504 Fulkerson Dr · Charlestown, IN 47111

$250,990

4 bd · 2.5 ba · 1,965 sqft · SingleFamily · 20 Days on market

Built 2026 Good condition 0.29 ac lot Est $250k · at est. $17/mo HOA · 1% of rent ↓ 2% 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 +12.1/30.0
• ARV discount +7.2/15.0
• Condition / age +4.0/5.0
• 1% rule +3.6/10.0
• DSCR +3.6/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your dream home in the Villas of Springville Manor Community! Discover the stunning Berkshire Plan, a new 2-story home. This modern residence features a spacious open-concept design that seamlessly integrates a gourmet kitchen with the Great Room and dining area. The kitchen boasts refined cabinetry, quartz countertops, and stainless steel appliances, including an electric smooth-top range, dishwasher, and over-the-range microwave—ideal for culinary enthusiasts. The first floor also includes a chic powder room for guests. Upstairs, enjoy generously sized bedrooms with ample closet space and a primary suite with a private bath and expansive walk-in closet. Additional highli

Key facts

• Open-concept design
• Private bath
• Gourmet kitchen

Tags

• GOURMET KITCHEN
• OPEN-CONCEPT DESIGN
• PRIVATE BATH
• EXPANSIVE WALK-IN CLOSET
• ENERGY-EFFICIENT WINDOWS
• EASY ACCESS TO I-65

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $251k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-53 ($-641/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (14.4% below list).
• Recommended offer: $215k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.2% in Charlestown — 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 (#352 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Greater Clark County Schools (suburban): math 26% / reading 37% proficiency, ranked #224 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasant Ridge Elementary School (531 students, 54% FRL); Charlestown Middle School (math 23% / reading 40%, grade F, #197 of 330 statewide, top 60%, 612 students, 44% FRL); Charlestown Senior High School (math 17% / reading 57%, grade F, #247 of 369 statewide, top 70%, 788 students, 40% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 264 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 911 units permitted in Clark County in 2024 (133 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Clark County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($247k) is reasonable based on typical stale-listing flexibility.

Recommended offer $214,954 (14.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $249,555
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
431 Springville Dr	0.06mi	4/2.5	1,965 (0%)	5mo	$239,990	$122	93
432 Springville Dr	0.06mi	4/2.5	1,965 (0%)	5mo	$239,990	$122	93
435 Springville Dr	0.06mi	4/2.5	1,965 (0%)	6mo	$239,991	$122	92
436 Springville Dr	0.06mi	4/2.5	1,965 (0%)	7mo	$249,991	$127	92
428 Springville Dr	0.06mi	4/2.5	1,965 (0%)	11mo	$259,990	$132	88
404 Springville Dr	0.06mi	4/2.5	1,965 (0%)	14mo	$249,991	$127	86
342 Jackson Way	0.08mi	4/2.5	1,965 (0%)	13mo	$249,991	$127	85
924 Monroe St	0.56mi	3/1.0 (-1)	1,956 (-0%)	3mo	$247,300	$126	60
7847 Linwood (lot #431) Cir	0.72mi	4/3.0	1,919 (-2%)	13mo	$350,000	$182	49
4401- LOT 110 Edge Rock Rd	0.72mi	3/2.5 (-1)	1,721 (-12%)	2mo	$301,696	$175	39
770 Level St	0.75mi	3/2.0 (-1)	2,124 (+8%)	9mo	$245,000	$115	37
132 Church St	0.69mi	4/1.5	1,714 (-13%)	8mo	$126,000	$74	36

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: -17.8%
• Equity multiple: 0.37×
• Total profit: $-44,029
• Equity at exit: $37,423

10-year hold

• IRR: -9.9%
• Equity multiple: 0.39×
• Total profit: $-42,545
• Equity at exit: $21,701

Cash invested: $70,277 (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 47111

• Active inventory: 264
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,150 medium
• Mortgage (P&I): −$1,316
• Tax est. 1.5%: −$314 /mo · $3,765/yr
• Insurance: −$105
• HOA: −$17
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $-53

Break-even live

Break-even rent $2,217

Max offer price $243,263

Occupancy floor 97%

Sensitivity live

Price	-10% $120	-5% $33	+0% $-53	+5% $-140	+10% $-227
Rent	-10% $-223	-5% $-138	+0% $-53	+5% $32	+10% $116
Rate	-1.0pp $73	-0.5pp $10	base $-53	+0.5pp $-118	+1.0pp $-185

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: $62,748
• Closing costs: $7,530
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
336 Jackson Way Charlestown, IN	3.0	3.0	1566	$2,200	$1.40	12d	1	0.11mi
213 Lowell Ave Charlestown, IN	3.0	2.0	1416	$1,700	$1.20	45d	1	1.23mi

HOA detail

• Monthly dues: $17 · $204/yr
• Likely covers: electric

Listing history 3 events

1. 2026-04-01
   status Pending
2. 2026-04-01
   price $250,990
3. 2026-03-12
   listed $255,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,794
• − Mortgage interest: −$14,059
• − Property taxes: −$3,765
• − Insurance: −$1,255
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − HOA: −$204
• − Depreciation: −$7,302
• Taxable loss: −$4,917
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $539/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.

Condition & rehab AI · 4 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a good exterior and interior. It has a good roof and flooring, and the systems appear to be in good working order. The home is ready for a new owner and would benefit from a fresh coat of paint on the exterior siding and a thorough gutter inspection.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding can enhance the curb appeal and increase the home's value.
• Both Inspect and clean the gutters — Maintaining the gutters can prevent water damage and improve the home's overall appearance.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Painting the exterior siding can enhance the curb appeal and increase the home's value. ↑
• Both Inspect and clean the gutters — Maintaining the gutters can prevent water damage and improve the home's overall appearance. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Greater Clark County Schools
• NCES district ID: 1803940
• Math proficiency: 26% ▼ -15.00%
• Reading proficiency: 37% ▼ -13.00%
• Median HH income: $47,838
• Composite: 27.2/100
• National rank: #7020
• State rank: #224 of 301 in IN

Livability — Charlestown

• Score: 65/100
• State rank: #352
• US rank: #13430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlestown, IN
• County: Clark County · 108,879 people
• City population: 17,738
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 17,738
• Household income: $95,376
• Rent vs Own: 13.4% rent · 86.6% own
• Severe rent burden: 151.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 126,401 people
• By 2030: 131,455 · +4.0%
• By 2040: 140,471 · +11.1%
• By 2050: 147,677 · +16.8%
• By 2075: 161,702 · +27.9%
• By 2100: 164,078 · +29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+20.4) · D 38.9% · R 59.3% · Other 1.8%
• 2008→2024 swing: -13.3pp toward R · 2008: -7.1pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+18.3 2016: R+22.0 2012: R+9.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.16%
• Current HPI: 198.7046
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• 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

-2.0% since first listed

3 events — show timeline

• 2026-04-01 Pending — IRMLS
• 2026-04-01 Price Changed $250,990 IRMLS
• 2026-03-12 Listed $255,990 IRMLS