4377 S US 33 Hwy · Merriam, IN 46701

$65,000

2 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 28 Days on market

Built 1967 0.50 ac lot ↓ 18% 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
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rough Ranch, Needs complete rehab including new joists in kitchen area. Home is rough, This potential 3 bedroom 2 bath ranch on full basement with 2 car attached garage is situated on a 1/2 acre lot Being sold as/is. Use extreme caution as a portion of the house has no floor/joists. Home has been vacant a long time. One positive the home has a recent complete NEW tear off and reroof. Ideal for a contractor or someone looking to flip. Listing agent does seller representation only, some dimensions are approximate, information is believed accurate but is not guaranteed and should be verified.

Key facts

• 1/2 acre lot
• 0.5 acre lot
• 2 garage spots

Tags

• 1/2 ACRE LOT

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family site-built home; Single-story
• Construction: Aluminum siding
• Exterior features: Level lot; Lot dimensions approximately 200 x 100 (0.5 acre)

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Full unfinished basement
• Laundry & utility: Laundry in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Central Noble Community School Corporation (rural): math 32% / reading 34% proficiency, ranked #207 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Noble Primary School (249 students, 47% FRL); Central Noble Junior Senior Hs (math 23% / reading 37%, grade F, #307 of 369 statewide, top 83%, 654 students, 46% FRL) — zoned schools average 46% FRL vs 31% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 active listings in the ZIP; 131 units permitted in Noble County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Noble County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($64k) 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.

Recommended offer $64,025 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — 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. 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.
4. 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.
5. 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: 1.79% ✓
• Cap rate: 15.13%
• Cash-on-cash: 31.57%
• DSCR: 2.40
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $170,496
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4352 S Oak St	0.06mi	3/2.0 (+1)	1,287 (+12%)	8mo	$189,900	$148	62

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: 26.5%
• Equity multiple: 2.10×
• Total profit: $19,974
• Equity at exit: $9,692

10-year hold

• IRR: 34.1%
• Equity multiple: 4.12×
• Total profit: $56,705
• Equity at exit: $5,620

Cash invested: $18,200 (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 46701

• Home prices YoY: -16.8%
• Active inventory: 29
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$70 /mo · $843/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $479

Break-even live

Break-even rent $555

Max offer price $65,000

Occupancy floor 54%

Sensitivity live

Price	-10% $516	-5% $497	+0% $479	+5% $460	+10% $442
Rent	-10% $387	-5% $433	+0% $479	+5% $525	+10% $571
Rate	-1.0pp $512	-0.5pp $495	base $479	+0.5pp $462	+1.0pp $445

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $65,000 Active 28 DOM
2. 2026-06-21
   days on market $65,000 Active 27 DOM
3. 2026-06-21
   days on market $65,000 Active 26 DOM
4. 2026-06-18
   days on market $65,000 Active 24 DOM
5. 2026-06-17
   days on market $65,000 Active 23 DOM
6. 2026-06-16
   days on market $65,000 Active 22 DOM
7. 2026-06-15
   days on market $65,000 Active 21 DOM
8. 2026-06-13
   days on market $65,000 Active 19 DOM
9. 2026-06-12
   days on market $65,000 Active 18 DOM
10. 2026-06-09
    days on market $65,000 Active 15 DOM
11. 2026-06-08
    days on market $65,000 Active 14 DOM
12. 2026-06-07
    days on market $65,000 Active 13 DOM
13. 2026-06-04
    days on market $65,000 Active 9 DOM
14. 2026-06-02
    days on market $65,000 Active 8 DOM
15. 2026-06-01
    days on market $65,000 Active 7 DOM
16. 2026-05-31
    days on market $65,000 Active 6 DOM
17. 2026-05-31
    days on market $65,000 Active 5 DOM
18. 2026-05-26
    listed $65,000 Active
19. 2026-03-18
    listed $79,000 Active

ⓘ 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: $843 · $70/mo
• Projected year-2 tax: $843 · $70/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 2/10 Low 7 d/yr ≥99°F today · 17 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: $13,930
• − Mortgage interest: −$3,641
• − Property taxes: −$843
• − Insurance: −$325
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$1,891
• Taxable income: $5,001
• Est. tax owed @ 24.0%: −$1,200
• After-tax cash flow: $4,546/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: Central Noble Community School Corporation
• NCES district ID: 1801710
• Math proficiency: 32% ▼ -1.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $48,911
• Composite: 28.58/100
• National rank: #6718
• State rank: #207 of 301 in IN

Livability — Merriam

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

Census & demographics

• Census place: Merriam, IN
• Population (ZIP): 8,186

Population outlook (Noble County) Hauer SSP2

• Today (2025): 48,321 people
• By 2030: 47,945 · -0.8%
• By 2040: 46,521 · -3.7%
• By 2050: 44,501 · -7.9%
• By 2075: 38,962 · -19.4%
• By 2100: 31,846 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 13% Romanian 3% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Noble

• 2024 margin: Solid R (+51.4) · D 23.5% · R 74.9% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -15.4pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+49.7 2016: R+49.1 2012: R+33.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.57%
• Current HPI: 250.7517
• 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

-17.7% since first listed

2 events — show timeline

• 2026-05-26 Listed $65,000 IRMLS
• 2026-03-18 Listed $79,000 IRMLS

Property tax history

-2.8%/yr

Latest (2024): $843 · -1.5% YoY. Source: county tax records.