315 W Lincoln St · Ashley, IN 46706

$84,900

2 bd · 1.0 ba · 1,172 sqft · SingleFamily public records · 30 Days on market

Built 1900 0.30 ac lot

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in a quiet neighborhood on 2 lots this charmer is ready for some TLC. A wrap around porch is perfect for morning coffee or just relaxing in the evening. Roof new in 2016. 2 car garage built in 2012 Back yard is fenced for pets or kids. Upper level attic provides good storage. Priced to sell!

Key facts

• Quiet street
• 2 lots
• Fenced in back yard

Tags

• WRAPAROUND PORCH
• FENCED IN BACK YARD
• QUIET STREET
• 2 LOTS

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story single-family residence; Site-built home
• Construction: Vinyl and wood siding
• Exterior features: Level lot; Lot dimensions approximately 100 x 135; 0.3-acre lot

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Wall-unit cooling
• Interior features: Crawl space basement; 7 total rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#320 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• 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: Country Meadow Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 314 students, 43% FRL); 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: 150 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 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?
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: 1.49% ✓
• Cap rate: 13.36%
• Cash-on-cash: 25.23%
• DSCR: 2.12
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $194,552
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 W State St	0.11mi	3/1.5 (+1)	1,144 (-2%)	9mo	$189,900	$166	76
408 Hardy St	0.53mi	3/1.0 (+1)	1,188 (+1%)	1mo	$189,000	$159	67
509 W State St	0.13mi	3/2.0 (+1)	1,056 (-10%)	10mo	$197,200	$187	60
103 Adams Ct	0.12mi	3/1.0 (+1)	1,008 (-14%)	11mo	$165,000	$164	57
106 E Hobart St	0.42mi	3/2.0 (+1)	1,120 (-4%)	9mo	$175,000	$156	56
410 S Gonser Ave	0.46mi	3/2.0 (+1)	1,001 (-15%)	3mo	$180,000	$180	43
305 Chapel Ln	0.68mi	3/1.0 (+1)	1,280 (+9%)	8mo	$215,000	$168	41
302 Chaple Ln	0.68mi	3/1.0 (+1)	1,008 (-14%)	0mo	$195,000	$193	39
203 E Lincoln St	0.38mi	3/1.0 (+1)	1,008 (-14%)	24mo	$110,000	$109	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: 18.7%
• Equity multiple: 1.76×
• Total profit: $18,045
• Equity at exit: $12,659

10-year hold

• IRR: 27.1%
• Equity multiple: 3.38×
• Total profit: $56,563
• Equity at exit: $7,341

Cash invested: $23,772 (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: 150
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$16 /mo · $197/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $500

Break-even live

Break-even rent $629

Max offer price $84,900

Occupancy floor 55%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $84,900 Active 30 DOM
2. 2026-06-17
   remarks 225-char remark
3. 2026-06-17
   price $84,900 Active 29 DOM
4. 2026-06-17
   days on market $89,900 Active 29 DOM
5. 2026-06-16
   days on market $89,900 Active 28 DOM
6. 2026-06-15
   days on market $89,900 Active 27 DOM
7. 2026-06-13
   days on market $89,900 Active 25 DOM
8. 2026-06-12
   days on market $89,900 Active 24 DOM
9. 2026-06-09
   days on market $89,900 Active 21 DOM
10. 2026-06-08
    days on market $89,900 Active 20 DOM
11. 2026-06-07
    days on market $89,900 Active 19 DOM
12. 2026-06-07
    days on market $89,900 Active 18 DOM
13. 2026-06-04
    days on market $89,900 Active 15 DOM
14. 2026-06-02
    days on market $89,900 Active 14 DOM
15. 2026-06-01
    price $89,900 Active 13 DOM
16. 2026-06-01
    days on market $94,900 Active 13 DOM
17. 2026-05-31
    days on market $94,900 Active 12 DOM
18. 2026-05-31
    days on market $94,900 Active 11 DOM
19. 2026-05-19
    listed $94,900 Active
20. 2019-12-02
    soldstatus $66,900 302-char remark

    Show marketing remark (302 chars)

    Nestled in a quiet neighborhood on 2 lots this charmer is ready for some TLC. A wrap around porch is perfect for morning coffee or just relaxing in the evening. Roof new in 2016. 2 car garage built in 2012 Back yard is fenced for pets or kids. Upper level attic provides good storage. Priced to sell!

21. 2019-07-12
    listed $66,900 302-char remark

    Show marketing remark (302 chars)

    Nestled in a quiet neighborhood on 2 lots this charmer is ready for some TLC. A wrap around porch is perfect for morning coffee or just relaxing in the evening. Roof new in 2016. 2 car garage built in 2012 Back yard is fenced for pets or kids. Upper level attic provides good storage. Priced to sell!

22. 2017-07-21
    listed $69,900
23. 2016-08-31
    listed $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: $197 · $16/mo
• Projected year-2 tax: $459 · $38/mo
• Expected delta: +$262/yr (+$22/mo · 133.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,143
• − Mortgage interest: −$4,756
• − Property taxes: −$197
• − Insurance: −$424
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$2,470
• Taxable income: $4,873
• Est. tax owed @ 24.0%: −$1,170
• After-tax cash flow: $4,829/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 — Ashley

• Score: 65/100
• State rank: #320
• US rank: #12601

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: Ashley, IN
• City population: 1,988
• Population (ZIP): 20,277

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

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 · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

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

+72.5% since first listed

5 events — show timeline

• 2026-05-19 Listed $94,900 IRMLS
• 2019-12-02 Sold (MLS) $66,900 IRMLS
• 2019-07-12 Listed $66,900 IRMLS
• 2017-07-21 Listed $69,900 IRMLS
• 2016-08-31 Listed $55,000 IRMLS

Property tax history

+0.2%/yr

Latest (2024): $197 · -8.8% YoY. Source: county tax records.