1128 Union St · Columbus, IN 47201

$139,000

3 bd · 1.0 ba · 1,988 sqft · SingleFamily public records · 9 Days on market

Built 1920 5,760 sqft lot Est $239k · 42% under

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Why this score? — see what drove the B- 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy flexible living with 3 bedrooms, the third bedroom that can easily serve as a cozy family room or home office and the upper-level bedroom could be split into a 4th bedroom is ideal for investors or buyers looking for a project with potential. With the right updates, you can completely reimagine the space to fit your style and needs. This property offers a great opportunity for a flip, investment property, or owner occupied living. Notable updates include a roof (2021), gas furnace (2020), and gas water heater (2014). Being sold as-is.

Key facts

• 5,760 sq ft lot
• Garage
• Built 1920

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.13 acre); Property listed as residential single-family

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One-and-one-half story
• Construction: Wood siding exterior; Block partial foundation
• Exterior features: Covered porch/patio; Corner city lot with curbs and sidewalks; No fence

Interior

• Kitchen: Gas oven; Refrigerator; Gas water heater
• Bedrooms: Three bedrooms total — two on the main level, one on the upper level (upper bedroom approx. 19x24; main-level bedrooms approx. 11x13 and 11x13)
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; No central air
• Interior features: Attic access; Partial, unfinished cellar basement
• Laundry & utility: No laundry facilities

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Cap rate 9.3% vs local median 3.5% in Columbus — 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 79/100 on livability (#24 in IN, #1,978 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Bartholomew Consolidated School Corporation (urban): math 38% / reading 45% proficiency, ranked #119 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.1%/yr); 340 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 195 units permitted in Bartholomew County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Bartholomew County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,000

Questions for the listing agent

1. Built in 1920 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.88%
• DSCR: 1.48
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $238,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1620 Lafayette Ave	0.47mi	3/1.5	1,904 (-4%)	4mo	$237,500	$125	65
1439 Pearl St	0.32mi	3/1.0	2,176 (+10%)	7mo	$124,000	$57	64
1902 14th St	0.51mi	2/1.0 (-1)	1,900 (-4%)	1mo	$189,000	$99	63
2010 Stella Rock Trce	0.25mi	3/2.5	1,760 (-12%)	1mo	$299,995	$170	62
1329 Franklin St	0.40mi	3/3.0	2,066 (+4%)	8mo	$239,900	$116	60
902 18th St	0.46mi	3/2.5	2,080 (+5%)	6mo	$250,000	$120	60
1534 Lawton Ave	0.61mi	4/3.0 (+1)	2,016 (+1%)	3mo	$276,000	$137	54
2003 Gilmore St	0.59mi	2/1.0 (-1)	1,800 (-10%)	2mo	$180,000	$100	50
1640 Lawton Ave	0.65mi	3/2.5	2,152 (+8%)	2mo	$258,000	$120	49
620 Hutchins Ave	0.47mi	2/1.0 (-1)	1,752 (-12%)	7mo	$164,000	$94	48
2103 6th St	0.74mi	4/1.0 (+1)	2,197 (+10%)	2mo	$126,000	$57	41
1921 Washington St	0.67mi	2/2.0 (-1)	1,720 (-14%)	2mo	$285,500	$166	35

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 · 3.15% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $198
• Equity at exit: $20,725

10-year hold

• IRR: 9.9%
• Equity multiple: 1.77×
• Total profit: $30,131
• Equity at exit: $12,018

Cash invested: $38,920 (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 47201

• Rents YoY: 3.1%
• Active inventory: 340
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,619 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$139 /mo · $1,669/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $353

Break-even live

Break-even rent $1,172

Max offer price $139,000

Occupancy floor 73%

Sensitivity live

Price	-10% $432	-5% $392	+0% $353	+5% $314	+10% $274
Rent	-10% $225	-5% $289	+0% $353	+5% $417	+10% $481
Rate	-1.0pp $423	-0.5pp $388	base $353	+0.5pp $317	+1.0pp $280

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1182 Quail Run Dr Columbus, IN	1.0–3.0	1.0–2.0	967	$1,600	$1.65	44d	16	1.16mi

Listing history 2 events

1. 2026-05-17
   status Pending
2. 2026-05-07
   listed $139,000 Active

ⓘ 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: $1,669 · $139/mo
• Projected year-2 tax: $1,669 · $139/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 4/10 Moderate 7 d/yr ≥103°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,425
• − Mortgage interest: −$7,786
• − Property taxes: −$1,669
• − Insurance: −$695
• − Repairs & maintenance: −$1,554
• − Management: −$1,554
• − Depreciation: −$4,044
• Taxable income: $2,123
• Est. tax owed @ 24.0%: −$510
• After-tax cash flow: $3,725/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: Bartholomew Consolidated School Corporation
• NCES district ID: 1800360
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $54,685
• Composite: 36.16/100
• National rank: #4736
• State rank: #119 of 301 in IN

Livability — Columbus

• Score: 79/100
• State rank: #24
• US rank: #1978

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, IN
• County: Bartholomew County · 74,100 people
• City population: 74,100
• Metro: Columbus, IN
• Population (ZIP): 47,900
• Household income: $83,958
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1455.0

Population outlook (Bartholomew County) Hauer SSP2

• Today (2025): 90,162 people
• By 2030: 94,432 · +4.7%
• By 2040: 102,659 · +13.9%
• By 2050: 109,794 · +21.8%
• By 2075: 123,419 · +36.9%
• By 2100: 121,047 · +34.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Asian 9% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 83% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

Political lean MEDSL · Bartholomew

• 2024 margin: Strong R (+27.3) · D 35.3% · R 62.7% · Other 2.0%
• 2008→2024 swing: -16.1pp toward R · 2008: -11.3pp · 2024: -27.3pp
• All cycles: 2024: R+27.3 2020: R+26.2 2016: R+33.3 2012: R+25.4 2008: R+11.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.94%
• Current HPI: 150.2246
• Rent YoY: ▲ 3.15%
• Metro: Columbus, 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 events — show timeline

• 2026-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $139,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2024): $1,669 · +7.8% YoY. Source: county tax records.