422 E Main St · Lebanon, IN 46052

$215,000

4 bd · 2.0 ba · 2,112 sqft · SingleFamily public records · 348 Days on market

Built 1990 8,059 sqft lot $102/sqft · at area comps Est $259k · 17% under

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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 +15.9/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• 1% rule +3.9/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

Key facts

• Private bath
• Front porch
• Gas stove

Tags

• FRONT PORCH
• PRIVATE BATH
• HARDWOOD FLOORS
• BUILT-IN DINING ROOM
• UPDATED KITCHEN
• GAS STOVE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $101 ($1k/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 $192k (10.6% below list).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.5% in Lebanon — 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 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 183 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 348 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 26y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 348 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.89% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (median comp): $259,286
• List price: $215,000
• Delta: -17.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1002 Deodar St	0.45mi	4/2.5	2,263 (+7%)	1mo	$370,000	$163	64
310 Atlas Dr	0.38mi	4/2.5	1,997 (-5%)	10mo	$379,990	$190	63
324 N Jameson St	0.49mi	4/2.0	1,914 (-9%)	0mo	$216,500	$113	61
515 W Washington St	0.49mi	3/1.0 (-1)	2,064 (-2%)	9mo	$230,000	$111	57
400 Atlas Dr	0.39mi	4/2.5	1,842 (-13%)	2mo	$367,000	$199	57
614 W Chicago St	0.62mi	3/1.0 (-1)	2,176 (+3%)	2mo	$310,000	$142	55
616 N Meridian St	0.40mi	4/2.5	2,426 (+15%)	2mo	$306,000	$126	52
516 W Chicago St	0.57mi	4/2.0	2,358 (+12%)	4mo	$233,000	$99	50
131 W Noble St	0.67mi	4/2.0	1,952 (-8%)	9mo	$245,800	$126	49
511 N Clark St	0.47mi	3/2.0 (-1)	1,850 (-12%)	9mo	$310,000	$168	45
501 Henry St	0.69mi	3/1.0 (-1)	1,915 (-9%)	0mo	$145,000	$76	43
516 W Royal St	0.65mi	5/2.0 (+1)	2,334 (+10%)	11mo	$314,900	$135	38

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-28,406
• Equity at exit: $32,057

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-16,488
• Equity at exit: $18,589

Cash invested: $60,200 (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 46052

• Active inventory: 183
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$200 /mo · $2,397/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $101

Break-even live

Break-even rent $1,793

Max offer price $215,000

Occupancy floor 90%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 S East St Lebanon, IN	3.0	1.0	1588	$1,450	$0.91	44d	1	0.28mi
718 N Lebanon St Lebanon, IN	4.0	1.5	1560	$1,795	$1.15	24d	1	0.49mi
814 Powell St Lebanon, IN	4.0	1.5	1647	$1,650	$1.00	22d	1	0.65mi
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,849	$1.07	2d	1	1.24mi
411 East Dr Ulen, IN	3.0	1.0	1588	$1,450	$0.91	11d	1	1.26mi

Listing history 36 events

1. 2026-05-08
   status Pending 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

2. 2025-09-01
   status Active 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

3. 2025-07-11
   status Pending 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

4. 2025-04-24
   status Active 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

5. 2025-04-01
   status Pending 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

6. 2025-03-27
   status Active 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

7. 2025-03-27
   price $215,000 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

8. 2025-03-11
   status Pending 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

9. 2025-02-21
   listed $229,000 Active 778-char remark

   Show marketing remark (778 chars)

   Enjoy the warmth of a front porch with windows, perfect for relaxing during the summer. The main-floor primary suite includes a private bath, while hardwood floors throughout highlight the home's original charm. A built-in dining room feature and an updated kitchen with a gas stove add modern convenience to this classic home. Spacious upstairs bedrooms and an unfinished third floor offer endless possibilities. Conveniently located just minutes from downtown Lebanon's restaurants, shopping, and community events, this Traditional American 2-story home sits in the heart of it all. With 4 bedrooms, over 2,200 sq. ft. of living space, and plenty of room for expansion, it's a fantastic opportunity for investors or homeowners looking to add value with some finishing touches!

10. 2024-04-26
    historical
11. 2023-11-18
    listed $275,000 Active
12. 2022-06-03
    soldstatus $255,000 Closed
13. 2022-05-10
    status Pending
14. 2022-05-02
    listed $255,000 Active
15. 2018-04-02
    soldstatus $135,000
16. 2018-03-30
    soldstatus $135,000 Sold
17. 2018-03-13
    historical Active with Contingency
18. 2018-02-23
    listed $137,900 Active
19. 2018-01-28
    historical
20. 2017-12-18
    historical Active with Contingency
21. 2017-11-22
    price $127,500
22. 2017-11-20
    listed $125,000 Active
23. 2016-08-12
    historical
24. 2016-05-31
    listed $109,900 Active
25. 2010-10-09
    historical
26. 2010-07-08
    listed $119,900
27. 2010-05-29
    historical
28. 2010-03-20
    historical
29. 2010-03-19
    listed $125,000
30. 2009-11-28
    listed $139,900
31. 2009-02-25
    historical
32. 2008-11-10
    historical
33. 2008-10-24
    listed $69,900
34. 2008-08-12
    listed $69,900
35. 2000-07-07
    soldstatus $55,125
36. 2000-03-14
    listed $55,125

ⓘ 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: $2,397 · $200/mo
• Projected year-2 tax: $2,397 · $200/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,058
• − Mortgage interest: −$12,043
• − Property taxes: −$2,397
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$6,255
• Taxable loss: −$2,401
• Est. tax savings @ 24.0%: +$576
• After-tax cash flow: $1,791/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+290.0% since first listed

36 events — show timeline

• 2026-05-08 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-01 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-11 Pending — MIBOR as Distributed by MLS Grid
• 2025-04-24 Relisted — MIBOR as Distributed by MLS Grid
• 2025-04-01 Pending — MIBOR as Distributed by MLS Grid
• 2025-03-27 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-27 Price Changed $215,000 MIBOR as Distributed by MLS Grid
• 2025-03-11 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-21 Listed $229,000 MIBOR as Distributed by MLS Grid
• 2024-04-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-11-18 Listed $275,000 MIBOR as Distributed by MLS Grid
• 2022-06-03 Sold (MLS) $255,000 MIBOR as Distributed by MLS Grid
• 2022-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2022-05-02 Listed $255,000 MIBOR as Distributed by MLS Grid
• 2018-04-02 Sold (Public Records) $135,000 Public Records
• 2018-03-30 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2018-03-13 Contingent — MIBOR as Distributed by MLS Grid
• 2018-02-23 Listed $137,900 MIBOR as Distributed by MLS Grid
• 2018-01-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-12-18 Contingent — MIBOR as Distributed by MLS Grid
• 2017-11-22 Price Changed $127,500 MIBOR as Distributed by MLS Grid
• 2017-11-20 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2016-08-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-05-31 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2010-10-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-07-08 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2010-05-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-03-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-03-19 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2009-11-28 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2009-02-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-11-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-10-24 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2008-08-12 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2000-07-07 Sold (MLS) $55,125 MIBOR as Distributed by MLS Grid
• 2000-03-14 Listed $55,125 MIBOR as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2025): $2,397 · -12.7% YoY. Source: county tax records.