274 4th St · Economy, IN 47339

$30,500

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 244 Days on market

Built 1910 0.29 ac lot ↓ 37% 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
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Property to be "SOLD AS IS". Needs some TLC. Accepted offer must be presented to the courts for approval.

Key facts

• 0.29 acre lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $27k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#545 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools F.
• Nettle Creek School Corporation (rural): math 37% / reading 51% proficiency, ranked #104 of 301 in IN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($211 loan paydown + $2k appreciation (5.8% local appreciation)).
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 244 days — a 12% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $18k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 244 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 3.93% ✓
• Cap rate: 35.25%
• Cash-on-cash: 103.42%
• DSCR: 5.60
• GRM: 2.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.47×
• Total profit: $55,268
• Equity at exit: $18,715

10-year hold

• IRR: —
• Equity multiple: 15.76×
• Total profit: $126,020
• Equity at exit: $33,551

Cash invested: $8,540 (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 47339

• Home prices YoY: 2.7%
• Active inventory: 1
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,198 medium
• Mortgage (P&I): −$160
• Tax est. 1.5%: −$38 /mo · $458/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $736

Break-even live

Break-even rent $267

Max offer price $30,500

Occupancy floor 34%

Sensitivity live

Price	-10% $757	-5% $747	+0% $736	+5% $725	+10% $715
Rent	-10% $641	-5% $689	+0% $736	+5% $783	+10% $831
Rate	-1.0pp $751	-0.5pp $744	base $736	+0.5pp $728	+1.0pp $720

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: $7,625
• Closing costs: $915
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2025-11-24
   status Pending
2. 2025-09-23
   status Active
3. 2025-09-23
   price $30,500
4. 2025-09-15
   historical
5. 2025-03-14
   listed $48,500 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,381
• − Mortgage interest: −$1,708
• − Property taxes: −$458
• − Insurance: −$152
• − Repairs & maintenance: −$1,150
• − Management: −$1,150
• − Depreciation: −$887
• Taxable income: $8,874
• Est. tax owed @ 24.0%: −$2,130
• After-tax cash flow: $6,702/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: Nettle Creek School Corporation
• NCES district ID: 1807380
• Math proficiency: 37% ▼ -6.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $49,871
• Composite: 37.75/100
• National rank: #4351
• State rank: #104 of 301 in IN

Livability — Economy

• Score: 60/100
• State rank: #545
• US rank: #19550

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Economy, IN
• Population (ZIP): 450

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Polish 19% Slovak 2%
• Languages at home: 90% English-only · German/W. Germanic 9%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.76%
• Current HPI: 217.4918
• 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

-37.1% since first listed

5 events — show timeline

• 2025-11-24 Pending — RRELMS
• 2025-09-23 Relisted — RRELMS
• 2025-09-23 Price Changed $30,500 RRELMS
• 2025-09-15 Delisted — RRELMS
• 2025-03-14 Listed $48,500 RRELMS