111 W Walnut St · North Vernon, IN 47265

$194,000

4 bd · 2.0 ba · 2,526 sqft · SingleFamily public records · 27 Days on market

Built 1960 8,102 sqft lot Est $225k · 14% under

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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 +14.5/30.0
• ARV discount +13.7/15.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

With a little TLC this home could be a show place! This 4 bedroom, 2 full bath home has original hardwood floors. It has an updated kitchen, and the central air is newer. The roof is new and the windows are newer. On the outside of the home, it has vinyl siding. There is a wonderful garage with storage room, attic, and carport. The home also has a covered front porch plus covered 15x24 rear patio. Fenced in rear yard. Selling AS-IS, owner relocating. Move in on day of closing.

Key facts

• Functional layout
• Close to local shops
• 8,102 sq ft lot

Tags

• CLOSE TO LOCAL SHOPS
• INVITING NATURAL LIGHT
• FUNCTIONAL LAYOUT
• ESTABLISHED NEIGHBORHOOD

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Water available (public); Public sewer
• Home design: 2 stories; Shingle roof; Residential property; Resale condition
• Construction: Stone foundation
• Exterior features: Fence; Covered porch; Porch; Yard fenced; Corner lot

Interior

• Kitchen: Freezer; Disposal; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Crawl space basement; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $194k.

Deal economics

• At list price, monthly cash flow is $42 ($502/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 $164k (15.6% below list).
• Recommended offer: $164k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.1% in North Vernon — 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 (#29 in IN, #2,347 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, schools D-, commute F.
• Jennings County School Corporation (rural): math 32% / reading 38% proficiency, ranked #194 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 160 active listings in the ZIP; 84 units permitted in Jennings County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Jennings County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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.

Recommended offer $163,670 (15.6% below list)

Questions for the listing agent

1. Built in 1960 — 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. 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?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $224,814
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 S State St	0.24mi	3/2.0 (-1)	2,462 (-2%)	1mo	$66,000	$27	79
111 W Walnut St	0.00mi	4/2.0	2,781 (+10%)	20mo	$170,000	$61	66
651 Avalon (lot #10) Ct	0.39mi	4/3.0	2,378 (-6%)	10mo	$359,900	$151	60
424 S Jennings St	0.36mi	4/2.0	2,656 (+5%)	18mo	$270,000	$102	59
42 Oakwood Ave	0.11mi	3/2.0 (-1)	2,236 (-12%)	22mo	$200,000	$89	53
131 Heritage (lot #72) Ave	0.39mi	4/3.5	2,765 (+10%)	12mo	$404,900	$146	50
526 N Elm St	0.50mi	3/2.0 (-1)	2,632 (+4%)	18mo	$158,000	$60	50
131 Heritage Ave	0.63mi	4/3.5	2,765 (+10%)	12mo	$404,900	$146	39
434 8th St	0.72mi	3/1.0 (-1)	2,240 (-11%)	19mo	$155,695	$70	22

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-28,804
• Equity at exit: $28,926

10-year hold

• IRR: -6.2%
• Equity multiple: 0.60×
• Total profit: $-21,777
• Equity at exit: $16,774

Cash invested: $54,320 (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 47265

• Home prices YoY: -31.5%
• Active inventory: 160
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,637 medium
• Mortgage (P&I): −$1,017
• Tax from tax record: −$153 /mo · $1,836/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $42

Break-even live

Break-even rent $1,584

Max offer price $194,000

Occupancy floor 92%

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: $48,500
• Closing costs: $5,820
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $194,000 Active 27 DOM
2. 2026-06-18
   days on market $194,000 Active 26 DOM
3. 2026-06-17
   days on market $194,000 Active 25 DOM
4. 2026-06-16
   days on market $194,000 Active 24 DOM
5. 2026-06-15
   days on market $194,000 Active 23 DOM
6. 2026-06-14
   days on market $194,000 Active 21 DOM
7. 2026-06-12
   days on market $194,000 Active 20 DOM
8. 2026-06-09
   days on market $194,000 Active 17 DOM
9. 2026-06-08
   days on market $194,000 Active 16 DOM
10. 2026-06-07
    pricedays on market $194,000 Active 15 DOM
11. 2026-06-02
    days on market $199,000 Active 10 DOM
12. 2026-06-01
    days on market $199,000 Active 9 DOM
13. 2026-05-31
    days on market $199,000 Active 8 DOM
14. 2026-05-30
    days on market $199,000 Active 7 DOM
15. 2026-05-23
    listed $199,000 Active
16. 2024-10-07
    soldstatus $170,000 Closed 481-char remark

    Show marketing remark (481 chars)

    With a little TLC this home could be a show place! This 4 bedroom, 2 full bath home has original hardwood floors. It has an updated kitchen, and the central air is newer. The roof is new and the windows are newer. On the outside of the home, it has vinyl siding. There is a wonderful garage with storage room, attic, and carport. The home also has a covered front porch plus covered 15x24 rear patio. Fenced in rear yard. Selling AS-IS, owner relocating. Move in on day of closing.

17. 2024-08-19
    status Pending 481-char remark

    Show marketing remark (481 chars)

    With a little TLC this home could be a show place! This 4 bedroom, 2 full bath home has original hardwood floors. It has an updated kitchen, and the central air is newer. The roof is new and the windows are newer. On the outside of the home, it has vinyl siding. There is a wonderful garage with storage room, attic, and carport. The home also has a covered front porch plus covered 15x24 rear patio. Fenced in rear yard. Selling AS-IS, owner relocating. Move in on day of closing.

18. 2024-08-10
    listed $172,500 Active 481-char remark

    Show marketing remark (481 chars)

    With a little TLC this home could be a show place! This 4 bedroom, 2 full bath home has original hardwood floors. It has an updated kitchen, and the central air is newer. The roof is new and the windows are newer. On the outside of the home, it has vinyl siding. There is a wonderful garage with storage room, attic, and carport. The home also has a covered front porch plus covered 15x24 rear patio. Fenced in rear yard. Selling AS-IS, owner relocating. Move in on day of closing.

19. 2018-09-28
    soldstatus $80,000 Sold 325-char remark

    Show marketing remark (325 chars)

    This historical two story home has the original hardwood floors, updated kitchen, fireplace in the living room, large family room, 4-5 bedrooms, 2 full baths, fenced back yard and a large one car detached garage with loft. Property is being sold "As Is" "Where Is" with no warranties expressed or implied.

20. 2018-09-06
    status Pending 325-char remark

    Show marketing remark (325 chars)

    This historical two story home has the original hardwood floors, updated kitchen, fireplace in the living room, large family room, 4-5 bedrooms, 2 full baths, fenced back yard and a large one car detached garage with loft. Property is being sold "As Is" "Where Is" with no warranties expressed or implied.

21. 2018-08-16
    listed $63,200 Active 325-char remark

    Show marketing remark (325 chars)

    This historical two story home has the original hardwood floors, updated kitchen, fireplace in the living room, large family room, 4-5 bedrooms, 2 full baths, fenced back yard and a large one car detached garage with loft. Property is being sold "As Is" "Where Is" with no warranties expressed or implied.

22. 2009-06-06
    listed $114,900

ⓘ 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: $1,836 · $153/mo
• Projected year-2 tax: $1,836 · $153/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,640
• − Mortgage interest: −$10,867
• − Property taxes: −$1,836
• − Insurance: −$970
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$5,644
• Taxable loss: −$2,819
• Est. tax savings @ 24.0%: +$676
• After-tax cash flow: $1,178/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: Jennings County School Corporation
• NCES district ID: 1805190
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $45,418
• Composite: 29.89/100
• National rank: #6394
• State rank: #194 of 301 in IN

Livability — North Vernon

• Score: 79/100
• State rank: #29
• US rank: #2347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Vernon, IN
• City population: 20,981
• Population (ZIP): 20,981

Population outlook (Jennings County) Hauer SSP2

• Today (2025): 26,584 people
• By 2030: 25,591 · -3.7%
• By 2040: 23,423 · -11.9%
• By 2050: 20,973 · -21.1%
• By 2075: 15,445 · -41.9%
• By 2100: 10,714 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jennings

• 2024 margin: Solid R (+58.8) · D 19.7% · R 78.5% · Other 1.8%
• 2008→2024 swing: -50.8pp toward R · 2008: -8.0pp · 2024: -58.8pp
• All cycles: 2024: R+58.8 2020: R+56.9 2016: R+52.7 2012: R+22.4 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.36%
• Current HPI: 233.0275
• 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

+73.2% since first listed

8 events — show timeline

• 2026-05-23 Listed $199,000 SIRA
• 2024-10-07 Sold (MLS) $170,000 MIBOR as Distributed by MLS Grid
• 2024-08-19 Pending — MIBOR as Distributed by MLS Grid
• 2024-08-10 Listed $172,500 MIBOR as Distributed by MLS Grid
• 2018-09-28 Sold (MLS) $80,000 MIBOR as Distributed by MLS Grid
• 2018-09-06 Pending — MIBOR as Distributed by MLS Grid
• 2018-08-16 Listed $63,200 MIBOR as Distributed by MLS Grid
• 2009-06-06 Listed $114,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2024): $1,836 · +15.5% YoY. Source: county tax records.