4409 County Road 60 · Spencerville, IN 46706

$140,000

4 bd · 1.5 ba · 2,736 sqft · SingleFamily public records · 5 Days on market

Built 1891 0.66 ac lot

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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 +24.7/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own your piece of History! Renovated Jackson Twsp School House minutes from Auburn & Fort Wayne. All the expensive things are done. New well 2011 and brand new septic system 2015. Home is move in ready with newer siding, roof & windows. 4BD/2BA with tons of space and storage. Full attic loft in home. 2 car garage has a fully insulated loft perfectly suited for a studio. Large privacy fenced yard. Paved driveway. Great home for a family. DeKalb Central Schools

Key facts

• 0.66 acre lot
• 2 garage spots
• Built 1891

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Dekalb County Ctl United School District (town): math 42% / reading 50% proficiency, ranked #91 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dekalb Middle School (math 34% / reading 52%, grade D-, #92 of 330 statewide, top 29%, 800 students, 47% FRL); Dekalb High School (math 43% / reading 70%, grade C, #70 of 369 statewide, top 19%, 1,075 students, 36% FRL).
• Market conditions: 151 active listings in the ZIP; 116 units permitted in DeKalb County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 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.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1891 — 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: 1.03% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.97%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $552,672
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4354 County Road 60	0.18mi	3/3.5 (-1)	2,983 (+9%)	19mo	$600,000	$201	48
4585 County Road 60	0.44mi	4/3.5	3,092 (+13%)	12mo	$625,000	$202	40

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: -2.8%
• Equity multiple: 0.90×
• Total profit: $-4,074
• Equity at exit: $20,874

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $20,277
• Equity at exit: $12,105

Cash invested: $39,200 (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 46706

• Home prices YoY: -15.2%
• Active inventory: 151
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$56 /mo · $676/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $293

Break-even live

Break-even rent $1,075

Max offer price $140,000

Occupancy floor 75%

Sensitivity live

Price	-10% $372	-5% $333	+0% $293	+5% $253	+10% $214
Rent	-10% $179	-5% $236	+0% $293	+5% $350	+10% $407
Rate	-1.0pp $364	-0.5pp $329	base $293	+0.5pp $257	+1.0pp $220

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-03-30
   status Pending
2. 2026-03-24
   listed $140,000 Active
3. 2025-12-05
   soldstatus $132,051
4. 2016-10-07
   soldstatus $110,000 477-char remark

   Show marketing remark (477 chars)

   Own your piece of History! Renovated Jackson Twsp School House minutes from Auburn & Fort Wayne. All the expensive things are done. New well 2011 and brand new septic system 2015. Home is move in ready with newer siding, roof & windows. 4BD/2BA with tons of space and storage. Full attic loft in home. 2 car garage has a fully insulated loft perfectly suited for a studio. Large privacy fenced yard. Paved driveway. Great home for a family. DeKalb Central Schools

5. 2015-10-22
   listed $119,900 477-char remark

   Show marketing remark (477 chars)

   Own your piece of History! Renovated Jackson Twsp School House minutes from Auburn & Fort Wayne. All the expensive things are done. New well 2011 and brand new septic system 2015. Home is move in ready with newer siding, roof & windows. 4BD/2BA with tons of space and storage. Full attic loft in home. 2 car garage has a fully insulated loft perfectly suited for a studio. Large privacy fenced yard. Paved driveway. Great home for a family. DeKalb Central Schools

ⓘ 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: $676 · $56/mo
• Projected year-2 tax: $933 · $78/mo
• Expected delta: +$257/yr (+$21/mo · 38.0%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $17,345
• − Mortgage interest: −$7,842
• − Property taxes: −$676
• − Insurance: −$700
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − Depreciation: −$4,073
• Taxable income: $1,279
• Est. tax owed @ 24.0%: −$307
• After-tax cash flow: $3,209/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: Dekalb County Ctl United School District
• NCES district ID: 1801590
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $48,100
• Composite: 39.26/100
• National rank: #4000
• State rank: #91 of 301 in IN

Livability — Spencerville

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 20,277

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 42,875 people
• By 2030: 42,678 · -0.5%
• By 2040: 41,494 · -3.2%
• By 2050: 38,939 · -9.2%
• By 2075: 31,457 · -26.6%
• By 2100: 20,780 · -51.5%

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: Iranian 3% Romanian 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · DeKalb

• 2024 margin: Solid R (+47.1) · D 25.6% · R 72.7% · Other 1.7%
• 2008→2024 swing: -31.9pp toward R · 2008: -15.2pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.2 2016: R+48.2 2012: R+31.7 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.82%
• Current HPI: 243.6936
• 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

+16.8% since first listed

5 events — show timeline

• 2026-03-30 Pending — IRMLS
• 2026-03-24 Listed $140,000 IRMLS
• 2025-12-05 Sold (Public Records) $132,051 Public Records
• 2016-10-07 Sold (MLS) $110,000 IRMLS
• 2015-10-22 Listed $119,900 IRMLS

Property tax history

-8.6%/yr

Latest (2024): $676 · +11.4% YoY. Source: county tax records.