229 W Broadway St · Shelburn, IN 47879

$19,898

2 bd · 1.0 ba · 1,339 sqft · SingleFamily public records · 409 Days on market

Built 1920 8,712 sqft lot $15/sqft · 85% below area ↓ 10% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

Key facts

• Corner location
• Sidewalks on front
• Walnut street

Tags

• CORNER LOCATION
• WEST BROADWAY STREET
• WALNUT STREET
• SIDEWALKS ON FRONT
• CONCRETE COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $721 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#463 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Northeast School Corporation (rural): math 29% / reading 34% proficiency, ranked #228 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 13 active listings in the ZIP; 4 units permitted in Sullivan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($138 loan paydown + $2k appreciation (10.0% local appreciation)).
• Sullivan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 409 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $2k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $17,510 (12.0% below list)

Questions for the listing agent

1. It's been on market 409 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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 F-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. 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: 5.54% ✓
• Cap rate: 49.76%
• Cash-on-cash: 155.25%
• DSCR: 7.91
• GRM: 1.5

CMA / ARV

• ARV (median comp): $135,170
• List price: $19,898
• Delta: -85.28%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 W Broadway St	0.04mi	2/1.0	1,369 (+2%)	18mo	$145,000	$106	79
111 W Jefferson St St	0.12mi	3/2.0 (+1)	1,215 (-9%)	4mo	$140,000	$115	67
318 W Mill St	0.23mi	2/1.5	1,152 (-14%)	19mo	$125,000	$109	48
429 N Thomas St	0.35mi	3/2.0 (+1)	1,456 (+9%)	23mo	$107,000	$73	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.19×
• Total profit: $56,770
• Equity at exit: $17,926

10-year hold

• IRR: —
• Equity multiple: 24.54×
• Total profit: $131,125
• Equity at exit: $38,657

Cash invested: $5,571 (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 47879

• Home prices YoY: 27.5%
• Active inventory: 13
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,102 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$38 /mo · $450/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $721

Break-even live

Break-even rent $190

Max offer price $19,898

Occupancy floor 30%

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: $4,974
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $19,898 Active 409 DOM
2. 2026-06-18
   days on market $19,898 Active 408 DOM
3. 2026-06-17
   days on market $19,898 Active 407 DOM
4. 2026-06-16
   days on market $19,898 Active 406 DOM
5. 2026-06-15
   days on market $19,898 Active 405 DOM
6. 2026-06-14
   days on market $19,898 Active 403 DOM
7. 2026-06-13
   days on market $19,898 Active 402 DOM
8. 2026-06-10
   days on market $19,898 Active 400 DOM
9. 2026-06-09
   days on market $19,898 Active 399 DOM
10. 2026-06-08
    days on market $19,898 Active 398 DOM
11. 2026-06-07
    days on market $19,898 Active 397 DOM
12. 2026-06-05
    days on market $19,898 Active 394 DOM
13. 2026-06-02
    days on market $19,898 Active 392 DOM
14. 2026-06-01
    days on market $19,898 Active 391 DOM
15. 2026-05-31
    days on market $19,898 Active 390 DOM
16. 2026-05-30
    days on market $19,898 Active 389 DOM
17. 2026-04-13
    status Active 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

18. 2025-12-22
    price $19,898 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

19. 2025-12-22
    price $20,399 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

20. 2025-12-11
    status Active 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

21. 2025-12-04
    status Pending 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

22. 2025-09-05
    price $20,900 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

23. 2024-12-28
    listed $22,000 Active 434-char remark

    Show marketing remark (434 chars)

    Corner Location/West Broadway Street & Walnut Street. Most homes in the area have less square footage. Sidewalks on front & side. Concrete covered front porch. 2 Car Garage. Court house does not consider the upstairs as finished at all; Thus, not included in finished sq ft. Appears there is 2 bedrooms on upper level. totaling 374 sq ft. Could also be large walk in closet on upper level; Thus, is included in room count.

ⓘ 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: $450 · $38/mo
• Projected year-2 tax: $450 · $38/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 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°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: $13,230
• − Mortgage interest: −$1,115
• − Property taxes: −$450
• − Insurance: −$99
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$579
• Taxable income: $8,870
• Est. tax owed @ 24.0%: −$2,129
• After-tax cash flow: $6,521/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: Northeast School Corporation
• NCES district ID: 1808160
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $45,565
• Composite: 27.01/100
• National rank: #7061
• State rank: #228 of 301 in IN

Livability — Shelburn

• Score: 62/100
• State rank: #463
• US rank: #16331

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelburn, IN
• Population (ZIP): 3,120

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 20,313 people
• By 2030: 19,908 · -2.0%
• By 2040: 19,009 · -6.4%
• By 2050: 17,972 · -11.5%
• By 2075: 14,929 · -26.5%
• By 2100: 11,391 · -43.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+52.7) · D 22.8% · R 75.5% · Other 1.7%
• 2008→2024 swing: -52.0pp toward R · 2008: -0.7pp · 2024: -52.7pp
• All cycles: 2024: R+52.7 2020: R+50.5 2016: R+47.0 2012: R+20.6 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 40.40%
• Current HPI: 187.51
• 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

-9.6% since first listed

7 events — show timeline

• 2026-04-13 Relisted — IRMLS
• 2025-12-22 Price Changed $19,898 IRMLS
• 2025-12-22 Price Changed $20,399 IRMLS
• 2025-12-11 Relisted — IRMLS
• 2025-12-04 Pending — IRMLS
• 2025-09-05 Price Changed $20,900 IRMLS
• 2024-12-28 Listed $22,000 IRMLS

Property tax history

+8.5%/yr

Latest (2024): $450 · -1.1% YoY. Source: county tax records.