11072 E State Road 160 · Salem, IN 47167

$77,000

3 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 58 Days on market

Built 1940 1.97 ac lot $58/sqft · 44% below area Est $138k · 44% under ↓ 38% 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this almost 2 acre property conveniently located just minutes from interstate 65. Beautiful land with plenty of trees and fruit trees This home is just waiting for you to make it great again. Will not pass FHA/VA/USDA due to some needed repairs. Home is being sold "AS IS"

Key facts

• Fruit trees
• Plenty of trees
• 1.97 acre lot

Tags

• ALMOST 2 ACRE PROPERTY
• PLENTY OF TREES
• FRUIT TREES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($950 rent vs $77k).
• Recommended offer: $75k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.5% in Salem — 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 62/100 on livability (#456 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, schools D-.
• East Washington School Corporation (rural): math 32% / reading 40% proficiency, ranked #183 of 301 in IN (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 98 active listings in the ZIP; 25 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Washington County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $74,690 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 1.23% ✓
• Cap rate: 10.94%
• Cash-on-cash: 16.61%
• DSCR: 1.74
• GRM: 6.8

CMA / ARV

• ARV (median comp): $138,382
• List price: $77,000
• Delta: -44.36%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $6,499
• Equity at exit: $11,481

10-year hold

• IRR: 17.0%
• Equity multiple: 2.39×
• Total profit: $29,998
• Equity at exit: $6,658

Cash invested: $21,560 (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 47167

• Home prices YoY: -34.2%
• Active inventory: 98
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$404
• Tax from tax record: −$16 /mo · $190/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $299

Break-even live

Break-even rent $572

Max offer price $77,000

Occupancy floor 64%

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: $19,250
• Closing costs: $2,310
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $77,000 Active 58 DOM
2. 2026-06-17
   days on market $77,000 Active 57 DOM
3. 2026-06-16
   days on market $77,000 Active 56 DOM
4. 2026-06-15
   days on market $77,000 Active 55 DOM
5. 2026-06-13
   days on market $77,000 Active 53 DOM
6. 2026-06-12
   days on market $77,000 Active 52 DOM
7. 2026-06-09
   days on market $77,000 Active 49 DOM
8. 2026-06-08
   days on market $77,000 Active 48 DOM
9. 2026-06-07
   days on market $77,000 Active 47 DOM
10. 2026-06-05
    days on market $77,000 Active 45 DOM
11. 2026-06-04
    days on market $77,000 Active 43 DOM
12. 2026-06-02
    days on market $77,000 Active 42 DOM
13. 2026-06-01
    days on market $77,000 Active 41 DOM
14. 2026-05-31
    days on market $77,000 Active 40 DOM
15. 2026-05-31
    days on market $77,000 Active 39 DOM
16. 2026-04-21
    listed $77,000 Active 292-char remark

    Show marketing remark (292 chars)

    Check out this almost 2 acre property conveniently located just minutes from interstate 65. Beautiful land with plenty of trees and fruit trees This home is just waiting for you to make it great again. Will not pass FHA/VA/USDA due to some needed repairs. Home is being sold "AS IS"

17. 2026-01-07
    price $126,000
18. 2023-09-27
    soldstatus $89,900
19. 2023-09-19
    soldstatus $89,900 Closed
20. 2023-09-19
    soldstatus $89,900 Closed
21. 2023-08-27
    status Pending
22. 2023-08-27
    status Pending
23. 2023-08-23
    status Active
24. 2023-08-23
    status Active
25. 2023-08-09
    historical
26. 2023-07-08
    status Pending
27. 2023-07-08
    status Pending
28. 2023-06-08
    status Active
29. 2023-06-08
    status Active
30. 2023-06-08
    price $89,900
31. 2023-06-08
    price $89,900
32. 2023-05-24
    status Pending
33. 2023-05-24
    status Pending
34. 2023-05-15
    price $99,900
35. 2023-05-15
    price $99,900
36. 2023-05-01
    listed $124,900 Active
37. 2023-05-01
    listed $124,900 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: $190 · $16/mo
• Projected year-2 tax: $422 · $35/mo
• Expected delta: +$232/yr (+$19/mo · 122.1%)

ⓘ 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 4/10 Moderate 7 d/yr ≥103°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,396
• − Mortgage interest: −$4,313
• − Property taxes: −$190
• − Insurance: −$385
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$2,240
• Taxable income: $2,444
• Est. tax owed @ 24.0%: −$587
• After-tax cash flow: $2,995/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: East Washington School Corporation
• NCES district ID: 1803000
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 40% ▼ -9.00%
• Median HH income: $46,840
• Composite: 30.85/100
• National rank: #6127
• State rank: #183 of 301 in IN

Livability — Salem

• Score: 62/100
• State rank: #456
• US rank: #16181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 15,573
• Population (ZIP): 15,573

Population outlook (Washington County) Hauer SSP2

• Today (2025): 26,460 people
• By 2030: 25,498 · -3.6%
• By 2040: 23,127 · -12.6%
• By 2050: 20,505 · -22.5%
• By 2075: 14,941 · -43.5%
• By 2100: 10,453 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+54.8) · D 21.7% · R 76.5% · Other 1.7%
• 2008→2024 swing: -37.5pp toward R · 2008: -17.3pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+52.1 2016: R+49.1 2012: R+24.4 2008: R+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.62%
• Current HPI: 237.8027
• 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

-38.4% since first listed

22 events — show timeline

• 2026-04-21 Listed $77,000 SIRA
• 2026-01-07 Price Changed $126,000 SIRA
• 2023-09-27 Sold (Public Records) $89,900 Public Records
• 2023-09-19 Sold (MLS) $89,900 IRMLS
• 2023-09-19 Sold (MLS) $89,900 SIRA
• 2023-08-27 Pending — IRMLS
• 2023-08-27 Pending — SIRA
• 2023-08-23 Relisted — IRMLS
• 2023-08-23 Relisted — SIRA
• 2023-08-09 Delisted — IRMLS
• 2023-07-08 Pending — IRMLS
• 2023-07-08 Pending — SIRA
• 2023-06-08 Relisted — IRMLS
• 2023-06-08 Relisted — SIRA
• 2023-06-08 Price Changed $89,900 SIRA
• 2023-06-08 Price Changed $89,900 IRMLS
• 2023-05-24 Pending — IRMLS
• 2023-05-24 Pending — SIRA
• 2023-05-15 Price Changed $99,900 IRMLS
• 2023-05-15 Price Changed $99,900 SIRA
• 2023-05-01 Listed $124,900 IRMLS
• 2023-05-01 Listed $124,900 SIRA

Property tax history

-13.2%/yr

Latest (2024): $190 · +13.3% YoY. Source: county tax records.