206 E Adams St · Darlington, IN 47940

$74,200

3 bd · 3.0 ba · 2,448 sqft · SingleFamily public records · 203 Days on market

Built 1978 8,712 sqft lot ↓ 38% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Storage and Square Footage! 4 Bedrooms including upstairs en-suite with wall to wall closets, 3 full bathrooms, 2 living spaces, 2 car attached garage with additional lean-to. Beautiful spacious kitchen with pull out drawers and all appliances. 2 options for dining rooms, one with wood burning fire place! Walk out to the back patio through 2 exit doors and enjoy the hot tub. Also has a large front deck for enjoying the community. Located within walking distance to the park. Priced to Sell!!!!

Key facts

• Deck or patio
• Spacious kitchen
• Dining area

Tags

• SPACIOUS KITCHEN
• WOOD BURNING FIREPLACE
• DINING AREA
• LIVING AND FAMILY ROOMS
• SMALL OFFICE
• DECK OR PATIO

Property features AI

Exterior

• Parking: Attached 2-car garage (576 sq ft)
• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Leased propane
• Home design: Residential single-family home; Fixer condition; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch; Deck; Chain-link and partial fencing; Sidewalks, street lights, and mature trees on the lot

Interior

• Kitchen: Dishwasher
• Bedrooms: Four bedrooms total — three on the main level and one on the upper level
• Bathrooms: Three full bathrooms total; Primary bathroom with full shower stall in a suite
• Heating & cooling: Forced air heating (propane); Central air conditioning
• Interior features: Attic access; Formal living room; Utility room; One fireplace in the dining room
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#457 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety F.
• North Montgomery Community School Corporation (rural): math 47% / reading 53% proficiency, ranked #50 of 301 in IN (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sugar Creek Elementary School (math 62% / reading 57%, grade B-, #128 of 994 statewide, top 15%, 269 students, 40% FRL); North Montgomery High School (math 32% / reading 62%, grade D-, #143 of 369 statewide, top 44%, 516 students, 34% FRL).
• Market conditions: 11 active listings in the ZIP; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($513 loan paydown + $7k appreciation (10.0% local appreciation)).
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 203 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $18k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,296 (12.0% below list)

Questions for the listing agent

1. It's been on market 203 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 1978 — 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: 1.69% ✓
• Cap rate: 14.36%
• Cash-on-cash: 28.80%
• DSCR: 2.28
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $217,872
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 E Adams St	0.00mi	4/3.0 (+1)	2,448 (0%)	1mo	$65,250	$27	94
105 Washington St	0.10mi	3/2.5	2,307 (-6%)	10mo	$215,000	$93	76
205 S Madison St	0.10mi	3/1.5	2,292 (-6%)	10mo	$235,000	$103	71
305 W Harrison St	0.30mi	3/2.0	2,256 (-8%)	0mo	$219,900	$97	69
205 W South St	0.30mi	3/1.0	2,520 (+3%)	7mo	$210,000	$83	67
209 W Harrison St	0.24mi	3/2.0	2,578 (+5%)	13mo	$225,000	$87	66
5041 N 700 E	0.18mi	3/2.0	2,608 (+6%)	18mo	$210,000	$81	61
106 E Main St	0.14mi	3/2.0	2,160 (-12%)	11mo	$192,000	$89	61
306 W Academy St	0.30mi	4/1.5 (+1)	2,416 (-1%)	22mo	$193,000	$80	54
401 W Harrison St	0.33mi	4/1.0 (+1)	2,200 (-10%)	6mo	$199,000	$90	50

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: 46.1%
• Equity multiple: 4.47×
• Total profit: $72,172
• Equity at exit: $66,845

10-year hold

• IRR: 40.0%
• Equity multiple: 10.03×
• Total profit: $187,572
• Equity at exit: $144,154

Cash invested: $20,776 (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 47940

• Home prices YoY: 18.6%
• Active inventory: 11
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$389
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $499

Break-even live

Break-even rent $619

Max offer price $74,200

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: $18,550
• Closing costs: $2,226
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-11
   status Pending
2. 2026-04-14
   price $74,200
3. 2026-03-10
   price $78,000
4. 2026-02-05
   price $82,000
5. 2025-12-31
   price $86,000
6. 2025-11-25
   price $89,900
7. 2025-10-20
   listed $92,000 Active
8. 2019-03-15
   soldstatus $97,000 497-char remark

   Show marketing remark (497 chars)

   Storage and Square Footage! 4 Bedrooms including upstairs en-suite with wall to wall closets, 3 full bathrooms, 2 living spaces, 2 car attached garage with additional lean-to. Beautiful spacious kitchen with pull out drawers and all appliances. 2 options for dining rooms, one with wood burning fire place! Walk out to the back patio through 2 exit doors and enjoy the hot tub. Also has a large front deck for enjoying the community. Located within walking distance to the park. Priced to Sell!!!!

9. 2018-10-26
   listed $104,900 497-char remark

   Show marketing remark (497 chars)

   Storage and Square Footage! 4 Bedrooms including upstairs en-suite with wall to wall closets, 3 full bathrooms, 2 living spaces, 2 car attached garage with additional lean-to. Beautiful spacious kitchen with pull out drawers and all appliances. 2 options for dining rooms, one with wood burning fire place! Walk out to the back patio through 2 exit doors and enjoy the hot tub. Also has a large front deck for enjoying the community. Located within walking distance to the park. Priced to Sell!!!!

10. 2017-08-14
    historical
11. 2017-07-10
    price $114,900
12. 2017-06-01
    listed $119,900 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: $832 · $69/mo
• Projected year-2 tax: $832 · $69/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $15,008
• − Mortgage interest: −$4,156
• − Property taxes: −$832
• − Insurance: −$371
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$2,159
• Taxable income: $5,088
• Est. tax owed @ 24.0%: −$1,221
• After-tax cash flow: $4,762/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: North Montgomery Community School Corporation
• NCES district ID: 1807900
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 53% ▲ 3.00%
• Median HH income: $53,844
• Composite: 43.14/100
• National rank: #3076
• State rank: #50 of 301 in IN

Livability — Darlington

• Score: 62/100
• State rank: #457
• US rank: #16196

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Darlington, IN
• Population (ZIP): 1,490

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 13% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Iranian 8% Slovak 4% Serbian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 36.07%
• Current HPI: 230.088
• 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

-38.1% since first listed

12 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-14 Price Changed $74,200 MIBOR as Distributed by MLS Grid
• 2026-03-10 Price Changed $78,000 MIBOR as Distributed by MLS Grid
• 2026-02-05 Price Changed $82,000 MIBOR as Distributed by MLS Grid
• 2025-12-31 Price Changed $86,000 MIBOR as Distributed by MLS Grid
• 2025-11-25 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2025-10-20 Listed $92,000 MIBOR as Distributed by MLS Grid
• 2019-03-15 Sold (MLS) $97,000 IRMLS
• 2018-10-26 Listed $104,900 IRMLS
• 2017-08-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-07-10 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2017-06-01 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2025): $832 · +16.3% YoY. Source: county tax records.