774 S Lincoln St · French Lick, IN 47432

$124,900

3 bd · 1.0 ba · 1,012 sqft · SingleFamily public records · 86 Days on market

Built 1910 0.31 ac lot $123/sqft · at area comps Est $124k · at est.

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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 +17.3/30.0
• ARV discount +7.0/15.0
• DSCR +5.4/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bed 1 bath home on a corner lot in French Lick! Ideal starter home with a renovated bathroom, new flooring in living room and bedrooms, fresh paint and a front porch offering a great view of the resort and casino. Perfect location!

Key facts

• Renovated bathroom
• New flooring
• Front porch

Tags

• CORNER LOT
• RENOVATED BATHROOM
• NEW FLOORING
• FRONT PORCH
• GREAT VIEW

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $92 ($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 $106k (15.2% below list).
• Recommended offer: $106k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.1% in French Lick — 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 75/100 on livability (#58 in IN, #3,914 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Springs Valley Community School Corporation (rural): math 35% / reading 39% proficiency, ranked #178 of 301 in IN (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Springs Valley Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 383 students, 56% FRL); Springs Valley Comm High School (math 28% / reading 40%, grade F, #285 of 369 statewide, top 78%, 454 students, 46% FRL).
• Market conditions: 53 active listings in the ZIP; 54 units permitted in Orange County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Orange County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $35k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $125k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,853 (15.2% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.85% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• GRM: 9.8

CMA / ARV

• ARV (median comp): $123,500
• List price: $124,900
• Delta: 1.13%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
650 S Indiana Ave	0.15mi	2/1.0 (-1)	896 (-12%)	4mo	$122,000	$136	66
657 S Walnut St	0.23mi	2/1.0 (-1)	1,104 (+9%)	4mo	$125,000	$113	65
724 S Virginia Ave	0.13mi	2/1.0 (-1)	1,100 (+9%)	12mo	$205,000	$186	64
541 S Summit St #1	0.35mi	2/1.0 (-1)	986 (-3%)	15mo	$47,000	$48	62
879 S Washington St	0.48mi	3/1.0	1,094 (+8%)	10mo	$72,000	$66	56
1189 S Plum St	0.57mi	2/2.0 (-1)	1,028 (+2%)	18mo	$280,000	$272	47
615 S Adams St	0.59mi	2/1.0 (-1)	864 (-15%)	11mo	$179,000	$207	34

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: -11.4%
• Equity multiple: 0.59×
• Total profit: $-14,407
• Equity at exit: $18,623

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-5,194
• Equity at exit: $10,799

Cash invested: $34,972 (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 47432

• Home prices YoY: -5.9%
• Active inventory: 53
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$37 /mo · $441/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $92

Break-even live

Break-even rent $941

Max offer price $124,900

Occupancy floor 86%

Sensitivity live

Price	-10% $163	-5% $128	+0% $92	+5% $57	+10% $22
Rent	-10% $9	-5% $51	+0% $92	+5% $134	+10% $176
Rate	-1.0pp $155	-0.5pp $124	base $92	+0.5pp $60	+1.0pp $27

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $124,900 Active 86 DOM
2. 2026-06-18
   days on market $124,900 Active 83 DOM
3. 2026-06-17
   days on market $124,900 Active 82 DOM
4. 2026-06-16
   days on market $124,900 Active 81 DOM
5. 2026-06-15
   days on market $124,900 Active 80 DOM
6. 2026-06-13
   pricedays on market $124,900 Active 78 DOM
7. 2026-06-09
   days on market $129,999 Active 74 DOM
8. 2026-06-08
   days on market $129,999 Active 73 DOM
9. 2026-06-07
   days on market $129,999 Active 72 DOM
10. 2026-06-04
    days on market $129,999 Active 69 DOM
11. 2026-06-03
    days on market $129,999 Active 68 DOM
12. 2026-06-02
    days on market $129,999 Active 67 DOM
13. 2026-06-01
    days on market $129,999 Active 66 DOM
14. 2026-05-31
    days on market $129,999 Active 65 DOM
15. 2026-05-18
    historical Active Under Contract 243-char remark

    Show marketing remark (243 chars)

    Charming 3 bed 1 bath home on a corner lot in French Lick! Ideal starter home with a renovated bathroom, new flooring in living room and bedrooms, fresh paint and a front porch offering a great view of the resort and casino. Perfect location!

16. 2026-03-27
    price $129,999 243-char remark

    Show marketing remark (243 chars)

    Charming 3 bed 1 bath home on a corner lot in French Lick! Ideal starter home with a renovated bathroom, new flooring in living room and bedrooms, fresh paint and a front porch offering a great view of the resort and casino. Perfect location!

17. 2026-03-27
    listed $159,999 Active 243-char remark

    Show marketing remark (243 chars)

    Charming 3 bed 1 bath home on a corner lot in French Lick! Ideal starter home with a renovated bathroom, new flooring in living room and bedrooms, fresh paint and a front porch offering a great view of the resort and casino. Perfect location!

18. 2026-01-02
    status Active
19. 2025-09-29
    price $139,900
20. 2025-08-27
    price $144,900
21. 2025-06-19
    price $149,900
22. 2025-04-30
    price $154,999
23. 2025-03-04
    listed $159,999 Active
24. 2024-12-12
    price $164,900
25. 2024-10-01
    price $169,900
26. 2024-08-21
    listed $174,900 Active
27. 2012-07-02
    soldstatus $55,000

ⓘ 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: $441 · $37/mo
• Projected year-2 tax: $751 · $63/mo
• Expected delta: +$310/yr (+$26/mo · 70.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,702
• − Mortgage interest: −$6,996
• − Property taxes: −$441
• − Insurance: −$624
• − Repairs & maintenance: −$1,016
• − Management: −$1,016
• − Depreciation: −$3,633
• Taxable loss: −$1,025
• Est. tax savings @ 24.0%: +$246
• After-tax cash flow: $1,356/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: Springs Valley Community School Corporation
• NCES district ID: 1810980
• Math proficiency: 35% ▼ -10.00%
• Reading proficiency: 39% ▼ -15.00%
• Median HH income: $40,473
• Composite: 31.08/100
• National rank: #6076
• State rank: #178 of 301 in IN

Livability — French Lick

• Score: 75/100
• State rank: #58
• US rank: #3914

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: French Lick, IN
• Population (ZIP): 4,721

Population outlook (Orange County) Hauer SSP2

• Today (2025): 18,948 people
• By 2030: 18,479 · -2.5%
• By 2040: 17,387 · -8.2%
• By 2050: 16,301 · -14.0%
• By 2075: 14,361 · -24.2%
• By 2100: 12,594 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Black 6% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Orange

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.3% · Other 1.6%
• 2008→2024 swing: -38.0pp toward R · 2008: -14.2pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+47.6 2016: R+45.8 2012: R+21.6 2008: R+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.30%
• Current HPI: 227.7347
• 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

+136.4% since first listed

13 events — show timeline

• 2026-05-18 Contingent — IRMLS
• 2026-03-27 Price Changed $129,999 IRMLS
• 2026-03-27 Listed $159,999 IRMLS
• 2026-01-02 Relisted — IRMLS
• 2025-09-29 Price Changed $139,900 IRMLS
• 2025-08-27 Price Changed $144,900 IRMLS
• 2025-06-19 Price Changed $149,900 IRMLS
• 2025-04-30 Price Changed $154,999 IRMLS
• 2025-03-04 Listed $159,999 IRMLS
• 2024-12-12 Price Changed $164,900 IRMLS
• 2024-10-01 Price Changed $169,900 IRMLS
• 2024-08-21 Listed $174,900 IRMLS
• 2012-07-02 Sold (Public Records) $55,000 Public Records

Property tax history

+4.7%/yr

Latest (2024): $441 · +6.0% YoY. Source: county tax records.