107 N Meridian St · Sulphur Springs, IN 47388

$164,900

2 bd · 1.0 ba · 1,386 sqft · SingleFamily public records · 20 Days on market

Built 1900 8,407 sqft lot Est $177k · 7% 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).

• ARV discount +10.7/15.0
• Cash flow +9.5/30.0
• Appreciation +5.4/10.0
• Schools +3.6/10.0
• Livability +3.1/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0

Listing remarks MLS

Discover the charm of SULPHUR SPRINGS, IN, a welcoming single-family residence built in 1900, offering 1386 square feet of living space and ready for you to move in. This inviting home presents a unique opportunity for comfortable living. The property extends to a generous 8407 square foot lot, featuring a private yard perfect for outdoor enjoyment and an inviting outdoor dining area, ideal for entertaining. An attached garage offers convenience and direct access. For leisure and relaxation. This single-story ranch-style home includes three bedrooms and one full bathroom.

Key facts

• Attached garage
• Private yard
• Outdoor dining area

Tags

• PRIVATE YARD
• OUTDOOR DINING AREA
• ATTACHED GARAGE

Property features AI

Exterior

• Parking: Attached 3-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service; Cable connected; Electricity connected; Sewer connected; Solid waste service available
• Home design: Single-family residence; One story; Residential property
• Construction: Vinyl siding exterior; Crawl space foundation
• Exterior features: Screened porch/patio; Fenced private pool; Storage shed; Curbs

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Dishwasher; Refrigerator
• Bedrooms: Three main-level bedrooms (3 total)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Living room with fireplace; Dining room; Laundry room on main level; Screened patio/porch; Storage shed; Smoke detectors
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-115 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (33.2% below list).
• Recommended offer: $110k (33.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#468 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D.
• Shenandoah School Corporation (rural): math 38% / reading 46% proficiency, ranked #118 of 301 in IN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shenandoah Elementary School (math 48% / reading 49%, grade D, #304 of 994 statewide, top 31%, 624 students, 46% FRL); Shenandoah High School (math 42% / reading 72%, grade C, #64 of 369 statewide, top 18%, 410 students, 40% FRL).
• Market conditions: 5 active listings in the ZIP; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $1k appreciation (0.9% local appreciation)).
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.
• Current owner paid $20k; list at $165k implies a 724% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $110,151 (33.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.67% ✗
• Cap rate: 5.45%
• Cash-on-cash: -2.99%
• DSCR: 0.87
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $177,408
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 N Maple St	0.03mi	3/1.0 (+1)	1,416 (+2%)	12mo	$130,000	$92	80
209 S Jefferson St	0.29mi	2/1.5	1,296 (-6%)	0mo	$225,000	$174	74
114 Bluebird Ln	0.24mi	3/2.0 (+1)	1,388 (+0%)	10mo	$230,000	$166	71
106 Bluebird Ln	0.19mi	3/2.0 (+1)	1,332 (-4%)	6mo	$209,000	$157	71
207 N Jefferson St	0.15mi	2/1.0	1,215 (-12%)	2mo	$156,000	$128	71
213 S Maple St	0.24mi	3/1.0 (+1)	1,368 (-1%)	23mo	$115,900	$85	62
202 S Meridian St	0.15mi	2/1.0	1,190 (-14%)	21mo	$145,000	$122	52

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

Projected returns pro-forma

0.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.88×
• Total profit: $-5,455
• Equity at exit: $55,102

10-year hold

• IRR: 2.7%
• Equity multiple: 1.33×
• Total profit: $15,077
• Equity at exit: $72,312

Cash invested: $46,172 (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 47388

• Home prices YoY: 0.3%
• Active inventory: 5
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,102 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-115

Break-even live

Break-even rent $1,247

Max offer price $144,544

Occupancy floor —

Sensitivity live

Price	-10% $-22	-5% $-69	+0% $-115	+5% $-162	+10% $-209
Rent	-10% $-202	-5% $-159	+0% $-115	+5% $-72	+10% $-28
Rate	-1.0pp $-32	-0.5pp $-73	base $-115	+0.5pp $-158	+1.0pp $-201

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $164,900 Active 20 DOM
2. 2026-06-18
   days on market $164,900 Active 19 DOM
3. 2026-06-17
   days on market $164,900 Active 18 DOM
4. 2026-06-16
   days on market $164,900 Active 17 DOM
5. 2026-06-15
   days on market $164,900 Active 16 DOM
6. 2026-06-14
   days on market $164,900 Active 14 DOM
7. 2026-06-12
   days on market $164,900 Active 13 DOM
8. 2026-06-09
   days on market $164,900 Active 10 DOM
9. 2026-06-08
   days on market $164,900 Active 9 DOM
10. 2026-06-07
    days on market $164,900 Active 8 DOM
11. 2026-06-05
    days on market $164,900 Active 5 DOM
12. 2026-06-03
    days on market $164,900 Active 4 DOM
13. 2026-06-02
    days on market $164,900 Active 3 DOM
14. 2026-06-01
    days on market $164,900 Active 2 DOM
15. 2026-05-31
    remarks 578-char remark
16. 2026-05-31
    listed $164,900 Active 1 DOM

ⓘ 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: $624 · $52/mo
• Projected year-2 tax: $1,013 · $84/mo
• Expected delta: +$389/yr (+$32/mo · 62.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,218
• − Mortgage interest: −$9,237
• − Property taxes: −$624
• − Insurance: −$824
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − Depreciation: −$4,797
• Taxable loss: −$4,379
• Est. tax savings @ 24.0%: +$1,051
• After-tax cash flow: $-332/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: Shenandoah School Corporation
• NCES district ID: 1808280
• Math proficiency: 38% ▼ -15.00%
• Reading proficiency: 46% ▼ -9.00%
• Median HH income: $50,961
• Composite: 36.22/100
• National rank: #4723
• State rank: #118 of 301 in IN

Livability — Sulphur Springs

• Score: 62/100
• State rank: #468
• US rank: #16580

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sulphur Springs, IN
• City population: 413
• Population (ZIP): 413

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Slovak 3% Portuguese 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.86%
• Current HPI: 244.929
• 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

+728.6% since first listed

4 events — show timeline

• 2026-05-29 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2026-05-29 Listed $164,900 IRMLS
• 2007-06-14 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2007-04-03 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2024): $624 · +57.4% YoY. Source: county tax records.