1121 S Meridian St · Lebanon, IN 46052

$190,000

2 bd · 1.0 ba · 964 sqft · SingleFamily public records · 71 Days on market

Built 1914 7,362 sqft lot Est $197k · at est.

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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 +15.5/30.0
• ARV discount +9.0/15.0
• DSCR +4.8/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

Key facts

• Sliding patio door
• Single story design
• Eat in kitchen

Tags

• SINGLE STORY DESIGN
• EAT IN KITCHEN
• SLIDING PATIO DOOR
• LARGE LAUNDRY UTILITY ROOM
• OUTDOOR SPACE
• DETACHED 2 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $76 ($913/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 $156k (18.0% below list).
• Recommended offer: $156k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.6% 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: 185 active listings in the ZIP; 9 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).

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 71 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 17y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $190k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,828 (18.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — 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. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $196,656
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1121 S Meridian St	0.00mi	2/1.0	964 (0%)	0mo	$180,000	$187	100
817 Hamilton St	0.28mi	2/1.0	975 (+1%)	6mo	$185,000	$190	80
1525 S East St	0.30mi	2/1.0	912 (-5%)	2mo	$162,000	$178	75
1431 Beck St	0.24mi	3/2.0 (+1)	960 (-0%)	6mo	$196,000	$204	74
424 Dicks St	0.37mi	3/2.0 (+1)	1,040 (+8%)	1mo	$184,000	$177	60
1529 S Meridian St	0.29mi	3/2.0 (+1)	1,032 (+7%)	8mo	$215,000	$208	59
524 Dicks St	0.42mi	3/1.0 (+1)	864 (-10%)	1mo	$215,000	$249	57
517 Dicks St	0.38mi	2/1.0	1,080 (+12%)	7mo	$205,000	$190	57
710 Coombs St	0.49mi	2/1.0	864 (-10%)	6mo	$185,000	$214	55
907 W Green St	0.53mi	3/1.0 (+1)	1,055 (+9%)	4mo	$215,000	$204	52
1006 S Patterson St	0.56mi	3/1.0 (+1)	875 (-9%)	6mo	$215,000	$246	48
921 Dicks St	0.59mi	2/1.0	1,101 (+14%)	6mo	$219,900	$200	44

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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-26,018
• Equity at exit: $28,330

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-16,718
• Equity at exit: $16,428

Cash invested: $53,200 (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: 185
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$996
• Tax from tax record: −$79 /mo · $953/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $76

Break-even live

Break-even rent $1,462

Max offer price $190,000

Occupancy floor 90%

Sensitivity live

Price	-10% $184	-5% $130	+0% $76	+5% $22	+10% $-32
Rent	-10% $-47	-5% $15	+0% $76	+5% $138	+10% $199
Rate	-1.0pp $172	-0.5pp $124	base $76	+0.5pp $27	+1.0pp $-23

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 W Ash St Unit 3 Lebanon, IN	2.0	1.0	900	$1,950	$2.17	45d	1	0.06mi
117 W Ash St Lebanon, IN	1.0	1.0	650	$950	$1.46	45d	1	0.06mi
212 E South St Unit 212 Lebanon, IN	1.0	1.0	840	$950	$1.13	45d	1	0.55mi
515 Dogwood Dr Lebanon, IN	2.0	2.0	920	$1,100	$1.20	3d	1	0.62mi
315 N Lebanon St Lebanon, IN	2.0	1.0–2.0	582	$1,250	$2.15	3d	2	0.75mi
901 Kelly Green Ln Lebanon, IN	1.0–3.0	1.0–2.0	1147	$2,449	$2.14	3d	10	0.95mi
702 Edgewood Dr Lebanon, IN	3.0	1.5	1026	$1,595	$1.55	21d	1	1.07mi
1329 Millerwood Ct Lebanon, IN	2.0	1.0	625	$995	$1.59	24d	1	1.45mi
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,359	$0.79	3d	1	1.45mi

Listing history 43 events

1. 2026-04-10
   status Pending
2. 2026-03-19
   status Active
3. 2026-03-09
   status Pending
4. 2026-02-24
   price $190,000
5. 2026-01-19
   listed $219,500 Active
6. 2022-09-26
   soldstatus $120,000 Closed 161-char remark

   Show marketing remark (161 chars)

   Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

7. 2022-08-25
   status Pending 161-char remark

   Show marketing remark (161 chars)

   Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

8. 2022-08-17
   price $120,000 161-char remark

   Show marketing remark (161 chars)

   Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

9. 2022-07-18
   status Active 161-char remark

   Show marketing remark (161 chars)

   Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

10. 2022-06-30
    status Pending 161-char remark

    Show marketing remark (161 chars)

    Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

11. 2022-06-22
    listed $125,000 Active 161-char remark

    Show marketing remark (161 chars)

    Great opportunity in Lebanon. Huge 2 car detached garage with loft for storage, 2 bedroom, one bath. Bonus room off kitchen for office or den. EZ access to I65 .

12. 2020-12-15
    soldstatus $95,000 Closed 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

13. 2020-12-04
    status Pending 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

14. 2020-11-20
    price $105,000 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

15. 2020-11-10
    price $114,000 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

16. 2020-11-04
    price $120,000 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

17. 2020-10-27
    price $131,000 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

18. 2020-10-09
    listed $135,000 Active 405-char remark

    Show marketing remark (405 chars)

    Don’t miss out on this great opportunity in Lebanon! Easy access to I65. Huge 2 car detached garage with plenty of outlets for a workshop and loft area for storage. 2 bedroom, 1 bath home with bonus room off the kitchen perfect for a den or home office space. Large back deck. Home has been newly painted, new flooring. Have peace of mind with warranty included on new central air conditioning unit

19. 2020-07-15
    historical
20. 2020-07-14
    status Active
21. 2020-05-15
    status Pending
22. 2020-02-28
    price $120,000
23. 2020-02-08
    price $130,000
24. 2020-02-03
    listed $135,000 Active
25. 2020-01-31
    listed $120,000
26. 2020-01-17
    historical
27. 2019-11-19
    listed $325,000 Active
28. 2019-11-18
    historical
29. 2019-10-07
    price $325,000
30. 2019-09-29
    price $330,000
31. 2019-09-09
    price $334,500
32. 2019-08-25
    price $340,000
33. 2019-08-20
    price $349,000
34. 2019-08-12
    price $357,000
35. 2019-07-26
    price $365,000
36. 2019-07-17
    listed $375,000 Active
37. 2016-11-21
    soldstatus $25,779
38. 2011-11-09
    soldstatus $25,779
39. 2010-07-26
    historical
40. 2010-07-26
    soldstatus $25,000
41. 2010-06-21
    listed $29,900
42. 2010-02-01
    historical
43. 2009-08-08
    listed $38,000

ⓘ 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: $953 · $79/mo
• Projected year-2 tax: $1,284 · $107/mo
• Expected delta: +$331/yr (+$28/mo · 34.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,699
• − Mortgage interest: −$10,643
• − Property taxes: −$953
• − Insurance: −$950
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$5,527
• Taxable loss: −$2,366
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $1,480/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

+400.0% since first listed

43 events — show timeline

• 2026-04-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-19 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-24 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2026-01-19 Listed $219,500 MIBOR as Distributed by MLS Grid
• 2022-09-26 Sold (MLS) $120,000 MIBOR as Distributed by MLS Grid
• 2022-08-25 Pending — MIBOR as Distributed by MLS Grid
• 2022-08-17 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2022-07-18 Relisted — MIBOR as Distributed by MLS Grid
• 2022-06-30 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-22 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2020-12-15 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2020-12-04 Pending — MIBOR as Distributed by MLS Grid
• 2020-11-20 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2020-11-10 Price Changed $114,000 MIBOR as Distributed by MLS Grid
• 2020-11-04 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2020-10-27 Price Changed $131,000 MIBOR as Distributed by MLS Grid
• 2020-10-09 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2020-07-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-07-14 Relisted — MIBOR as Distributed by MLS Grid
• 2020-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2020-02-28 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2020-02-08 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2020-02-03 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2020-01-31 Listed $120,000 IRMLS
• 2020-01-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-11-19 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2019-11-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-10-07 Price Changed $325,000 MIBOR as Distributed by MLS Grid
• 2019-09-29 Price Changed $330,000 MIBOR as Distributed by MLS Grid
• 2019-09-09 Price Changed $334,500 MIBOR as Distributed by MLS Grid
• 2019-08-25 Price Changed $340,000 MIBOR as Distributed by MLS Grid
• 2019-08-20 Price Changed $349,000 MIBOR as Distributed by MLS Grid
• 2019-08-12 Price Changed $357,000 MIBOR as Distributed by MLS Grid
• 2019-07-26 Price Changed $365,000 MIBOR as Distributed by MLS Grid
• 2019-07-17 Listed $375,000 MIBOR as Distributed by MLS Grid
• 2016-11-21 Sold (Public Records) $25,779 Public Records
• 2011-11-09 Sold (Public Records) $25,779 Public Records
• 2010-07-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-07-26 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2010-06-21 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2010-02-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-08-08 Listed $38,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.2%/yr

Latest (2025): $953 · -9.6% YoY. Source: county tax records.