Acreage, Garage, Historic
1928 Selma Estate with 60x26 Workshop on 1.37 Acres — $98,900
6
out of 10
HousesUnder150K Score
Property Merit 50% · Condition 25% · Price/Sq Ft 15% · Market 10%
| Category | Wt. | Score | Detail |
|---|---|---|---|
| Property Merit | 50% | 7 | 1.37 acres, 1928 build, 1850 sqft, massive 60x26 outbuilding with concrete floors |
| Condition | 25% | 4 | "In need of rehab" — no system dates, estate sale as-is; structure and systems unknown |
| Price / Sq Ft | 15% | 10 | Listing $54/sqft vs zip median $148/sqft — 64% below; thin 8-comp data but directionally strong |
| Price vs. Market | 5% | 9 | $98,900 vs zip median $264,885 — approximately 63% below median |
| Market Conditions | 5% | 6 | DOM 47 days median, 98.5% sale-to-list; 49.5% price drops is meaningful buyer signal |
The outbuilding is the first thing to understand here. It's 60 by 26 feet, concrete floors, 10-foot ceilings, three garage bays. That's 1,560 square feet of covered, usable space for a shop, storage, equipment, or any kind of work that needs room. At this price, with that structure on 1.37 acres, the math is worth looking at before you even open the front door of the house.
The house is a 1928 three-bedroom, one-bath at 1,850 square feet. It's an estate sale, sold as-is, and the listing says plainly it needs rehab. No system ages are provided, no update history, no condition detail beyond that phrase. You go in knowing nothing about the roof, the wiring, the plumbing, or the mechanicals, and you price it accordingly. What you do know: private well, city sewer, gas, and electricity are all connected. The bones of the utilities are there. What's inside the walls is the question you'd be buying.
The property sits with the house in the middle of the lot, which puts yard on both the front and back sides. That's a better layout than most rural parcels where the house eats the frontage and leaves nothing behind it. The outbuilding sits flush with the house toward the rear, so the whole setup feels cohesive rather than scattered.
The price relative to the market is the hard-to-ignore part. Comparable homes in this zip are selling around $265,000. This is listed at $98,900, which works out to roughly $54 per square foot against a local median of $148. Nearly half the listings in this market have taken a price drop, so buyers have been cautious, and 47 days of median time on market suggests nothing moves fast here. This one has been sitting, which, for a rehab project, is not surprising.
If you have the trades or the budget to do a full renovation, 1.37 acres, a serious outbuilding, and a 1928 house at $98,900 in Indiana is a lot to work with.
