213 S Slate St · Culver, IN 46511

$150,000

2 bd · 1.5 ba · 1,216 sqft · SingleFamily public records · 3 Days on market

Built 1925 0.34 ac lot Est $271k · 45% under

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Why this score? — see what drove the C- 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 +16.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2br HOME ON LARGE LOT RIGHT IN CULVER - Older 2 story home with basement. Home offers much potential. All offers must be submitted through hubzu.com auction. Please contact your agent for details.

Key facts

• Double lot
• Lake maxinkuckee
• Dream getaway

Tags

• CULVER LIFESTYLE
• DOUBLE LOT
• LAKE MAXINKUCKEE
• FULL RENOVATION PROJECT
• INVESTMENT OPPORTUNITY
• DREAM GETAWAY

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories
• Exterior features: Lot approximately 0.34 acres; Lot dimensions about 125 x 120

Interior

• Bedrooms: Total rooms: 6
• Bathrooms: 1 full bathroom and 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (5.3% below list).
• Recommended offer: $142k (5.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 1.9% in Culver — 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 67/100 on livability (#263 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety B; Watch: amenities F, commute F, employment F.
• Culver Community Schools Corporation (rural): math 27% / reading 35% proficiency, ranked #236 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Culver Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 415 students, 63% FRL); Culver Community Middle/High Sch (math 18% / reading 32%, grade F, #323 of 369 statewide, top 88%, 425 students, 62% FRL) — zoned schools average 63% FRL vs 47% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marshall County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.
• Current owner paid $100k; list at $150k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,000 (5.3% below list)

Questions for the listing agent

1. Built in 1925 — 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: 0.95% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.70%
• DSCR: 1.12
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $271,168
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 S Main St	0.20mi	3/2.0 (+1)	1,248 (+3%)	10mo	$249,000	$200	71
416 Lake St	0.37mi	3/1.5 (+1)	1,232 (+1%)	8mo	$185,000	$150	69
235 Dunes Park Dr #14	0.36mi	2/2.0	1,334 (+10%)	0mo	$309,500	$232	65
233 Dunes Park Dr #15	0.35mi	2/2.0	1,334 (+10%)	1mo	$299,900	$225	65
223 Dunes Park Dr #20	0.36mi	2/2.0	1,334 (+10%)	1mo	$297,808	$223	65
221 Dunes Park Dr #21	0.35mi	2/2.0	1,334 (+10%)	3mo	$297,500	$223	63
119 W Mill St	0.13mi	3/1.0 (+1)	1,042 (-14%)	8mo	$215,000	$206	57
550 W Jefferson St	0.38mi	2/1.0	1,360 (+12%)	5mo	$235,000	$173	56
606 Peru Ct	0.41mi	2/2.0	1,280 (+5%)	17mo	$1,725,000	$1,348	56
458 N Lake St	0.43mi	2/1.0	1,240 (+2%)	23mo	$219,000	$177	56

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: -12.0%
• Equity multiple: 0.56×
• Total profit: $-18,274
• Equity at exit: $22,365

10-year hold

• IRR: -2.9%
• Equity multiple: 0.81×
• Total profit: $-8,102
• Equity at exit: $12,969

Cash invested: $42,000 (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 46511

• Home prices YoY: -33.2%
• Active inventory: 32
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$178 /mo · $2,139/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $94

Break-even live

Break-even rent $1,300

Max offer price $150,000

Occupancy floor 88%

Sensitivity live

Price	-10% $179	-5% $137	+0% $94	+5% $52	+10% $10
Rent	-10% $-18	-5% $38	+0% $94	+5% $151	+10% $207
Rate	-1.0pp $170	-0.5pp $133	base $94	+0.5pp $56	+1.0pp $16

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Tampa St Culver, IN	1.0–3.0	1.0–2.0	1031	$1,420	$1.38	16d	1	0.41mi

Listing history 3 events

1. 2026-06-22
   days on market $150,000 Active 3 DOM
2. 2026-06-21
   remarks 606-char remark
3. 2026-06-21
   listed $150,000 Active 2 DOM

ⓘ 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: $2,139 · $178/mo
• Projected year-2 tax: $2,139 · $178/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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,040
• − Mortgage interest: −$8,402
• − Property taxes: −$2,139
• − Insurance: −$750
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$4,364
• Taxable loss: −$1,341
• Est. tax savings @ 24.0%: +$322
• After-tax cash flow: $1,455/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: Culver Community Schools Corporation
• NCES district ID: 1802520
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 35% ▼ -5.00%
• Median HH income: $43,718
• Composite: 26.41/100
• National rank: #7227
• State rank: #236 of 301 in IN

Livability — Culver

• Score: 67/100
• State rank: #263
• US rank: #11038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Culver, IN
• Population (ZIP): 4,019

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 46,402 people
• By 2030: 45,775 · -1.4%
• By 2040: 44,220 · -4.7%
• By 2050: 42,329 · -8.8%
• By 2075: 38,235 · -17.6%
• By 2100: 33,285 · -28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Italian 4% Danish 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+43.4) · D 27.4% · R 70.8% · Other 1.8%
• 2008→2024 swing: -29.8pp toward R · 2008: -13.6pp · 2024: -43.4pp
• All cycles: 2024: R+43.4 2020: R+40.8 2016: R+41.6 2012: R+28.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.01%
• Current HPI: 293.2371
• 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

+194.8% since first listed

5 events — show timeline

• 2026-06-19 Listed $150,000 IRMLS
• 2020-09-17 Sold (Public Records) $100,000 Public Records
• 2015-06-29 Sold (MLS) $51,504 IRMLS
• 2015-05-22 Sold (Public Records) $76,000 Public Records
• 2015-04-07 Listed $50,880 IRMLS

Property tax history

+7.3%/yr

Latest (2025): $2,139 · +160.6% YoY. Source: county tax records.