6004 S State Road 9 · Waldron, IN 46182

$135,000

2 bd · 1.0 ba · 1,558 sqft · SingleFamily public records · 2 Days on market

Built 1900 0.81 ac lot Est $137k · at est.

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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
• ARV discount +8.2/15.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious Home with Massive Workshop Potential. Discover the perfect blend of space and possibility with this unique property situated on a sprawling . 81-acre lot. This home offers a substantial footprint featuring 4 bedrooms and 1 bathroom, providing an ideal canvas for a growing family or an investor looking to add immediate value. The interior has already benefited from recent updates, providing a solid foundation for your vision. While the home requires some final finishing touches and a little TLC, it is perfectly positioned for a buyer ready to complete the transformation and make it their own. This is a cash only sale and home has no working septic.

Key facts

• Recent updates
• Sprawling lot
• 0.81 acre lot

Tags

• MASSIVE WORKSHOP POTENTIAL
• SPRAWLING LOT
• RECENT UPDATES

Property features AI

Finance

• Other: Property type listed as residential single-family; Low-maintenance lifestyle: no

Exterior

• Parking: Combination of attached and detached garage space; Four garage spaces; Service door on garage
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Well (private) water; Septic/other (see remarks); 200+ amp electric service; Electricity connected; Natural gas connected
• Home design: Single-family residence; One level; Fixer condition; Faces west
• Construction: Block and vinyl siding exterior; Crawl space and slab foundation
• Exterior features: Covered patio/porch; Outdoor storage; Corner lot; Not in a subdivision; Approximately 0.81-acre lot; Has a view

Interior

• Kitchen: Dishwasher; Electric oven; Microwave / microhood; Refrigerator; Electric water heater; Water softener (owned)
• Bedrooms: Four bedrooms on the main level (sizes include 13x10, 10x10, 10x9, 12x11)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Walk-in closets; Painted woodwork; Formal living room; Utility/other bedroom area; Smoke alarm
• Laundry & utility: Main-level laundry; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).

Location & tenants

• Location reads 63/100 on livability (#433 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: amenities F, commute F, health & safety F.
• Southwestern Consolidated School Shelby Co (rural): math 41% / reading 50% proficiency, ranked #86 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwestern Elementary School (math 47% / reading 47%, grade D-, #325 of 994 statewide, top 36%, 339 students, 39% FRL); Southwestern High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 295 students, 48% FRL).
• Market conditions: 10 active listings in the ZIP; 285 units permitted in Shelby County in 2024 (147 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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.

Risks & watch-outs

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

Recommended offer $135,000

Questions for the listing agent

1. Built in 1900 — 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. 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.
4. 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.
5. 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: 1.50% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.93%
• DSCR: 2.11
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $137,104
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
696 E 600 S	0.62mi	3/1.0 (+1)	1,538 (-1%)	4mo	$135,000	$88	61

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: 18.4%
• Equity multiple: 1.74×
• Total profit: $28,102
• Equity at exit: $20,129

10-year hold

• IRR: 26.7%
• Equity multiple: 3.35×
• Total profit: $88,704
• Equity at exit: $11,672

Cash invested: $37,800 (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 46182

• Home prices YoY: -4.0%
• Active inventory: 10
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,022 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$48 /mo · $572/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $785

Break-even live

Break-even rent $1,028

Max offer price $135,000

Occupancy floor 56%

Sensitivity live

Price	-10% $862	-5% $824	+0% $785	+5% $747	+10% $709
Rent	-10% $626	-5% $706	+0% $785	+5% $865	+10% $945
Rate	-1.0pp $853	-0.5pp $820	base $785	+0.5pp $750	+1.0pp $715

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $135,000 Active 2 DOM
2. 2026-06-17
   remarks 664-char remark
3. 2026-06-17
   listed $135,000 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: $572 · $48/mo
• Projected year-2 tax: $860 · $72/mo
• Expected delta: +$288/yr (+$24/mo · 50.2%)

ⓘ 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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $24,263
• − Mortgage interest: −$7,562
• − Property taxes: −$572
• − Insurance: −$675
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$3,927
• Taxable income: $7,644
• Est. tax owed @ 24.0%: −$1,835
• After-tax cash flow: $7,590/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: Southwestern Consolidated School Shelby Co
• NCES district ID: 1810830
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 50% ▼ -12.00%
• Median HH income: $59,602
• Composite: 39.94/100
• National rank: #3843
• State rank: #86 of 301 in IN

Livability — Waldron

• Score: 63/100
• State rank: #433
• US rank: #15572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,670
• Population (ZIP): 1,670

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 45,020 people
• By 2030: 44,962 · -0.1%
• By 2040: 44,126 · -2.0%
• By 2050: 42,110 · -6.5%
• By 2075: 37,131 · -17.5%
• By 2100: 29,714 · -34.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Italian 10% Iranian 1% Romanian 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+48.0) · D 25.1% · R 73.1% · Other 1.8%
• 2008→2024 swing: -29.0pp toward R · 2008: -19.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+47.7 2016: R+47.2 2012: R+33.5 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.07%
• Current HPI: 241.2392
• 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

+58.8% since first listed

3 events — show timeline

• 2026-06-16 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2002-09-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-07-05 Listed $85,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2025): $572 · +7.4% YoY. Source: county tax records.