rank: #3741
• State rank: #80 of 301 in IN

Livability — Romney

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Romney, IN
• Population (ZIP): 915

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 5% Native American 4% Two or more races 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 3% Lithuanian 2% Scandinavian 1%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.45%
• Current HPI: 206.0038
• 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

+82.0% since first listed

3 events — show timeline

• 2026-05-28 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2016-05-13 Sold (MLS) $105,000 IRMLS
• 2016-02-18 Listed $109,900 IRMLS

Property tax history

-2.7%/yr

Latest (2024): $1,057 · +9.9% YoY. Source: county tax records.