121 E North A St · Gas City, IN 46933

$69,400

3 bd · 1.0 ba · 1,238 sqft · MultiFamily public records · 56 Days on market

Built 1920 0.27 ac lot $56/sqft · 25% below area ↓ 18% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

Key facts

• Open front porch
• Corner lot
• Versatile floor plan

Tags

• CORNER LOT
• OPEN FRONT PORCH
• SCREENED-IN REAR PATIO
• VERSATILE FLOOR PLAN

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; Two-story home; Residential property
• Construction: Brick construction; Block foundation
• Exterior features: Corner lot; Porch; Screened porch

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Three bedrooms total (one on the main level, two on the upper level)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; No central air
• Interior features: High ceilings; Hardwood floors; Eat-in kitchen
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#177 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, health & safety D, amenities F.
• Mississinewa Community School Corporation (town): math 29% / reading 34% proficiency, ranked #233 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westview Elementary School (498 students, 71% FRL); Mississinewa High School (math 22% / reading 57%, grade F, #221 of 369 statewide, top 63%, 796 students, 61% FRL) — zoned schools average 66% FRL vs 51% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 25 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $480 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Grant County population projected at -18% 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 $19k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $42k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,318 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 4.49% ✓
• Cap rate: 39.26%
• Cash-on-cash: 117.74%
• DSCR: 6.24
• GRM: 1.9

CMA / ARV

• ARV (median comp): $185,262
• List price: $69,400
• Delta: -62.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.67×
• Total profit: $110,274
• Equity at exit: $10,348

10-year hold

• IRR: —
• Equity multiple: 14.01×
• Total profit: $252,757
• Equity at exit: $6,000

Cash invested: $19,432 (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 46933

• Home prices YoY: -27.3%
• Active inventory: 25
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $3,114 medium
• Mortgage (P&I): −$364
• Tax from tax record: −$161 /mo · $1,928/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $1,907

Break-even live

Break-even rent $701

Max offer price $69,400

Occupancy floor 34%

Sensitivity live

Price	-10% $1,946	-5% $1,926	+0% $1,907	+5% $1,887	+10% $1,867
Rent	-10% $1,661	-5% $1,784	+0% $1,907	+5% $2,030	+10% $2,153
Rate	-1.0pp $1,941	-0.5pp $1,924	base $1,907	+0.5pp $1,889	+1.0pp $1,870

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,114
Total (2 units)			$3,114

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: $17,350
• Closing costs: $2,082
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 E South a St Gas City, IN	2.0	1.0	888	$725	$0.82	44d	1	0.30mi
800 E South B St Gas City, IN	1.0–2.0	1.0–2.0	818	$760	$0.93	44d	1	0.71mi

Listing history 26 events

1. 2026-06-19
   days on market $69,400 Active 56 DOM
2. 2026-06-18
   days on market $69,400 Active 55 DOM
3. 2026-06-17
   days on market $69,400 Active 54 DOM
4. 2026-06-16
   days on market $69,400 Active 53 DOM
5. 2026-06-15
   days on market $69,400 Active 52 DOM
6. 2026-06-14
   days on market $69,400 Active 50 DOM
7. 2026-06-12
   pricedays on market $69,400 Active 49 DOM

   Show marketing remark (1154 chars)

   Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

8. 2026-06-09
   days on market $74,400 Active 46 DOM
9. 2026-06-08
   days on market $74,400 Active 45 DOM
10. 2026-06-07
    days on market $74,400 Active 44 DOM
11. 2026-06-03
    days on market $74,400 Active 40 DOM
12. 2026-06-02
    days on market $74,400 Active 39 DOM
13. 2026-06-01
    days on market $74,400 Active 38 DOM
14. 2026-05-31
    days on market $74,400 Active 37 DOM
15. 2026-05-30
    days on market $74,400 Active 36 DOM
16. 2026-05-18
    price $79,400 1154-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

17. 2026-05-18
    price $79,400 1155-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

18. 2026-05-08
    price $87,500 1154-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

19. 2026-05-08
    price $87,500 1155-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

20. 2026-05-01
    price $99,777 1154-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

21. 2026-05-01
    price $99,777 1155-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

22. 2026-04-24
    listed $111,777 Active 1154-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

23. 2026-04-24
    listed $111,777 Active 1155-char remark

    Show marketing remark (1154 chars)

    Unparalleled potential in the heart of Gas City! Discover the timeless charm of this expansive 2,000+ sq ft brick home, perfectly situated on a prominent corner lot in one of Gas City's most desirable areas. This property is a dream for those looking to blend historic character with modern vision. From the moment you step inside, you are greeted by the grand scale of high ceilings and the warmth of some original hardwood floors. The home features a versatile floor plan ensuring plenty of space for entertainment and daily life. In addition to the 2-car detached garage, this property features an open front porch and a large screened-in rear patio. Also, there is a large 1,200 sq. ft. potential accessory dwelling unit with a kitchen and bathroom. Whether you envision a professional workshop, an incredible man cave, or a separate studio, this bonus structure offers endless possibilities that are rare to find in this price point. Located on a spacious corner lot, you'll enjoy both curb appeal and a sense of community. This home is priced to sell and is being sold as-is, providing a phenomenal opportunity for a rehab or an investment project.

24. 2021-11-08
    soldstatus $55,000
25. 2021-10-20
    listed $59,900
26. 2020-05-28
    listed $85,000

ⓘ 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: $1,928 · $161/mo
• Projected year-2 tax: $1,928 · $161/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 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,368
• − Mortgage interest: −$3,887
• − Property taxes: −$1,928
• − Insurance: −$347
• − Repairs & maintenance: −$2,989
• − Management: −$2,989
• − Depreciation: −$2,019
• Taxable income: $23,208
• Est. tax owed @ 24.0%: −$5,570
• After-tax cash flow: $17,308/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: Mississinewa Community School Corporation
• NCES district ID: 1806870
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -10.00%
• Median HH income: $41,555
• Composite: 26.62/100
• National rank: #7175
• State rank: #233 of 301 in IN

Livability — Gas City

• Score: 69/100
• State rank: #177
• US rank: #8286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gas City, IN
• City population: 6,469
• Population (ZIP): 6,469

Population outlook (Grant County) Hauer SSP2

• Today (2025): 64,394 people
• By 2030: 62,145 · -3.5%
• By 2040: 57,252 · -11.1%
• By 2050: 52,968 · -17.7%
• By 2075: 45,986 · -28.6%
• By 2100: 39,400 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 11% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Lithuanian 2% Scottish 1%
• Foreign-born: 1% · Vietnam

Political lean MEDSL · Grant

• 2024 margin: Solid R (+41.8) · D 28.2% · R 70.0% · Other 1.9%
• 2008→2024 swing: -28.7pp toward R · 2008: -13.1pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.8 2016: R+39.5 2012: R+22.0 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.53%
• Current HPI: 190.5785
• 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

-18.4% since first listed

15 events — show timeline

• 2026-06-12 Price Changed $69,400 IRMLS
• 2026-06-12 Price Changed $69,400 MIBOR as Distributed by MLS Grid
• 2026-05-29 Price Changed $74,400 IRMLS
• 2026-05-29 Price Changed $74,400 MIBOR as Distributed by MLS Grid
• 2026-05-18 Price Changed $79,400 IRMLS
• 2026-05-18 Price Changed $79,400 MIBOR as Distributed by MLS Grid
• 2026-05-08 Price Changed $87,500 IRMLS
• 2026-05-08 Price Changed $87,500 MIBOR as Distributed by MLS Grid
• 2026-05-01 Price Changed $99,777 IRMLS
• 2026-05-01 Price Changed $99,777 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $111,777 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $111,777 IRMLS
• 2021-11-08 Sold (MLS) $55,000 IRMLS
• 2021-10-20 Listed $59,900 IRMLS
• 2020-05-28 Listed $85,000 IRMLS

Property tax history

+4.4%/yr

Latest (2025): $1,928 · +3.0% YoY. Source: county tax records.