246 Ealy · New Albany, IN 47150

$157,900

4 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 19 Days on market

Built 1945 6,534 sqft lot Est $202k · 22% under

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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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.8/10.0
• Rent growth +4.3/5.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors/First Time Homeowners take note! Quit throwing your money away renting! Buy this!! 4BR 1 Bath home, possession at closing. RANGE & REFRIGERATOR remain in this kitchen that has AMPLE CABINET SPACE. Sit on the LARGE DECK on the rear of the home for summer fun. GOOD SPACE for the money. Note: No sign in the yard.

Key facts

• Backyard
• New hvac system
• Large rear deck

Tags

• NEW HVAC SYSTEM
• LARGE REAR DECK
• BACKYARD

Property features AI

Exterior

• Parking: No garage
• Utilities: Public sewer; Public water (connected)
• Home design: Single-story; Frame construction with vinyl siding; Shingle roof; Poured foundation; Resale property; Residential zoning; Lot dimensions approximately 15 x 150
• Construction: Built with frame construction and vinyl siding; Shingle roof; Poured foundation
• Exterior features: Deck; Porch; Yard fenced; Shed(s)

Interior

• Kitchen: Oven; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Baseboard heating; Forced air heating
• Interior features: Ceiling fan(s); Eat-in kitchen; Mud room; Utility room
• Laundry & utility: Main level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $158k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/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 $155k (1.8% below list).
• Recommended offer: $155k (1.8% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.8% in New Albany — 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 73/100 on livability (#100 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: commute C-, employment D+, schools D.
• New Albany-Floyd County Consolidated Schools (suburban): math 46% / reading 50% proficiency, ranked #68 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 269 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 297 units permitted in Floyd County in 2024 (84 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 $5k of value loss. Plan a longer hold.
• Floyd County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $44k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($156k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $20k; list at $158k implies a 690% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — 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 $155,013 (1.8% below list)

Questions for the listing agent

1. Built in 1945 — 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: 0.98% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $202,160
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1309 Vine St	0.26mi	3/1.0 (-1)	1,060 (-0%)	4mo	$172,000	$162	79
1522 State St	0.31mi	3/1.0 (-1)	1,094 (+3%)	20mo	$130,000	$119	59
224 Mosier Ave	0.38mi	3/1.5 (-1)	1,060 (-0%)	21mo	$189,900	$179	58
1501 Beech St	0.20mi	3/2.0 (-1)	1,164 (+9%)	14mo	$250,000	$215	54
224 Green St	0.33mi	3/1.0 (-1)	960 (-10%)	14mo	$154,000	$160	52
727 W 8th St	0.51mi	3/2.0 (-1)	1,158 (+9%)	10mo	$219,900	$190	44
723 W 8th St	0.52mi	3/2.0 (-1)	1,158 (+9%)	12mo	$219,900	$190	42
730 Linden St	0.61mi	3/2.0 (-1)	1,044 (-2%)	22mo	$199,000	$191	41
911 Cherry	0.56mi	3/1.5 (-1)	1,206 (+13%)	5mo	$235,000	$195	40

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 · 7.24% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-7,099
• Equity at exit: $23,543

10-year hold

• IRR: 9.8%
• Equity multiple: 1.90×
• Total profit: $39,610
• Equity at exit: $13,652

Cash invested: $44,212 (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 47150

• Rents YoY: 7.2%
• Active inventory: 269
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,550 high
• Mortgage (P&I): −$828
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $182

Break-even live

Break-even rent $1,320

Max offer price $157,900

Occupancy floor 83%

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: $39,475
• Closing costs: $4,737
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 Culbertson Ave Unit B New Albany, IN	3.0	2.0	1000	$1,395	$1.40	3d	1	0.69mi
901 E Oak St New Albany, IN	3.0	1.0	1100	$1,350	$1.23	23d	1	0.89mi
807 E Main St New Albany, IN	3.0	2.0	1500	$1,650	$1.10	19d	1	1.03mi
212 Maevi Dr New Albany, IN	3.0	1.0	1251	$1,375	$1.10	21d	1	1.39mi
1915 Culbertson Ave New Albany, IN	3.0	1.0	1000	$1,450	$1.45	17d	1	1.50mi

Listing history 15 events

1. 2026-06-18
   days on market $157,900 Active 19 DOM
2. 2026-06-17
   days on market $157,900 Active 18 DOM
3. 2026-06-16
   days on market $157,900 Active 17 DOM
4. 2026-06-15
   days on market $157,900 Active 16 DOM
5. 2026-06-13
   pricedays on market $157,900 Active 14 DOM
6. 2026-06-10
   days on market $158,900 Active 11 DOM
7. 2026-06-09
   days on market $158,900 Active 10 DOM
8. 2026-06-08
   days on market $158,900 Active 9 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    pricedays on market $158,900 Active 8 DOM
11. 2026-06-03
    days on market $159,900 Active 4 DOM
12. 2026-06-02
    days on market $159,900 Active 3 DOM
13. 2026-06-01
    days on market $159,900 Active 2 DOM
14. 2026-05-31
    remarks 615-char remark
15. 2026-05-31
    listed $159,900 Active 1 DOM

ⓘ 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: $1,784 · $149/mo
• Projected year-2 tax: $1,784 · $149/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,602
• − Mortgage interest: −$8,845
• − Property taxes: −$1,784
• − Insurance: −$790
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$4,593
• Taxable loss: −$386
• Est. tax savings @ 24.0%: +$93
• After-tax cash flow: $2,278/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: New Albany-Floyd County Consolidated Schools
• NCES district ID: 1807410
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $54,709
• Composite: 41.57/100
• National rank: #3441
• State rank: #68 of 301 in IN

Livability — New Albany

• Score: 73/100
• State rank: #100
• US rank: #5454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Albany, IN
• County: Floyd County · 49,144 people
• City population: 49,144
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 49,144
• Household income: $62,820
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1737.0

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 82,092 people
• By 2030: 84,384 · +2.8%
• By 2040: 87,919 · +7.1%
• By 2050: 89,958 · +9.6%
• By 2075: 94,159 · +14.7%
• By 2100: 91,907 · +12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Floyd

• 2024 margin: R (+15.5) · D 41.4% · R 56.9% · Other 1.7%
• 2008→2024 swing: -5.4pp toward R · 2008: -10.1pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+14.1 2016: R+20.1 2012: R+14.3 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.20%
• Current HPI: 206.7738
• Rent YoY: ▲ 7.24%
• Metro: Louisville/Jefferson County, KY-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

+356.9% since first listed

3 events — show timeline

• 2026-05-30 Listed $159,900 SIRA
• 2015-11-30 Sold (MLS) $20,000 SIRA
• 2015-07-16 Listed $35,000 SIRA

Property tax history

+4.0%/yr

Latest (2025): $1,784 · +15.1% YoY. Source: county tax records.