211 E Columbia St · Flora, IN 46929

$189,900

6 bd · 4.0 ba · 2,293 sqft · MultiFamily public records · 66 Days on market

Built 1900 9,888 sqft lot

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to your next investment opportunity! This large 2 story was divided in the 60s into 3 separate apartments. Conveniently located in downtown Flora within walking distance to the public library, grocery store, entertainment & food. All units are fully rented out & tenants hope to stay upon new ownership. Landlord pays water/sewage & gas. Tenant pays individual electric. Private parking is located behind the building. Listing is being sold as-is

Key facts

• Private parking
• 9,888 sq ft lot
• 4 parking spots

Tags

• 3 SEPARATE APARTMENTS
• PRIVATE PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#220 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Carroll Consolidated School Corporation (rural): math 39% / reading 42% proficiency, ranked #129 of 301 in IN (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

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.
• Carroll County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.
• Current owner paid $142k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.14%
• DSCR: 1.67
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.8%
• Equity multiple: 1.22×
• Total profit: $11,918
• Equity at exit: $28,315

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $65,262
• Equity at exit: $16,419

Cash invested: $53,172 (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 46929

• Home prices YoY: -9.7%
• Active inventory: 9
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,372 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$128 /mo · $1,538/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $671

Break-even live

Break-even rent $1,523

Max offer price $189,900

Occupancy floor 67%

Sensitivity live

Price	-10% $778	-5% $725	+0% $671	+5% $617	+10% $563
Rent	-10% $483	-5% $577	+0% $671	+5% $764	+10% $858
Rate	-1.0pp $766	-0.5pp $719	base $671	+0.5pp $622	+1.0pp $572

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,372
Total (2 units)			$2,372

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $189,900 Active 66 DOM
2. 2026-06-18
   days on market $189,900 Active 65 DOM
3. 2026-06-17
   days on market $189,900 Active 64 DOM
4. 2026-06-16
   days on market $189,900 Active 63 DOM
5. 2026-06-15
   days on market $189,900 Active 62 DOM
6. 2026-06-14
   days on market $189,900 Active 60 DOM
7. 2026-06-13
   days on market $189,900 Active 59 DOM
8. 2026-06-10
   days on market $189,900 Active 57 DOM
9. 2026-06-09
   days on market $189,900 Active 56 DOM
10. 2026-06-08
    days on market $189,900 Active 55 DOM
11. 2026-06-07
    days on market $189,900 Active 54 DOM
12. 2026-06-05
    days on market $189,900 Active 51 DOM
13. 2026-06-03
    days on market $189,900 Active 50 DOM
14. 2026-06-02
    days on market $189,900 Active 49 DOM
15. 2026-06-01
    days on market $189,900 Active 48 DOM
16. 2026-05-31
    days on market $189,900 Active 47 DOM
17. 2026-05-30
    days on market $189,900 Active 46 DOM
18. 2026-04-12
    listed $189,900 Active 472-char remark

    Show marketing remark (472 chars)

    Welcome to your next investment opportunity! This large 2 story was divided in the 60s into 3 separate apartments. Conveniently located in downtown Flora within walking distance to the public library, grocery store, entertainment & food. All units are fully rented out & tenants hope to stay upon new ownership. Landlord pays water/sewage & gas. Tenant pays individual electric. Private parking is located behind the building. Listing is being sold as-is

19. 2025-02-12
    price $195,000
20. 2025-01-10
    listed $197,000 Active
21. 2022-07-22
    soldstatus $142,000 Closed
22. 2022-05-26
    historical
23. 2022-03-17
    listed $152,000

ⓘ 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: $1,538 · $128/mo
• Projected year-2 tax: $1,576 · $131/mo
• Expected delta: +$38/yr (+$3/mo · 2.5%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,464
• − Mortgage interest: −$10,637
• − Property taxes: −$1,538
• − Insurance: −$950
• − Repairs & maintenance: −$2,277
• − Management: −$2,277
• − Depreciation: −$5,524
• Taxable income: $5,261
• Est. tax owed @ 24.0%: −$1,263
• After-tax cash flow: $6,787/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: Carroll Consolidated School Corporation
• NCES district ID: 1801290
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 42% ▼ -12.00%
• Median HH income: $51,686
• Composite: 35.06/100
• National rank: #5031
• State rank: #129 of 301 in IN

Livability — Flora

• Score: 68/100
• State rank: #220
• US rank: #9614

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flora, IN
• Population (ZIP): 3,029

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,409 people
• By 2030: 18,970 · -2.3%
• By 2040: 17,934 · -7.6%
• By 2050: 16,753 · -13.7%
• By 2075: 14,084 · -27.4%
• By 2100: 11,350 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Iranian 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+52.1) · D 23.1% · R 75.2% · Other 1.7%
• 2008→2024 swing: -39.3pp toward R · 2008: -12.8pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+51.2 2016: R+50.9 2012: R+30.3 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -28.77%
• Current HPI: 267.9911
• 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

+24.9% since first listed

6 events — show timeline

• 2026-04-12 Listed $189,900 IRMLS
• 2025-02-12 Price Changed $195,000 IRMLS
• 2025-01-10 Listed $197,000 IRMLS
• 2022-07-22 Sold (MLS) $142,000 IRMLS
• 2022-05-26 Delisted — IRMLS
• 2022-03-17 Listed $152,000 IRMLS

Property tax history

-0.9%/yr

Latest (2024): $1,538 · -3.4% YoY. Source: county tax records.