544 N Meridian St · Winchester, IN 47394

$109,900

2 bd · 1.0 ba · 916 sqft · SingleFamily public records · 81 Days on market

Built 1900 6,098 sqft lot $120/sqft · 39% above area Est $79k · 39% over

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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).

• Cash flow +15.8/30.0
• Appreciation +10.0/10.0
• DSCR +4.9/10.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to 544 N Meridian Street! This charming 2-bed, 1-bath home offers 916 square feet of comfortable living space with a spacious feel. You'll love the generously sized rooms and ample closet space, providing both functionality and flexibility. Recent updates - including fresh paint and new flooring - give the home a clean, modern touch while maintaining its inviting character. Whether you're a first-time buyer or looking to downsize, this move-in-ready property is a fantastic opportunity!

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $50 ($600/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 $88k (19.8% below list).
• Recommended offer: $88k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 5.1% in Winchester — 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 67/100 on livability (#240 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D, amenities F, commute F.
• Randolph Central School Corporation (town): math 32% / reading 37% proficiency, ranked #201 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: O R Baker Elementary School (338 students, 57% FRL); Lee L Driver Middle School (math 27% / reading 33%, grade F, #208 of 330 statewide, top 64%, 291 students, 56% FRL); Winchester Community High School (math 17% / reading 47%, grade F, #295 of 369 statewide, top 82%, 414 students, 47% FRL).
• Market conditions: 52 active listings in the ZIP; 19 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Randolph County population projected at -26% 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 $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $88,163 (19.8% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.95%
• DSCR: 1.09
• GRM: 10.4

CMA / ARV

• ARV (median comp): $78,966
• List price: $109,900
• Delta: 39.17%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 N Union St	0.34mi	2/1.0	1,049 (+14%)	6mo	$78,000	$74	54
419 E Carl St	0.72mi	2/1.0	877 (-4%)	9mo	$103,900	$118	51
865 N West St	0.34mi	3/1.0 (+1)	1,008 (+10%)	13mo	$52,400	$52	51
425 Western Ave	0.66mi	2/1.0	1,008 (+10%)	18mo	$85,000	$84	38

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: 25.7%
• Equity multiple: 3.05×
• Total profit: $62,985
• Equity at exit: $99,007

10-year hold

• IRR: 22.6%
• Equity multiple: 6.94×
• Total profit: $182,863
• Equity at exit: $213,512

Cash invested: $30,772 (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 47394

• Home prices YoY: 6.8%
• Active inventory: 52
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $882 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$24 /mo · $292/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $50

Break-even live

Break-even rent $818

Max offer price $109,900

Occupancy floor 89%

Sensitivity live

Price	-10% $112	-5% $81	+0% $50	+5% $19	+10% $-12
Rent	-10% $-20	-5% $15	+0% $50	+5% $85	+10% $120
Rate	-1.0pp $105	-0.5pp $78	base $50	+0.5pp $22	+1.0pp $-7

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-22
   days on market $109,900 Active 81 DOM
2. 2026-06-21
   days on market $109,900 Active 80 DOM
3. 2026-06-21
   days on market $109,900 Active 79 DOM
4. 2026-06-18
   days on market $109,900 Active 77 DOM
5. 2026-06-17
   days on market $109,900 Active 76 DOM
6. 2026-06-16
   days on market $109,900 Active 75 DOM
7. 2026-06-15
   days on market $109,900 Active 74 DOM
8. 2026-06-13
   days on market $109,900 Active 72 DOM
9. 2026-06-12
   days on market $109,900 Active 71 DOM
10. 2026-06-09
    days on market $109,900 Active 68 DOM
11. 2026-06-08
    days on market $109,900 Active 67 DOM
12. 2026-06-07
    days on market $109,900 Active 66 DOM
13. 2026-06-04
    days on market $109,900 Active 62 DOM
14. 2026-06-02
    days on market $109,900 Active 61 DOM
15. 2026-06-01
    days on market $109,900 Active 60 DOM
16. 2026-05-31
    days on market $109,900 Active 59 DOM
17. 2026-05-31
    days on market $109,900 Active 58 DOM
18. 2026-04-02
    listed $119,900 Active 498-char remark

    Show marketing remark (498 chars)

    Welcome to 544 N Meridian Street! This charming 2-bed, 1-bath home offers 916 square feet of comfortable living space with a spacious feel. You'll love the generously sized rooms and ample closet space, providing both functionality and flexibility. Recent updates - including fresh paint and new flooring - give the home a clean, modern touch while maintaining its inviting character. Whether you're a first-time buyer or looking to downsize, this move-in-ready property is a fantastic opportunity!

ⓘ 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: $292 · $24/mo
• Projected year-2 tax: $613 · $51/mo
• Expected delta: +$321/yr (+$27/mo · 110.0%)

ⓘ 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 ≥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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,580
• − Mortgage interest: −$6,156
• − Property taxes: −$292
• − Insurance: −$550
• − Repairs & maintenance: −$846
• − Management: −$846
• − Depreciation: −$3,197
• Taxable loss: −$1,308
• Est. tax savings @ 24.0%: +$314
• After-tax cash flow: $914/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: Randolph Central School Corporation
• NCES district ID: 1801770
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,627
• Composite: 29.12/100
• National rank: #6589
• State rank: #201 of 301 in IN

Livability — Winchester

• Score: 67/100
• State rank: #240
• US rank: #10313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, IN
• City population: 8,137
• Population (ZIP): 8,137

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 22,998 people
• By 2030: 21,815 · -5.1%
• By 2040: 19,360 · -15.8%
• By 2050: 17,010 · -26.0%
• By 2075: 12,491 · -45.7%
• By 2100: 8,986 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+53.7) · D 22.3% · R 75.9% · Other 1.8%
• 2008→2024 swing: -44.9pp toward R · 2008: -8.8pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+52.4 2016: R+48.5 2012: R+24.1 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.76%
• Current HPI: 233.216
• 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

• 2026-04-02 Listed $119,900 IRMLS

Property tax history

-2.7%/yr

Latest (2024): $292 · +0.0% YoY. Source: county tax records.