6 E Pearl St · North Salem, IN 46165

$132,500

2 bd · 1.0 ba · 1,017 sqft · SingleFamily public records · 1 Days on market

Built 1952 8,712 sqft lot Est $145k · 9% 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 +17.8/30.0
• ARV discount +11.5/15.0
• Schools +5.7/10.0
• DSCR +5.6/10.0
• Appreciation +4.9/10.0
• 1% rule +4.4/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Step into a piece of Historic NORTH SALEM's charm with this inviting single-family residence, built in 1952, located at 6 E Pearl ST, IN, USA. This fixer-upper home could offer 1017 square feet of comfortable living space with a rustic lodge feel.

Key facts

• 8,712 sq ft lot
• Built 1952

Property features AI

Finance

• Other: Property is under 1/4 acre (approximately 0.2 acre)

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single-family residence; One story
• Construction: Wood siding exterior; Block foundation
• Exterior features: Covered patio/porch; Small barn on property; Mature trees and small trees; City lot with access

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Cellar basement; One fireplace with gas starter
• Laundry & utility: Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $108 ($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 $125k (5.7% below list).
• Recommended offer: $125k (5.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#527 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North West Hendricks Schools (rural): math 61% / reading 69% proficiency, ranked #7 of 301 in IN (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: North Salem Elementary School (math 72% / reading 67%, grade A-, #40 of 994 statewide, top 5%, 207 students, 26% FRL); Tri-West Senior High School (math 37% / reading 77%, grade C, #64 of 369 statewide, top 18%, 615 students, 24% FRL).
• Market conditions: 15 active listings in the ZIP; 1,294 units permitted in Hendricks County in 2024 (18 in 5+ unit buildings).

Forward outlook

• In year one you build about $760 of equity ($916 loan paydown + $-156 appreciation (-0.1% local appreciation)).
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.1% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,922 (5.7% below list)

Questions for the listing agent

1. Built in 1952 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.94% ✗
• Cap rate: 7.27%
• Cash-on-cash: 3.49%
• DSCR: 1.16
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $145,431
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 S California St	0.27mi	2/1.0	1,140 (+12%)	1mo	$162,500	$143	66

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

Projected returns pro-forma

-0.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.06×
• Total profit: $2,268
• Equity at exit: $37,697

10-year hold

• IRR: 6.9%
• Equity multiple: 1.74×
• Total profit: $27,379
• Equity at exit: $44,698

Cash invested: $37,100 (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 46165

• Home prices YoY: -0.1%
• Active inventory: 15
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$129 /mo · $1,546/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $108

Break-even live

Break-even rent $1,113

Max offer price $132,500

Occupancy floor 86%

Sensitivity live

Price	-10% $183	-5% $146	+0% $108	+5% $70	+10% $33
Rent	-10% $9	-5% $59	+0% $108	+5% $157	+10% $207
Rate	-1.0pp $175	-0.5pp $142	base $108	+0.5pp $74	+1.0pp $39

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 247-char remark
2. 2026-06-18
   listed $132,500 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: $1,546 · $129/mo
• Projected year-2 tax: $1,546 · $129/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,991
• − Mortgage interest: −$7,422
• − Property taxes: −$1,546
• − Insurance: −$662
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$3,855
• Taxable loss: −$893
• Est. tax savings @ 24.0%: +$214
• After-tax cash flow: $1,510/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 West Hendricks Schools
• NCES district ID: 1808100
• Math proficiency: 61% ▼ -8.00%
• Reading proficiency: 69% ▼ -3.00%
• Median HH income: $64,588
• Composite: 56.59/100
• National rank: #1145
• State rank: #7 of 301 in IN

Livability — North Salem

• Score: 60/100
• State rank: #527
• US rank: #18907

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: North Salem, IN
• Population (ZIP): 2,060

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Slovak 1% Hungarian 1%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 95% English-only · Other Indo-European 3% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.12%
• Current HPI: 252.6257
• 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

1 event — show timeline

• 2026-06-17 Listed $132,500 MIBOR as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $1,546 · +7.5% YoY. Source: county tax records.