403 N 3rd St · Vincennes, IN 47591

$99,900

4 bd · 1.0 ba · 1,662 sqft · SingleFamily public records · 38 Days on market

Built 1890 5,227 sqft lot $60/sqft · 15% below area Est $118k · 15% under

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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
• ARV discount +14.5/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious home has 3-4 bedrooms and tons of classic character. The home needs some TLC, and the attic could be finished for more square footage.

Key facts

• Flexible floor plan
• Main floor laundry
• Unfinished 2nd level

Tags

• HISTORIC DISTRICT
• FLEXIBLE FLOOR PLAN
• MAIN FLOOR LAUNDRY
• UNFINISHED 2ND LEVEL

Property features AI

Finance

• Other: Located in the Old Town subdivision
• Financial info: R1 residential zoning

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Asphalt roof; Built as site-built construction
• Exterior features: Covered porch; Porch; Level lot

Interior

• Kitchen: Kitchen island; Breakfast bar; Eat-in kitchen
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Ceiling fans; Window AC units
• Interior features: Breakfast bar; Ceiling fans; Eat-in kitchen; Kitchen island; Partial unfinished basement; Living room fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup; Main level laundry; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 5.0% in Vincennes — 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 70/100 on livability (#148 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Vincennes Community School Corporation (town): math 34% / reading 38% proficiency, ranked #193 of 301 in IN (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tecumseh-Harrison Elementary Sch (math 22% / reading 32%, grade F, #737 of 994 statewide, top 76%, 369 students, 68% FRL); George Rogers Clark School (math 27% / reading 34%, grade F, #203 of 330 statewide, top 63%, 609 students, 57% FRL); Lincoln High School (math 27% / reading 47%, grade F, #247 of 369 statewide, top 70%, 765 students, 55% FRL).
• Market conditions: 139 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Knox County population projected at -13% 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 $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $19k; list at $100k implies a 426% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $118,152
• List price: $99,900
• Delta: -15.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Buntin St	0.08mi	3/1.5 (-1)	1,672 (+1%)	6mo	$163,000	$97	83
209 Seminary St	0.07mi	4/1.5	1,768 (+6%)	10mo	$82,500	$47	76
704 N 9th St	0.39mi	4/2.0	1,720 (+4%)	4mo	$162,000	$94	69
319 Bayou St	0.61mi	4/1.0	1,689 (+2%)	0mo	$175,000	$104	68
702 Buntin St	0.27mi	4/2.0	1,782 (+7%)	7mo	$30,000	$17	66
416 Barnett St	0.44mi	4/2.0	1,704 (+2%)	6mo	$173,000	$102	66
804 N 5th St	0.26mi	3/2.0 (-1)	1,536 (-8%)	6mo	$85,000	$55	62
608 N 6th St	0.20mi	3/2.0 (-1)	1,904 (+15%)	7mo	$170,000	$89	51
217 S 9th St	0.57mi	3/2.0 (-1)	1,778 (+7%)	11mo	$175,000	$98	44
414 Bayou St	0.60mi	3/1.0 (-1)	1,440 (-13%)	8mo	$53,500	$37	38
1302 Busseron St	0.73mi	3/2.5 (-1)	1,866 (+12%)	4mo	$171,000	$92	31
1313 Broadway St	0.74mi	3/2.0 (-1)	1,422 (-14%)	8mo	$149,900	$105	26

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: 8.0%
• Equity multiple: 1.31×
• Total profit: $8,772
• Equity at exit: $14,895

10-year hold

• IRR: 17.3%
• Equity multiple: 2.42×
• Total profit: $39,816
• Equity at exit: $8,638

Cash invested: $27,972 (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 47591

• Home prices YoY: -19.5%
• Active inventory: 139
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,356 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$114 /mo · $1,366/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $392

Break-even live

Break-even rent $860

Max offer price $99,900

Occupancy floor 66%

Sensitivity live

Price	-10% $448	-5% $420	+0% $392	+5% $363	+10% $335
Rent	-10% $285	-5% $338	+0% $392	+5% $445	+10% $499
Rate	-1.0pp $442	-0.5pp $417	base $392	+0.5pp $366	+1.0pp $339

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $99,900 Active 38 DOM
2. 2026-06-21
   days on market $99,900 Active 37 DOM
3. 2026-06-18
   days on market $99,900 Active 35 DOM
4. 2026-06-17
   days on market $99,900 Active 34 DOM
5. 2026-06-16
   days on market $99,900 Active 33 DOM
6. 2026-06-15
   days on market $99,900 Active 32 DOM
7. 2026-06-13
   days on market $99,900 Active 30 DOM
8. 2026-06-12
   days on market $99,900 Active 29 DOM
9. 2026-06-09
   days on market $99,900 Active 26 DOM
10. 2026-06-08
    days on market $99,900 Active 25 DOM
11. 2026-06-07
    days on market $99,900 Active 24 DOM
12. 2026-06-07
    days on market $99,900 Active 23 DOM
13. 2026-06-04
    days on market $99,900 Active 20 DOM
14. 2026-06-03
    price $99,900 Active 19 DOM
15. 2026-06-02
    days on market $104,900 Active 19 DOM
16. 2026-06-01
    days on market $104,900 Active 18 DOM
17. 2026-05-31
    days on market $104,900 Active 17 DOM
18. 2026-05-31
    days on market $104,900 Active 16 DOM
19. 2026-05-13
    listed $104,900 Active 442-char remark
20. 2017-08-10
    soldstatus $19,000 148-char remark

    Show marketing remark (148 chars)

    This spacious home has 3-4 bedrooms and tons of classic character. The home needs some TLC, and the attic could be finished for more square footage.

21. 2017-01-27
    listed $19,900 148-char remark

    Show marketing remark (148 chars)

    This spacious home has 3-4 bedrooms and tons of classic character. The home needs some TLC, and the attic could be finished for more square footage.

22. 2016-10-06
    listed $27,100

ⓘ 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: $1,366 · $114/mo
• Projected year-2 tax: $1,366 · $114/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $16,268
• − Mortgage interest: −$5,596
• − Property taxes: −$1,366
• − Insurance: −$500
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$2,906
• Taxable income: $3,298
• Est. tax owed @ 24.0%: −$792
• After-tax cash flow: $3,909/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: Vincennes Community School Corporation
• NCES district ID: 1812120
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $38,359
• Composite: 30.05/100
• National rank: #6354
• State rank: #193 of 301 in IN

Livability — Vincennes

• Score: 70/100
• State rank: #148
• US rank: #7480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vincennes, IN
• Population (ZIP): 25,191

Population outlook (Knox County) Hauer SSP2

• Today (2025): 37,092 people
• By 2030: 36,271 · -2.2%
• By 2040: 34,196 · -7.8%
• By 2050: 32,405 · -12.6%
• By 2075: 28,754 · -22.5%
• By 2100: 24,110 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+50.4) · D 24.0% · R 74.4% · Other 1.6%
• 2008→2024 swing: -43.9pp toward R · 2008: -6.5pp · 2024: -50.4pp
• All cycles: 2024: R+50.4 2020: R+47.4 2016: R+47.2 2012: R+28.9 2008: R+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.26%
• Current HPI: 194.903
• 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

+268.6% since first listed

5 events — show timeline

• 2026-06-02 Price Changed $99,900 IRMLS
• 2026-05-13 Listed $104,900 IRMLS
• 2017-08-10 Sold (MLS) $19,000 IRMLS
• 2017-01-27 Listed $19,900 IRMLS
• 2016-10-06 Listed $27,100 IRMLS

Property tax history

+5.4%/yr

Latest (2024): $1,366 · -1.7% YoY. Source: county tax records.