430 Central Ave · Connersville, IN 47331

$1,600,000

None bd · None ba · 28,836 sqft · MultiFamily public records · 103 Days on market

Built 1900 0.36 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well-maintained 24-unit apartment building located in the heart of downtown Connersville. All units have been fully updated between 2023-2024 with new flooring, fresh paint, modern kitchens, and renovated bathrooms-offering tenants comfortable, move-in-ready living spaces. The building features a shared laundry room equipped with three coin-operated washers, three coin-operated dryers, and convenient folding stations for residents. The property also includes an 18-space private parking lot, with additional street parking available along the north and west sides of the building. A turnkey investment opportunity with significant upgrades already completed and strong tenant appeal in a central downtown location.

Key facts

• Private parking lot
• Fully updated units
• Modern kitchens

Tags

• 24-UNIT APARTMENT BUILDING
• FULLY UPDATED UNITS
• MODERN KITCHENS
• RENOVATED BATHROOMS
• PRIVATE PARKING LOT
• CENTRAL DOWNTOWN LOCATION

What this means for you Summary

Snapshot

• This is a 24 × 2-bed/1-bath units multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive. Per door: $317/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.60M).
• Recommended offer: $1.46M (9.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 4.9% in Connersville — 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 65/100 on livability (#313 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools D-.
• Fayette County School Corporation (town): math 29% / reading 40% proficiency, ranked #206 of 301 in IN (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 171 active listings in the ZIP; 20 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Fayette County population projected at -26% 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 $448k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts; this cycle's ask is 199900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $375k; list at $1.60M implies a 327% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,456,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.35% ✓
• Cap rate: 12.00%
• Cash-on-cash: 20.38%
• DSCR: 1.91
• GRM: 6.2

CMA / ARV

• ARV (median comp): $101,192
• List price: $1,600,000
• Delta: 1481.16%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 12.6%
• Equity multiple: 1.50×
• Total profit: $224,731
• Equity at exit: $238,565

10-year hold

• IRR: 21.5%
• Equity multiple: 2.82×
• Total profit: $817,090
• Equity at exit: $138,339

Cash invested: $448,000 (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 47331

• Home prices YoY: -2.1%
• Active inventory: 171
• Price-to-rent: 148.1×

Monthly cashflow live

• Estimated rent: $21,600 medium
• Mortgage (P&I): −$8,391
• Tax from tax record: −$397 /mo · $4,766/yr
• Insurance: −$667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,536
• Net cashflow: $7,610

Break-even live

Break-even rent $11,968

Max offer price $1,600,000

Occupancy floor 60%

Sensitivity live

Price	-10% $8,515	-5% $8,062	+0% $7,610	+5% $7,157	+10% $6,704
Rent	-10% $5,903	-5% $6,756	+0% $7,610	+5% $8,463	+10% $9,316
Rate	-1.0pp $8,415	-0.5pp $8,017	base $7,610	+0.5pp $7,195	+1.0pp $6,773

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	2	1	$21,600
Total (24 units)			$21,600

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: $400,000
• Closing costs: $48,000
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $1,600,000 Active 103 DOM
2. 2026-06-17
   days on market $1,600,000 Active 102 DOM
3. 2026-06-16
   days on market $1,600,000 Active 101 DOM
4. 2026-06-15
   days on market $1,600,000 Active 100 DOM
5. 2026-06-13
   days on market $1,600,000 Active 98 DOM
6. 2026-06-12
   days on market $1,600,000 Active 97 DOM
7. 2026-06-09
   days on market $1,600,000 Active 94 DOM
8. 2026-06-08
   days on market $1,600,000 Active 93 DOM
9. 2026-06-07
   days on market $1,600,000 Active 92 DOM
10. 2026-06-07
    days on market $1,600,000 Active 91 DOM
11. 2026-06-04
    days on market $1,600,000 Active 88 DOM
12. 2026-06-02
    days on market $1,600,000 Active 87 DOM
13. 2026-06-01
    days on market $1,600,000 Active 86 DOM
14. 2026-05-31
    days on market $1,600,000 Active 85 DOM
15. 2026-05-31
    days on market $1,600,000 Active 84 DOM
16. 2026-04-25
    listed $800
17. 2026-04-25
    listed $800
18. 2026-04-03
    historical $800
19. 2026-04-03
    historical $800
20. 2026-03-16
    historical $800
21. 2026-03-14
    listed $800
22. 2026-03-02
    listed $1,600,000 Active 718-char remark

    Show marketing remark (718 chars)

    Well-maintained 24-unit apartment building located in the heart of downtown Connersville. All units have been fully updated between 2023-2024 with new flooring, fresh paint, modern kitchens, and renovated bathrooms-offering tenants comfortable, move-in-ready living spaces. The building features a shared laundry room equipped with three coin-operated washers, three coin-operated dryers, and convenient folding stations for residents. The property also includes an 18-space private parking lot, with additional street parking available along the north and west sides of the building. A turnkey investment opportunity with significant upgrades already completed and strong tenant appeal in a central downtown location.

23. 2026-02-27
    historical $800
24. 2026-02-25
    listed $800
25. 2026-02-20
    listed $800
26. 2026-02-19
    historical $800
27. 2026-02-19
    historical $800
28. 2026-01-14
    listed $800
29. 2026-01-04
    listed $685
30. 2026-01-03
    historical $685
31. 2025-12-12
    listed $685
32. 2025-12-12
    listed $750
33. 2025-04-03
    historical $685
34. 2025-03-23
    listed $685
35. 2023-06-23
    soldstatus $375,000

ⓘ 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: $4,766 · $397/mo
• Projected year-2 tax: $9,183 · $765/mo
• Expected delta: +$4,417/yr (+$368/mo · 92.7%)

ⓘ 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 ≥100°F today · 20 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: $259,200
• − Mortgage interest: −$89,625
• − Property taxes: −$4,766
• − Insurance: −$8,000
• − Repairs & maintenance: −$20,736
• − Management: −$20,736
• − Depreciation: −$46,545
• Taxable income: $68,792
• Est. tax owed @ 24.0%: −$16,510
• After-tax cash flow: $74,805/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: Fayette County School Corporation
• NCES district ID: 1803510
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $38,669
• Composite: 28.81/100
• National rank: #6659
• State rank: #206 of 301 in IN

Livability — Connersville

• Score: 65/100
• State rank: #313
• US rank: #12417

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: Connersville, IN
• Population (ZIP): 22,769

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 21,758 people
• By 2030: 20,673 · -5.0%
• By 2040: 18,335 · -15.7%
• By 2050: 16,056 · -26.2%
• By 2075: 11,030 · -49.3%
• By 2100: 6,800 · -68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+56.3) · D 21.2% · R 77.5% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -5.6pp · 2024: -56.3pp
• All cycles: 2024: R+56.3 2020: R+54.4 2016: R+48.1 2012: R+16.9 2008: R+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.33%
• Current HPI: 252.3898
• 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

+326.7% since first listed

20 events — show timeline

• 2026-04-25 Listed for Rent $800 RENTALBEAST
• 2026-04-25 Listed for Rent $800 RENTALBEAST
• 2026-04-03 Rental Removed $800 RENTALBEAST
• 2026-04-03 Rental Removed $800 RENTALBEAST
• 2026-03-16 Rental Removed $800 RENTALBEAST
• 2026-03-14 Listed for Rent $800 RENTALBEAST
• 2026-03-02 Listed $1,600,000 RRELMS
• 2026-02-27 Rental Removed $800 RENTALBEAST
• 2026-02-25 Listed for Rent $800 RENTALBEAST
• 2026-02-20 Listed for Rent $800 RENTALBEAST
• 2026-02-19 Rental Removed $800 RENTALBEAST
• 2026-02-19 Rental Removed $800 RENTALBEAST
• 2026-01-14 Listed for Rent $800 RENTALBEAST
• 2026-01-04 Listed for Rent $685 RENTALBEAST
• 2026-01-03 Rental Removed $685 RENTALBEAST
• 2025-12-12 Listed for Rent $685 RENTALBEAST
• 2025-12-12 Listed for Rent $750 RENTALBEAST
• 2025-04-03 Rental Removed $685 LEASESTAR
• 2025-03-23 Listed for Rent $685 LEASESTAR
• 2023-06-23 Sold (Public Records) $375,000 Public Records

Property tax history

-8.7%/yr

Latest (2024): $4,766 · +16.2% YoY. Source: county tax records.