319 E State St · Princeton, IN 47670

$129,900

4 bd · 2.5 ba · 3,996 sqft · SingleFamily public records · 14 Days on market

Built 1910 0.31 ac lot Est $164k · 21% under ↓ 31% since listing

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Why this score? — see what drove the C+ 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.5/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located near Princeton’s town square, this spacious 4-bedroom home offers nearly 4,000 square feet above grade and a layout full of flexibility and character. The columned front porch gives the home standout curb appeal, and inside, you’ll find multiple living areas, hardwood flooring, a fireplace feature, and a main-level primary bedroom. The updated main kitchen includes stone countertops, tile backsplash, and an island workspace, while a second kitchen upstairs adds options for extended household arrangements. Three additional bedrooms are located on the upper level, along with the second kitchen, creating separation between living spaces and additional layout possibilities.

Key facts

• Hardwood flooring
• Fireplace feature
• Stone countertops

Tags

• COLUMNED FRONT PORCH
• MULTIPLE LIVING AREAS
• HARDWOOD FLOORING
• FIREPLACE FEATURE
• UPDATED MAIN KITCHEN
• STONE COUNTERTOPS

Property features AI

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding
• Exterior features: Covered porch; Deck; Porch; Shed(s)

Interior

• Kitchen: Kitchen island; Stone counters
• Bedrooms: Master on the main level
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathrooms on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Kitchen island; Stone counters; Master suite on the main level; Living room fireplace (1)
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 8.5% vs local median 4.7% in Princeton — 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 71/100 on livability (#131 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• North Gibson School Corporation (rural): math 28% / reading 36% proficiency, ranked #223 of 301 in IN (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Comm Primary School (414 students, 53% FRL); Princeton Community Middle (math 23% / reading 37%, grade F, #208 of 330 statewide, top 64%, 431 students, 53% FRL); Princeton Community High School (math 22% / reading 57%, grade F, #221 of 369 statewide, top 63%, 618 students, 41% FRL).
• Market conditions: 143 active listings in the ZIP; 167 units permitted in Gibson County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Gibson County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $129,900

Questions for the listing agent

1. Built in 1910 — 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. 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?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.92%
• DSCR: 1.35
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $163,836
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
319 E State St	0.00mi	4/2.5	3,994 (-0%)	0mo	$129,900	$33	100
318 S Gibson St	0.24mi	4/2.0	3,557 (-11%)	19mo	$145,000	$41	52

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: -4.2%
• Equity multiple: 0.84×
• Total profit: $-5,714
• Equity at exit: $19,369

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $14,899
• Equity at exit: $11,231

Cash invested: $36,372 (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 47670

• Home prices YoY: -32.2%
• Active inventory: 143
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,488 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$200 /mo · $2,406/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $240

Break-even live

Break-even rent $1,185

Max offer price $129,900

Occupancy floor 79%

Sensitivity live

Price	-10% $314	-5% $277	+0% $240	+5% $203	+10% $167
Rent	-10% $122	-5% $181	+0% $240	+5% $299	+10% $358
Rate	-1.0pp $305	-0.5pp $273	base $240	+0.5pp $206	+1.0pp $172

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-30
   status Pending
2. 2026-04-16
   listed $129,900 Active
3. 2022-04-01
   soldstatus $229,900
4. 2012-11-09
   soldstatus $188,500

ⓘ 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: $2,406 · $200/mo
• Projected year-2 tax: $2,406 · $200/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 FEMA zone X (unshaded) · 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 3% 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: $17,862
• − Mortgage interest: −$7,276
• − Property taxes: −$2,406
• − Insurance: −$650
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$3,779
• Taxable income: $893
• Est. tax owed @ 24.0%: −$214
• After-tax cash flow: $2,666/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: North Gibson School Corporation
• NCES district ID: 1807770
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $44,595
• Composite: 27.32/100
• National rank: #6992
• State rank: #223 of 301 in IN

Livability — Princeton

• Score: 71/100
• State rank: #131
• US rank: #6840

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Princeton, IN
• Population (ZIP): 11,638

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 33,671 people
• By 2030: 33,409 · -0.8%
• By 2040: 32,364 · -3.9%
• By 2050: 30,453 · -9.6%
• By 2075: 24,610 · -26.9%
• By 2100: 16,217 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 5% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+51.4) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -38.2pp toward R · 2008: -13.2pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.2 2016: R+47.6 2012: R+31.0 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.47%
• Current HPI: 219.932
• 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

-31.1% since first listed

4 events — show timeline

• 2026-04-30 Pending — IRMLS
• 2026-04-16 Listed $129,900 IRMLS
• 2022-04-01 Sold (Public Records) $229,900 Public Records
• 2012-11-09 Sold (Public Records) $188,500 Public Records

Property tax history

+0.1%/yr

Latest (2024): $2,406 · +3.2% YoY. Source: county tax records.